This week the Bank of Cyprus (BoC) released details on what ex-Barclays account holders should to relocate their business to Bank of Cyprus UK.
Barclays has told UK expats living in Cyprus, that unless they transfer £100,000 to their accounts, they would have to be closed down by September. Stepping in to fill the gap in the market, BoC said it was offering a range of products including a sterling online personal current account , adding that people could apply online in just 10 minutes, have access to 24/7 online banking and have a pound sterling debit card.
Also there would be no charge to transfer money to a local bank account if it was held with the BoC and anyone who would like to open a local current account with BoC could easily make arrangements with a local service provider.
If a would-be client already as a BoC account locally, this can be used as the necessary identification once certified by the branch. “They will then send them to us to speed up your application,” BoC said on a website page dedicated to the Barclays issue.
Bank of Cyprus UK is authorised by the Prudential Regulation Authority and regulated by the FCA. It is also a member of the Financial Services Compensation Scheme in the UK, which means all eligible deposits up to £85,000 are protected per client until the end of this year. From January 1st 2016 all eligible deposits up to £75,000 will be secured.