Paphos Life

Morning all,I have a friend moving to Stroumbi and would like to open an account and deposit a large sum of money in the Hellinic bank there,I know it's only open a couple of days a week but that's no problem,we have no other banks in the area the only alternative banks are in Paphos,my question,is the Hellinic bank especially in these troubled times a safe bank,i.e. Not liable to go down the pan?

No bank branches are safe from closure, in that area Polemii had it's two banks closed the last one being a BoC bank, this left the Stroumbi bank.and two in Polis, now the Alpha bank there is due to close leaving just one BOC branch.
As for Hellenic bank going bust, it was said that is one of the safest but I personally wouldn't keep more than 100k for single account holder or 200k for joint account holders as that is the max guarantee within the EU.

The Hellenic bank is probably as safe as you can get here and it’s majority shareholder is the Church.

I would assume that the person concerned already has an account with the Bank, as I read on various forums that you cannot now open an account with them unless you have a Yellow Slip?

Thanks for replies,we popped into the Hellenic at Stroumbi yesterday,yes you do need MEU and a proof of address etc,but..... they said you can't open a new account there and have to go to one of the main branches in Paphos!!, what a joke!

lotus wrote: ↑Fri Jan 15, 2021 8:08 am Thanks for replies,we popped into the Hellenic at Stroumbi yesterday,yes you do need MEU and a proof of address etc,but..... they said you can't open a new account there and have to go to one of the main branches in Paphos!!, what a joke!

Why is it a joke this is an anti money laundering, procedure carried out under USA and EU directives. If you try to open a bank account in the UK, you will need the same security checks etc,

I think the 'joke' reference was to the fact that although they were in a branch of the bank, they could not open an account there ..

Thanks Trev,yes you are right! WHL wrong as usual,

My gripe is the Hellenic bank in Stroumbi is a large bank,it's the only bank in the whole area,the idea was to open an account with them to save our elderly friend having to go miles and queuing for ages in town,I had to go to BOC this morning and was in there for Forty mins and the staff said it was quiet!,at the end of the day he wants to put a large sum of money in not take it out!

lotus wrote: ↑Fri Jan 15, 2021 3:30 pm My gripe is the Hellenic bank in Stroumbi is a large bank,it's the only bank in the whole area,the idea was to open an account with them to save our elderly friend having to go miles and queuing for ages in town,I had to go to BOC this morning and was in there for Forty mins and the staff said it was quiet!,at the end of the day he wants to put a large sum of money in not take it out!

Can you tell me were im wrong, its all to do with money laundering, this large sum of money your friends want to deposit, needs to be checked out that its kosher, it seems not all branches are equip to deal with it.

We opened our Hellenic account initially online from the UK. We chose the Branch we wanted and when in Cyprus we simply popped into the Branch (Polis) and went through the money laundering protocols etc. When we got the MEU's we simply had the Bank scan them in and save.

WHL,I was referring to the moan from me about not being able to open an account at the bank,yes I know all about money laundering and things and quite rightly the bank needs to investigate before allowing an account to be opened,I was just pissed off after queuing for ages just to be told you can't open an account

I find that Mondays and Fridays are the busiest times at banks and most official places like post offices etc, mid day Wednesday's I think are the best.

Correct me somebody if Iam wrong but the Stroumbi bank is only open Tuesday and Thursday,

Correct lotus

581 STROUMPI BRANCH 7, Agias Sofias Square, Stroumpi, 8550 Tuesdays & Thursday

https://www.hellenicbank.com/portalserv ... th/covid19

Happy in Cyprus wrote: ↑Fri Jan 15, 2021 2:54 pm WHL is not wrong. Do you not suppose that local branches of Hellenic may not be authorised to open accounts to non-natives...and that you have to go to a main branch in Paphos for this purpose?

For many years, if you wanted to open an account with Bank of Cyprus, all "foreigners" had to go to a specific BoC branch in Paphos.

He is wrong. There is no US nor EU regulation demanding that you need to go in person to open a bank account. How would you even do that if you wanted to open an account with an internet-only bank which doesn´t even have brick and mortar branches?

We opened an account at the Hellenic Strumbi branch a little while ago. However it is rumoured to be up for closure so that is probably why they will not allow new accounts.

I have been to the Hellenic Bank next to the Cyta office and I asked about the Strumbi branch.
I was told there not closing that branch at all.
Paul

Thanks Paul,how you doing?

Not to bad just have to get on with things.
paul