Looking for recommendations for a new Bank Account

[Galini]

Good morning everyone,

I am looking for some recommendations on the best bank to approach for a new current account.

I am currently with Alpha Bank but am now finding that it is not able to meet my needs. I need and want to use online banking but Alpha bank has now implemented a new transaction authorisation process that requires customers to use an App on a smartphone for any payments or transfers. So, on my laptop I am only able to view my Account Balance and view statements. I have enquired with Alpha Bank and they have no plans to produce an App for laptops or desktops

I am not looking for advice on downloading or using the app on a phone or looking for comments about how easy other people find it to use (no offence intended! )

The simple facts are that I find it very unsatisfactory to carry out important transactions on a tiny smartphone screen, I have arthritic fingers that make it difficult and painful to use the tiny keyboard and last but not least, I have good security loaded on to my laptop and home internet and prefer to carry out financial transactions and internet shopping on the laptop and larger display screen.

So, sorry for the long explanation but can anyone recommend an alternative bank to open an account with who does not insist on their customers having the latest smartphones and using their new mobile banking App please? Thanks in advance

[Devil]

I find that an interesting reply because I'm trying to do the complete opposite i.e. to access my accounts without having to go through smart phone. I'm told that the bank cannot ensure security without having to dial-hop between the computer and mobile: I would like the bank to "forget definitively" that I have a mobile!

[Galini]

I find that an interesting reply because I'm trying to do the complete opposite i.e. to access my accounts without having to go through smart phone. I'm told that the bank cannot ensure security without having to dial-hop between the computer and mobile: I would like the bank to "forget definitively" that I have a mobile!

?? Maybe my wording is confusing Devil - that is exactly what I want too, not the opposite ! I DO NOT want to access my banking on my phone.

[Tuppence]

I've been using Hellenic on-line banking (on my laptop) for a long time & find it very good, never had any problems.

[daveg]

I second Hellenic Bank, I use it on my laptop and phone, no probs with either....

[Jamboal]

I agree with the Hellenic Bank comments, their app is easy to use.

[alewfin1]

I too agree about the Hellenic Bank for online banking which is far superior to my other bank the HSBC whose online web is very clunky.

[WHL]

Bank of Cyprus on line, for me, get hooked up on tablet, phone computer with out any problems

[josef k]

Hellenic's online service is excellent.

[WHL]

I think the OP wants to avoid the duplicity of having to use a mobile to take the verification codes etc if I read correctly. However with all the new control mechanisms coming into play, there is going to be higher levels of security now so probably a phone and laptop will be needed in tandem.

With the BoC , they send you code on the phone, when you use tablet/ computer for the first time, after that your good to go without any codes.

[Galini]

I think the OP wants to avoid the duplicity of having to use a mobile to take the verification codes etc if I read correctly. However with all the new control mechanisms coming into play, there is going to be higher levels of security now so probably a phone and laptop will be needed in tandem.

I don't mind receiving a verification code on my phone which I can then enter on to my laptop. What I don't want is to be 'forced' to ONLY use my mobile to carry out online banking transactions, which is the case now with Alpha Bank.

In any case, from the kind responses received to my post it seems that my best option will be to pay a visit to Hellenic Bank and open an account with them. THANK YOU everyone who took the time to respond

[jeba]

Last week I cancelled my Bank of Cyprus account. Not only have they charged outrageous fees for incoming transfers (as they had used a corresponence bank) but they also blocked the funds without telling me why. So I thought maybe I´d have to wait for valutation but after a week still nothing had happened (and it was a substantial amount so that I could buy a piece of land). When I phoned the callcenter they said I needed to talk to the local branch. Problem was they didn´t answer the phone. So I emailed them only to receive a reply that they won´t respond to emails. You have to use their app or their website to contact them. Which I did only to be told again I needed to speak to the local branch. Finally I managed to do that only to be told I must come in to prove my identity. So I had to waste my one/day sms only to show them my passport which they already had on file. As I had opened my account at another branch I had to wait until they had sent confirmation of my ID to that branch before I could transfer my money out and close my account (for which I had to waste another sms as I could do it in person only. When I asked them what they would have expected me to do if I had been in Germany they told me that in that case I´d had to go to the neares consulate or embassy (which would be 300 km from where I´m living when in Germany). Never again will I set foot into one of their branches. Or any other Cypriot bank for that matter. Thanks god for that I don´t need a Cypriot bank due to Cyprus being a member of SEPA. Rant over.

[trevnhil]

I have no doubt others will reply as well as me. I think you are fortunate that you do not need ANY Cypriot bank at all..
I am surprised that the Cypriot Tax office do not require you to have a Cypriot account

[WHL]

Last week I cancelled my Bank of Cyprus account. Not only have they charged outrageous fees for incoming transfers (as they had used a corresponence bank) but they also blocked the funds without telling me why. So I thought maybe I´d have to wait for valutation but after a week still nothing had happened (and it was a substantial amount so that I could buy a piece of land). When I phoned the callcenter they said I needed to talk to the local branch. Problem was they didn´t answer the phone. So I emailed them only to receive a reply that they won´t respond to emails. You have to use their app or their website to contact them. Which I did only to be told again I needed to speak to the local branch. Finally I managed to do that only to be told I must come in to prove my identity. So I had to waste my one/day sms only to show them my passport which they already had on file. As I had opened my account at another branch I had to wait until they had sent confirmation of my ID to that branch before I could transfer my money out and close my account (for which I had to waste another sms as I could do it in person only. When I asked them what they would have expected me to do if I had been in Germany they told me that in that case I´d had to go to the neares consulate or embassy (which would be 300 km from where I´m living when in Germany). Never again will I set foot into one of their branches. Or any other Cypriot bank for that matter. Thanks god for that I don´t need a Cypriot bank due to Cyprus being a member of SEPA. Rant over.

Do Banks not charge commision on the amount transferred,
as you have said, it was a substantial amount, that might be the reason the charge was large.

[Tuppence]

Galini
I believe you can begin opening a bank account on line but have to go to a branch to complete the process. Hopefully that will save you a bit of time as there's usually lots of paperwork involved!

[jeba]

I have no doubt others will reply as well as me. I think you are fortunate that you do not need ANY Cypriot bank at all..
I am surprised that the Cypriot Tax office do not require you to have a Cypriot account

Why should I be required to have a Cypriot bank account? My income is taxable in Germany only due to non-dom status and I don´t have to pay GESY contributions as I´m a S1 holder. I´m perfectly happy with my German bank accounts which don´t charge me any fees for transfers (except for those outside the SEPA area) nor credit cards nor maintenance and where everything can be done online. It was a stupid decision in the first place to open a bank account in Cyprus.

[trevnhil]

My understanding from this document https://www.pwc.com.cy/en/publications/ ... g-2021.pdf
Is that if you live in Cyprus you have to pay your taxes here..

But my understanding may be wrong (shrug of shoulders)

If you do have to pay taxes here ie income tax and defence tax I thought you would need to have Cypriot bank details for the Tax People...

But again being from Germany you may well feel that you are not obliged to go by these rules..

[jeba]

But my understanding may be wrong (shrug of shoulders)

It is. According to the agreement on the avoidance of double taxation between Cyprus and Germany some of my income is taxable in Germany and for the remainder I'd have to pay defence contribution in Cyprus if I weren't non- domiciled. But I am and will still be for another 12 years.

[jeba]

My understanding from this document https://www.pwc.com.cy/en/publications/ ... g-2021.pdf
Is that if you live in Cyprus you have to pay your taxes here..

Now that I´ve had time to have a closer look at the document you linked I found the magic words you seem to have missed: you can find them, too if you look at page 26 (my bold):

Special Contribution for Defence is imposed on dividend income, ‘passive’ interest income and rental income earned by companies tax resident in Cyprus and by individuals who are both Cyprus tax resident and Cyprus domiciled.

.
It surprises me that so many expats don´t seem to know about their option to apply for non-domiciled status.

[jeba]

But if you do that (apply for non-domiciled status) you surely then compromise your eligibility not to pay tax on your estate in your country of birth when you die?

Because death duties in the UK are so onerous, most of us do what we can to prove domicile in Cyprus, so that we leave as much as possible to our chosen beneficiaries rather than to the UK tax man.

I have no idea about British inheritance tax rules. Germany (and I guess all of continental Europe) doesn´t have a concept of non-domiciled residency and if you don´t live there it depends on the residence of your beneficiaries whether or not they´ll have to pay tax on their inheritance. Anyway, you´ll enjoy that non-domiciled status only for 17 years, so you´d "only" have to outlive those 17 years in order to avoid that problem (or take out life insurance to cover it?). Cyprus "created" that status in August 2015 only - maybe that´s the reason why so many who´d qualify aren´t aware of it as they immigrated before 2015?

Just out of curiosity: How onerous is British estate tax? Is there no tax-free threshold (in Germany it´s € 500000 for the surviving spouse and €400000 per child and beyond that it´s less than 10% and even for that your accountant will know ways around it)?