Cyprus Currency and Prices: From the Cypriot Pound to the Euro – and What a Holiday Costs
The currency of Cyprus is the euro – it replaced the Cypriot pound on 1 January 2008. In the north of the island, the Turkish lira is the official currency. Cyprus is not expensive: according to Eurostat, price levels in 2025 were 89% of the EU average, and restaurants and accommodation 85.2%. You can pay contactless by card almost everywhere, and tipping is optional.
We live in Coral Bay near Paphos and pay every day at the supermarket, the petrol station and the taverna. In this guide you will find out which currency Cyprus uses, how best to pay and what food, drinks, shopping and fuel cost – with sourced figures rather than guesswork.
What Is the Currency of Cyprus? The Euro (EUR) Replaced the Cypriot Pound (CYP)
The euro (EUR) has been the official currency of the Republic of Cyprus since 1 January 2008. It was introduced almost four years after Cyprus joined the European Union and replaced the Cypriot pound (CYP) at a fixed exchange rate of €1 = CYP 0.585274. According to the European Central Bank, the Cypriot pound remained legal tender only until 31 January 2008, and old banknotes could be exchanged at the Central Bank of Cyprus until the end of 2017.
Euro Banknotes and Coins in Cyprus
Today the currency used in Cyprus comes as euro banknotes of 5, 10, 20, 50, 100, 200 and 500 euros, and coins from 1 cent to 2 euros.
Exchange Rate and Currency Exchange: Pounds Sterling and Other Foreign Currencies
If you travel from the UK or Switzerland, you will need euros. According to Visit Cyprus, all banks in Cyprus offer currency exchange for foreign currencies and publish their euro rates daily, and hotels also exchange money. You can check the current exchange rate with your bank; the European Central Bank publishes daily reference rates. It is often easier to pay by card in euros – but check your bank’s fees.
Paying in Cyprus: Cards, Cash and Fees
According to Visit Cyprus, hotels, shops, restaurants and some taxi companies accept credit cards, most commonly Visa and Mastercard. Contactless payment is available at almost all terminals. Many banks charge a fee for using a card abroad; Visit Cyprus mentions an average of 3%, which mainly affects cards not held in euros. Cash or gold worth €10,000 or more must be declared to customs when you enter or leave.
Is Cyprus Expensive? Prices Compared with the EU
No – Cyprus is below the EU average. According to Eurostat, the price level for household consumption in 2025 was around 89% of the EU average. Restaurants and accommodation were at 85.2%, and food and non-alcoholic drinks at 100.1%, almost exactly average. According to the Cyprus Mail, this makes restaurants and accommodation slightly cheaper than in Spain and Greece, but more expensive than in Portugal. Prices are rising, though: according to the statistical service Cystat, restaurants and accommodation became 8.9% more expensive in the year to June 2026.
In the Post Office’s 2026 survey, Paphos was named one of Europe’s ten best-value family holiday resorts.
Prices in Cyprus: What Do Food and Drinks Cost?
Visit Cyprus publishes average prices for typical spending (as of March 2025):
| Item | Price |
|---|---|
| Cappuccino | €4.00–4.50 |
| Glass of beer in a bar | €3.50–5.50 |
| Soft drink | €2.50–5.00 |
| Continental breakfast | €5.50–8.50 |
| Fixed-menu lunch | €12.00–14.00 |
| Meze at a taverna with a drink | €28.00 |
| Single bus ticket | €2.50 |
| Cinema (adult) | €10.00 |
Supermarket Prices in Cyprus
Food from the supermarket costs about the same in Cyprus as the EU average. According to Visit Cyprus (as of March 2025), you pay €1.35–1.45 for a litre of milk, €1.65–1.70 for a village loaf, €13.70–16.50 for a kilo of halloumi, €0.85–0.90 for a 330 ml can of local beer and €0.60–0.90 for a litre of water. A whole chicken costs around €3.50 per kilo, and tomatoes €0.65–2.65 per kilo.
Petrol Prices in Cyprus
Fuel is relatively cheap in Cyprus. According to SigmaLive, a litre of 95 unleaded cost around €1.61 on average in early September 2026, between about €1.54 and €1.67 depending on the station. That put Cyprus 22nd of the 27 EU countries – only five were cheaper. If you are driving a hire car, you will find tips in our guide to car rental in Cyprus.
VAT in Cyprus
- 19%: standard rate, also for wine and beer.
- 9%: restaurant food, hotel accommodation and certain passenger transport.
- 5%: including certain bus transport, books and newspapers, and cinema or theatre tickets.
According to Visit Cyprus, displayed retail prices must include VAT. Visitors without an EU passport who do not live in the EU, for example from the UK, can claim a VAT refund (tax-free shopping) on goods over €50.
Tipping in Cyprus
Tipping is optional. According to the Cyprus Mail, a 1968 law requires a service charge to be included in the price at bars and restaurants. Visit Cyprus says hotel and catering staff appreciate a tip, as do taxi drivers, porters and hairdressers.
Money in North Cyprus: the Turkish Lira
The Turkish Republic of Northern Cyprus, which is recognised only by Turkey, uses the Turkish lira (TRY). According to the Eastern Mediterranean University in North Cyprus, euros, US dollars and pounds sterling are widely accepted there, as are cards.
Money-Saving Tips for Your Cyprus Trip
- Eat out at lunchtime: a fixed-menu lunch costs €12–14, according to Visit Cyprus.
- Cook for yourself: with your own kitchen you save on breakfast and dinner.
- Compare all inclusive and a villa: what to weigh up on flights, accommodation and meals is shown in our article Cyprus All Inclusive or a Private Villa?.
- Check card fees: ask your bank before you travel about fees for payments and withdrawals abroad.
FAQ: Cyprus Currency and Prices
What currency does Cyprus use?
The euro, since 1 January 2008. In the north of the island, the Turkish lira is used.
Is Cyprus expensive?
Not overall: according to Eurostat, price levels in Cyprus were 89% of the EU average in 2025.
Can I pay by card in Cyprus?
Yes, in hotels, shops and restaurants. Contactless works at almost all terminals; only some taxis do not take cards.
How much should I tip in Cyprus?
Tipping is optional, because the service charge in restaurants is already included in the price.
Conclusion
In Cyprus you pay in euros and mostly by card; exchange rates only matter if you travel with pounds sterling or Swiss francs. Prices are below the EU average, especially for eating out and fuel. For planning your trip, also take a look at our guide to the best time to visit Cyprus.
Sources: euro changeover and conversion rate from the European Central Bank; card payments, cash limit, VAT, tipping and average prices (as of March 2025) from Visit Cyprus; 2025 price levels (Eurostat) from SigmaLive (18 June 2026); country comparison, Cystat inflation and Post Office survey from the Cyprus Mail (22 July 2026); petrol prices from SigmaLive (2 September 2026); service charge from the Cyprus Mail (11 February 2024); North Cyprus from the Eastern Mediterranean University. Prices change – please check locally. Cover photo: Paphos old town, Nikolai Rubanov / Unsplash. Last updated: October 2026.
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