USB Bank (Cyprus)




About the Bank

USB Bank is the transformation of Yialousa Savings Bank, which was established in 1925 and was one of the first companies ever registered at the island. In June 1974 the bank became an ‘Authorized Financial Institution’ under the supervision of the Central Bank of Cyprus but remained inactive until March 1990.

Following the changes in shareholder structure in February 2009, the bank was renamed to USB BANK PLC. New ownership gave impetus to USB Bank to grow its business locally and internationally.

Today, customers of USB Bank have access to a full range of personal and business banking products and services both in Cyprus and abroad in all the major international currencies either directly through the Bank or through its network of foreign correspondents.

Required Corporate Documents

  • Board Resolution authorising account opening
  • Certificate of Good Standing (if applicable)
  • Certificate of Incorporation
  • Memorandum and Articles of Association / Constitution
  • Register of Members and Directors
  • Business Plan
  • Organogram, showing company’s structure

Required Personal Documents

For Shareholders above 20%, Directors, Beneficial Owners, Ultimate Beneficial Owners and Authorised Signatories:

  • ID Card / current valid Passport
  • Recent Proof of Address i.e. Recent Utility Bill / Bank or Credit Card Statement
  • Bank Reference letter
  • CV

Personal Visit

Personal visit is not required.

Online Banking

View and transactional internet banking is available.

Time Required for Account Opening

Up to 1 month, once all requested documents provided.


All major currencies.

Bank Fees

Outward Remittances:

  • Same currency – 0.15% (min EUR 6, max EUR 400) correspondent bank charges
  • Foreign currency up to EUR 50,000 – 0.5% (min EUR 6) correspondent bank charges
  • Foreign currency above EUR 50,000 – 0.4% (min EUR 250, max EUR 1,000) correspondent bank charges

Inward Remittances:

  • In same foreign currency account – 0.15% (min EUR 5, max EUR 10) correspondent bank charges
  • In other currency account up to EUR 50,000 – 0.5% (min EUR 6) correspondent bank charges
  • In other currency account above EUR 50,000 – 0.4% (min EUR 250, max EUR 1,000) correspondent bank charges

Other fees:

  • Account maintenance – EUR 150 (annually)
  • Bank reference letter – EUR 40
  • Audit confirmation letter – EUR 50

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