Bank of Cyprus named best foreign exchange bank

The Bank of Cyprus (BoC) has been named ‘Best Foreign Exchange Bank in Cyprus’ at Global Finance’s annual Gordon Platt Foreign Exchange Awards, a distinction the bank sees as confirmation of its steady progress in digital FX services and customer support.

According to the announcement, Global Finance based its decision on a series of indicators, including transaction volume, market share, global reach, pricing, customer service and the use of innovative technologies.

Submissions were evaluated alongside input from analysts, corporate executives and technology specialists.

Cyprus’ largest bank pointed to the momentum of its upgraded digital service, BOC eFX Convert, describing it as a milestone in foreign exchange services and a key reason for the award.

The bank said the product’s performance is reflected in a marked rise in the number of users and transaction volumes in 2025, with interest coming not only from existing corporate clients but also from new organisations that shifted their execution to the BoC after assessing the service’s capabilities.

It added that the introduction of Quick Accounts in euro, US dollar and sterling for retail customers is “steadily gaining ground”, noting that the service has been drawing more individual users throughout the year.

BoC remains the only bank on the island offering currency conversion with real-time pricing. Its strategy for business clients centres on providing live pricing and extended operating hours through both 1bank Internet Banking and the 1bank mobile app, running on weekdays from 7.30 am to 11.00 pm.

Retail customers, meanwhile, access benefits similar to those offered by fintech platforms, but with the security of the country’s biggest banking institution.

Quick Accounts, available to individual subscribers of 1bank, allow immediate account opening via mobile or online and the instant issuance of a Visa debit card.

Customers are able to convert currencies between euro, sterling and US dollars around the clock at real-time rates, while payments in GBP and USD can be executed directly from Cyprus through SWIFT, without requiring accounts abroad. The bank also noted that the service carries preferential pricing, with no FX commissions and free use for students.

Global Finance, founded in 1987 and headquartered in New York, circulates in 188 countries and caters to senior executives responsible for strategic and investment decisions in multinational companies and financial institutions.

The magazine regularly recognises leading banks and financial service providers worldwide, with the FX awards named in honour of Gordon Platt, who shaped the programme for many years.