Cyprus is reputable for its high quality banking and advanced financial services. In these days, there are endless options of credit, payment and financial institutions available in the market with regards to choosing the appropriate providers and it's very important to select the provider that is most suitable to your financial needs and goals; therefore a future client needs to choose wisely the most proper and secure option.
Authorized & regulated providers:
As a first step you have to assure that the service providers and bank institutions you will work with must be subject to supervision. These entities must be authorized providers in different aspects under regulatory authorities that will supervise and monitor the entities' activities and make sure that they act in the best interest of their clients at all times and comply with the legislation.
The following regulatory authorities are involved in the monitoring of banking and financial institutions in Cyprus:
- The Central Bank of Cyprus
- The Cyprus Securities and Exchange Commission
- The Co-operative Credit Societies' Supervision and Development Authority
- The Commissioner of Insurance Companies (Ministry of Finance)
Cyprus, as a European Union member, has a fully transparent and stable regulatory framework by adopting EU legislation, directives and standards and also is in line with various international best practices. Cyprus's financial sector includes domestic and international credit institutions, payment institutions, insurance companies and other financial services companies that offer a range of services such as retail and corporate banking, private banking, asset management, investment banking, loans, custodian services, hedging services and a variety of other services.
Type and level of service you want
You have to identify the type and purpose of the financial service you need and/or what are your financial goals in order to be able to select the provider that will meet your expectations. It is also essential to have the level of service and communication you want and assure that the provider will satisfy your needs. For example, in this case you can check the experience and qualifications of your potential provider for the different services you might be interested or you might even ask for further recommendations from the field of professionals the provider operates within.
Costs and benefits
Before deciding which type of services you need and which provider you want to use, it will be helpful to understand their costs and benefits and make comparison between them. Part of the costs can be the fees, your time, or the ability to access the services. Also, nowadays, the technology helps the providers to expand their services and offer more competitive fees and advanced products through their online systems. Take advantage whatever is suitable and beneficial for your personal needs and goals.
Funds safety
Clients' funds must always be safeguarded and follow all the necessary steps designated from the provider's regulator. Therefore, you have to ensure the soundness of the providers and know your financial rights in case of non-pleasant scenarios. For example, in case you cooperate with financial firms ask if they have segregated accounts from their own accounts and also if they are members of any compensation funds in case of a bankruptcy.
K.P.S. Services Limited with its sophisticated expertise and highly trained personnel can assist you with choosing the proper provider. Our team will engage in an extensive research on behalf of you and will provide you all the solutions and options customized to satisfy your most demanding needs.
Our services in the field of banking and financial services may include but are not limited to the following:
- Introduce you to any Bank Institution of your choice
- We will assist you in opening the following type of accounts in
any currency upon request:
- Current Account
- Fixed deposit accounts
- Escrow accounts
- Merchant accounts
- Custodial accounts
- Investment accounts
- Help you in administrating your bank accounts
- Provide draft letters of credit
- Apply for credit and debit cards
- Apply for online banking services
- Transfer funds upon request
- Monitor and report upon movement of your bank accounts
- Deal with any issues may arise with banking institutions
- Assist you to find and rent a safe deposit box for your valuable items
Other banking and payment institution services:
- Assistance with Foreign Exchange services and international money transfers via reputable Banks and Payment Institutions
In case you have foreign exchange exposure and worldwide payments, we can assist you to find the most suitable provider that will meet your needs with competitive foreign exchange rates and minimal costs.
- Assistance with Hedging Solutions
A range of solutions for hedging risk that will reduce the uncertainty such as foreign exchange, commodity, interest rate and other exposures with a variety of financial instruments
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
