Plan your trip to the Cyprus Deposit Guarantee Scheme

Since the collapse of FBME Bank Cyprus, many people try to plan a trip to Cyprus. Before April 2016, FBME customers planned a visit to either open a second bank account or collect FBME bank checks. Since the 9th of April 2016, things changed and the Deposit Guarantee Scheme was activated. According to the regulations of the central bank of Cyprus, customers of FBME Bank who have an account at the Cyprus branch, have to visit the bank in person. You can find more on the procedures in this article: FBME Bank Cyprus.

A trip to Cyprus to visit the Deposit Guarantee Scheme involves some planning. First of all the current parameters of the agreement are extended as from the 15th of June. Customers of FBME Bank Cyprus who want to claim their funds under the DGS, need to visit FBME Bank in Nicosia first before they can file their claim at the DGS. Opening hours are between 9am and 13pm for FBME Bank and from 8am to 13pm for the central bank.

The main airport in Cyprus is Larnaca or Hermes International Airport. The main office of FBME Bank is in Nicosia and the central bank of Cyprus is also in Nicosia. Often, we see that customers arrive the evening before and leave end of the next day again. Flash visits happen often and can do the job for those who are well prepared. It is a risk to just visit the bank and central bank since there is a potential that additional documents need to be presented, and the customer must deliver these in person.