Bank of Cyprus: Ranked among the world's best foreign exchange banks

The Bank of Cyprus has been ranked among the world`s best Foreign Exchange Banks for 2025 by the Global Finance magazine's Gordon Platt Foreign Exchange Awards.

This is another important international accolade for the Bank of Cyprus, which is a clear proof of its continuous development, investment in innovation and consistently reliable customer service, a press release noted.

This honour follows the significant upgrade in the provision of digital services through the new BOC service — eFX Convert — which is a very important milestone in the Bank's journey towards digital innovation and customer service in the field of foreign exchange transactions, it continued.

The BOC eFX CONVERT service was launched in 2024. It offers customers the ability to perform transactions accurately and securely, with real-time exchange rates in a wide range of currencies without additional commissions and fees through the Bank's digital channels.

The Bank of Cyprus' delegation attended the Global Finance`s Gordon Platt Foreign Exchange and Best SME Bank Awards Ceremony, which took place in London on 25 February, and received the Best Foreign Exchange Bank in Cyprus award.

The Global Finance examined the banks' proposals, the suggestions of industry analysts, business executives and technology experts. The criteria for selecting the winners of the Best Foreign Exchange Bank Awards included the transaction volume, market share, breadth of global coverage, customer service, competitive pricing and innovative technology.

"The Bank of Cyprus is the only bank in Cyprus that offers its customers the ability to convert currencies with real-time pricing and extended hours through the eFX Convert service. Currency conversion takes place simultaneously with the immediate debiting and crediting of accounts via 1bank Internet Banking or Mobile App without any additional commissions and fees," the press release also said.

Through the BOC eFX Convert service, the bank's new digital products such as Quick Accounts also provide access to live foreign exchange rates to execute transactions at no additional cost.

Quick Accounts are available to individual subscribers of 1bank aged 18 years and above. Customers can electronically open an account in US dollars (USD) or British pounds (GBP) via 1bank's Internet Banking or Mobile App, to which a linked debit card (Visa debit card) can be issued. Preferential rates are offered for transfers to and from Quick Accounts, with real-time foreign exchange rates and no foreign exchange commission.

About Global Finance

Founded in 1987, Global Finance is based in New York. It has a circulation of 50,000 and readers in 188 countries, territories and regions, with offices around the world. Global Finance's audience includes senior business and finance executives responsible for investment and strategic decision-making in multinational companies and financial institutions. Global Finance regularly highlights the leading banks and financial services companies. The awards have established themselves as a trusted standard of excellence for the global financial community. The awards are named in honour of Gordon Platt, who was the driving force behind the programme for many years.