Cyprus holidaymakers advised to take cash due to banking crisis

As most news medias have been reporting lately, Cyprus is having a hard time financially, and now governments are advising people who wish to travel to the country that they should bring cash reserves. Although the banks are now open throughout the country, they still impose strict restrictions on things like withdrawals, and a lot of the local population are still concerned that these banks will default, leading to massive bank runs.

As such, if you plan to travel there, be sure you have enough cash and other forms of payment. ATMs only allow 300 euros per customers, and this may change at any moment. The Bank of Cyprus and Laiki Bank currently are some of the most affected banks, and anyone with cash in those institutions are worried that they may lost part of all of their hard earned money.

Meanwhile, people still have bills to pay, whether that is grocery for personal use, or running a business, the worry is that as the banks stay inaccessible, people will not be able to be paid, and the economy will completely collapse. This may lead to civil unrest, which is another issue travelers should keep in mind.

When you go there, you will have to pay for things like accommodation, food, drinks and entertainment. Make sure you have several ways to pay. Some shops even stopped accepting credit card payments and only want cash, which is a problem if you did not bring enough money and cannot access the ATM.

Make sure you check with your hotel and car rental company, if need be, whether they still accept payment. Try to split your cash between things like money orders and cash, and do not carry too much in your wallet, or you may be a prime target for thieves.