The Bank of Cyprus (BoC) has been named the ‘Best Foreign Exchange Bank in Cyprus’ at Global Finance’s prestigious Gordon Platt Foreign Exchange Awards. This honour reflects the bank’s commitment to advancing digital foreign exchange (FX) services and enhancing customer support.
Foreign exchange: Recognition at the Gordon Platt Awards
The accolade was announced in a ceremony that highlights excellence in the financial sector, recognising institutions that demonstrate outstanding performance in foreign exchange services. Global Finance evaluated submissions based on transaction volume, market share, global reach, pricing, customer service, and the adoption of innovative technologies. Analysts, corporate executives, and technology specialists contributed insights that informed the judging process.
Advancements in Digital FX Services
The Bank of Cyprus attributes its achievement to the momentum generated by its upgraded digital service, BOC eFX Convert. The service has been pivotal in the bank’s strategy, described by the institution as a significant milestone in foreign exchange services. The bank noted a substantial increase in both the number of users and transaction volumes, particularly in 2025, with interest from both existing clients and new organisations that have transitioned their execution to BoC after evaluating the service’s capabilities.
Expanding Services for Retail Customers
In addition to corporate clients, the bank has introduced Quick Accounts in euro, US dollar, and sterling for retail customers, a service that is showing steady growth. This offering has attracted more individual users throughout the year, providing them with immediate access to foreign exchange services. BoC remains unique in Cyprus, being the only bank that offers currency conversion with real-time pricing.
Enhanced Client Experience
For business clients, the bank’s strategy focuses on live pricing and extended operating hours, available through the 1bank Internet Banking and 1bank mobile app. These services are operational on weekdays from 7.30 am to 11.00 pm, ensuring that clients have access to critical services when they need them most.
Retail customers enjoy benefits akin to those provided by fintech platforms, but with the added security and reliability of Cyprus’ largest banking institution. The Quick Accounts feature allows users to open an account instantly via mobile or online, and they can receive a Visa debit card immediately.
Real-Time Currency Conversion
Customers can convert currencies between euro, sterling, and US dollars at any time, taking advantage of real-time rates. Payments in GBP and USD can be processed directly from Cyprus through SWIFT, eliminating the need for foreign accounts. The service is particularly attractive due to its preferential pricing, which includes no foreign exchange commissions and free access for students.
Global Finance’s Influence
Global Finance, established in 1987 and headquartered in New York, serves a global audience across 188 countries. The publication targets senior executives who make strategic and investment decisions in multinational companies and financial institutions. Its FX awards are named in honour of Gordon Platt, who significantly shaped the programme over the years.
The recognition of the Bank of Cyprus as the best foreign exchange bank in Cyprus not only underscores its achievements but also reflects the ongoing transformation within the banking sector, particularly with respect to digital services and customer engagement. As the bank continues to innovate and expand its offerings, the recognition from Global Finance reinforces its position as a leader in the foreign exchange market.
