BoC's Michalis Kyrou: eFX brings the efficiency of fintech platforms into a fully regulated banking environment

Michalis Kyrou, Manager, Group Institutional Wealth Management and Global Markets, Bank of Cyprus recently talked about the rollout of eFX Convert, a new product for companies and individuals.

Among other things, the executive explained how eFX Convert can benefit users, being part of the Bank’s overall strategy to streamline operations and offer value-added services to clients.

Bank of Cyprus has been named one of the world’s best FX banks by Global Finance. What does this mean for the bank and its customers?

This recognition is a powerful endorsement of the direction we’ve taken as a bank. It reflects our commitment to innovation, operational efficiency, and customer-focused solutions. Specifically, in the area of foreign exchange, it acknowledges that our services meet the highest international standards. It’s also a result of dedicated teamwork—our Risk department, IT, Control functions, and Senior Management all collaborated closely and supported the rollout of eFX Convert. Thanks to that coordinated effort, we’ve launched a service that is efficient, reliable, and fully aligned with the needs of our clients. And importantly, our customers have embraced it. We’re seeing a steady increase in both client numbers and transaction volumes. It shows that when you offer something truly useful, simple, and cost-effective, people respond.

What is eFX Convert? What does it offer and why is it useful to customers?

eFX Convert is our digital currency conversion service, available via both internet and mobile banking. It allows users to convert money using real-time exchange rates, instantly and with zero conversion costs. The service is offered to both business and individuals. eFX Convert is a game-changer, particularly for companies that make frequent international payments requiring efficiency, transparency and ease of doing business. For individual clients, the newly launched Quick Accounts in GBP and USD offers preferential FX pricing, making it especially beneficial for university students studying abroad or for people travelling for leisure or business. The process is completely transparent and can be done with the touch of a button. There’s no need to call, visit a branch, or pay extra fees. You simply select the amount and the currency you want to convert, and it’s done. That’s why we say we have nothing to envy from international banks or fintechs. We’ve essentially brought the efficiency of fintech platforms into a fully regulated banking environment. It’s fast, competitive, and easy to use.

Is this service part of the Bank’s overall strategy to streamline operations and offer value-added services to clients?

Absolutely. Digital transformation is a core part of our strategy. eFX Convert is a clear example of how we are leveraging technology to simplify banking and deliver tangible value. We’re not just modernising our services—we’re rethinking how clients interact with the bank. With eFX Convert, the experience is intuitive and self-directed. Clients save time, avoid unnecessary costs, and gain full control of their currency transactions without compromising on security or quality.

How does real-time FX pricing work, and why is it beneficial?

The entire process is very easy and convenient. Users simply log in to their 1bank account via web or mobile, navigate to the ‘Transfer & Pay’ section, and depending on the type of transaction, select either the ‘Connected Accounts’ or ‘BOC Customers’ tab. From there, they enter the account details and the amount to be converted, then submit the request. A real-time FX rate will be displayed, which they can confirm to complete the transaction instantly. Once confirmed, the funds are debited from one account and credited to the other in real time. This level of transparency and speed is especially valuable in volatile markets, allowing clients to lock in a rate instantly. It’s available from 7:30am to 5:30pm, and any transaction outside those hours will be executed using live rates on the morning of the next business day. We aim to extend our service hours in the near future.

What problem does eFX Convert solve for customers, and how has it improved the foreign exchange process?

It solves a major pain point: the complexity and delay of traditional FX transactions. Traditional FX transactions involved delays, manual approvals, and often hidden costs. eFX Convert replaces all of that with a digital, fully automated solution. No phone calls, no waiting, no commissions-just instant access to competitive rates. Before, customers had to call the bank, send an email, or receive non-live rates for small amounts. Now, that entire process is replaced by an instant, digital alternative. You log in, see live exchange rates, confirm the conversion, and it’s done—immediately for any amount and without fees. Currently customers can execute transfers and conversions in their own connected accounts or to the accounts of other Bank of Cyprus customers. For overseas payments, clients can simply contact their banker to open an account in the desired foreign currency. Using eFX Convert, they can instantly convert euros into that currency, credit the new account, and complete the payment—all online, quickly and easily. For example, a client needing to pay in Japanese Yen can convert euros to Yen and make the payment directly from their Yen account.

How can an individual client benefit from BOC eFX Convert?

Quick Accounts allow clients to instantly open foreign currency accounts—currently in GBP or USD—directly through digital banking. Once open, clients can use eFX Convert to move euros into their Quick Account and immediately start transacting in foreign currency. A card is also issued automatically and is immediately available in the client’s wallet, enabling purchases abroad or online in the respective currency. It’s an especially helpful tool for students studying abroad or for travelers. For clients using Quick Accounts, there’s also preferential pricing. This gives us a strong edge over fintech providers, as clients benefit from transparency, the security of a regulated entity, and top-tier rates—all under one roof. Plus, since conversions between Quick Accounts happen at live rates with no hidden charges, clients enjoy a cost-efficient, borderless experience.

How can someone obtain more information about the service?

Clients can visit the Bank of Cyprus website for detailed information or reach out directly to their relationship manager or personal banker. Whether online or through direct contact, support is readily available to help clients understand how to get started and make the most of the service.