Following news of a 10 billion euro bailout for Cyprus, agreed by the EU and IMF, the Foreign and Commonwealth Office (FCO) are advising all British Nationals who are travelling to Cyprus to take a variety of payment methods with them.

The bailout agreed by the EU and the IMF would require all savers in Cyprus to pay a one-off levy to the government. The levy is between 6.75% and 9.9% of their savings, depending on the amount of savings they have.

News of the possible levy has led to heavy cash withdrawals and to prevent a further run on funds banks in Cyprus are remaining closed today.

As a result of this, the FCO are advising British travellers to Cyprus to take several different forms of payment with them to ensure that they will be able to access funds for the whole of their holiday.

“The Cypriot Government is implementing measures to protect is banking sector. You should check with your bank for further information.”

“We advise those travelling to Cyprus to take different forms of payment with you to ensure you have access to adequate funds (such as pounds, euros, credit and debit cards).”

Is your Holiday to Cyprus Protected?

Cyprus is the latest in a string of Eurozone countries requiring a bailout for their struggling economy and banking sector and it’s too soon to say at the moment what impact the this may have on the Cypriot economy and tourist industry.

If you booked your holiday as a package (flights and accommodation) through a bonded tour operator your holiday will protected under the ATOL Protection Scheme in the event that one of your holiday suppliers becomes insolvent.

If you have booked elements of your holiday independently or direct with an airline or hotel your money will not be protected by ATOL and you should look for a travel insurance policy which includes cover for Scheduled Airline Failure and End Supplier Failure.

Travel insurance from Goodtogoinsurance.com includes cover for Scheduled Airline Failure/End Supplier Failure as standard on all policies — so you don’t need to worry!

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