What is the European Economic Area?
The European Economic Area (EEA) is a free trade zone that consists of the member countries of the European Union (EU) and three countries of the European Free Trade Association (EFTA), particularly Iceland, Lichtenstein, and Norway. Currently only a resident of an EEA country can open a CFPS account.
What is an electronic money institution?
An electronic money institution (EMI) is a financial institution that facilitates digital payments for their customers. These institutions are licensed by relevant authorities to store and transfer electronic money. EMIs offer a wide range of payment solutions such as e-money accounts, virtual and physical debit cards, and domestic and international money transfers.
CFPS offers a free euro account and virtual debit cards issued by Unlimit, an electronic money institution licensed by the Bank of Cyprus.