Cypriots expected to descend on banks in their THOUSANDS as they reopen for first time two weeks today Armed police and security staff on guard over fears of a run on deposits Banks will be open for six hours today from 10am GMT (noon local time) Maximum cash withdrawal limit has been set at 300 euros (£250) per day Travellers leaving country can only take equivalent of 1,000 euros (£850) Curbs will be in place for at least seven calendar days and reviewed daily Banks shut since March 16 as politicians struggled to secure EU bailout Tens of thousands of Cypriots descended on the island's banks when they re-opened for the first time in two weeks today after being shut due to the country's financial crisis. Armed police are on standby and hundreds of staff from private security firm G4S will be guarding bank branches and helping to transport money over fears of a run on deposits. Long lines had formed outside some bank branches, particularly those of Laiki, which is to be restructured, before they opened at noon (10pm GMT). Some Laiki branches in central Nicosia had not opened exactly on time, with customers waiting patiently outside. Strict restrictions have been set on financial transactions, including a maximum cash withdrawal limit of 300 euros (£250) per day and no cheques will be cashed. Travellers leaving the country can only take up to 1,000 euros (£850), or the equivalent in foreign currency, with them in cash. Ready for their readies: Customers queue anxiously outside a branch of the Bank of Cyprus, in Nicosia, Cyprus, as it prepared to open for the time in two weeks during the country's financial crisis Tight security: Armed police are on standby and hundreds of staff from private security firm G4S will be guarding bank branches and helping to transport money over fears of a run on deposits The restrictions will be reviewed daily and are initially in place for seven calendar days, until next Wednesday, the decision published by the Finance Ministry states. One 70 year-old pensioner who only gave his name as Ioannis stood outside a bank in the capital Nicosia some two hours ahead of the noon opening. 'I had to come this early, I came from my village 20 kilometers away, what do they want me to do, keep coming and going?' he said. Outside a Bank of Cyprus Branch, among the first in line was a 52-year-old Greek businessman who said he flew in from Greece to take 'as much money out as he could' from his account to pay bills and employees. He said he would be hit by the tax on deposits over 100,000 euros. 'This is chaos, we don't know what to expect once banks open,' the businessman said who wouldn't give his name because he didn't want to discuss personal financial matters. 'They shouldn't have allowed things to get this far.' Braced for a run: A bank employee counts money by an open safe inside a Laiki branch before opening for the first time in nearly two weeks after being shut due to the country's financial meltdown Tight controls: An employee opens a safe inside a Bank of Cyprus branch. Strict restrictions have been set on transactions to prevent a run on deposits once the banks open for six hours at noon (10am GMT) Individuals cannot withdraw more than 300 euros per day from any one bank, unless they have withdrawn less than 300 euros the previous day. Cheques cannot be cashed, unless they were issued by a bank in another country. Non-cash payments or money transfers are prohibited unless: They are for commercial transactions. Payments below 5,000 euros have no restrictions. Payments from 5,001 euros to 200,000 euros must be approved by the central bank, which will consider the liquidity of the bank involved and make a decision within 24 hours.Payments above 200,000 euros will be decided upon on a case-by-case basis. They are for payroll, and supporting documents are presented. They are for living expenses or tuition fees of students who are close relatives of Cyprus residents. Transfers for living expenses are capped at 5,000 euros a quarter, and supporting documents must be supplied. They are for credit or debit cards. Payments are capped at 5,000 euros per month. Time deposits, where money is put in an account for an agreed period, cannot be withdrawn early unless the money will be used to pay off a loan to the same bank. Banks cannot make non-cash payments or money transfers that circumvent the capital controls. Capital controls are in place for all accounts, payments and money transfers in any currency. EXEMPTIONS: The capital controls do not apply to: Any new money deposited from abroad after March 27 Cash withdrawals via debit or credit card from an account in another country Diplomatic missions The stock market announced it would remain closed on Thursday 'in order to ensure the smooth functioning of the stock market and protect investors.' It too has been closed since March 16. 'The Central Bank decided on some limitations, so we are sure that slowly, slowly we are going back to functioning of the banks without serious problems,' said the head of the parliament, Yiannakis Omirou. 'Some problems I'm sure will be created but our people are ready to overcome the difficult moments we are passing.' Banks in Cyprus have been shut since March 16 to prevent people draining their accounts as politicians scrambled to come up with a plan to raise enough funds for Cyprus to qualify for 10 billion euros (£8.5billion) in bailout loans for its stricken banking sector. An initial plan that would have seized up to 10 per cent of people's bank deposits was soundly rejected in Parliament, leaving politicians struggling to come up with an alternative. The deal was finally reached in Brussels early Monday, and imposes severe losses on deposits of over 100,000 euros in the country's two largest banks, Laiki and Bank of Cyprus. The rescue package will wind down Laiki and shift deposits below 100,000 euros to the Bank of Cyprus to create a 'good bank'. Many Cypriots are struggling to work out exactly what they could and couldn't do with the restrictions in place. Morning television talk shows hosted dial-ins with experts, with viewers' queries ranging from where they would repay loans if they were taken out from Laiki, which is being restructured, to how they could pay tuition fees for children studying abroad and handle check payments. Across the country, people wondered whether they would be able to access their salaries, many of which were due this week. 'I believe this will be a very difficult day for both people and bank employees because no matter how much information there was, things were changing all the time,' said Costas Kyprianides, a grocery supplier in Nicosia. Even us traders, like myself, have so many checks which I need to deposit so I can make ends meet. During the bank closure, ATMs were working but quickly ran out of money. Those of the two troubled banks, Laiki and Bank of Cyprus, had imposed withdrawal limits of 100 euros a day. 'Up until last night things kept on changing,' said store owner Antonis Arotokritou, wondering about how to go about dealing with checks. 'There's an overall panic and uncertainty from both the bankers and the rest of the people.' Earlier this week, it emerged that bank account holders in Cyprus could be subjected to a weekly limit on cash withdrawals. Cypriot finance ministers have drafted a series of capital controls that also include export limits on euros and a ban on cashing cheques. Money grab: A bank employee speaks to a woman outside a closed Laiki branch. The maximum cash withdrawal limit has been set at 300 euros (£250) per day and no checks will be cashed braced for a run in the sun: A Bank of Cyprus employee looks out from inside a branch before it opened in Nicosia. Travellers leaving the country can only take up to 1,000 euros (£850) with them in cash The Central Bank governor said measures to avert a run on deposits after a painful EU rescue plan will be 'loose' but would apply to all banks on the island. The Department for Work and Pensions (DWP) announced on Monday that British pensions would not be paid into Cypriot bank accounts for the foreseeable future and advised expats to open UK accounts. Cash crisis: Banks have been closed since March 16 as politicians scrambled to come up with a plan to raise enough funds for Cyprus to qualify for 10bn euros (£8.5bn) in bailout loans Not impressed: People wait outside a branch of the Bank of Cyprus, in Nicosia, Cyprus A spokeswoman for the DWP said a 'watching brief' is in place on the situation but payments into Cypriot bank accounts will not resume when banks on the island reopen. All except the country's two largest lenders had been due to open earlier this week after the country clinched an 11th-hour deal with the 17-nation eurozone and the International Monetary Fund. But the Central Bank said that 'for the smooth functioning of the entire banking system, the finance minister has decided, after a recommendation by the governor of the Central Bank, that all banks remain shut up to and including Wednesday'.