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Despite its economic difficulties, Greece remains a popular tourist destination. The country's islands and coasts attract retirees looking for a warm climate, proximity to water, and lots of delicious food, local wine, and music to keep them entertained.
Young creatives adore Greek towns because of their vibrancy and affordability, which allows them to live more carefree lives. Operating a small business has a lot of possibilities. Throughout the city, there are numerous tiny shops selling a variety of crafts, arts, services, and items.
Many regions in Athens are attracting wealthy expats from Europe and Asia, particularly those looking for comparatively inexpensive real estate and investment opportunities. The capital is unexpectedly rich in different cultures, and you may hear individuals speaking a variety of languages on its streets in addition to Greek and English. This combination has created a vibrant and open environment that contributes to Greece's appeal as a place to call home.
There are numerous reasons to consider relocating to Greece, from the mild climate to the rich culture to the historic history. However, whether you plan to start a new life on a beautiful island or in the bustling metropolis of Athens, you'll need a local bank account to make the move a little smoother. A local bank account will assist you in receiving payment from a Greek employer, paying taxes, and obtaining a residency permit.
Following the financial crisis of 2007, opening a bank account in Greece became more difficult, although restrictions are gradually being lifted as the economy recovers. Nonetheless, you should anticipate a significant amount of paperwork. Opening a bank account in Greece is simple. Here are the steps you need to follow to open a bank account in the country.
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How to Open a Greek Bank Account as a Non Resident
Can I Open a Bank Account in Greece as a Non Resident?
Yes, as a non-resident, you can open a bank account in Greece. The banks will ask for the AFM, or "Arithmo Forologiko Mitro", a 9-digit tax number that you may readily obtain from your local tax office in Greece.
What should I Look For in Greek Banks
Domestic banks, regional banks, huge multinational banks, and online banks abound in Greece, which has had a thriving financial sector since the 4th century BC. Compare the costs connected with each account while deciding which bank is best for you. A set-up fee or a monthly administrative fee may be charged by some institutions. These costs are occasionally dropped as an introductory deal and then reinstated later, so check the fine print carefully.
In Greece, it is also typical for banks to impose fees for using an ATM that is not part of their own network. Check to see if the bank you chose has nearby ATMs, or look for a bank that allows free withdrawals from outside ATMs.
The Best Banks in Greece
In Greece, there are now four main banks. Many of their branches are visible if you live in Athens or another large city.
- National Bank of Greece(NBG) – With 1460+ ATMs and 350+ branches around Greece, Cyprus, Bulgaria, Romania, North Macedonia, Egypt, Malta, the UK and Australia
- Eurobank – With 920+ ATMs and 300+ branches around Greece, Cyprus, Bulgaria, Serbia, Luxembourg and the UK
- Alpha Bank – With 860+ ATMs and 300+ branches around Greece, Luxembourg and the UK
- Piraeus Bank – With 1390+ ATMs and 440+ branches around Greece, Germany and Ukraine
You would obviously think that a Country like Greece shouldn't have just four banks. In addition to the four major banks, Greece has a number of smaller national banks. These are some of them:
- Attica Bank – With 50+ branches all around Greece
- Pancreta Bank – With 45+ branches in Crete, Athens and Milos
- Optima Bank – With 25 branches, mainly in Athens and Thessaloniki
- Aegean Baltic Bank
- Viva Wallet
- Various cooperative banks of Chania, Epirus, Thessaly, Karditsa, Drama and Central Macedonia
Web banking is available in both English and Greek at the banks indicated above. You can use your PC or a mobile phone to access the applicable bank app. On your smartphone, most of these apps allow fingerprint identification.
Extra security protections are in place to complete any online transactions on a PC. Receiving an OTP (One Time Password) code on your phone is a common example. You'll have to type that into the computer.
Some Documents needed to Open a Bank Account in Greece as Non Resident
Before opening a bank account in the country, you must be at least 18 years old. You'll also need to show confirmation of identity, such as a passport or proof of residency. Your identity is confirmed by travel documents, certificates, and bank statements from your home banks.
To activate your account, you'll need to bring other supporting documents together with your AFM. In order to open a bank account in Greece, you will need the following documents:
- Copy of Birth Certificate
- Recent utility bills.
- Proof of occupation.
- "Arithmo Forologika Mitro"
- Last Tax Return or P60 or P45.
- NI number, if displayed on the tax return.
- Proof of address
- Bank statement
- Recent mobile/landline phone bill.
- Passports photograph
All of these documents must be validated by the Greek Consulate in the country where you live. If any of your documents are written in English, the bank may not require the official Greek translation. However, if the documents are written or typed in a language other than English, you will need to translate all or some of them so that the bank's legal department can simply review them.
If you have an attorney, lawyer, agent, or friend in the nation, he or she can open the account on your behalf, but you must be present for biometric capturing and activation at any of the branches. Simply put, all Greek banks will always want to meet new customers in person at least once.
It is impossible to open a Greek account when you are not present. The agent or attorney can only submit your information and assist you in the beginning phases of the account, not the actual account opening or activation.
How to Open a Bank Account in Greece
Once you are done having all these things above, then you will just have to apply for an account, and then create your Bank Account in Greece.
Allow an hour or more for the appointment, since it may be lengthy. Even though many tellers understand English, you might want to bring a translator or a Greek-speaking friend with you. Following that, the appointment should be relatively simple.
You'll submit your signature after filling out the application and having your documents scanned. To make the minimal deposit, you'll be given an account number. You're ready to go once your debit card arrives in the mail.
Can I open a bank account online in Greece?
Unfortunately, both domestic and international banks in Greece do not allow you to open a bank account online. You must visit the bank in person to have your original documents verified and signature samples taken.
Most banks allow you to fill out the application online if you want to get a head start. Once you've gone as far as you can, call your local bank to schedule an appointment to activate your account.
You can also open a bank account with an online bank as an option. If you're looking for an online financial institution, look for a regulated bank rather than an e-money institution. And we have something special that will help you create an online bank account that you can use anywhere and at anytime.
MUST READ: How to Open a Bank Account Online From anywhere
Withdrawals in Greece
You will receive your ATM/debit card once you have opened your account, which you can activate and use right away.
When withdrawing money in Greece, you should be informed that unless you use your own bank's ATM, you will be charged a fee that runs from 2 to 3.75 euro.
For example, if you withdraw money from a Piraeus Bank ATM with your Alpha Bank or Eurobank debit card, you will be charged 3.75 euro. The transaction cost on Ethniki's cards is lower, ranging from 2 to 3 euros.
One Good news remains that these fees may not apply if you are visiting a remote location in Greece, such as Iraklia, Schinoussa, or Sikinos; verify with your bank before you travel.
When are Greek Banks Open?
On weekdays, banks in Greece are open from 8:00 a.m. to 14:00 p.m. Later in the day, some branches close. On national holidays too, banks are closed. Some of these national days are;
- 1 January – New Year’s Day
- 6 January – Epiphany
- The Monday 7 weeks before Greek Orthodox Easter – Clean Monday
- 25 March – Independence Day
- Good Friday and Easter Monday
- 1 May – Also a strike day in Greece
- The Monday 6 weeks after Greek Orthodox Easter – Holy Spirit Day
- 15 August – Dormition Day
- 28 October – Oxi Day
- 25 December – Christmas Day
- 26 December – Boxing Day
Final Thoughts on how to Open a Bank Account in Greece as a Non Resident
What else to do now apart from going forward to getting your bank account. But before having to get your bank account, we have provided all that is necessary to know before having a bank account as a non resident. And one of the most difficult choices can be to choose the exact bank you will engage yourself with.
We will tell you that the four major Greek banks are preferred by the majority of people since they have ATMs located throughout Greece. HSBC is another a viable option, particularly for international customers in Athens or Thessaloniki.
The Bank of Greece sets interest rates and currency rates, which are the same for all banks. And for that you can still decide to go for another bank outside of the four major banks in Greece.