Understanding how the banking system operates in Greece is essential for individuals who plan to move to the country. Having a Greek bank account enables you to manage salary payments from a Greek employer, pay taxes in the country and receive income within the state from renting out real estate. The key steps to opening a bank account in Greece include obtaining a 9-digit tax number known as the AFM and completing a legal verification process.

Is There A Minimum Age For Opening An Account?

To open a bank account in Greece, the applicant must be at least 18 years old. However, some banks offer special accounts for individuals under 18, requiring the consent of parents or guardians.

How To Open Bank Account

To open a bank account in Greece, follow these steps:

  1. Obtain an AFM: This 9-digit tax number can be acquired from the local Greek tax authorities. To obtain an AFM, you will need to provide your registration card or residence permit, along with proof of your address.
  2. Choose a bank and prepare necessary documents: the list of required documents may vary depending on the bank branch.
  3. Apply to open an account: Visit the chosen bank to submit your application.
  4. Undergo a legal check: The bank will conduct a legal assessment and may request additional documents to verify the purpose of opening the account. This stage can take about a week.
  5. Fund the bank account: You will need to make a minimum initial deposit, typically around €250.

Note! Most banks in Greece have limited operating hours, usually open from 8 AM to 2 PM on weekdays only.

Foreigners wishing to open a bank account in Greece must have a tax representative from the country. Astons specialists will assist you in opening a bank account quickly, including translating documents into Greek and notarizing them.

What Documents Are Required To Open a Bank Account?

Some documents may need to be notarized or translated from English into Greek. To open a bank account, you need to provide the following documents:

  • Recent utility bills
  • Work certificate
  • Income declaration or tax return
  • Tax identification number (this can be obtained with the assistance of your lawyer in Greece)
  • Greek SIM card (for Internet banking connection) / contract with another European operator.

Note! Funds in Greek bank accounts are insured. In the event of a bank default, depositors can recover up to € 100 000 across all their accounts.

Which Are The Best Banks?

The biggest banks in Greece include The National Bank of Greece (NBG), Eurobank, Alpha Bank and Piraeus Bank. Together, these national banks account for 85% of the country’s banking assets and are considered the best banks for foreigners in Greece.

  1. The National Bank of Greece, the oldest bank in the country, has been in operation since 1841. It has 339 branches in Greece, along with 11 branches in Egypt, 1 branch in Cyprus, and 1 branch in the UK. The bank offers a diverse range of account types for both personal and business purposes.
  2. Eurobank, established in 1990, operates 299 branches throughout Greece. In 2022, it was recognized as the best bank in Greece by the international magazine Global Finance.
  3. Piraeus Bank, which has been operating since 1916, is the top bank in Greece in terms of assets. It focuses its products on small to medium-sized businesses, providing services in agricultural banking, green banking, capital markets, investment banking, and more.
  4. Founded in 1879, Alpha Bank also has 299 branches in Greece. It is the second-largest bank in the country by assets and has an international presence with subsidiaries and branches in London, Albania, Cyprus, and Romania. Alpha Bank offers a variety of products tailored for businesses, as well as premium options for entrepreneurs.

Internet banking

Internet banking services are offered by Greek banks, and they are also available in English if needed. You can download banking applications on your mobile phone, most of which support fingerprint identification for enhanced security. One-time access codes can be obtained via SMS or through the Viber application, which is popular in Greece.

Withdrawing Cash In Greece

Customers of major banks can withdraw cash from a network of ATMs. Most ATMs provide an English language option, making them user-friendly. If you use an ATM from a bank where you do not hold an account, the transaction fee typically ranges from €2 to €3.75.

How Can Astons Help?

Astons assists clients in opening bank accounts in Greece for the ease of obtaining a residence permit. The team handles document preparation, appointment coordination, and compliance with local regulations to ensure a seamless process. With Astons’ support, clients gain quick access to essential financial services for personal and business needs.

FAQ

 

Can a foreigner open a bank account in Greece?

Foreigners can open a bank account in Greece if they are at least 18 years old.

What do I need to open a bank account in Greece?