How Much Do You Need to Retire in Greece?
Learn moreOctober 21, 2024
The biggest question people ask before they move to Greece is whether they can open a bank account online. As a general rule, foreigners without a Greek Tax Number, or AFM, cannot open a bank account online, so they must visit the bank branch in person. However, depending on the bank branch, it has been recently made possible to open an account online as a Greek resident with an AFM or Greek Tax Identification Number. But, it is always recommended to check with the bank of your choosing first, as each local bank has different policies.
Having a Greek bank account will help you manage your earnings, pay taxes, purchase or rent property, or show the Foreign Office your commitment to move to Greece when you apply for a residence permit.
In most cases, you will need to visit the bank in person to open a bank account, but as an alternative you can hire a lawyer do this on your behalf. Since Greek banks have different procedures, we can help you save the extra hassle and assist you in opening an account. We handle translations, paperwork and appointment scheduling. Just send us an email at info@mygreekexpatjourney.com or book a call for more information.
Before you open a bank account, you must have an AFM or "Arithmo Forologico Mitroou", which is a 9-digit tax number that can be obtained at the tax office. Even better, if you already have a Greek employer, and if they are willing, they may be able to assist you with obtaining an AFM number and help you complete paperwork.
For more information on how to obtain an AFM, refer to our article, How Do I Get a TIN (AFM) in Greece?
Most banks in Greece have limited opening hours – usually from 8am to 2.30 pm – from Monday to Friday; however on Fridays the banks close half an hour earlier. This can lead to long queues, so it's advisable to arrive as early as possible. Larger banks may also open on Saturdays or for longer hours during the week, depending on their location.
Unlike other countries, Greek banks charge you for a fee when withdrawing cash if you use a debit card to withdraw different than the ATM bank branch, usually around €2 or €3.75. This was surprising to me, especially when there were no bank branches of mine nearby to withdraw cash.
However, it has been recently made available to apply for a bank account online. For instance, Eurobank has made this service available for international customers. Please see here.
Some documents required by banks for opening an account may need to be notarized and/or translated into Greek from English. Some banks will accept documents written in English, while others do not.
To open a bank account, you will need:
In addition to the paperwork required, you may be asked to make a minimum donation into their account, which is usually around €250. Sometimes banks also want you to sign a statement to open your account.
We have recently introduced our service, Open A Bank Account in Greece (In-Person) - 5 Business Days with one of our qualified accountants. For a fee of €150, we will process your paperwork and schedule an appointment with a Greek-speaking representative at the bank of your choice. Save the hassle by dealing with all of the paperwork in Greek.
The most popular banks in Greece are the National Bank of Greece, The Alpha Bank, Eurobank and Piraeus Bank.
When using a traditional Greek bank to make international transfers, they are usually subject to substantial charges. Banks use what is known as the “mid-market” or “interbank rate” rate to transfer and convert money between them. Virtual banks such as Revolut and Wise that offers you both physical and virtual debit cards, have low bank charges for international payments.
There are many benefits to having a multi-currency account. If you're traveling multiple times a year, or receiving funds worldwide, you can hold and manage different currencies in the same account. For instance, Wise is an excellent option to manage your finances across borders. They are giving our users their first transfer up to 500 GBP free. Sign up to Wise now here.
Read our guide on Opening a Multi-Currency Bank Account in Greece.
You can indeed live off a virtual bank account such as Revolut if you wish, however it won’t be enough to demonstrate if you would like to buy property in Greece or hold assets in the same country if you plan to stay here long term. For instance, if you would look to obtain the Financially Independent Persons Residency (FIP), you must have a bank account recognized by the Greek banking system to demonstrate that you have sufficient funds.
Unfortunately, many of Greece’s domestic and international banks don’t allow you to open a bank online unless you are a Greek tax resident. Depending on the local bank, some may ask for a video call, or request that you come in person to sign documents. Alternatively, you can open a bank account online with an online bank such as N26, Wise Bank or Revolut.
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