For anyone moving to a new country, navigating a new system can be daunting and equally overwhelming. There are many moving parts to any relocation, which includes good financial management and being up-to-date with the taxation laws of the country. For Greece, choosing a reliable financial institution to manage your finances and safeguard your savings is crucial for ensuring long-term security and peace of mind.

In this guide, we break down the best banks for expats, and what to expect when it comes to opening a Greek bank account.

Understanding the Greek Banking System

Today, the system is primarily composed of four major banks: National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank Ergasias. These institutions dominate the market, offering a wide range of financial services including retail banking, corporate banking, and investment services. The Greek banking system is regulated by the Bank of Greece and the Hellenic Financial Stability Fund, ensuring compliance with both national and EU financial regulations to maintain stability and protect depositors.

Best Banks in Greece for Foreigners

Why Choosing the Right Bank Matters

Choosing the right bank is extremely important, as it can significantly impact your financial well-being and money management. For individuals, selecting a bank with favorable terms on savings accounts, loans, and other financial products can lead to better management of personal finances and enhanced savings through lower fees and higher interest rates.

1. Piraeus Bank

Piraeus Bank has grown from a regional player to a major force in Greece's banking sector. They offer a wide range of services, including:

• Digital Onboarding: For tech-savvy customers, Piraeus Bank offers a digital onboarding process that can be completed online or through their mobile app, both of which are available in English. This process includes identity verification, selecting account options, and setting up digital banking access, allowing English-speaking customers to open an account remotely with ease.
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• Diverse Financial Products: The bank provides various financial products to meet different needs, from personal banking and business accounts to investment services and insurance.
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• Comprehensive Support in English: Piraeus Bank also offers customer support in English, available at many branches and through their call centers. The bank's customer support and digital platforms ensure that English-speaking customers can receive assistance with their banking needs, from opening accounts to accessing online banking services, without language barriers.

By offering a comprehensive and language-friendly platform, Piraeus Bank ensures that expats have a smooth transition into the Greek banking system.

2. Alpha Bank

Alpha Bank offers user-friendly digital banking platforms, including online and mobile services, that make managing finances easy and convenient. Some key features of opening an account at Alpha Bank include real-time account balance checks, secure money transfers, bill payments, and investment portfolio management, along with customizable alerts for account activity.

With ATMs and branches located throughout Greece, Alpha Bank ensures accessibility, while dedicated bilingual customer service teams are available via phone, email, or live chat to provide support.

Additionally, the bank offers personalized financial advice, all aimed at fostering long-term client relationships and prioritizing financial well-being. Expats may be enticed by Alpha Bank's exclusive Gold Program for individuals.

Alpha Bank's Gold Program: Exclusive Banking for Foreign Clients

Designed to cater to the sophisticated needs of high-net-worth clients, Alpha Bank's Gold Program provides a comprehensive list of benefits that enhance the banking experience, offering convenience, flexibility, and personalized service.

Key Features of Alpha Bank's Gold Program:

• Dedicated Relationship Manager: Expats who open an account can receive personalized financial guidance and support from a dedicated relationship manager who understands your unique financial goals.
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• Priority Service: Account holders have access to priority service at Alpha Bank branches, ensuring faster and more efficient handling of your banking needs.
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• Exclusive Banking Products: Tailored savings and investment accounts with competitive interest rates, designed to help you grow and manage your wealth.
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• Premium Credit Cards: Access to exclusive credit cards with enhanced benefits, such as higher withdrawal limits, rewards programs, and travel perks.
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• Personalized Financial Advice: Customized financial planning and investment advice to help you achieve your long-term financial objectives.
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• Exclusive Events and Offers: Invitations to special events, seminars, and exclusive offers that provide additional value and networking opportunities.
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• Enhanced Digital Banking: Advanced online and mobile banking features, allowing you to manage your finances conveniently and securely from anywhere.

Alpha Bank is ideal for those who are looking for a tailored banking experience that go beyond standard banking services.

Understanding Banking Fees in Greece

If you withdraw from an ATM that is outside your bank's network, ATMs in Greece charge a standard fee of €3-4 every time you withdraw money on top of any conversion charges.

Frequently Asked Questions

Can I open an account online?

Depending on the local bank branch and their capabilities or requirements, some banks provide an easy digital onboarding process.

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

To open a bank account, you need a valid AFM (Greek TIN), proof of address, proof of income or funds, and your most recent tax declaration.

Do you need help with opening a Greek bank account? Book your free 30-minute complimentary consultation call for remote or physical bank account opening services.