How Do I Become a Tax Resident of Greece?
Learn moreNovember 2, 2024
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.
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.
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.
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:
By offering a comprehensive and language-friendly platform, Piraeus Bank ensures that expats have a smooth transition into the Greek banking system.
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.
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.
Alpha Bank is ideal for those who are looking for a tailored banking experience that go beyond standard banking services.
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.
Depending on the local bank branch and their capabilities or requirements, some banks provide an easy digital onboarding process.
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.
Need help with opening a Greek bank account? Book your 15-minute discovery call for bank account opening services.
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