Banking

Banking in Greece

Setting up banking in Greece is essential for paying rent, utilities, and integrating into local life. The process has become easier but still requires some bureaucracy.

Opening a Bank Account

Requirements:

• Valid passport
• AFM (Greek tax number) - essential
• Proof of address in Greece
• Proof of income or employment (sometimes)
• Visa/residence permit (for long-term accounts)

Getting an AFM:

The AFM (Arithmos Forologikou Mitroou) is your Greek tax number. Apply at the local tax office (DOY - Dimosia Oikonomiki Ypiresia) with passport and proof of residence. Many accountants can assist with this for ~€50-100.

Major Greek Banks

Account Types

Basic current account: For daily transactions, salary deposits, bill payments. May require minimum balance.

Non-resident account: Available to non-residents but limited features.

Digital banks: Revolut, N26, and Wise are popular among expats for EUR accounts and international transfers, though not a replacement for local account.

Banking Practicalities

Online banking: All major banks offer online and mobile banking. Alpha Bank and Eurobank have English interfaces.

ATMs: Widespread in cities and tourist areas. Fees for foreign cards typically €2-5 per withdrawal.

Cash vs Cards: Cash is still king in many traditional businesses, small shops, and islands. Cards widely accepted in cities and tourist areas.

Bill payments: Utility bills can be paid at bank branches, through online banking, or at ELTA (post office) and some convenience stores.

International Transfers

Wise (formerly TransferWise): Best rates for international transfers. Greek IBAN feature available.

Revolut: Popular for multi-currency, but not a full bank account.

PayPal: Works for online purchases and some transfers.

SEPA transfers: Free or low-cost (€0-3) within EU/EEA through Greek banks.

For Digital Nomads and Remote Workers

If you're receiving international income:

1. Open a Wise or Revolut account for receiving foreign currency
2. Transfer to Greek bank account as needed
3. Consider keeping foreign accounts for flexibility

Tax Considerations

Having a Greek bank account doesn't automatically make you a Greek tax resident. Tax residency is determined by 183+ days presence and/or center of vital interests being in Greece.

All Greek bank accounts are subject to automatic exchange of information (CRS) with other countries' tax authorities.

Tips for Expats

• Get your AFM before anything else - it's needed for almost everything
• Consider Alpha Bank or Eurobank for better English support
• Keep a foreign account active for flexibility
• Don't keep large EUR amounts in Greek accounts unnecessarily
• ATMs have low daily limits (€600 typical) - plan cash needs