If you are planning to relocate to Greece, one of the top priorities on your checklist will be to open a local bank account. The process of opening a Greek bank account is straightforward, provided you have the necessary documentation in place.
Greece boasts a total of 36 different banks, encompassing both domestic and international institutions, including several from other European Union (EU) member states. Notably, the country’s financial sector is dominated by two major Greek banks, namely Piraeus Bank and National Bank of Greece, which collectively account for a significant 85% of Greece’s banking assets. Alpha Bank and Eurobank are two other prominent players in the Greek banking industry.
Citibank holds the distinction of being the oldest foreign bank in Greece, having commenced operations in 1964. Its contributions to the country’s growth have been instrumental, as it has consistently delivered excellent services to both local and international customers.
Bank of America, on the other hand, maintains branches not only in Athens but also in several other cities throughout Greece. The largest Europe-based bank, HSBC, operates 15 branches strategically located in major Greek cities, making it the most preferred bank for online banking services in the country.
The four essential steps to open a Greek bank account:
1. Obtain your Greek Tax Number (AFM)
Whether you’re moving to Greece for business, to retire in Greece or for a change of lifestyle, to initiate the process of opening a Greek bank account you will first need to obtain an Arithmo Forologiko Mitro (AFM), which is a unique nine-digit tax identification number. Obtaining the AFM is a relatively straightforward process that involves visiting the nearest tax office in your new neighborhood.
2. Select your preferred bank
Conducting preliminary research to identify the bank that best suits your needs is highly recommended. Factors such as convenience and costs should be taken into account.
Greek banks generally operate from 08:30 to 14:30, Monday through Friday. However, some branches may have slightly earlier closing times on Fridays. In larger towns and cities in Greece, extended banking hours and even Saturday morning openings may be available.
It is important to note that banking costs can vary between institutions. Prior to finalizing your choice, it is advisable to inquire about any account maintenance fees or charges associated with debit cards. Additionally, certain banks may require a minimum deposit for opening a savings account. Currently, the prevailing interest rate stands at 0.1%.
Another noteworthy aspect is that many banks employ staff members who are proficient in English, which proves immensely helpful for foreign account holders.
3. Prepare the required documents
When opening your bank account in Greece, it is imperative to ensure that you have all the necessary documentation in order. It is advisable to contact your chosen bank in advance to confirm if any additional documents are required. Some banks may stipulate that documents be translated into Greek and certified by a notary.
The following documents are typically required to open a bank account in Greece:
- Passport or EU identity card
- Birth certificate
- Proof of address in Greece (commonly accepted documents include a utility bill in your name or a rental contract)
- AFM tax number
- Tax return form from your previous place of residence
- Proof of income, such as a payslip or an employer’s letter. If you are currently unemployed, you will need to provide bank statements demonstrating a sufficient monthly income from abroad to support both yourself and your spouse.
4. Schedule an appointment at your chosen bank
In addition to submitting the necessary paperwork in person, you will be required to complete various forms. Some banks may also request a minimum initial deposit to activate your account. This meeting with a bank representative holds significant importance and is mandated by law. Referred to as the bank’s due diligence process, the purpose of this meeting is to establish your identity as a client and ascertain the origin of your funds, thereby mitigating the risk of money laundering.
Once your application has been submitted, it typically takes up to one week for processing and the preparation of associated items such as debit cards. You will receive a notification from a bank staff member via text message when everything is ready for collection.
By adhering to these steps, you can successfully navigate the process of opening a bank account in Greece as a foreigner, ensuring a smooth transition into the country’s financial landscape.
