Opening a Bank Account in Greece.

Required Documents:

Opening a bank account in Greece involves a considerable amount of paperwork to assure the bank of your creditworthiness. As a foreigner, you may need to have some documents translated or notarized, adding to the expense and complexity. However, some banks accept documents in English as well as Greek. It’s important to check the specific requirements of your chosen bank well in advance.

Here’s a list of the necessary documents:

• Passport: A valid passport is required.
• Contact Number: Your phone number.
• Proof of Address: Typically a recent utility bill.
• Local AFM Tax Number: Greek tax identification number.
• Tax Registration Number: From your country of origin, if applicable.
• Proof of Income: Such as payslips or a letter from your employer.
• Signature Sample: You must appear in person at the bank to provide this.
• Bank Reference: May be requested to demonstrate your creditworthiness.
• Declaration of Use: Confirming the account is for personal use, not business.

Opening a Bank Account:

• Physical Presence: You must visit the bank in person to open an account because a signature sample is required.
• Online Process: While you can complete much of the process online, you’ll need to visit the bank to finalize and activate your account.

Banking Fees:

• Service Fees: Banks charge fees for services like ATM withdrawals and international transfers. These fees can add up, so it’s important to understand them beforehand.
• Monthly Charges: There may be monthly administration charges, as well as fees for services like replacement bank cards.
• No Account Opening Fee: Generally, there are no charges for opening an account.

Banking in Greece:

• Popular Banks: Major banks include Alpha Bank, National Bank of Greece, Eurobank, and Piraeus Bank. They offer a range of services and have ATMs and mobile banking apps in English.
• Minimum Deposits: Typically range from 50 to 300 euros, with 150 euros being the average.
• Operating Hours: Banks usually operate from 8 AM to 2:30 PM on weekdays, closing earlier on Fridays.

Using Your Account:

• For Personal Use: Greek law requires personal accounts to be used solely for personal transactions. Business transactions must go through a business bank account.
• Managing Utilities: Owning property in Greece often requires a Greek bank account to manage utility payments like power, water, and phone bills.

Banking for Real Estate Transactions:

• Property Transfer Tax: To pay the real estate transfer tax, you will need a Greek bank account. This tax is paid to the Tax Office where the property is located.
• Payment Methods: Taxes can be paid either through a payment code issued by the Tax Office or by a cheque from a Greek bank.

By understanding these requirements and planning accordingly, you can ensure a smooth process when opening a bank account in Greece.