How to set up banking in Greece as a foreigner
Opening a bank account in Greece as an expat: difficulty level, required documents, digital banking options, and international transfer tips.
Greece's banking landscape has some surprises for newcomers. Here's what you need to know before you arrive.
Banking Overview in Greece
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Greece
Foreigners can open bank accounts in Greece. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Greece. While you may be able to send money to Greece, full local account features may not be available. Check their website for the latest on Greece-specific services.
N26
N26 is not currently available in Greece. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Greece, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Greece is approximately €1,542 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Use a multi-currency card: A multi-currency travel card (Wise, Revolut) saves you exchange fees during the transition period.
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Greece:
- The Central Bank
- European Central Bank
Additional Data Points
Recent reports and expat sources provide these additional figures for Greece:
- If you want to make a long-term deposit, the minimum is 5,000 euros for Alpha Bank. In comparison, with the National Bank of Greece, the amount needed to open an account is free; however, if you're considering a deposit, it is 3,000 euros. Interest rates are set by the Central Bank of Greece on proviso of the ECB.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
Is cryptocurrency banking available in Greece?
Cryptocurrency regulation in Greece varies. Some banks allow crypto-related transactions while others restrict them. Dedicated crypto exchanges operate in many countries. Check local regulations before trading or holding crypto assets in Greece.
Do I need a residence permit to open a bank account in Greece?
Many banks in Greece require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
Can I open a bank account in Greece as a foreigner?
Yes, foreigners can open bank accounts in Greece. The difficulty level is rated as medium. Tax ID needed. Alpha Bank and Eurobank accessible. You will typically need your passport, proof of address (registration), and sometimes a residence permit.
Can I receive my salary in a foreign bank account in Greece?
Technically yes, but most employers in Greece prefer paying into a local bank account. Using a local account avoids international transfer fees and delays.
How do international money transfers work from Greece?
You can transfer money from Greece via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.