Opening a Bank Account in Greece as a Foreigner: Your Complete Guide

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Introduction: Banking in the Land of Olive Trees

Considering opening a bank account in Greece? Whether you’re relocating for that Mediterranean lifestyle, investing in sun-drenched property, or establishing a business foothold in this strategic European location, navigating the Greek banking system demands strategic foresight.

Let’s be frank: Greek banking has undergone significant transformation since the financial crisis of 2008. Today’s system bears little resemblance to its pre-crisis counterpart, with modernized services, stronger regulatory frameworks, and digitalization reshaping the banking landscape—though cultural nuances remain firmly intact.

Here’s the straight talk: opening a Greek bank account as a foreigner isn’t particularly difficult, but it does involve specific procedures, documentation requirements, and potential hurdles that differ substantially from what you might expect in other European countries.

“Greece’s banking sector has made remarkable strides in digital transformation while maintaining the personal relationship aspect that characterizes Mediterranean business culture,” notes Dimitris Papakonstantinou, financial analyst at the Athens Economic Institute.

Essential Requirements for Foreign Account Holders

The Greek banking system categorizes foreign applicants into distinct groups—EU citizens, non-EU residents, and non-residents—each facing different requirements. Understanding your specific category is the first critical step in streamlining your application process.

Documentation Checklist

Greek banks maintain stringent documentation requirements to comply with both national regulations and EU anti-money laundering directives. Prepare these essential documents:

• Valid passport or national ID (for EU citizens)
• Tax registration number (AFM) – Obtained from the local tax office (DOY)
• Proof of address in Greece – Utility bill, rental agreement, or property title
• Proof of income – Recent payslips, pension statements, or tax returns
• Residence permit (for non-EU citizens planning extended stays)
• Greek mobile phone number – Required for digital banking authentication

Pro Tip: Many expatriates discover too late that obtaining an AFM number is a prerequisite that requires its own appointment and documentation. Schedule this appointment at least 2-3 weeks before your planned bank visit.

Residency Considerations

Your residency status directly impacts your banking options:

• EU Citizens: Enjoy streamlined processes with minimal restrictions, though proof of address remains essential.
• Non-EU Residents: Must typically provide residence permits and face additional verification steps.
• Non-Residents: Have limited account options, often restricted to basic services or specialized non-resident accounts.

Consider this real-world scenario: Maria, a digital nomad from Canada, attempted to open an account without establishing residency first. She encountered significant resistance until partnering with a local accountant who guided her through obtaining temporary residency through the digital nomad visa program, which then simplified her banking access tremendously.

Major Greek Banks and Their Offerings

The Greek banking sector consolidated significantly following the financial crisis, leaving four major players dominating the market, alongside specialized international banks serving expatriate communities.

Case Study: Thomas, a retired British expatriate settling in Crete, evaluated multiple banks before selecting Eurobank for their dedicated English-speaking staff and specialized “Expatriate Banking Package.” This package bundled essential services including currency exchange benefits, international transfer fee reductions, and property payment facilitation—services particularly valuable for property owners requiring frequent transactions between Greek and foreign accounts.

Account Types and Their Benefits

Greek banks offer several account types, each designed for specific needs:

• Current Accounts (Τρεχούμενος Λογαριασμός) – Everyday banking with debit cards, minimal interest
• Savings Accounts (Λογαριασμός Ταμιευτηρίου) – Higher interest rates with some transaction limitations
• Term Deposit Accounts (Προθεσμιακές Καταθέσεις) – Fixed-term investments with better returns
• Foreign Currency Accounts – Maintain balances in USD, GBP, etc.
• Joint Accounts – Shared access for couples or business partners

For most foreigners, a combination of a current account (for daily transactions) and a savings account (for maintaining larger balances) offers the ideal balance of functionality and benefit.

The Application Process: Step-by-Step

Preparation Before Your Bank Visit

1. Research and select your bank based on your specific needs and location.
2. Obtain your AFM (tax number) from the local tax office (DOY).
3. Gather all required documentation including translated versions where necessary.
4. Schedule an appointment – Many Greek banks require appointments for account opening.
5. Arrange for a translator if your Greek language skills are limited (some banks provide this service).

Time-Saving Tip: Some banks offer pre-registration through their websites, allowing you to enter personal information and schedule appointments, potentially reducing in-branch waiting time by up to 60%.

What to Expect During Your Appointment

Greek banking maintains a distinctly personal approach compared to the fully automated processes you might experience elsewhere:

1. Personal interview – Expect questions about your purpose in Greece, source of funds, and anticipated account usage.
2. Documentation verification – Original documents will be scanned and verified.
3. Form completion – Multiple forms requiring signatures, often in Greek (with translations provided).
4. Product explanation – Account features, fees, and terms will be explained.
5. Initial deposit – Many banks require a minimum initial deposit, typically between €300-500.

The entire process typically takes 60-90 minutes, and in most cases, you’ll leave with temporary access information while waiting for permanent cards and credentials to arrive by mail within 5-10 business days.

Digital Banking Options in Greece

Greek banks have made remarkable strides in digital transformation, though their offerings still vary significantly:

Most Greek banks now offer:

• Mobile applications with biometric authentication
• Online account management and statements
• Domestic transfers and bill payments
• Card management (limits, freezing, etc.)

However, certain services still frequently require branch visits, including:

• Initial account opening (though pre-registration is possible)
• Some international wire transfers
• Signature verification for major account changes
• Complex product applications (mortgages, business services)

Common Challenges and How to Overcome Them

Foreigners frequently encounter these specific hurdles when navigating Greek banking:

Language Barriers

Challenge: While major banks have English-speaking staff, not all branches or personnel are equally proficient.

Solution: Request an English-speaking representative when making your appointment, or consider bringing a translator. Alternatively, target branches in tourist areas or business districts where English proficiency tends to be higher.

Bureaucratic Complexity

Challenge: Documentation requirements can sometimes seem circular—you need proof of address for a bank account, but need a bank account to set up utilities for proof of address.

Solution: Start with a rental agreement as initial proof of address. Some banks will accept hotel bills or notarized declarations from property owners as temporary solutions. An experienced accountant can often provide guidance through these circular requirements.

Appointment Delays

Challenge: In peak seasons, especially summer months, appointment waiting times can extend to several weeks.

Solution: Schedule appointments well in advance of your critical needs. Consider visiting smaller branches outside city centers where waiting times are often shorter.

Costs and Fees to Anticipate

Greek banking often involves fees that might surprise those accustomed to fee-free banking in other countries:

• Monthly maintenance fees: €2-6 for basic accounts (sometimes waived with minimum balances)
• Debit card annual fees: €10-25 depending on card features
• ATM withdrawal fees: Free at own bank’s ATMs, €2-3 at other domestic banks, higher for international withdrawals
• International transfer fees: €15-30 for standard transfers (SEPA transfers within Eurozone are cheaper)
• Account statement printing: €2-5 per statement (usually free electronically)

Strategic Insight: Many Greek banks offer fee waivers for maintaining minimum balances (typically €3,000-5,000) or setting up direct deposits. These “relationship banking” packages can substantially reduce your overall banking costs if you’re planning significant financial activity in Greece.

Your Greek Banking Journey: What Comes Next

Once your Greek bank account is operational, these next steps will help you maximize its utility while minimizing potential complications:

1. Set up your digital banking credentials immediately – Don’t wait for the need to arise; verify all online and mobile access works properly.
2. Establish direct connections with your home country accounts – Test small transfers to understand timing and verify account details.
3. Notify your bank of travel plans – Greek banks may block cards showing unusual international activity without prior notification.
4. Consider currency hedging strategies if you’ll be managing funds across multiple currencies.
5. Develop a relationship with a specific bank representative – Personal banking connections remain invaluable in Greece’s relationship-oriented business culture.

Remember that Greek banking practices continue to evolve at a rapid pace. The system that once required multiple branch visits for basic operations is increasingly embracing digital transformation, with pandemic-driven changes accelerating this evolution. Today’s account opening process is significantly more streamlined than even three years ago.

What’s your next financial step in Greece? Whether you’re establishing permanent roots or creating a summer home base, the foundation of a properly structured banking relationship will support your Mediterranean aspirations for years to come.

Frequently Asked Questions

Can I open a Greek bank account without being physically present in Greece?

Generally, no. Greek banking regulations require in-person verification for initial account opening. While some preliminary steps can be completed online, final verification and signature collection typically require physical presence. The exception is for private banking clients with substantial deposits (usually over €200,000), where banks may send representatives to complete the process internationally.

How long does my Greek bank account remain active if I leave Greece?

Greek bank accounts don’t automatically close due to inactivity, but they may be classified as “dormant” after 12-20 months without transactions (policies vary by bank). Dormant accounts typically incur higher maintenance fees and may eventually be subject to administrative freeze. If you’ll be away for extended periods, maintaining minimal activity through scheduled transfers or occasional online logins can prevent dormancy classification.

Can I maintain my Greek bank account if I no longer have a Greek address?

Yes, but with limitations. Once established, accounts can typically be maintained with international addresses, though you’ll need to update your contact information formally. However, some account features may become restricted, and international address changes may trigger additional verification requirements under AML regulations. For long-term international arrangements, consider upgrading to specialized non-resident or international banking packages that accommodate global lifestyles.

Article reviewed by Theodore Whitaker, Cross-Border Real Estate Broker | Global Transaction Facilitator, on May 15, 2025