Greece – Banking

What are the main banks in Greece?

Four institutions form the backbone of the Greek banking landscape: National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank Ergasias. Together they command the majority of the market, delivering a comprehensive range of financial services spanning retail, corporate, and investment banking. Each maintains an extensive network of branches and ATMs throughout the country, alongside fully developed online and mobile banking platforms.

Piraeus Bank holds the top position among Greek banks by total assets; its 2024 total assets stood at €79,657 million, reflecting a 22.88% market share. The bank operates across southeastern Europe and offers a digital onboarding process that can be completed either online or via its mobile application. Official website: www.piraeusbank.gr

Founded in 1841, National Bank of Greece (NBG) stands among the country’s largest financial groups, with a meaningful footprint across Southeast Europe and the Eastern Mediterranean. It functions as a universal bank, covering retail, private, business, corporate, and investment banking. NBG’s current accounts carry no fees and can be established online or at a branch without any minimum opening deposit. The bank also provides a Student account and a Foreign Currency savings account. Official website: www.nbg.gr

Alpha Bank ranks third among Greek banks by total assets. The institution employs roughly 8,500 people and runs approximately 250 branches within Greece and more than 150 branches internationally. Its digital banking platforms — both online and mobile — are designed for ease of use, offering real-time account monitoring, secure transfers, bill settlements, and investment portfolio management. Official website: www.alpha.gr

Eurobank S.A. completes the quartet of Greece’s dominant banks. With a workforce of 10,500 and a network exceeding 500 branches — around 270 of which are based domestically — Eurobank streamlines the experience for overseas customers through v-Banking and translation services. Customers may also open a current account digitally without setting foot in a branch. Official website: www.eurobank.gr

Beyond these four giants, a collection of smaller regional and cooperative banks serves more localised communities. As of September 2025, the ECB’s register of supervised institutions lists ten Greek less significant institutions, among them the Cooperative Bank of Chania, the Cooperative Bank of Karditsa, and the Cooperative Bank of Thessaly. Optima Bank and Pancretan Bank are also worth noting as smaller players. Always confirm current contact details and branch availability directly with each institution, or refer to the supervised institutions register on the Bank of Greece website.

The Bank of Greece (central bank and financial regulator) can be reached at: 21 E. Venizelos Avenue, GR 102 50 Athens. Telephone: +30 210 320 1111. Email: [email protected]. Website: www.bankofgreece.gr.

Do any major international banks operate in Greece?

Because Greece is a member of the EU and the European Banking Union, its banking market is more accessible to cross-border financial institutions than markets outside this framework. Under the EU passport regime, banks incorporated elsewhere in the EU may offer services in Greece without necessarily maintaining a local physical presence.

HSBC has had a presence in Greece since 1981. However, in March 2022 HSBC Continental Europe concluded an agreement to transfer its Greek branch operations to Pancreta Bank SA. As a result, the scope of HSBC’s retail banking activity in Greece has changed substantially — anyone with an existing HSBC relationship should confirm what services remain available by contacting HSBC or Pancreta Bank directly.

Citigroup has operated in Greece since 1964 and was the first bank in the country to introduce investment products to domestic customers. Today the firm focuses on services for businesses, financial institutions, and the public sector. Citi’s consumer banking division in Greece was sold to Alpha Bank in 2014, meaning Citibank is no longer a retail option for individual expats living in Greece.

Other eurozone banking groups also maintain a footprint in Greece, though far smaller than that of the four major domestic banks. All such operations are conducted through branches rather than subsidiaries. Given the considerable shifts in the international banking landscape in recent years, always verify the current status of any foreign institution’s operations directly with that bank, or consult the Bank of Greece supervised institutions list for the latest information.

Do banks in Greece offer accounts or services specifically for expats?

There is no legal barrier to offering financial products to non-residents, though each institution decides independently which account types it makes available to foreign applicants. In practice, several of Greece’s principal banks have developed dedicated offerings for international residents and new arrivals.

Eurobank has built a dedicated retail banking offering for international customers, including expats. It has established a one-stop hub tailored to new arrivals, featuring a Digital Customer Onboarding service that allows customers to open a current account without visiting a branch. Beyond current accounts, Eurobank provides mortgages and insurance products designed for international clients, and its hub adds further convenience through v-Banking and translation services.

Piraeus Bank offers personal accounts, credit and debit cards, investment products, mortgages, insurance, and more. Among the most suitable options for expats are its standard Current Account and a Foreign Currency Current Account. The bank’s language-friendly platform is intended to ease the transition into the Greek financial system.

For higher-net-worth individuals, Alpha Bank’s Gold Program is worth considering. This premium offering is designed to serve clients with more complex financial needs, delivering a broad array of benefits including a dedicated relationship manager, tailored financial guidance, and priority service at branches.

A number of Greek banks make accounts available to non-residents, with Eurobank, Alpha Bank, and National Bank of Greece being the most commonly cited options. Most banks set no minimum opening deposit, though some ask for €50–100 to get started (as of 2025). Accounts connected to Golden Visa applications may be subject to higher minimums depending on the bank’s policies. Fee structures and eligibility criteria evolve regularly, so always check the latest terms directly with your chosen institution.

What are typical bank opening hours in Greece?

The majority of Greek bank branches operate on weekdays only, typically from 8:00am to 2:30pm, with branches closing half an hour earlier on Fridays. These limited hours can lead to congestion, so arriving early in the morning is advisable if you need to complete tasks in person.

Larger banks in prominent commercial districts or tourist-heavy areas of cities such as Athens and Thessaloniki are more likely to offer extended hours or occasional Saturday openings. Branches in rural areas, smaller towns, and on islands tend to adhere strictly to standard hours and may operate with limited staffing.

Greek banks close on public holidays, and the country observes a variety of national and religious celebrations throughout the year. It is always worth confirming your specific branch’s schedule before making a trip, particularly around Easter — one of the most significant events in the Greek calendar — during August when some branches may scale back hours, and on national holidays.

All four major banks provide fully featured mobile and internet banking platforms, enabling customers to carry out routine tasks such as balance checks, fund transfers, and bill payments at any time of day without needing to visit a branch. For day-to-day banking needs, these apps serve as a practical and time-saving alternative.

What do expats need to know about the banking system in Greece?

Greece’s banking sector operates under the joint oversight of the Bank of Greece and the Hellenic Financial Stability Fund, ensuring adherence to both domestic and EU financial rules in the interest of systemic stability and depositor protection. Within the Single Supervisory Mechanism (SSM), the European Central Bank directly supervises all significant eurozone credit institutions, a category that encompasses all four of Greece’s major banks. This dual-level supervision — national and European — forms a robust framework for consumer safeguards.

Deposit protection: The Hellenic Deposit and Investment Guarantee Fund (HDIGF) covers up to €100,000 per depositor per bank across the total of all their deposits, regardless of how many accounts they hold. This threshold is consistent across the EU, and is broadly comparable to protections offered in other major economies — the FSCS in the UK, for example, covers up to £85,000 per institution, while the US FDIC protects up to $250,000. HDIGF coverage is compulsory for all Greek banks, overseas branches of Greek banks, and domestic branches of banks incorporated outside the EU. Branches of EU-incorporated banks operating in Greece are covered by the deposit guarantee scheme of their home member state.

Capital controls: Greece’s introduction of capital controls during its financial crisis was widely reported. Those controls were completely lifted on 1 September 2019. No restrictions currently exist on everyday withdrawals, transfers, or cross-border movements of funds for residents and account holders. That said, large international transfers may be subject to anti-money-laundering (AML) checks and reporting requirements — see the section on managing money internationally for further detail.

ATM fees: From August 2025, the Greek Ministry of Finance introduced a ban on withdrawal fees at bank ATMs. This represents a positive development for residents. However, using a foreign card or accessing an ATM belonging to a different bank from your own may still attract charges — check the specifics with your bank before withdrawing.

Language: Customer service in English is available at most major banks in Greece. ATMs in larger urban centres generally offer transaction menus in English, though in more remote locations machines may operate exclusively in Greek. Branch staff in smaller towns and on islands may have limited English proficiency, so having some familiarity with basic banking vocabulary in Greek, or access to a translation application, can prove useful.

Currency: Greece uses the euro (€) as its currency. As a eurozone member, transfers within the euro area involve no currency conversion concerns, which is a notable advantage compared to banking in EU countries outside the eurozone.

For authoritative regulatory guidance and the latest updates, refer to the Bank of Greece official website or the Hellenic Capital Market Commission.

How do I open a bank account in Greece as an expat?

Setting up a bank account in Greece is manageable once the right documentation is in order. The single most critical prerequisite is securing a Greek tax identification number — the AFM — before approaching any bank. For most expats, the overall process takes 1–2 weeks for EU citizens and 2–4 weeks for non-EU residents. Investors pursuing a Golden Visa should anticipate a longer wait of 4–8 weeks, though both Eurobank and Piraeus Bank can open non-resident accounts for such applicants without requiring physical residence in Greece (as of 2025).

Here is the typical step-by-step process for opening a bank account in Greece as an expat:

1. Obtain your AFM (Greek Tax Identification Number). No bank in Greece will proceed with an application before you hold an AFM — “Arithmo Forologiko Mitroou” — a nine-digit tax number issued by the Greek tax authority. EU citizens can usually obtain one on the same day at a local tax office. Non-EU applicants may need to appoint a tax representative. Allow 1–5 days for this step. Non-residents may also apply through the Independent Authority for Public Revenue (AADE) online portal.
2. Choose your bank. Consider the Big Four — Piraeus, NBG, Alpha, and Eurobank — and weigh up factors such as branch proximity, the quality of English-language app support, international transfer fees, and whether you require a non-resident account. Telephone ahead to confirm that your chosen branch handles foreign or non-resident applications, as not every branch does. While walk-ins are sometimes accepted, booking an appointment increases the likelihood of being seen by a staff member familiar with foreign account procedures.
3. Gather your documents. Banks typically request: a valid national identity card (for EU residents) or foreign passport; your AFM or non-Greek tax identification number (if your country participates in automatic exchange of tax information); an income statement from the tax authority or a bank statement; a recent utility bill, tax notice, or tenancy agreement confirming your name and address; an employer certificate or recent payslip; and/or a certificate of deductions from the Social Security Service. Retirees may also need to provide proof of pension income, such as bank statements or official pension documentation.
4. Visit the branch in person (or apply online if eligible). Many Greek banks, both domestic and international, do not permit fully online account opening unless the applicant is already a Greek tax resident. Depending on the bank, some may conduct a video call or require an in-branch visit to sign documentation. Alternatively, you may appoint a legal or banking representative through a notarised power of attorney (POA) to open the account on your behalf.
5. Provide signature samples and undergo due diligence. The bank will carry out due diligence in line with KYC (Know Your Client) and AML (anti-money laundering) obligations. You may be requested to supply further documents explaining the purpose of the account and verifying the origin of your funds.
6. Make an initial deposit (if required). Once your account is approved, you may be asked to fund it with an initial deposit — commonly around €200–€300. This is not a non-refundable charge; it simply activates the account and can be withdrawn afterwards. Most banks set no minimum balance requirement, though some request €50–100 at opening. Confirm the current requirement with your chosen bank at the time of application.
7. Receive your debit card and activate online banking. Your debit card will be handed over at the branch or mailed to you within a few days. The bank may also ask whether you wish to apply for a credit card. A small fee may apply for card issuance in some cases. Request assistance from branch staff in setting up online or mobile banking access during the same appointment.

Always check your chosen bank’s official website or consult the Bank of Greece for the most up-to-date documentation requirements, as these are subject to change. If the process feels overwhelming, engaging a local solicitor or relocation specialist with experience in Greek banking procedures can simplify matters considerably.

What banking and payment apps are widely used in Greece?

Although ATMs remain widely available, Greece is steadily progressing toward a more cashless economy. All four of the country’s major banks offer their own mobile banking applications, enabling customers to transfer funds, pay bills, monitor balances, and manage accounts entirely from a smartphone. These apps are generally available in both Greek and English.

Digital-only banks such as N26 and Revolut are gaining an increasing following in Greece, valued for their convenience and contemporary approach to banking. N26 provides a no-fee app-based account that includes a complimentary debit card, making it straightforward to manage finances on the move. Revolut offers a range of subscription tiers beginning with a free Standard plan, all of which include a debit card and full app functionality.

Revolut holds an EU banking licence and provides multiple plan options starting with the free Standard tier. Its debit card is broadly accepted for everyday spending across Greece — in supermarkets, restaurants, and online shops alike. Wise is equally popular among expats for handling multi-currency funds and sending money abroad.

It is important, however, to appreciate the limitations these neobank accounts carry for long-term residents. When it comes to property purchases, Golden Visa investments, or transactions requiring a Greek IBAN, neobanks fall short. These providers issue IBANs registered in other European countries, not Greece. While a Revolut or N26 account can comfortably cover daily expenses, it will not satisfy the financial standing requirements needed to buy property in Greece or qualify for Financially Independent Persons (FIP) Residency, both of which demand an account recognised within the Greek banking system.

PayPal is also broadly available and accepted for online purchases throughout Greece. For information on licensed payment service providers operating in Greece, consult the Bank of Greece supervised institutions list.

How can expats manage money between Greece and their home country?

A common arrangement among expats is to maintain a Greek account for local expenses while keeping a foreign account active for international transactions. This dual-account approach is pragmatic and widely adopted. Greece’s eurozone membership means that transfers within the EU via the SEPA system are generally swift and inexpensive.

Transfer costs: SEPA transfers within the EU are usually free of charge. International SWIFT transfers carry fees in the range of €15–€40 (as of 2025). As is the case in most countries, Greek banks typically impose higher charges on international transfers outside Europe. Administration fees may not always be made transparent upfront, and banks commonly apply exchange rate markups rather than the mid-market rate. Comparing rates before moving large sums is always advisable.

Alternative transfer services: Platforms such as N26, Revolut, and Wise offer a more cost-effective route for international transfers and currency exchanges, and are widely used by expats in Greece for sending and receiving funds across borders. Always verify the current fee structure directly with the service provider, as rates are subject to change.

Reporting obligations: In common with all EU member states, Greece adheres to the Common Reporting Standard (CRS) for the automatic exchange of financial account data between tax authorities. If you hold significant assets or accounts overseas, you may have reporting obligations to the Greek tax authority (AADE — Independent Authority for Public Revenue). Large incoming international transfers may trigger AML checks at Greek banks and could require documentation evidencing the source of funds. For guidance on your specific tax reporting obligations, consult the AADE official website or a qualified tax adviser based in Greece.

Many Greek bank account fees can be waived when minimum balances are maintained or salaries are paid directly into the account — ask your bank about the applicable conditions. For the most current information on fees, transfer limits, and reporting obligations, contact your bank directly and refer to the Bank of Greece.

Frequently Asked Questions

Do I need to be a resident of Greece to open a bank account?

Opening a bank account in Greece as a non-resident is permitted, though you will typically need an AFM (Greek tax number), which can be issued to non-residents as well. Check with your preferred branch whether they accommodate non-resident applications. Eurobank and Piraeus Bank are generally the most welcoming to non-resident applicants.

What is an AFM and why do I need one?

No Greek bank will open an account without your AFM. This nine-digit tax identification number is issued by the Greek tax authority (AADE) and is required not only for banking but also for taking up employment, making major purchases such as property or vehicles, and for residency applications. EU citizens can usually obtain one at a local tax office, while non-residents may apply through the AADE online portal. Visit the AADE website for current procedures.

Are deposits in Greek banks safe?

Following extensive recapitalisation and ongoing European Central Bank supervision, Greek banks now operate within a robust regulatory environment. Deposits up to €100,000 per depositor per bank are protected by the Hellenic Deposit and Investment Guarantee Fund (HDIGF), consistent with EU standards. All major banks are supervised by the Bank of Greece and must comply with EU banking regulations. Confirm protection details with your bank or the Bank of Greece.

Can I open a Greek bank account before moving to Greece?

Most Greek banks do not offer fully online account opening to individuals who are not already Greek tax residents. However, non-resident accounts are available at select institutions such as Eurobank and Piraeus Bank. You may also instruct a legal or banking representative via a notarised power of attorney (POA) to open an account on your behalf prior to your arrival in Greece.

Are there still capital controls in Greece?

Capital controls were lifted entirely on 1 September 2019. No restrictions currently apply to withdrawals, transfers, or cross-border movements of funds for account holders. Large international transfers may still necessitate source-of-funds documentation in compliance with AML requirements.

What cards are accepted in Greece?

Mastercard and Visa are the most widely accepted cards across Greece. Diners Club and American Express have more limited acceptance. Although card payment is possible in most situations, some smaller establishments and restaurants deal exclusively in cash, making it sensible to carry some notes — particularly outside cities and in areas away from the main tourist trail.

Can I use Revolut or Wise instead of a Greek bank account?

Fintech services like Revolut and Wise are excellent tools for day-to-day spending and international money transfers, but they are not a complete replacement for a local Greek bank account for longer-term residents. Tax systems, utility providers, and government services in Greece are increasingly linked to Greek IBANs. If you are planning to purchase property, rent long-term, or remain in the country for more than six months, opening a local account is effectively indispensable.

How long does it take to open a bank account in Greece?

EU citizens can generally expect the process to take 1–2 weeks. Non-EU residents should plan for 2–4 weeks. Non-residents applying in connection with a Golden Visa may face waits of 4–8 weeks. Obtaining the AFM tax number first adds a further 1–5 days to any timeline (as of 2025). Actual timescales may differ depending on branch workload, the completeness of submitted documents, and individual circumstances.