How to Open a Bank Account in Greece as an Expat Retiree

A common question people ask before they relocate to Greece after retirement is whether they can open a bank account. Having a Greek bank account offers a range of benefits, from managing day-to-day expenses to receiving pensions or other financial transfers. However, it’s essential to understand the bank account requirements for expats in Greece, as the process may differ slightly from what you’re used to in your home country.

An expat will usually need to visit the bank in person to open a bank account. However, as an alternative, they can hire a lawyer to do this on their behalf. Recently, some banks have allowed Greek residents with an AFM or Greek Tax Identification Number to open their bank accounts online as well. However, not all banks operate in the same way, so understanding the general procedure can be beneficial.

How Greek Banks Operate

Before opening a bank account, you should know how Greek banks work. The Greek banking system for expat retirees is relatively straightforward, though it may take some time to understand the local system. Greece is a member of the European Union, so many banks offer modern banking services, including online banking, international transfers, and access to ATMs throughout the country. Here are some things to keep in mind:

• Banking hours: Banks in Greece typically open from 8:00 am to 2:00 pm on weekdays, and many are closed on weekends. However, on Fridays, the banks in Greece close half an hour earlier. So be prepared for long queues at the bank. It's advisable to arrive as early as possible to avoid any hassle. Some larger banks also open on Saturdays or have extended hours during the week, depending on their location.

• ATMs: ATMs are widely available throughout Greece, particularly in major cities and tourist destinations. However, Greek banks charge you a certain fee when withdrawing cash from the bank.  For instance, if you use a debit card to withdraw from a bank branch other than the ATM, they usually charge you around €2 or €3.75. Most ATMs accept international cards, though it’s good to tell your bank about your travel plans to avoid any problems. 

• International transfers: If you are receiving your pension or transferring funds from abroad, most Greek banks offer international transfer services. Be aware that there may be fees associated with these transactions.

Steps to Open a Bank Account in Greece

Opening a Greek bank account is typically a straightforward process, but there are several important details to consider as an expat, especially for retirees. Follow this step-by-step, detailed guide to navigate the process smoothly.

Step 1: Choose Your Bank

• Research Bank Options: The first step is selecting the right bank for your needs. Central Greek banks such as National Bank of Greece (NBG), Alpha Bank, Eurobank, and Piraeus Bank offer a broad range of services explicitly to expats, including English-language customer support and easy access to online banking. However, consider other factors such as proximity to your home, fees, and the specific services each bank offers.

Here are the details of some popular banks with expats that you can choose to open your account with. 

• National Bank of Greece (Εθνική Τράπεζα): The National Bank of Greece is an international bank with an extensive network of branches worldwide, including over 500 branches in Greece itself, offering a diverse range of personal, business, and expat account types. You can easily apply for opening an account by calling a branch, but you might have to visit in person to sign paperwork.

• Alpha Bank:Alpha Bank was established in the 19th century and is currently the second-largest bank in Greece. Alpha Bank offers basic banking services that expats may expect, such as debit and credit facilities, prepaid cards, and reward systems. Additionally, it provides premium financial services for businesses and entrepreneurs, including loans, investments, savings, and insurance.

• Eurobank: Eurobank offers the facility to open an account remotely, without requiring the applicant to visit in person. Eurobank has a user-friendly mobile app and an E-wallet for digital transactions. It has a solid network of branches and ATMs in Greece, and its online account provides a comprehensive range of services.

• Piraeus Bank: Piraeus Bank is a large multinational bank with its headquarters in Greece. The website is convenient to use, has an extensive network of ATMs throughout Greece, and offers English-speaking staff to assist with setting up your account, as well as a 24-hour customer service line. There is no minimum deposit required for Piraeus Bank’s basic current account. Lastly, the bank offers low interest rates, low overdraft rates, an optional chequebook, and a debit card as standard.

• Visit Branches or Research Online: If you're uncertain about which bank to choose, you can visit branches in person to get a feel for the service. Alternatively, many banks provide detailed information on their websites, allowing you to compare services and fees. If you prefer online banking, make sure the bank supports easy online and mobile banking services for international retirees.
  
  
  

• Consider Expats' Needs: Many retirees prefer banks that offer pension deposit services and flexible currency handling. You may also want to choose a bank with an extensive ATM network and low withdrawal fees for international cards.

Step 2: Book an Appointment or Walk-in

• Appointment vs. Walk-in: While some Greek banks may allow walk-ins, especially if you’re applying for a standard account, it's often advisable to make an appointment beforehand. This is particularly important for expats, as some banks may require specific paperwork for foreign nationals.

• Call Ahead: Since some branches may have long waiting times or specific requirements for expats, it's a good idea to call ahead or check the bank's website to confirm whether you need to schedule an appointment in advance or if you can simply walk into the branch.

• Language Assistance: Ensure that the branch you’re visiting has staff who can communicate in English. Many larger branches in Athens and Thessaloniki offer this service, but it’s good practice to double-check beforehand.

Step 3. Choose The Type Of Account

Greek banks offer various types of bank accounts tailored to the specific needs of expatriates and retirees. Depending on your financial goals, choose one of the following options.

• Current Account (Λογαριασμός Όψεως): A current account is the most common type of account, used for day-to-day transactions such as paying bills, withdrawing cash, and receiving deposits. It also comes with a debit card for convenient access.

• Savings Account (Λογαριασμός Ταμιευτηρίου): A savings account is a type of account designed for saving money and earning interest. It’s ideal for retirees who wish to keep their savings separate from their spending account.

• Joint Account: If you are retiring with a partner, you can opt for a joint account, which allows both of you to access funds and manage your finances together. 

• Foreign Currency Account: A foreign currency account can be helpful for expats who prefer to hold their money in a currency other than their local one, such as USD, GBP, to avoid currency exchange fees.

Step 4. Collect The Required Documents

Before you can open a Greek bank account, you will need to gather several documents. The bank account requirements for expats in Greece are relatively straightforward, but you must have the proper paperwork to avoid delays. Some documents required by Greek banks may need to be notarized and/or translated into Greek from English. Meanwhile, some banks in Greece will accept documents written in English, while some do not.

To open an account in a Greek bank, you will usually need to present:

• Passport

• An AFM number, or "Arithmo Forologico Mitroou", is a 9-digit tax number that can be obtained at the tax office.

• A valid visa or residency permit

• An official document that proves your mobile number (for example, a phone bill). Some banks accept foreign numbers (such as Alpha Bank and National Bank of Greece)

• An official document that proves your address in Greece or in your country of residence (for example, a utility bill)

Note: If an expat doesn’t have a document proving their address from abroad, they can wait until they secure a lease agreement in Greece and provide a rental contract or a utility bill with their name to the bank.

• Your most recent annual tax declaration

• If you are retired, proof of your pension (such as bank statements or official pension confirmation) may be required to show your financial standing.

Step 5: Submit Your Documents

• Submit to Bank Representative: With your documents in hand, visit the bank branch to submit them. A bank representative will help you complete the necessary forms. You may need to fill out an application form, as well as provide signatures for the account and online banking services.

• Have a Lawyer Submit for You: As an alternative, you can instruct a lawyer with Power of Attorney to open an account for you, for example, if you are abroad. Two banks usually accept this: Piraeus Bank and Eurobank.

• Verification Process: Banks will perform a background check to verify your documents, including your income and residency status. This can take anywhere from a few minutes to several days, depending on the bank’s internal processes. If your documents are in order, the account opening process will proceed smoothly.

Step 6: Deposit Minimum Funds (if Required)

• Initial Deposit: Some banks in Greece may require a minimum deposit to open an account. This amount can vary depending on the type of account you choose. Typically, a basic current account may not require a large deposit, but a savings account or a foreign currency account might have a higher minimum balance requirement.

• Different Banks, Different Requirements: For instance, some Greek banks may ask for as little as €1 to activate a basic account, while others might require a larger sum, such as €250. Be sure to ask about the bank's minimum deposit policy during your appointment or upon inquiry at the branch.

• What if I Don’t Have Cash?: If you don’t have the required funds in cash, some banks allow you to transfer the deposit from an existing account or use your foreign bank card to fund the account.

Step 7: Set Up Online Banking

• Access to Online Banking: Once your account is opened, you’ll be given access to online banking services. Most banks in Greece, especially those catering to expats, offer online and mobile banking services. This is convenient for managing your account, transferring money, and paying bills.

• Setting Up Security: For security purposes, you’ll need to set up login credentials, including passwords, security questions, and sometimes two-factor authentication. Greek banks typically use SMS codes or authentication apps for extra security, so make sure your mobile phone number is correctly linked to your account.

• Debit Card Issuance: After your account is set up, you will receive a debit card, which can be used for ATM withdrawals, purchases in stores, and online transactions. The bank will usually activate the card within a few days, and you can collect it either from the branch or have it mailed to your address.

• Mobile Banking: Many Greek banks now offer mobile banking apps that allow you to manage your account directly from your phone. These apps are typically available in English and can be downloaded from the Google Play Store or iOS Store.

By following these steps and preparing accordingly, you’ll be well on your way to managing your finances smoothly in Greece, allowing you to focus on enjoying your retirement.

Common Challenges Retirees Face

While opening a Greek bank account for retirees is generally simple, there are a few challenges you may face along the way.

• Language barriers: Although many banks have English-speaking staff, not all branches may have this service. It’s helpful to learn basic Greek banking terms or bring a translator who can assist with translation.

• Bureaucratic delays: The process of opening a bank account may take longer than you expect, especially during peak times or if there is a backlog at the tax office for obtaining your AFM.

• Documentation: Expats may find it challenging to meet all the document requirements, especially if they don’t have a permanent residence or the correct proof of address.

Alternatives to Traditional Banking

If you find the traditional banking system in Greece challenging, there are some alternatives available:

• Online banks and fintech companies: Services like N26, Revolut, and Wise enable you to open an account online and manage your funds with convenience. These accounts often come with lower fees for international transfers and currency exchange.

• Prepaid debit cards: Another alternative to traditional banking is to use prepaid cards, which you can load with funds from your home country. These cards often come with low fees for international transactions.

Final Thoughts

Opening a bank account in Greece after retirement is an essential step in managing your finances and settling into life as an expat. With the proper documentation and understanding of the local banking system, you’ll be able to enjoy the simplicity of handling your financial matters with ease. Whether you choose a conventional bank or an online alternative, be sure to research your options to find the best fit for your needs.

From opening a bank account to handling all your relocation needs, Mitos Relocation is here to guide you every step of the way. Our team of professionals will simplify the whole process, enabling you to navigate the local bureaucracy, manage your finances, and integrate seamlessly into the Greek system, ensuring a smooth and stress-free transition. We want you to feel excited about this transition, not anxious. 

Don't navigate the complexities alone and book a consultation with Mitos Relocation today and start your new chapter in Greece with confidence. 

FAQs

Can you open a bank account in Greece without being a resident?

It’s allowed to open a bank account even if you are a non-resident, although you will usually require an AFM (Greek tax number), which can also be issued for non-residents. It’s useful to ask your chosen branch if they allow opening accounts for non-residents. 

Which bank is best for non-residents in Greece?

Several banks in Greece offer accounts for non-residents, with the most common options being Eurobank, Alpha Bank, and National Bank of Greece. It’s essential to choose a bank based on your needs—whether it’s online banking services, low fees, or availability of English-speaking staff.

How much money do you need to retire in Greece?

The amount you’ll need to retire in Greece depends on your lifestyle and where you choose to live. On average, a comfortable retirement in Greece can cost between €1,200 to €2,000 per month. This includes rent, utilities, groceries, healthcare, and entertainment. However, living in less touristy areas may be more affordable.

How much does it cost to open a bank account in Greece?

Opening a bank account in Greece is typically free of charge, although some banks may require an initial deposit. Be sure to check the specific bank’s terms, as some accounts may have maintenance fees if the balance falls below a certain threshold.

Is there a deposit guarantee in place?

Greece participates in the EU deposit guarantee scheme: Up to €100,000 per person, per bank is protected in the event of a bank failure.

Do I need a Greek bank account to purchase property?

Yes, it’s required to have a Greek bank account, or at least from within the Single Euro Payments Area (SEPA).