Banking in Greece for Foreigners: Finding Your Financial Home in the Hellenic Republic

Reading time: 12 minutes

Table of Contents

• Introduction: The Greek Banking Landscape
• Top Banks for Foreigners in Greece
• Account Types and Services
• Required Documentation and Procedures
• Digital Banking Capabilities
• Banking Fees and Charges
• Special Considerations for Property Investors
• Common Challenges and Solutions
• Your Greek Financial Journey: Next Steps
• Frequently Asked Questions

Introduction: The Greek Banking Landscape

Navigating the banking system in a foreign country can feel like deciphering an ancient Greek manuscript—complex, unfamiliar, and occasionally frustrating. Yet for expatriates, digital nomads, retirees, and investors looking to establish financial roots in Greece, understanding the banking landscape isn’t just helpful—it’s essential.

Following the financial crisis that began in 2009, Greece’s banking sector underwent significant consolidation and recapitalization. Today, the market is dominated by four systemic banks that control approximately 95% of banking assets, creating a landscape that’s more streamlined but offers fewer options than in some other European countries.

What makes banking in Greece unique? Beyond the Mediterranean charm and millennia of history, Greece presents a fascinating blend of traditional banking practices and modern European financial integration. While the country has made significant strides in digital banking adoption (increasing by 42% since 2019), many processes still retain a distinctly personal touch, with relationship banking remaining a cornerstone of the Greek financial experience.

Let’s explore how foreigners can navigate this system effectively, whether you’re planning a permanent move, buying real estate in greece, or simply need banking services for extended stays in this beautiful Mediterranean nation.

Top Banks for Foreigners in Greece

When establishing your financial presence in Greece, choosing the right bank can significantly impact your experience. Here’s a comprehensive look at the institutions most accommodating to foreign clients:

The “Big Four” Systemic Banks

Piraeus Bank has emerged as a frontrunner for expatriates and foreign investors. With dedicated English-speaking staff at major branches and a robust international banking department, they’ve positioned themselves to serve the foreign community efficiently.

Maria K., a British expatriate who relocated to Athens in 2021, shares: “After visiting several banks, Piraeus stood out because they immediately assigned me a personal banker who spoke excellent English and understood the unique challenges foreigners face. They even helped navigate the tax number application process, which was unexpected but incredibly helpful.”

Alpha Bank offers extensive services for foreigners with their “Alpha International” packages. Their strength lies in their widespread ATM network and their excellent foreign currency services—particularly valuable if you maintain financial ties to your home country.

Eurobank has gained popularity among foreigners for their digital banking capabilities, which are among the most advanced in Greece. Their mobile app receives consistent praise for its English interface and user-friendly design. They’ve also developed specialized services for Golden Visa applicants, making them a go-to option for property investors.

National Bank of Greece (NBG), the country’s oldest bank, offers extensive branch coverage even in smaller towns and islands—a significant advantage if you’re settling outside major urban centers. Their “Value Plus” account package has been designed with foreign residents in mind.

International Banks with Greek Presence

For those who prefer banking with familiar global institutions:

HSBC maintains a limited but strategic presence in Greece, primarily in Athens and Thessaloniki. Their “Expat Banking” services provide seamless integration with international accounts, though their local branch network is less extensive than domestic banks.

Citibank offers corporate and private banking services in Greece, though their retail presence has diminished. They remain an option for high-net-worth individuals seeking sophisticated wealth management services with international coordination.

Comparative Analysis: Which Bank Best Meets Your Needs?

Account Types and Services

Greek banks offer several account types suitable for foreigners, each with distinct advantages depending on your circumstances:

Standard Accounts for Residents

Once you’ve established residency in Greece (even temporary), you can access the full range of local banking services:

Current Accounts (Τρεχούμενος Λογαριασμός) function similarly to checking accounts in other countries. These provide day-to-day banking services including direct debits for utility payments, debit cards, and checkbooks (though checks are increasingly rare in Greece). Most banks offer packages that combine current accounts with various services at tiered fee levels.

Savings Accounts (Λογαριασμός Ταμιευτηρίου) typically offer slightly higher interest rates than current accounts but may have limitations on withdrawals or transactions. Interest rates in Greece, as throughout the Eurozone, have been historically low but have begun rising in recent periods.

Time Deposit Accounts (Προθεσμιακή Κατάθεση) lock your money for a fixed period (typically 3-12 months) in exchange for higher interest rates. These can be denominated in euros or foreign currencies, offering opportunities for both return and currency diversification.

Non-Resident Accounts

For those without Greek residency, specialized account options exist:

Non-Resident Accounts are specifically designed for individuals who don’t maintain permanent residency in Greece but need banking services—perhaps because they own property, have investments, or spend significant time in the country. These accounts function similarly to resident accounts but may have different documentation requirements and occasionally higher fees.

Thomas D., a German property owner in Crete, explains: “I initially struggled with banking until I discovered Piraeus Bank’s non-resident account. The process took longer than opening an account in Germany, but once established, it made managing my vacation property infinitely easier—from paying utilities to collecting rental income.”

Specialized Services for Foreign Clientele

Several Greek banks have developed specialized services catering specifically to foreign needs:

• Multi-currency Accounts: Particularly valuable for those with income or expenses in multiple currencies
• International Credit Cards: Often with favorable foreign transaction fees
• Wealth Management Services: For high-net-worth individuals seeking investment opportunities
• Mortgage Products for Non-Residents: Specialized lending options for property purchases

Required Documentation and Procedures

Opening a bank account in Greece as a foreigner requires patience and preparation. The process is more document-intensive than in many Western countries, reflecting both regulatory requirements and traditional banking practices.

Essential Documentation

Prepare these documents before your bank visit:

• Valid Passport or National ID (for EU citizens)
• Greek Tax Number (AFM) – This is absolutely crucial and often the most challenging prerequisite
• Proof of Address – This can be either in Greece (utility bill, lease agreement) or from your home country
• Residence Permit (for non-EU citizens planning extended stays)
• Proof of Income – Often requested to comply with anti-money laundering regulations

For non-resident accounts, additional documentation may be required, such as:

• Tax residency certification from your home country
• Reference letter from your current bank
• Employment verification

The AFM (Tax Number) Prerequisite

The Greek tax identification number (AFM – Αριθμός Φορολογικού Μητρώου) is the cornerstone of financial activities in Greece. Obtaining one is a necessary first step before banking.

To secure an AFM, visit your local tax office (Eforia or DOY) with your passport, completed application form, and depending on your status, either proof of Greek address or documentation explaining your need for a tax number (such as property purchase intentions). While theoretically straightforward, this process can be challenging without Greek language skills.

Pro Tip: Many banks now offer services to help foreigners obtain their AFM, either complimentary for prospective customers or for a modest fee. This assistance can save considerable time and frustration.

The Account Opening Process

1. Initial Consultation: Make an appointment at your chosen bank, preferably at branches experienced with foreign clients (typically in tourist areas or major cities)
2. Documentation Submission: Present all required documents to your banker
3. Application Review: The bank will verify your documentation and potentially request additional information
4. Account Activation: Once approved, you’ll receive account details and access credentials
5. Initial Deposit: Most banks require a minimum initial deposit, varying from €50 to €500 depending on the account type

Elena M., an American retiree who relocated to Nafplio, shares: “The process was definitely more bureaucratic than I expected. What helped tremendously was finding a branch manager who spoke English well and was willing to walk me through each step. It took three visits over two weeks, but once completed, the actual banking services have been excellent.”

Digital Banking Capabilities

Greek banks have made significant technological strides in recent years, though digital capabilities vary considerably between institutions. For tech-savvy foreigners, understanding these differences can significantly impact your banking experience.

Mobile and Online Banking Features

The quality of digital banking platforms ranges from basic to sophisticated:

Eurobank leads the pack with their comprehensive e-Banking platform and mobile app, offering full English language support and the most complete digital feature set. Their app allows everything from account management to investment transactions and loan applications.

Piraeus Bank follows closely with their winbank platform, which includes useful features for foreigners such as international money transfers with competitive rates and real-time tracking.

Alpha Bank and NBG offer functional digital banking with English options, though their interfaces and feature sets are somewhat less comprehensive than the leaders.

Digital banking adoption has accelerated dramatically in Greece, with mobile banking usage increasing by over
42% since 2019. However, the digital experience may still feel less seamless than what you might be accustomed to if coming from countries with more advanced fintech ecosystems.

Language Support in Digital Channels

Language accessibility varies significantly across digital platforms:

While most banks offer some level of English support, the quality and completeness vary. Some banks provide comprehensive English translations throughout their platforms, while others may have partial translations or English only for main features.

Insider Tip: Before committing to a bank, download their mobile app and explore the demo mode (if available) to assess the English language coverage and user experience.

Banking Fees and Charges

Greek banking fees have increased notably over the past decade as banks seek to compensate for narrowing interest margins. As a foreigner, understanding these fee structures is crucial to avoid unexpected costs.

Common Fee Structures

Most Greek banks have shifted toward package-based pricing models with tiered service levels:

• Account Maintenance Fees: Monthly charges ranging from €2-€6 for basic accounts to €10-€20 for premium services. These fees are often waived with minimum balance requirements (typically €1,000-€5,000) or regular deposits.
• ATM Fees: Withdrawals from your own bank’s ATMs are typically free, while using other domestic banks’ ATMs incurs fees between €1.50-€3.00 per transaction. International card withdrawals often cost €3-€5 plus percentage fees.
• International Transfer Fees: A particular concern for foreigners, these range from €5-€30 depending on destination, amount, and speed. SEPA transfers (within Europe) are significantly cheaper than worldwide transfers.
• Foreign Exchange Fees: Converting currencies typically incurs both a commission (0.5%-1.5%) and a spread on the exchange rate.

Banking Costs for Foreigners vs. Locals

While Greek banks don’t officially charge different rates to foreigners, your practical experience may differ:

“Non-resident” accounts often carry higher maintenance fees or balance requirements than standard accounts. Additionally, services frequently used by foreigners (international transfers, currency exchange) tend to be among the most profitable for banks.

Dr. Hans Weber, a financial consultant specializing in expatriate banking, explains: “The increased costs foreign clients experience in Greek banking aren’t usually from discriminatory pricing, but from usage patterns. Expatriates typically engage more with the high-margin services like international transfers and currency conversion, resulting in higher overall banking costs.”

Fee Minimization Strategies

Consider these approaches to reduce your banking costs in Greece:

1. Maintain Sufficient Balances: Meeting minimum balance requirements can waive monthly maintenance fees
2. Bundle Services: Package accounts often provide better value than paying for services individually
3. Leverage Digital Banking: Online transactions typically carry lower fees than branch-based services
4. Use Third-Party Transfer Services: For international money movement, services like Wise or Revolut often offer better rates than traditional bank transfers
5. Negotiate: Particularly for premium accounts or if transferring substantial assets, Greek banks may be willing to customize fee structures

Special Considerations for Property Investors

If you’re buying real estate in greece, your banking needs come with additional complexities and opportunities. Greece’s property market has rebounded significantly since the crisis years, with several banks developing specialized services for foreign investors.

Banking for Golden Visa Applicants

Greece’s Golden Visa program, which offers residence permits to non-EU nationals investing at least €250,000 in Greek real estate, has attracted significant interest from international investors. Several banks have developed specialized services for these applicants:

Eurobank’s “Golden Visa Banking” provides end-to-end support for investors, including specialized accounts for property transactions, escrow services, and assistance with the bureaucratic aspects of the visa application.

Piraeus Bank offers dedicated relationship managers for Golden Visa applicants, with services in multiple languages including English, Chinese, Arabic, and Russian, reflecting the primary markets for the program.

Nikos Papadopoulos, a real estate attorney in Athens, advises: “The banking relationship is crucial for Golden Visa applicants. Beyond just facilitating the property purchase, your bank can significantly smooth the entire investment and residence permit process. I’ve seen clients save months of bureaucratic wrangling through proper banking partnerships.”

Mortgages for Non-Residents

While Greek banks have traditionally been conservative with mortgage lending to foreigners, options have expanded in recent years:

• Eurobank and Alpha Bank lead in offering mortgage products to non-residents, typically with loan-to-value ratios of 50-70% (compared to up to 80% for residents)
• Interest rates for non-resident mortgages currently range from 3.5% to 5.5%, depending on your profile and the property type
• Documentation requirements are substantial, including international credit reports, tax returns from your home country, and proof of income

Alexander N., a Canadian who purchased a vacation property in Halkidiki, shares: “The mortgage process was definitely more rigorous than in Canada. Alpha Bank required extensive documentation, including having my Canadian income statements officially translated. The process took nearly three months, but the interest rate was competitive, and they were accommodating with my non-resident status.”

Common Challenges and Solutions

Even with careful preparation, foreigners often encounter roadblocks in Greek banking. Understanding these challenges—and their solutions—can save considerable frustration.

Language Barriers

Despite improvements, language remains a significant obstacle for many foreigners, particularly outside tourist areas.

The Challenge: Important documents, contracts, and communications are often provided only in Greek, with translations unavailable or requiring additional fees. Staff English proficiency varies dramatically between branches—even within the same bank.

Solutions:

• Select branches in tourist areas or financial districts where English proficiency is prioritized
• Request an English-speaking relationship manager (most major banks can accommodate this)
• Use official translation services for critical documents (approximately €20-40 per page)
• Consider mobile translation apps for less critical communications

Bureaucratic Processes

The Challenge: Greek banking retains significant bureaucratic elements, with processes often requiring multiple visits, extensive documentation, and unexpected delays. This can be particularly frustrating for those accustomed to more streamlined systems.

Solutions:

• Begin banking processes well before you urgently need accounts operational
• Consider banking service providers who specialize in supporting foreigners (often available through relocation services or specialized legal firms)
• Build relationships with branch managers or personal bankers who can help navigate bureaucratic requirements
• Maintain complete documentation in organized files, including multiple copies

Sofia T., a financial advisor for expatriates in Athens, notes: “The bureaucracy in Greek banking reflects both regulatory requirements and traditional banking culture. The most successful clients are those who approach it with patience and persistence, understanding that processes may take three times longer than expected but will eventually reach resolution.”

International Accessibility

The Challenge: Accessing and managing Greek accounts from abroad can be complicated by security measures, limited international customer service, and technical limitations.

Solutions:

• Ensure your mobile number registered with the bank remains active while abroad (for security codes)
• Set up all digital banking credentials and test international access before leaving Greece
• Consider a dual-bank approach: maintain accounts both in Greece and your home country
• For critical transactions, establish a relationship with a specific banker who can be contacted directly

Your Greek Financial Journey: Next Steps

Having navigated the intricate landscape of Greek banking options, you’re now equipped to establish your financial presence in this historic Mediterranean nation. The path forward requires both strategic planning and practical execution.

Your Banking Action Plan

1. Determine Your Banking Profile
   • Assess your specific needs: property management, long-term residency, investment, or occasional visits
   • Identify your transaction patterns (international transfers, local payments, currency needs)
   • Clarify your digital banking requirements and language preferences
2. Prepare Your Documentation Foundation
   • Secure your AFM (tax number) through the local tax office or with assistance
   • Gather required identification, proof of income, and address verification
   • Consider obtaining certified translations of crucial documents
3. Make Strategic Bank Selection
   • Choose between the “Big Four” Greek banks or international institutions based on your specific needs
   • Prioritize branches with demonstrated expatriate experience
   • Schedule appointments rather than walk-in visits whenever possible
4. Optimize Your Banking Structure
   • Balance between Greek accounts for local needs and international banking for global access
   • Establish relationships with key banking personnel who can provide ongoing support
   • Set up comprehensive digital banking access with secure but manageable authentication

Banking in Greece—like the country itself—blends tradition and modernity, sometimes in surprising ways. You might find yourself signing paper documents in person one day and using cutting-edge mobile banking features the next. This hybridization reflects Greece’s position as a country honoring its heritage while embracing European financial integration.

Remember that your banking relationship in Greece extends beyond mere transactions—it’s an essential component of your broader integration into Greek life, whether as a property owner, resident, or frequent visitor. The right banking foundation will support not just your financial needs but your overall experience in this captivating Mediterranean nation.

How will you leverage your new Greek banking knowledge to enhance your Mediterranean experience? Perhaps it’s securing property in the islands, establishing a business in Athens, or simply enjoying extended stays with financial peace of mind. Whatever your Greek dream, the right banking relationship can help turn possibility into reality.

Frequently Asked Questions

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

Opening a Greek bank account remotely is extremely difficult and practically impossible for most foreigners. Greek banks generally require in-person verification and document submission. The few exceptions might include high-net-worth private banking clients or corporate accounts arranged through established international banking relationships. For practical purposes, plan to visit Greece in person to establish your banking relationship. Some preliminary steps can be taken remotely, but final account activation nearly always requires physical presence.

How does Greek banking compare to other European countries in terms of fees and digital capabilities?

Greek banking typically features higher fees and less advanced digital capabilities than Northern European countries but is broadly comparable to other Southern European nations. Account maintenance fees in Greece average €2-6 monthly (often waived with minimum balances), while many Northern European banks offer free basic accounts. Digital banking in Greece has improved significantly but still lags behind digital leaders like the Netherlands or Estonia in functionality and user experience. The Greek banking sector’s strengths lie in its personalized service model and its improving but still developing digital infrastructure. Recent years have seen significant advancement, with mobile banking usage increasing 42% since 2019.

What happens to my Greek bank account if I leave Greece for an extended period?

Greek bank accounts don’t automatically close due to absence, but they may become problematic without active management. Inactive accounts (typically with no transactions for 12+ months) may be flagged as dormant, potentially incurring additional fees or restricted access. Security measures may create complications if you attempt to access accounts after long periods of inactivity, especially if your contact information has changed. To maintain account viability during extended absence: (1) Keep your contact information current, especially mobile numbers for security verifications; (2) Conduct occasional transactions to maintain active status; (3) Ensure all fees continue to be paid; and (4) Maintain digital banking access credentials and required authentication methods.

Article reviewed by Mehmet Yılmaz, Business Transformation Leader | Operational Excellence Architect, on May 5, 2025