BANKS
There are some 20 domestic banks operating in Greece which are divided into two groups:
commercial banks and specialised credit institutions.
The Bank of Greece is the central (and largest) bank and monetary authority in Greece and is responsible for the supervision of credit institutions operating in the country. Other main banks include: Alpha Credit Bank , the largest private bank; EFG Eurobank , the third-largest; Egnatia Bank (the Agricultural Bank); and Piraeus Bank.
Several commercial banks are controlled to some extent by the state, although most are in the process of being merged with other banks or privatised. Most banks offer internet banking facilities which is a popular option in Greece.
There are also several foreign-owned banks represented in Greece, e.g. Barclays Bank, Citibank, HSBC, Natwest Bank and the Royal Bank of Scotland, mainly in Athens (branches are rare in the provinces with the possible exception of Thessaloniki).
Opening Hours
Greek banks are usually open from 8am to 2.30pm on Mondays to Thursdays and from 8am to 2pm on Fridays, although hours vary from town to town and even from branch to branch. Some branches in main cities and resorts have longer opening hours, which may include evenings and weekends. In small villages there may be a tiny bank office, open for a few hours a day or on certain days only.
If you need to use teller services, you must take your passport as proof of identity (many Greek banks prefer this to a residence permit).
BANK ACCOUNTS
You can open a bank account in Greece whether you’re a resident or a non-resident.
It’s better to open a bank account in person than by correspondence from abroad. Before choosing a bank, you should compare the fees charged for international money transfers and other services. Ask your
friends, neighbours or colleagues for their recommendations and go along to the bank of your choice and introduce yourself. You must be over 18 years old and provide proof of identity, e.g. a passport, your local address and papers to show the funds you have imported and the method used.
You can open a bank account before arriving in the country via an overseas branch of any Greek bank
(or a foreign bank operating in Greece), but your signature must be ratified before the account can be
opened. Note that various types of bank account can be opened, including current accounts, foreign
currency accounts and external accounts.
Most Greek banks provide a debit and cash withdrawal (ATM) card with current and savings accounts.
Greek debit cards can also be used for purchases outside Greece. If you require a credit card, you should request one, but the bank may ask to see a recommendation from your bank in your home country before issuing one. Greek banks don’t generally give loans (other than mortgages) to non-residents.
It isn’t wise to close your bank accounts abroad when you’re living permanently in Greece, unless you’re absolutely certain that you won’t need them in future. Even when you’re resident in Greece, it’s cheaper to keep some money in an account in a country that you visit regularly than to pay commission to convert foreign currency. Many foreigners living in Greece maintain at least two accounts, a foreign bank account
for their international transactions and a local account for day-to-day business.
CREDIT CARDS
Note that you’ll need a PIN number. Many foreigners living in Greece (particularly retirees) keep the bulk
of their money in a foreign account (perhaps an offshore bank) and draw on it with a cash card locally. This
is an ideal solution for holidaymakers and holiday-homeowners, although homeowners will still need a local bank account to pay their bills. Visa, Mastercard, American Express and Diners Club cards are commonly accepted in major cities and tourist areas, although in remote rural areas cash is the most common and sometimes the only form of payment acceptable. Some shops may offer a discount for cash payment.
Most banks in major cities have foreign exchange windows and there are banks or bureaux de change with extended opening hours at major airports and railway stations in the main cities. Here you can buy or sell foreign currencies, buy and cash travellers’ cheques, and obtain a cash advance on credit and charge cards. Note, however, that some Greek banks refuse to cash travellers’ cheques. Bear in mind that airport banks
and other outlets usually offer the worst exchange rates and charge the highest fees.
There are many private bureaux de change in Greece, with longer business hours than banks, particularly
at weekends. Most offer competitive exchange rates and low or no commission (but always check). They’re easier to deal with than banks, and if you’re changing a lot of money you can also usually negotiate a
better exchange rate.
Never use unofficial moneychangers, who are likely to short change you or leave you with worthless foreign notes rather than euros. The official exchange rates for most European and major international currencies
are listed in banks and daily newspapers.
TRAVELLERS CHEQUES
If you’re visiting Greece, it’s safer to carry travellers’ cheques than cash, although they aren’t as easy to redeem as in some other countries, e.g. the US. For example, they aren’t usually accepted by
businesses, except some hotels, restaurants and shops, all of which usually offer a poor exchange rate.
It’s best to buy travellers’ cheques in euros when visiting Greece.
You can buy them from any Greek bank, usually for a service charge of 1 per cent. There should be no commission charge when cashing euro travellers’ cheques at any bank in Greece (you must show your passport), although charges and rates vary considerably for travellers’ cheques in other currencies.
Banks usually offer a better exchange rate for travellers’ cheques than for banknotes.
Always keep a separate record of cheque numbers and note where and when they were cashed.
American Express provides a free, three-hour replacement service for lost or stolen travellers’ cheques at
all of their offices world-wide, provided that you know the serial numbers of the lost cheques. Without the serial numbers, replacement can take three days or longer. Most companies provide toll-free numbers for reporting lost or stolen travellers’ cheques in Greece.
There isn’t a lot of difference in the cost of buying Greek currency using cash, buying travellers’ cheques
or using a credit card to obtain cash from ATMs. However, many people carry only cash when visiting
Greece, which is asking for trouble, particularly if you’ve no way of obtaining more cash locally, e.g. with
a credit or debit card or travellers’ cheques.
SURVIVAL TIP
One thing to bear in mind when travelling anywhere is not to rely on only one source of funds!
IMPORTING & TRANSFERRING FUNDS
EU nationals are permitted to open a bank account in any country and to import (or export) unlimited
funds in any currency. If you plan to export funds from Greece you need to prove to your bank that the transaction falls within permitted categories (i.e. the transaction is legal). For example, if you export funds
as a result of selling your home, you will have to show a copy of the final purchase contract to your bank.
Importing & Exporting Cash
The import and export of sums over €10,000 (in any currency) must be declared at customs. Residents exporting over €10,000 in cash must present a Greek tax certificate stating that taxes have been paid
in Greece. Non-residents must present proof, e.g. the ‘pink slip’ (see below) that the amount was declared
on arrival.
Importing Funds for Property Purchase
When you import funds into Greece to buy a property, you should transfer the money to a Greek bank
who will issue the corresponding ‘exchange certificate’, popularly known as the ‘pink slip’. You should
present this certificate with your first tax return otherwise you may be liable for income tax on the
imported funds.
International Bank Transfers
When transferring or sending money to or from Greece, shop around for the best exchange rates and
the lowest costs. Banks are often willing to negotiate on fees and exchange rates when you’re transferring
a large amount of money.
WARNING
Don’t be too optimistic about the exchange rate, which can change at short notice and can cost you thousands of euros more than you planned.
If you plan to send a large amount of money abroad for a business transaction such as buying a property,
you should ensure that you receive the commercial rate of exchange rather than the tourist rate. Shop
around and compare your bank’s rate with that of least one foreign exchange broker who specialises in sending money abroad (particularly large sums). The leading companies include Foreign Currency Direct
(Tel. UK 0800-328 5884, www.currencies.co.uk), Halewood (Tel. UK 01753-859159, www.hifx.co.uk)
and Moneycorp (Tel. UK 020-7808 0500, www.moneycorp.com).
When you have money transferred to a bank in Greece, make sure that you give the name, account
number, branch number and the bank code; if money is ‘lost’ while being transferred, it can take weeks
to locate it.
Always check charges and rates in advance and agree them with your bank (you may be able to
negotiate a lower charge or a better exchange rate). It’s usually better to convert money to euros before transferring it to Greece, in which case you shouldn’t incur any charges in Greece, although some
banks deduct commission, whatever the currency.
Banks in EU countries are allowed only to pass on to customers costs incurred by the sending bank, and
the money must be deposited in a customer’s account within five working days. If you routinely transfer money between currencies, you should investigate Fidelity Money Funds, which operate free of conversion charges and at wholesale rates of exchange.
Telegraphic Transfers
One of the quickest (it takes around 15 minutes) and safest methods of transferring cash is via a
telegraphic transfer, e.g. Moneygram (Tel. UK 0800-666 3947, www.moneygram.com) or Western Union (www.westernunion.com), but it’s also one of the most expensive, e.g. commission of 7 to 10 per cent
of the amount sent! Money can be sent overseas via American Express offices by Amex card holders
(using Amex’s Moneygram service) to any other American Express office in just 15 minutes.
Bank Drafts & Personal Cheques
Another way to transfer money is via a bank draft, which should be sent by registered mail. However,
if a
bank draft is lost or stolen, it’s impossible to stop payment and you must wait six months before
a new draft can be issued. Bank drafts aren’t treated like cash in Greece and must be cleared like
personal cheques.
It’s also possible to send a cheque drawn on a personal account, although it can take a long time to
clear (usually several weeks) and fees are high. It’s possible to pay a cheque drawn on a foreign account
into a local bank account, although it can take three or four weeks to clear. Note that personal cheques
are rarely used in Greece.
Postcheques & Eurogiro
Giro postcheques issued by European post offices can be cashed (with a guarantee card) for up to €130
at main post offices in Greece. You can also send money to Greek post offices (Hellenic Post/ELTA) via
the Girobank Eurogiro system from post offices in 15 European countries (including the UK); transfers
sent by Eurogiro take between three and four days.
