Opening a bank account in Greece as an American

Greece has plenty to offer the visitor - culture, climate, cuisine, and some of the friendliest people in the region. It’s no surprise that many people fall in love with the country and choose to settle for the longer term.

If you’re thinking of moving to Greece as an expat, you'll need a local bank account. This guide walks through all you need to know about how to get a Greek bank account, as well as introducing an alternative from Wise - the Wise Account. Wise isn’t a bank, but offers low cost ways to manage your money across the US and Europe¹, and wherever else in the world you happen to head off to.

Can you open a Greek bank account as a US citizen?

There is no legal restriction on offering financial products to non-residents, although each bank will decide which accounts it makes available. One thing you'll need, however, is a local tax number, called an AFM (Arithmo Forologiko Mitro).

To get your hands on this, you’ll be able to apply as a non-resident, online, to the Independent Authority for Public Revenue² - or you can make an appointment in your local tax office if you’re already in Greece.

Opening a bank account in Greece as a foreigner

To open a Greek bank account you'll need to submit an application with supporting documents, and also, usually, pay a minimum deposit into the account.

Many banks will allow you to start to complete the application process online, or by giving someone local the power of attorney to do so for you. However, you'll often still need to visit the bank personally to get full access to your account.

This can add some time to the process, as you'll usually need an appointment. Check the specific requirements of your chosen bank branch before you visit.

One good option to look at - which we’ll explore in more detail - is Piraeus Bank® - which has a handy page detailing their services for customers based abroad, including new customers and existing account holders³. Eurobank® also has a similar service, which classifies services based on customer need - we’ll look at that more later, too⁴.

What documents are necessary for a foreigner to open a bank account in Greece?

Anyone opening a bank account in Greece - even locals - will need a hefty amount of paperwork to assure the bank they’re creditworthy. As a foreigner, you might need to have documents translated or notarised, which can add to the expense and complexity. Some banks, however, will accept documents in English as well as Greek.

The specific documents needed can vary a lot depending on the bank you pick and whether you’re using a service tailored to customers abroad, or opening a standard local resident account. Check out exactly what your bank needs with plenty of time to spare, so you can pull together all the paperwork requested.

Generally, the documents you need can include:

Passport or other valid photo ID Proof of address - usually banks will accept a recent utility bill Local AFM tax number if you’re a Greek tax resident Tax returns from your previous country of residence Evidence of your salary - either payslips or a letter from your employer will usually be OK You may also be asked to provide a reference from your previous bank to show you’re creditworthy and sign a declaration confirming you’re opening an account for personal use rather than for a business

Banks often have tools you can use to navigate what documents are needed in your specific case - for example, Piraeus has a document wizard which works through your nationality, residence and other factors to confirm the paperwork needed⁵.

Can you open a Greek bank account online?

To complete the process of opening your bank account, you often need to visit a bank in person, and take along your passport. This is because banks require signature samples, and meet with all new account holders to take any additional information.

If you’re a permanent resident in Greece you might get lucky and find you can open your account online or in-app entirely - check out Alpha Bank®⁶ if this applies to you, as an example. However, in most cases, if you’re not a Greek citizen or permanent resident you’ll be asked to contact the bank to discuss your needs, and then follow up with a visit

Greek banks costs and fees

When you choose which bank to use, you’ll need to know what fees will be applied to the transactions you make.

Although there won’t usually be an administration fee to open an account, every bank will have charges for some services, such as withdrawing cash from an ATM or making international transfers. Even if these look pretty small, they can add up quickly.

ATM fees

You’ll find that many Greek banks levy charges if you withdraw cash from an ATM which isn't in their network. Each bank will set its own fees, so it’s a good idea to check the terms of the account you’re planning to open.

As many of the banks operating in Greece also have branches or subsidiaries in the region outside of Greece, you might find that you can benefit from reduced charges by using ATMs in your network while you travel, too.

Despite this, if you’re using your Greek card abroad, or you choose to use your home bank card in Greece, be wary of the fees you can incur. It’s especially important to avoid excess charges applied due to dynamic currency conversion (DCC).

Regular banking fees

Before you choose a bank account, you must read the small print about account fees. Some accounts come with regular fees for administering the account. Others will levy a charge for holding a debit card against the account, or insist on a minimum balance which you must maintain.

Some accounts come with opening offers which will reduce or waive fees. Each account is different, but because banks offer a wide range of products, you should be able to find something to suit you without too much trouble.

International transfer fees

As an expat in Greece, you'll likely find that you need to transfer money to your Greek bank account from abroad - or vice versa. While this is simple enough to do, there will be fees involved.

Often your home bank won't offer the best deal when it comes to international money transfers. Banks usually add an administration fee, which may not be transparent, and also use poor exchange rates. Instead of using the mid-market rate, banks will add a markup and pocket the difference.

You might find that you can get a cheaper - and quicker - international money transfer by using a specialist non bank service like Wise. Unlike many banks, Wise is a money service business (MSB) that uses the mid-market rate for international transfers, and adds only a small, transparent fee.

Make low cost international transfers with Wise

A smart option if you’re sending money overseas: meet Wise.

Register a Wise account online or in the Wise app, and send money to 70+ countries, with the mid-market exchange rate and low, transparent fees.

Wise always shows you the amount you’re paying and how much your recipient will get — and you can even compare against other providers on the Wise app or desktop site.

If another service is cheaper for your particular payment, you’ll be shown — so you can’t lose.

Get started with Wise

See how Wise compares with international bank transfers in our full guide

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

What are some of the best banks in Greece?

Greece has a large banking sector, with many local brands operating all over the Southeast European region.

There are also some international banking brands which work in Greece and have branches in the large cities and tourist areas, including HSBC®.

Some of the largest and most popular banks in Greece are:
Piraeus Bank Alpha Bank National Bank of Greece® Eurobank

These banks have large branch and ATM networks, making them a natural place to start looking for your new Greek bank account. As we mentioned earlier, several of these banks also have specific services for international customers - which can mean you’re able to get a headstart on your application.

Piraeus Bank

Piraeus Bank⁷ operates throughout the Southeastern Europe region, with 387 branches in Greece, and more throughout the rest of the region. Piraeus also have a presence elsewhere in the area, which could be handy if you’re traveling in the region.

Piraeus has a handy page detailing their services for new and existing customers based outside of Greece, with a wizard tool you can follow to see what might suit you based on your situation.

Helpful products they offer:
Wide variety of accounts for savings and everyday use Online banking in English Specialized corporate and business accounts available Credit and debit cards

Alpha Bank

Alpha Bank⁸ is the second largest in Greece, and as you might expect, they offer a great range of products. You’ll find bank accounts for checking and savings, as well as cards and loans for all purposes.

Alpha operates throughout the region, with a large branch network in Greece, and a selection of other countries in the area.

Helpful products they offer:
Wide variety of accounts and loan products Free online banking in English Specialist business accounts available Credit and debit cards

National Bank of Greece

Another of the largest Greek banks, with a presence domestically and in the Southeast European region. The National Bank of Greece⁹ has over 6 million clients and has been in business for over 180 years. You'll find plenty of branches through the area, and products aimed at personal and business customers.

Helpful products they offer:
Variety of accounts, insurance and loan products Free online banking in English Credit and debit cards Apps for mobile payments and to cut bank queuing time

Eurobank

Eurobank¹⁰ operates in seven countries and is the third largest bank in Greece. The products on offer are aimed at both corporate and private customers and the website and online banking can be accessed in English.

Eurobank has an international customer support page, which classifies services based on customer need for ease. If you’re a digital nomad, a golden visa holder, or an expat living in Greece, for example, you can easily see what services are available for you.

Helpful products they offer:
ATMs and branches under both the Eurobank and TT Branch Network Good range of products for all needs Free online banking in English Specialist business accounts available

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Learning about the banking system in a new country can be a little daunting, but you shouldn't have any problem getting set up in Greece with a local bank or a non-bank alternative like the Wise Account.

And once you have your euro account, you’ll find it much easier to do things like set up local services - phone, internet and cable. Even better, it could be much cheaper for day to day transactions, so you can get on with enjoying your new life in Greece.

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Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
2. Greek Independent Authority for Public Revenue
3. Piraeus Bank - services for customers living abroad
4. Eurobank - services for international customers
5. Piraeus Bank - document wizard
6. Alpha bank FAQ
7. Piraeus Bank
8. Alpha Bank
9. National bank of Greece
10. Eurobank

Sources checked on 02.02.2024