Remote Banking in Greece

## The Ultimate Banking Guide for Expats in Greece

Greece, with its rich history and stunning landscapes, attracts expats from all around the world. If you are planning to move to Greece, setting up a bank account is one of the essential steps to manage your finances. This guide aims to provide you with all the necessary information regarding banking in Greece as an expatriate.

### Banks Accepting Foreigners

Most banks in Greece accept foreigners to open bank accounts. Some of the major banks that cater to expats include:

1. Piraeus Bank: One of the largest banks in Greece, Piraeus Bank offers a range of services for expats, including multi-currency accounts.

2. National Bank of Greece (NBG): NBG is another popular choice among expats due to its widespread network of branches and English-speaking staff.

3. Alpha Bank: Alpha Bank is known for its efficient online banking services, making it a convenient option for expatriates.

### Know-Your-Customer (KYC) Requirements

When opening a bank account in Greece, you will need to provide certain documents to comply with KYC regulations. The typical documents required include:

- Valid passport - Proof of address (utility bill or rental agreement) - Residence permit (for non-EU citizens) - Tax identification number (AFM)

### Wise/Revolut Availability

Popular online money transfer services like Wise (formerly TransferWise) and Revolut are available in Greece, offering expats convenient and cost-effective ways to send and receive money internationally. You can link your Greek bank account to these services for seamless transactions.

### ATM Fees and Multi-Currency Options

ATM fees in Greece can vary depending on the bank and the type of account you hold. It is advisable to check with your bank regarding any charges for ATM withdrawals. Some banks offer multi-currency accounts, allowing you to hold and transact in different currencies, which can be beneficial for expats receiving income in foreign currencies.

### Opening Process

The process of opening a bank account in Greece as an expatriate is relatively straightforward. Here is a step-by-step guide:

1. Choose a bank that suits your needs and visit a branch with the required documents. 2. Fill out the account opening forms and provide the necessary identification documents. 3. Once your application is approved, you will receive your account details and can start using your new bank account.

### Currency Exchange Tips

If you need to exchange currency in Greece, it is recommended to compare exchange rates offered by different banks and currency exchange offices. Avoid exchanging money at airports or tourist areas, as they often have higher fees and less favourable rates. Online currency exchange platforms like Wise can also offer competitive rates for foreign exchange.

### Tax Residency Clarification

As an expatriate living in Greece, understanding your tax residency status is crucial. Your tax residency in Greece depends on various factors, including the duration of your stay and your sources of income. It is advisable to seek advice from a tax professional to ensure compliance with Greek tax laws and regulations.

In conclusion, setting up a bank account in Greece as an expatriate can provide you with convenient access to financial services and help you manage your finances effectively. By choosing a bank that meets your requirements, understanding the KYC regulations, exploring online money transfer options, and being aware of currency exchange tips and tax residency rules, you can navigate the Greek banking system with ease.

Remember to conduct thorough research, seek advice from banking professionals, and stay informed about any changes in banking regulations to make the most of your banking experience in Greece.