Bank Account in Greece

After 5 years, Greece overcame the economic crisis and finally took back its status as one of the most attractive countries for foreign citizens. If you want to move to Greece from Russia, you should consider some peculiarities. For example, it is almost impossible for a non-resident to buy real estate or get a job without an open personal account. How to do this with the least effort, we will tell you in this article.

Documents Required

In advance of opening the bank account in Greece, a non-resident is supposed to go through an interview. It is carried out by a representative of the bank and hence you shall not be afraid of bureaucratic delays. The main attention is paid to the preparation of the documents. Not only is it important that it be collected, but also that it be translated into Greek. International English is respected here, too; still, few banks use it in financial matters. Together with the passport, a credit institution employee is entitled to demand a Greek TIN – AFM, a tax return, a certificate of income, also as information about salary at a place of work, and documents confirming the presence of a permanent place of residence (for this purpose, it is enough to bring utility bills).

Opening a bank account in Greece requires some documents, which include the following:

• Passport
• Greek identification number
• A certificate from the place of work indicating position and terms of service
• Income statement
• An extract from the previous bank, confirmation of the credit history

Though at the same moment, some Greek credit and financial organizations, for registering a bank account, allow the TIN code given in the country of nationality of a foreigner. This document should at the same time be necessarily translated into Greek and notarized.

Corporate accounts will require identification documents of founders and shareholders, as well as statutory, registration documents, copies of tax returns, and income certificates.

Opening an Account in the Bank of Greece by a Foreigner

It is necessary in case of application to a financial institution by a foreign citizen. Then, he must sign a special declaration. He is obliged to point in it the purpose of account opening. Then the documents are checked thoroughly, as a result of which the bank makes a positive decision and activates the client’s account. All this takes no more than a week.

Its turn, a legal body should provide the documents that would testify to the main information about an enterprise and its activity. In other words, the charter, protocol of the founders’ meeting (if any) and financial reports for a certain period.

There are some grounds for the denial in opening an account in Bank of Greece to a non-resident. Among them are some problems with credit history and negative reputation.

In what Greek bank is it better to open an account?

It is better for a foreigner to consider credit institutions with an impeccable reputation and an extensive network of branches. In high demand among customers are the following banks:

National Bank of Greece works both with individuals and with legal entities. It is under government control, and therefore it is considered reliable.

Piraeus Bank is in great demand among private clients, as it considers individual conditions for opening an account.

Alpha Bank is also a financial institution that is not a stranger to Internet banking technologies. The specifics of cooperation with the bank are that in order to be able to use all services, a non-resident needs to obtain a Greek residence permit (residence permit).

Millennium Bank enters the list of those institutions that are not afraid of economic crises. Many customers from European countries highly valued its reliability and steadiness. The bank specializes in work with corporate and investment accounts.

Types of Bank Accounts

There are several types of bank accounts. Which one the client will be able to open directly depends on the amount of funds and the type of settlement operations.

• Current account – universal account, it can be used under any kind of settlement operation.
• Savings account – you store your money in the bank and earn interest for it. The quantity of settlement operations is limited. The size of interest rate depends on the sum of deposit and its term.
• A depository account is opened solely for depositing funds. There is no percentage of profit but only commission. One can withdraw the fund from the account anytime.
• Registered – registered in the name of the client. Funds can be managed from any bank office after presenting a passport.
• Numbered is a confidential banking product. Only a few employees know the name of the holder, and a unique combination of numbers is indicated instead.

It is rather difficult for a citizen of another country independently to open an account in Greece. Such a decision is connected with big demands of the most part of the local financial organizations. With the purpose not to waste time and nerves, it is worth seeking advice from specialists.

The types of bank accounts that can be opened in Greece

Popular Banks in Greece

National Bank of Greece is the largest state–owned bank in Greece. Provides a full range of banking services for local residents. Registration of bank accounts for non-residents is characterized by increased requirements, which increases the level of confidentiality.

Piraeus Bank is hugely popular with private clients due to the opportunity to open a bank account in Greece under individual conditions. This bank provides services for Greeks and foreigners alike. It boasts relatively low service fees compared to other Greek banks.

Millennium Bank – the main activity of this bank is corporate and investment account servicing. In Greece, it is considered one of the most resistant banks to economic crises, which contributed much to its popularity among many clients all over Europe.

Alpha Bank: in contrast to the majority of Greek credit and financial institutions, this bank provides a full range of banking services through Internet banking. It serves both legal entities and individuals. Non-residents will have to provide a residence permit in order to register a bank account.

Eurobank is considered one of the innovative and developed banking groups, operating in seven European countries. It offers a wide range of financial products and services for private and corporate clients. It is characterized by low tariffs and loyalty to customers regardless of their citizenship.

If you would like to open a business bank account in Greece, our team here at Regulated United Europe will be very happy to assist you in this respect. We boast eight years of experience in assisting customers in opening bank accounts within Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.

Opening a Corporate Bank Account in Greece

Opening a corporate bank account in Greece is a weighty and indispensable step for those companies willing to enter or already operating in the international market. Because of the good quality and diversity of banking services and a favorable investment environment, Greece is one of the most attractive places for opening bank accounts for companies. The main aspects of the opening and the advantages of a corporate bank account opening in Greece are presented below.

Why Open a Corporate Bank Account in Greece?

• Stable Banking System: The Greek banking system is renowned for stability and reliability; it will protect your finances and give you confidence in your banking operations.
• Wide Range of Banking Services: Greek banks provide corporate customers with a variety of financial products and services, from various types of loans and deposits to export accounts and international payments.
• Finances Managed Effectively: Corporate bank account opening in Greece means the financial resources of the company are managed with efficiency, state-of-the-art technologies, and services at a high level that exist within the market.
• International Opportunities: Greece is a member of the European Union, which provides access to the European internal market and international investment opportunities.

Stages of Opening a Corporate Bank Account in Greece

Opening a corporate bank account in Greece gives access to different financial services provided for your company and allows maintaining your finance effectively. When choosing a bank, you have to pay attention to its reputation, terms of service, and financial products offered. This will help to make the best choice for your business.

Personal bank account in Greece

Opening a personal bank account in Greece is one of the most essential steps for those living, working, or having developed financial interests in this country. Greece offers all kinds of banking services and has a favorable investment environment; thus, it has become one of the attractive places for the opening of accounts to meet personal needs. Let’s consider the main aspects and benefits of opening a personal bank account in Greece in closer detail.

Advantages of Opening a Personal Bank Account in Greece

• Favourable Financial System: The Greek banking system is well-known for its stability and reliability, hence all your finances along with deposits are kept safe.
• Extensive Range of Banking Services: The banks in Greece have a wide range of services provided, such as debit and credit cards, accounts, deposit facilities, online banking, mobile apps for the management of accounts, etc.
• Comfort and Accessibility: Generally, the process of opening a personal bank account in Greece is easy and convenient. Most of them allow online applications that further make the process easy and accessible.
• Investment Opportunities: Greece provides a good number of investment options for its clients in deposits, bonds, and funds, which can help in capital management and growth.

Steps to Open a Personal Bank Account in Greece

Opening a personal bank account in Greece will provide wide access to all kinds of banking services, as well as good control of one’s finances within the stable and developed financial system. Besides reputation, while choosing a bank, one must consider the terms of service and the services offered in order to make the best choice concerning his or her financial needs.