How To Open A Bank Account In Greece

How To Open A Bank Account In Greece - A Guide For Expats

Source: www.expatfocus.com

Important issues before opening a bank account in Greece

“While the process for opening a bank account in Greece is straightforward there are some important issues to remember because of the country's ongoing financial issues.”

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http://www.expatfocus.com/



Opening a bank account overseas

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“The first point to bear in mind for an expat moving to Greece is that they should not close their home bank account and should keep it open and active as an effective insurance policy against what may, or may not, happen to the Greek economy.”

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Documents required“Before accepting a credit card application, the Greek bank may request the expat's most recent tax return and they may also need proof of income from an employer and a residency permit.“

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Buying property in Greece

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“Expats who want to buy property in the country will have to prove that the money they are using to buy the home has been brought into Greece legally. Expats must also prove that they can maintain the property effectively and will be required to open a bank account for transactions.”




Set up a bank account “Opening an account should be fairly easy for all EU citizens so long as they can provide documentary evidence that they are a citizen of an EU member country. However, like many countries there will be banks in Greece which will refuse to have US expats as clients because requirements of the FATCA.“6

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Opening a bank account in Greece

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“The process of opening a bank account in Greece is straightforward but expats need a tax number, known as the AFM, which is easy to obtain. They need to visit a tax office, show their passport and their birth certificate and the nine-digit AFM number will be created and given to them.”




Minimum deposit

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“Many banks in Greece also require a minimum deposit to open the account, though some do not make the request. These amounts vary from €50-€300, though €150 is about the average amount.”

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Cashpoints and bank cards

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“The cashpoints tend to use Visa and MasterCard - so look out for the logo on the machine before trying to use one - which are also commonly used around the country. American Express and Diner's Club are less popular.”




Greece prefer cash

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“Cheques are rarely used in Greece and many firms and restaurants prefer cash. Many bars and eating places will only accept cash, so expats should always carry some money on them, particularly in major tourist locations.”

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Currency transactions

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“For those expats who expect to conduct lots of regular currency transactions then it is a good idea to file their receipts because they may be needed if there are questions about residency raised or if the tax authorities want to know why so much money is being exported from the country.”



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How To Open A Bank Account In Greece

Economy & Finance

Transcript of How To Open A Bank Account In Greece