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Grenada Citizenship by Investment
Opening a bank account in Greece requires one thing before anything else: your AFM tax number. Without it, no Greek bank will process your application. The good news? Capital controls that once restricted transfers were completely lifted on September 1, 2019, and Greece's banking system now operates normally within the eurozone.
For most expats, the timeline runs 1-2 weeks for EU citizens and 2-4 weeks for non-EU residents. Golden Visa investors face longer waits of 4-8 weeks but can open non-resident accounts at Eurobank or Piraeus Bank without living in Greece.
This guide covers which bank to choose, what documents you need, and how to navigate the process based on your residency status.
Why You Need a Greek Bank Account
A local Greek IBAN is essential for several key transactions:
- Property purchases — Real estate transactions require funds from a Greek bank account
- Golden Visa applications — Investment funds must originate from a Greek IBAN
- Salary payments — Greek employers pay into local accounts
- Utility setup — Direct debits for electricity, water, and internet
- Tax payments — Settling obligations to the Greek tax authority
Digital banks like N26, Revolut, and Wise operate in Greece but issue German, Lithuanian, or Belgian IBANs—not Greek ones. For property purchases or Golden Visa investments, these accounts do not satisfy legal requirements. You need a genuine Greek IBAN starting with "GR."
Greece's Big 4 Banks Compared
Four banks dominate the Greek market. Each serves different needs depending on your situation.
National Bank of Greece (NBG)
- Best for: Long-term residents
- Branch network: Large (6M+ customers)
- English support: Limited
- Monthly fee: €0-2/month
Greece's oldest bank, founded in 1841, serves over 6 million customers. NBG offers the most established infrastructure but can be bureaucratic. English support varies significantly by branch—Athens and Thessaloniki locations handle expats better than smaller towns.
Pros: Widest ATM network, lowest fees, most established
Cons: Slower processes, inconsistent English support, older digital platform
Piraeus Bank
- Best for: Branch accessibility
- Branch network: Large (405 branches)
- English support: Moderate
- Monthly fee: €0-2.50/month
With 405 branches across Greece, Piraeus offers strong geographic coverage, particularly outside major cities. Their winbank digital platform handles most routine transactions. Piraeus has experience with non-resident accounts, making them a solid choice for Golden Visa applicants alongside Eurobank.
Pros: Excellent geographic coverage, decent digital banking, non-resident friendly
Cons: Variable service quality, some branches understaffed
Alpha Bank
- Best for: Urban expats
- Branch network: Major cities
- English support: Good
- Monthly fee: €0-3/month
Strong presence in Athens, Thessaloniki, and tourist areas. Alpha Bank's digital platform is modern by Greek standards, and their English support in major branches is reliable. Popular among EU expats who want straightforward urban banking.
Pros: Good English support, modern app, efficient in cities
Cons: Fewer rural branches, slightly higher fees
Eurobank
- Best for: Golden Visa investors
- Branch network: Largest (540 branches)
- English support: Excellent
- Monthly fee: €1-3/month
The go-to choice for Golden Visa investors and property buyers. Eurobank actively markets to foreign investors and maintains dedicated teams for non-resident accounts. Their English documentation and support exceeds competitors. With 540 branches—the largest network in Greece—they combine investor specialization with nationwide accessibility. Higher fees reflect the specialized service.
Pros: Best for investors, excellent English support, largest branch network, smooth non-resident process
Cons: Higher fees, premium positioning less suited for basic daily banking
Requirements by Residency Status
Your documentation requirements depend on whether you're an EU citizen, non-EU resident, or non-resident investor.
EU Citizens
EU nationals face the simplest process. Required documents:
- Valid passport or national ID card
- AFM (Greek tax number) — Get your AFM first
- Proof of address (utility bill, rental contract, or bank statement from home country)
- Proof of income or employment (some banks request this)
Timeline: 1-2 weeks from application to active account
Most EU citizens can walk into any major branch with these documents and open an account the same day, though card delivery takes 5-10 business days.
Non-EU Residents
Non-EU nationals living in Greece need additional documentation:
- Valid passport
- Greek residence permit (valid for at least 6 months)
- AFM (Greek tax number)
- Proof of Greek address
- Proof of income or employment contract
- Some banks request a reference letter from your home bank
Timeline: 2-4 weeks from application to active account
The residence permit is non-negotiable. Tourist visas do not qualify—you must have legal residency status. Banks verify permits with immigration authorities, which adds processing time.
Non-Residents (Golden Visa and Property Buyers)
Investors who don't live in Greece can still open accounts, though options narrow to Eurobank and Piraeus Bank as the most accommodating. Required documents:
- Valid passport
- AFM (Greek tax number) — Can be obtained without residency
- Proof of address in your home country
- Proof of income or wealth (bank statements, tax returns)
- Explanation of account purpose (property purchase, investment)
- Power of Attorney if working through a lawyer (common for remote applications)
Timeline: 4-8 weeks for non-residents
The extended timeline reflects additional due diligence. Banks scrutinize non-resident applications more thoroughly under anti-money laundering regulations. Working with a Greek lawyer who has banking relationships can accelerate the process.
For Golden Visa applicants, ensure your bank understands the investment will flow through this account. Eurobank's investor services team handles this regularly and can coordinate with your lawyer and notary for property purchases.
Step-by-Step: Opening Your Greek Bank Account
Step 1: Obtain Your AFM Tax Number
No Greek bank will open an account without your AFM. This nine-digit tax identification number is issued by the Greek tax authority (AADE).
EU citizens can often obtain an AFM the same day at a local tax office. Non-EU applicants may need a tax representative. Budget 1-5 days for this step.
Read our complete guide: How to Get Your AFM Tax Number in Greece
Step 2: Gather Your Documents
Collect all documents based on your residency status (see requirements above). Key tips:
- Documents older than 3 months may be rejected
- Non-English documents typically need certified Greek translation
- Bring originals plus photocopies—branches often keep copies
- Address proof must match the address you'll register with the bank
Step 3: Choose Your Bank and Branch
For EU residents with basic needs, any Big 4 bank works. Choose based on branch convenience and digital platform preferences.
For Golden Visa investors and property buyers, start with Eurobank's investor services or Piraeus Bank. Call ahead to confirm the branch handles non-resident accounts—not all do.
Step 4: Schedule an Appointment
While some branches accept walk-ins, booking an appointment ensures you meet with someone who handles foreign applications. Request an English-speaking representative if needed.
Bring all documents to your appointment. Missing paperwork means returning another day—Greek bureaucracy rarely makes exceptions.
Step 5: Complete the Application
The bank reviews your documents, enters your information, and explains account terms. You'll sign various forms and disclosures. This process takes 30-60 minutes.
Key decisions at this stage:
- Account type (current/checking vs. savings)
- Debit card request
- Online banking activation
- SMS notification preferences
Step 6: Receive Your Account Details and Card
Your Greek IBAN is typically provided immediately or within 24-48 hours. Physical debit cards arrive by mail in 5-10 business days, though some branches offer instant card issuance.
Online banking credentials come separately, often requiring activation at an ATM or branch.
Understanding Greek Banking Fees
Greek banks charge modest fees compared to many European countries. Expect:
Account Maintenance
- Monthly fee: €0-3 depending on bank and account type
- Many banks waive fees for accounts with regular salary deposits or minimum balances (typically €1,000-3,000)
Debit Cards
- Annual fee: €0-15/year
- Cards are usually free the first year
- Premium cards with travel insurance cost €20-40/year
Transfers
- SEPA transfers (EU): Free or €0.50-1 for most banks
- International SWIFT transfers: €15-40 depending on destination and bank
- Instant transfers: €1-2 premium over standard
ATM Withdrawals
- Own bank's ATMs: Free
- Other Greek banks: €0.50-1 per withdrawal
- International ATMs: €2-5 plus potential currency conversion fees
Account Closure
- Most banks charge €5-15 to close an account
- No fee if you've held the account over 12 months at some banks
Digital Banking in Greece: Know the Limitations
International digital banks operate in Greece, but with important restrictions:
N26, Revolut, Wise
These services work perfectly for:
- Daily spending with favorable exchange rates
- Receiving money from abroad
- Budgeting and expense tracking
- ATM withdrawals (within monthly limits)
They do not work for:
- Property purchases (no Greek IBAN)
- Golden Visa investments (no Greek IBAN)
- Greek mortgage applications
- Some utility direct debits
- Government payments requiring Greek accounts
Greek Bank Digital Platforms
All Big 4 banks offer mobile apps and online banking. Quality varies:
- Eurobank: Most modern interface, good English support
- Alpha Bank: Solid app, intuitive navigation
- Piraeus winbank: Functional but dated design
- NBG i-bank: Basic features, improving gradually
For expats, combining a Greek bank account for essentials with a digital bank for daily spending often works best.
Special Considerations for Golden Visa Applicants
The Golden Visa program requires investments (€400,000-800,000 in real estate, depending on location) to originate from a traceable, legal source through proper banking channels.
Why Eurobank or Piraeus?
These banks understand the Golden Visa process:
- Dedicated staff familiar with investment visa requirements
- Experience coordinating with lawyers and notaries
- Documentation that satisfies immigration authorities
- Non-resident account services
The Money Trail Requirement
Greek immigration authorities scrutinize how investment funds enter Greece. Your bank account must show:
- Funds arriving via international wire transfer
- Clear source documentation (sale of assets, savings, inheritance)
- Proper banking records for the notary and immigration file
Cash deposits or cryptocurrency conversions create complications. Work with your bank and lawyer to ensure the money trail is clean and documented.
Timing Your Account Opening
Open your bank account before finding a property. The account setup takes 4-8 weeks for non-residents, and you don't want banking delays holding up a purchase. Once your account is active, funds can transfer quickly when you're ready to close.
Common Challenges and Solutions
"Your documents are not sufficient"
Greek bank employees sometimes request documents beyond official requirements. Stay calm and ask specifically what's missing. If the request seems unreasonable, try another branch or escalate to a manager. Having a Greek-speaking friend or lawyer present helps.
Slow processing times
Greek banks operate at their own pace. Following up politely every few days is acceptable. Written communication (email) creates records that phone calls don't.
August delays: Expect significant slowdowns during August, particularly around August 15th (Assumption of Mary), when many bank staff take extended holidays. If possible, avoid initiating applications in August or factor in 2-3 extra weeks.
Language barriers
Major city branches usually have English-speaking staff, but confirm before your appointment. Bringing a translator or Greek-speaking friend to smaller branches prevents miscommunication.
Rejected applications
Rejections happen, especially for non-residents without clear income documentation. If rejected, ask for specific reasons in writing. Address those issues and try a different bank—policies vary between institutions.
Frequently Asked Questions
Can I open a Greek bank account online without visiting Greece?
No traditional Greek bank offers fully remote account opening. Non-residents must either visit in person or grant Power of Attorney to a lawyer who completes the process on their behalf. This is standard for Golden Visa investors working with legal representation.
Do I need to speak Greek to open a bank account?
Not in major cities. Eurobank, Alpha Bank, and select Piraeus and NBG branches in Athens and Thessaloniki have English-speaking staff. Outside major cities, bringing a translator is advisable.
How long does it take to open a Greek bank account?
EU citizens: 1-2 weeks. Non-EU residents: 2-4 weeks. Non-residents (Golden Visa): 4-8 weeks. The AFM tax number must be obtained first, which adds 1-5 days to any timeline.
Can I use Revolut or N26 instead of a Greek bank?
For daily spending, yes. For property purchases, Golden Visa investments, or transactions requiring a Greek IBAN, no. These digital banks issue European IBANs from other countries, not Greece.
What is the minimum deposit to open a Greek bank account?
Most banks require no minimum deposit, though some request €50-100 as an initial deposit. Golden Visa-related accounts may have higher minimums based on the bank's policies.
Are Greek banks safe after the financial crisis?
Yes. Greek banks underwent extensive recapitalization and European Central Bank oversight following the crisis. Deposits up to €100,000 are protected by the Hellenic Deposit and Investment Guarantee Fund, matching EU standards. Capital controls were fully lifted on September 1, 2019.
Can I have a Greek bank account as a non-resident?
Yes, though options are limited. Eurobank and Piraeus Bank are most accommodating for non-residents. You'll need your AFM, passport, home address proof, and documentation of income or wealth.
What fees should I expect?
Monthly fees range from €0-3. Debit cards cost €0-15 annually. SEPA transfers within the EU are typically free. International SWIFT transfers cost €15-40. Most fees can be waived with minimum balances or salary deposits.
