How to Open a Bank Account in Greece: Complete Guide for Expats and Investors

Opening a bank account in Greece as a foreigner starts with your 9-digit AFM tax number, a passport and proof of address, and once the account is open your deposits are protected up to €100,000 per depositor per bank by the Hellenic Deposit and Investment Guarantee Fund (TEKE), with payouts due within 7 working days (NBG depositor information sheet under Law 4370/2016, checked 18 October 2026). Capital controls ended on 1 September 2019, so transfers in and out of Greece work as anywhere else in the eurozone.

A Greek bank account is a payment account at a credit institution operating in Greece, identified by an IBAN that starts with "GR" and has 27 characters.

As a rough planning guide (not official figures), expect about 1-2 weeks for EU citizens, 2-4 weeks for non-EU residents and 4-8 weeks for non-resident Golden Visa investors, who can open accounts at banks that accept non-resident customers without living in Greece. Each bank sets its own policy and timing.

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 — a Golden Visa purchase must be paid into the seller's account at a bank in Greece, and a Greek account makes that payment trail simple
• Golden Visa applications — the notary records how the price was paid, so a clear Greek bank trail helps the immigration file
• 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 may give you an IBAN from another country rather than one starting with "GR". For a Golden Visa purchase, the Migration Code requires the full price to be paid by bank transfer, crossed cheque or card terminal into the seller's account at a bank or payment provider operating in Greece, and the payer's account details are declared to the notary and written into the deed (Migration Code art. 100(5), checked 18 October 2026). Check with your notary before paying from a non-Greek account.

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: Nationwide
• English support: Limited
• Fees: see the bank's current price list

Greece's oldest bank, founded in 1841. NBG offers the most established infrastructure but can be bureaucratic. English support varies by branch; Athens and Thessaloniki locations tend to handle expats better than smaller towns.

Pros: Wide ATM network, long-established Cons: Slower processes, inconsistent English support, older digital platform

Piraeus Bank

• Best for: Branch accessibility
• Branch network: Nationwide
• English support: Moderate
• Fees: see the bank's current price list

With branches across Greece, Piraeus offers wide geographic coverage, including outside the major cities. Its winbank digital platform handles most routine transactions, and it is one of the banks Golden Visa applicants often approach for non-resident accounts.

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
• Fees: see the bank's current price list

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 in major branches, modern app, efficient in cities Cons: Fewer rural branches

Eurobank

• Best for: Golden Visa investors
• Branch network: Nationwide
• English support: Excellent
• Fees: see the bank's current price list

Often used by Golden Visa investors and property buyers. Ask whether your branch has staff who handle non-resident accounts and English-language documentation before you book.

Pros: Familiar with investor accounts, English support in major branches, nationwide network Cons: Premium packages less suited to 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

Many EU citizens can open an account at a major branch with these documents on the day, though card delivery can take several business days.

Non-EU Residents

Non-EU nationals living in Greece need additional documentation:

• Valid passport
• Greek residence permit
• 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

Banks ask for proof of your residence status. If you don't yet hold a Greek residence permit, the bank will usually treat you as a non-resident customer, with the extra checks described below.

Non-Residents (Golden Visa and Property Buyers)

Investors who don't live in Greece can still open accounts, though options can narrow, because each bank sets its own non-resident policy. 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 review non-resident applications more closely under anti-money-laundering rules, so a complete source-of-funds file speeds things up.

For Golden Visa applicants, tell the bank that the account will receive the purchase funds, so it can ask for the source-of-funds documents early.

Step-by-Step: Opening Your Greek Bank Account

Step 1: Obtain Your AFM Tax Number

Greek banks ask for your AFM when you open an account. This nine-digit tax identification number is issued free by the Greek tax authority (AADE).

Since 1 December 2023 everyone, resident or not, applies online and confirms their identity by a myAADElive video call or at a tax office (AADE decision A.1185/2023). A tax representative is optional for non-residents who accept official notices at their own contact details (A.1069/2024). Movingto's Greece AFM setup service can handle this step with you.

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, call ahead to confirm that the branch handles non-resident accounts, as 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

Fees vary by bank and account package, and each bank publishes a price list (τιμολόγιο). Check the current list before you open. What to look at:

Account Maintenance

• Monthly fee: depends on the bank and account package; some basic accounts charge none
• Some banks waive fees for accounts with regular salary deposits or a minimum balance

Debit Cards

• Annual card fee: varies by card type
• Some cards are free in the first year
• Premium cards with travel insurance cost more

Transfers

• SEPA transfers (EU): a euro transfer to another EU country must cost the same as a domestic euro transfer (Regulation (EU) 2021/1230)
• International SWIFT transfers: priced in the bank's price list; correspondent banks may add their own charges
• Instant euro transfers: cannot cost more than a standard euro transfer (Regulation (EU) 2024/886)

ATM Withdrawals

• Own bank's ATMs: check your account package
• Other Greek banks' ATMs: a per-withdrawal fee may apply
• ATMs abroad: fees and currency conversion charges may apply

Account Closure

• Account closure: some banks charge a closing fee; check the price list
• Some banks waive it once the account has been open for a set period

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)

Check before relying on them for:

• Property purchases (the seller must be paid into an account in Greece; ask your notary about paying from a non-Greek account)
• Golden Visa investments (a clear Greek bank trail is simplest for the deed and the immigration file)
• 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.

What Should You Ask Your Bank Before a Golden Visa Purchase?

Before you choose a bank, ask whether it offers:

• Staff familiar with Golden Visa payment requirements
• Experience working with lawyers and notaries on property purchases
• Statements and payment confirmations that the notary and the immigration file accept
• Non-resident account services

The Money Trail Requirement

For a Golden Visa purchase, the Migration Code requires the full price to be paid by bank transfer, crossed cheque or card terminal into the seller's account at a bank or payment provider operating in Greece, and the payer's account details are declared to the notary and written into the deed (Migration Code art. 100(5), checked 18 October 2026). Keep records showing:

1. Funds arriving via international wire transfer
2. Clear source documentation (sale of assets, savings, inheritance)
3. Proper banking records for the notary and immigration file

Cash deposits or cryptocurrency conversions create complications. Keep the money trail clean and documented with your bank.

Timing Your Account Opening

Open your bank account before finding a property. Account setup can take several 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.

Movingto's Greece Golden Visa service includes AFM and banking setup as part of sequencing the purchase. It is priced per case, so ask for a quote.

Common Challenges and Solutions

"Your documents are not sufficient"

Bank employees sometimes ask for documents beyond the published list. Stay calm and ask specifically what's missing. If the request seems unreasonable, try another branch or ask for a manager. Having a Greek speaker with you 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.

Related Guides

• How to Get Your AFM Tax Number in Greece
• Greece Golden Visa: Complete Guide
• Cost of Living in Greece
• Buying property in Greece
• Greece AFM setup service