Business Bank Account in Greece for Freelancers and IKEs (2026)

Once you register as a freelancer or form an IKE in Greece, your bank account stops being a private matter. AADE can require you to declare it, your clients may only pay certain amounts electronically, and your expenses can lose their tax deduction if you pay them in cash. This guide covers the business side. For opening a personal account as a newcomer, see opening a bank account in Greece.

The short answer

Sole traders: no general legal duty to open a second account, but if you serve consumers or work under a listed activity code (KAD), you must declare a professional account to AADE within one month of starting. Fine for not declaring: €1,000.
IKE: needs an account in the company’s own name. Banks check the company, its administrator and its beneficial owners in detail. The declaration rule applies to companies too.
Cash limits: sales of €500 or more to consumers must be paid by card or bank transfer. Business purchases above €500 paid in cash are not tax-deductible.
Neobanks: fine for receiving money from foreign clients; for the AADE declaration and IRIS, a Greek IBAN is the safe choice.
Timeline: one visit for a sole trader, one to three weeks for an IKE.

Does a freelancer need a separate business account?

Greek law has no general “every freelancer needs a business account” rule. The duty depends on your activity.

Businesses that serve consumers, or that work under one of the activity codes listed in the card-acceptance decision (KYA 119899/2023, which replaced KYA 45231/2017), must accept card and instant payments, including IRIS. The same payees must declare their professional account(s) to AADE through its online service, using their TAXISnet credentials, within one month of starting the activity, and declare any change within a month.

The list of codes is long: retail, transport, health, education, repairs and many professional services. Whether you are on it depends on the KAD you register with, not on your nationality or turnover. A developer or consultant who only invoices foreign companies is often outside the scope; a yoga teacher or translator who works for private clients usually is not.

What counts as a professional account is strict (Law 4446/2016, art. 62; KYA 119899/2023, art. 4):

It is used only for your business. Groceries and rent from the same account break the rule.
Two businesses cannot declare the same account, so you cannot share one with your partner’s business.
You declare every account you use for business, not just one.
The payment provider has to confirm the IBAN to AADE. If it does not, AADE deactivates the declaration.
Not declaring costs €1,000; declaring late costs €100.

Even if you are not obliged, open a second account. It costs little, makes your myDATA submissions and VAT reconciliation easier, and in an audit it separates business money from private money.

The €500 rules

Two separate rules:

Selling to consumers. Any sale of €500 or more to a private individual must be settled by card, bank transfer or another electronic method. Cash is not allowed, and the business that accepts it faces a fine of twice the cash amount (Law 3842/2010, art. 20(3), as amended by Law 5301/2026; Tax Procedure Code, art. 57(10)).

Buying as a business. Purchases of goods or services above €500 that you do not pay through a bank (transfer, business card, bank cheque) are not deductible from your business income (Income Tax Code, art. 23(b)). The rule bites even if only part of the bill is paid in cash.

If you sell to consumers in a shop or studio, you also need a card terminal (POS) or an IRIS-enabled setup; failing to accept cards costs €1,500 (KYA 119899/2023, art. 5). If you issue retail receipts through a cash register or an e-invoicing provider, the terminal has to be linked to it.

What an IKE needs

An IKE is a separate legal person. It needs an account in its own name, and the administrator cannot run company money through a personal account. If it sells to consumers, it must accept IRIS (mandatory for companies since 1 December 2025) through a declared professional account. Expect a full due-diligence review. Typical documents:

GEMI general certificate (γενικό πιστοποιητικό) and certificate of representation (πιστοποιητικό εκπροσώπησης), usually no older than one to three months.
Articles of association, plus any amendments.
The company’s AFM and start-of-business confirmation from TAXISnet, showing its KAD codes.
Beneficial owner register entry: every IKE must record its beneficial owners in the central register (Κεντρικό Μητρώο Πραγματικών Δικαιούχων), and banks check it (Law 4557/2018, art. 20).
Administrator’s passport, personal AFM, proof of address and phone number. Many banks want them present at the branch, at least for the first signature.
For each partner with 25% or more: ID and proof of address; for a corporate shareholder, its own registry extract and ownership chart, apostilled and translated where needed.
A short business description: what you sell, to whom, in which countries, expected monthly turnover and where the initial funds come from.

An IKE can be formed with zero capital (details in our IKE guide). If partners do contribute cash, the bank will want it paid in and documented.

Documents for a sole trader

Simpler, and usually done in one visit:

Passport or EU ID card and your AFM.
Start-of-business confirmation (βεβαίωση έναρξης / μεταβολής εργασιών) with your KAD codes.
Proof of address in Greece (registered lease or utility bill) and a phone bill in your name.
Sometimes your EFKA registration or recent invoices.

If you have not registered yet, start with setting up as a freelancer in Greece.

Greek banks vs neobanks

The four systemic banks

Piraeus, National Bank of Greece, Eurobank and Alpha Bank all offer business accounts for sole traders and companies. Fees change often, so compare the published price lists (τιμολόγιο). In practice, the deciding factors are the branch near you and how responsive its business desk is.

Advantages: a Greek IBAN that AADE, EFKA, IRIS and Greek clients accept without friction, plus card terminals and direct debits from the same bank.

E-money providers and neobanks

Viva.com: Greek provider, offers Greek (GR) IBANs on request (for a monthly fee), popular with small businesses for card acceptance and IRIS. A realistic alternative to a systemic bank for the professional account.
Wise Business and Revolut Business: good for multi-currency invoicing and foreign clients, but they currently issue non-Greek IBANs. Revolut has Bank of Greece approval for a local branch and has announced Greek IBANs; check which IBAN your account actually shows before declaring it.

Greek taxes can be paid from any SEPA account. The problem is everything else: the provider must confirm your IBAN to AADE for the professional account, and it is unclear whether foreign EMIs do this reliably; IRIS works only through participating providers; EFKA payments run most smoothly from a Greek IBAN. Our recommendation: a Greek business account as the declared professional account, plus Wise or Revolut for foreign currency. The rule says every account that carries business payments must be declared, so if you are in scope, check with your accountant how to handle the second one. Social security is covered in EFKA for freelancers.

Realistic timelines

Sole trader, EU citizen, Greek address: usually one appointment; e-banking the same or next day.
Sole trader, non-EU citizen: one or two visits; residence permit often requested.
IKE with EU partners resident in Greece: one to three weeks after the bank has a complete file.
IKE with non-EU partners or a foreign parent company: several weeks; follow-up questions are normal.

Book an appointment; walk-ins rarely work for business accounts.

Why banks turn foreigners down

Rejections are rarely about nationality. The usual reasons:

Incomplete or inconsistent file: a different address on the passport, lease and TAXISnet, or certificates older than the bank accepts.
Unclear business model: “consulting” with no clients, contracts or website the bank can see.
Source of funds: a large initial deposit without documents, or proceeds from crypto.
Ownership structure: layered foreign holding companies, nominee shareholders, or a partner in a high-risk jurisdiction.
No real link to Greece: no Greek address or tax residence, and no explanation why the business is here.
Activity mismatch: payments that do not match the registered KAD codes.

Bring client contracts or invoices and explain your money flows in two or three sentences. That covers most objections.

Where taxomade fits

We set up the paperwork side as part of ongoing bookkeeping, from €89 a month: we prepare and file the professional account declaration, check your KAD codes against the card and IRIS rules, and keep your myDATA, VAT and annual returns in line with your bank statements, in English, German or Greek. Send us a message on WhatsApp or through our contact form for a free compliance check.

FAQ

Do freelancers in Greece need a separate business bank account?

Not always by law. If you serve consumers or work under one of the activity codes (KAD) listed in the card-acceptance decision, you must declare at least one professional account to AADE within a month of starting, and that account may only be used for business. Even when it is not mandatory, a separate account keeps your books clean and makes audits easier.

What is a professional account (επαγγελματικός λογαριασμός) in Greece?

A payment account used only for your business transactions, declared to AADE through its online service. The payment provider must confirm the IBAN, or AADE deactivates it. Not declaring costs €1,000; declaring late costs €100.

Can I use Revolut or Wise as a business account in Greece?

For receiving foreign client payments, often yes. For the AADE professional account declaration, the provider has to confirm the IBAN, and it is unclear whether foreign IBANs from Wise or Revolut are confirmed reliably. IRIS also needs a provider that takes part in it. The safe setup is a Greek business account alongside the neobank.

What documents do I need to open a bank account for an IKE in Greece?

Typically the GEMI general certificate and certificate of representation, the articles of association, the company’s AFM and start-of-business confirmation with its KAD codes, the administrator’s passport and proof of address, the beneficial owner register entry, and a short description of the business, expected turnover and source of funds.

How long does it take to open a business bank account in Greece?

For a sole trader with an AFM and registered activity, usually one branch visit. For an IKE, expect one to three weeks, longer if the shareholders are non-EU residents, a foreign company owns the shares or the bank asks extra compliance questions.

Rules as of November 2026 (sources: Law 4446/2016, arts. 62 and 65; KYA 119899/13-12-2023, arts. 1, 4–6, as amended by KYA 18333/2025; Law 5193/2025, art. 219; Law 3842/2010, art. 20(3), as amended by Law 5301/2026; Tax Procedure Code (Law 5104/2024), art. 57(10); Income Tax Code, art. 23(b); Law 4557/2018, art. 20; AADE decisions A.1098/2022 and A.1155/2023; banks’ and providers’ published terms).