While digital banks like Revolut and N26 are fantastic for daily life in Europe, moving to Greece long-term often requires a traditional Greek bank account.
Why? Because the Greek state relies on a deeply integrated digital payment system (DIAS). Paying your EFKA (social security) contributions, settling tax bills, and sometimes even setting up direct debits for utilities require a Greek IBAN.
Here is how to navigate the Greek banking system as a non-resident or new arrival.
1. The Pre-Requisite: You Must Have an AFM
Before you even approach a bank, you must have your Greek Tax Number (AFM). No Greek bank will open an account for you without it.
You will also need:
- Your valid Passport.
- Proof of your home address (a utility bill from your home country, or your Greek rental contract via TAXISnet).
- Proof of income or profession (a recent payslip, tax return, or employment contract).
- A Greek mobile phone number (for SMS verification and app setup).
2. The Four Major Greek Banks
Greece’s banking sector is consolidated into four major systemic banks. Here is a breakdown of their strengths for expats:
Piraeus Bank
- Best for: Expats and remote workers.
- Why: Piraeus is widely regarded as the most expat-friendly bank. They have excellent English-speaking support, a robust 24-hour service line, and a strong branch presence not just in Athens, but across the islands and rural areas. They also frequently accept Power of Attorney for remote account opening.
Alpha Bank
- Best for: Digital experience.
- Why: Alpha Bank boasts the “myAlpha” app, which is consistently top-rated and fully localized in English. For individuals who already have an AFM and a Greek mobile number, Alpha Bank offers a very smooth online account opening process (though non-EU citizens may still face hurdles without a residence permit).
Eurobank
- Best for: Remote setup options.
- Why: Eurobank has modernized significantly in recent years. They offer a great mobile app and are generally accommodating to remote account openings via Power of Attorney, making them a strong alternative to Piraeus.
National Bank of Greece (NBG)
- Best for: Extensive physical network.
- Why: NBG is the oldest and most traditional bank in the country. While their bureaucracy can feel a bit more rigid, they have the largest network of branches and ATMs nationwide.
3. Can I Open an Account Remotely?
Yes, but it depends on your passport and representation.
- EU Citizens: Can often utilize digital onboarding apps (like myAlpha) to open an account entirely from their smartphone, provided they have their AFM and Greek phone number ready.
- Non-EU Citizens: Digital onboarding is usually blocked for third-country nationals until they hold a physical Greek residence permit.
- The Solution (Power of Attorney): If you are non-EU and need an account before you arrive (or before your permit is issued), you can authorize a Greek lawyer via Power of Attorney. Banks like Piraeus and Eurobank are particularly accommodating to lawyers opening accounts on behalf of foreign clients.
4. Banking Fees
Unlike many modern fintechs, traditional Greek banks still rely heavily on fees.
- Account maintenance is usually free or very low cost (under €2/month).
- ATM Withdrawals: Withdrawing cash from an out-of-network ATM (e.g., using a Piraeus card at an Alpha Bank machine) will incur a fee, typically between €2.00 and €3.00 per transaction.
- Incoming international wire transfers from outside the SEPA zone may also incur receiving fees.
Summary
For a smooth relocation, secure your AFM first, get a Greek SIM card (like Cosmote or Vodafone), and prioritize Piraeus or Eurobank if you need to set up your financial life via a representative before you arrive.
[!NOTE] Disclaimer: This article is for informational purposes only and does not constitute individual legal or tax advice. Immigration laws and tax regulations are subject to change. Please consult a qualified professional before making relocation decisions.