How easy is it to open a Bank account in Greece?

banks in greece27 December 2016

In modern times opening a bank account in Greece and any other part of the world is fairly easy. Technology advancement has aid this in such a way that you could open an account either online or go to a branch and just sign up. Usually the process will take about an hour or so.

And in most banks you could begin depositing money the same day! But before you do all of this, Tourist or Expats could do so to receive their salary but needed a legal document from their employer to prove the need for a New Greek bank account. Most Greek banks provide cheque books, account statements, cards for ATM use, and facilities such as standing orders for the payment of utilities bills and credit card payments, overdraft facilities and payroll services. One of the things a Tourist 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.  You will need to have certain documents at hand in order to open a bank account with your bank of choice.

Types of bank account in Greece include

  • Savings and Current Accounts
  • Monthly Income Savings Accounts
  • Investment Accounts
  • Student Accounts
  • Time Deposits
  • Deposit Accounts in Foreign Currency

Here are things to put in place and have at hand after choosing a preferred bank account type

  1. Choose Your Bank

You must look into your banking needs when choosing the financial institution where you intend to maintain your bank accounts. Basically, you must not be pressured by anybody to patronize a bank for their own selfish reasons. Well, of course, when you open bank accounts, you ought to take into consideration criteria like location relative to your place of work and residence, reputation of the bank in the community, range of services offered to customers, fees and charges for transactions made, and even freebies offered in promotions.

  1. Fill the form

When going to the bank to fill your form, you should take along with you a proof of residence a recent utility bill is the most common and easy document to provide. You must be ready with photocopies of your valid driver’s license, passport and Social Security card. Be ready, too, to provide other personal information although it will not go deep as asking what your favorite color is. This is not a job interview so no need to worry on this point. Even when you apply online, you will still be required to fill up applications forms that you must send to their offices. Be sure to fill in the right information as it will affect future transactions like loans and mortgages.

  1. Deposit some money to your new account

Once your application is approved, you will then deposit the required deposit money to start the account. Of course, you can deposit greater than the minimum if you want. This also presupposes that you have agreed to the terms and conditions of the deposit.

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