Hi all,
Here is my feedback on opening a bank account in Greece as an NON-RESIDENT EU citizen.
Procedure was completed on 2/10/2023.
a) In my case, there were 4 main banks to choose from: Pireus, NGB, Alpha and Eurobank.
There are other banks, but only these 4 have branches throughout Greece.
b)AFM vs TIN of country of residence: Legally, the Greek AFM number is not or no longer required to open an account, but only your TIN number if you are a foreign resident. However, in practice it is impossible to obtain a Greek bank account without an AFM. In fact, opening an account is subject to a "motivation". As this motivation is often linked to a property or a work contract, the AFM number will be required by the bank.
c) Opening an account online VS going to a branch: Eurobank offers an online account opening service via a smartphone application, but I've never managed to complete the procedure as a non Greek resident. Other banks only offer this facility to pre-existing customers. Visiting a branch was my only option.
d)Timing: Whatever your project, do it as early as possible.
- If you plan to buy a property, you'll have to pay a real estate transaction tax and a property tax. If you don't have a Greek bank account, you'll have to rely on a third party to make the payments. The first tax is due BEFORE you go to the notary, and proof is required. Only payment by Greek bank card will provide immediate proof of payment. A cash payment seems still possible, but it could delay the notary deed.聽 As for the 2nd tax, this is payable within 24 hours... Conclusion: it's better to have a Greek bank account as soon as possible.
- If you plan to live or work in Greece, I advise you to open your account BEFORE your official move. You need to be able to prove your address by means of an electricity, gas or water bill. You'll also need to prove your income, etc. In short, there's a whole range of information available before you move to Greece. This is not something to be taken lightly. Unless you're a freelancer, salaries are automatically to be paid onto a Greek bank account.
e) Procedure: Opening an account takes 2 hours, and is normally done by appointment.
I had prepared all the documents I thought possible, but my appointment with NGB still ended in failure. So I pushed the door elsewhere without an appointment.
Each time I was told that I needed an appointment, because it was a big procedure and so on.聽 I simply replied: yes, I understand, but before making an appointment, could you tell me what documents I need?聽 The third bank was the right one for me.
To remember:聽
- The level of English of the bank employees I met was generally not very good. But the desire to help and take care of the customer was there.
- The agents are locked into a frightening administrative straitjacket, and they're afraid of being blamed for something. Keep kalm and don't be rude to them. It won't help.
- Every piece of information they enter into their computer system has to be backed up by written proof. So you need a document for almost everything...
f) Documents and information I sent/gave:
1- Motivation to open an account (purchase of a house in my case), showing the pre-sales agreement was enough.
2- European identity card.
3- AFM number, i.e. the full 3-page official and stamped document, as well as the TIN for my country of residence (which appears on my ID card).
4- Tax residency provided by my country's tax authorities (in English).
5- Proof of residence: a certificate of address from my municipality + electricity bill (or water bill, gas bill, etc.) showing my exact address, as shown on the certificate of address.
6- Proof of income: 3 lats payslip + annual payslip statement (and/or tax return, not submitted in my case).
7- Mobile phone bill clearly showing my name, adress and mobile number.
8- Employment certificate issued by my employer specifying my exact job title and start date (as shown on my payslip).
9- A document specifying my father's first name and my mother's full name => In my case, these 2 pieces of information were included on my AFM form, so I didn't have to submit a birth certificate or a civil status document.
10- If you have a non-Greek phone number, you must (for Alfa kank) have Viber installed on your smartphone (with the number you gave to the bank), otherwise you won't be able to validate your registration on the online banking systems.
g) Conclusion and costs :
NGB: Possible but....
In addition to what is listed above, failing to provide all the documents in English, NGB asked me to translate parts 4, 5 and 6 into GREEK. They also asked for a copy of the notarial deed of the house, which was impossible for me, as I didn't have it yet. It was a failure, but with some effort and a little money for translation, it's within the realm of possibility.聽
Pireus Bank: Impossible !聽 聽
In addition to the requirements issued by NGB, they asked for documents 4 to 6 to be stamped, signed and legalized in the country of origin. They also asked for my bank statements for 2 years, translated into Greek (which I refused). Even if I agreed to reveal my bank statements, opening an account with this bank is impossible for me, as I'm unable to provide them with the documents in the required form: my tax authorities no longer physically stamp the documents. They are digitally signed...
AlphaBank: Almost simple !!
After examining my documents, they decided that I was missing a valuation of my annual income and a telephone bill. Knowing that I could download these documents in a matter of minutes, they set up an appointment for me within the day, and the account was opened without any major difficulty.
Cost: AlfaBank told me it would cost me a minimum of 100 Eur a year, but if I took out a property insurance policy for fire/theft (which I really needed), the costs came down to :聽 8Eur one-off fee + 35 Eur per year for the card and online services. Please note that the bank charges a fee for each payment. Knowing that I'll be making +/- 10 to 15 payments a year, I didn't take the all-inn fee option.
h) Final tips :
- Prepare as many documents as possible (preferably in English) and don't limit yourself to the ridiculous list on the various banks' websites.
- Choose a location where all 4 banks have branches close to each other.
- Start early: banks often open from 8.00 am to 2.00 pm.
First meeting at 9:30, bank accont opened at 14:15
Regards and good luck!
T.
