Guide to Open Bank Account in Greece

Opening a Traditional Bank Account in Greece

Historically, opening a bank account in Greece required a visit to a physical branch. While this is still common practice, the process is generally straightforward once you have the paperwork ready.

Required Documents:

• Valid passport or national ID card
• Proof of Greek address (utility bill, rental agreement)
• Greek Tax Identification Number (AFM)
• Evidence of income (payslip, pension statement)

Initial Deposit:

Most Greek banks require a minimum initial deposit, which can vary. It's advisable to inquire about this before visiting the branch.

Process:

• Choose a bank: Greece has several established banks like Piraeus Bank, National Bank of Greece, and Alpha Bank. Consider factors such as branch locations, fees, and available services.
• Gather documents: Ensure you have all necessary paperwork ready, including your AFM.
• Visit a branch: Scheduling an appointment can help streamline the process.
• Complete forms: You will need to fill out account opening forms.
• Provide biometric information: This often involves fingerprint scanning.
• Activate your card: You will likely receive a debit card upon account opening.

Opening an Online Bank Account in Greece

The convenience of online banking has reached Greece, with some banks offering digital account opening, and EU-wide EMIs like Monvenience removing the AFM requirement from the equation entirely.

Required Documents:

For traditional Greek online banks, similar to in-branch accounts, you will need identification, proof of address, AFM, and often proof of income. For a Monvenience EU IBAN account, only a passport and proof of address from your home country are required.

Process:

• Choose your account type: A Greek-domiciled digital account, or an EU-wide IBAN account like Monvenience.
• Create an online account: Follow the provider's digital application procedure.
• Verify identity: This may involve video calls or document uploads.
• Activate your account: Once approved, you can begin using your account.

The Benefits of an EU IBAN Account

While a local Greek bank account is possible, an EU-wide IBAN account offers several advantages.

• Portability: An IBAN account can be used seamlessly across the EU, simplifying cross-border transactions.
• Currency Exchange: Multi-currency sub-accounts allow for holding multiple currencies, avoiding some conversion fees.
• Online Accessibility: IBAN accounts come with robust online and mobile banking platforms.
• No AFM or Tax Representative Needed to Apply: Unlike a Greek bank account, a Monvenience EU IBAN sidesteps the AFM and tax representation requirements described below.

Greece, as a member of the Eurozone, is an ideal location to use an EU IBAN account.

Greece: A Haven for Residents and Businesses

Greece has implemented policies to attract residents and businesses, though several thresholds and rules have changed in recent years and are worth checking carefully rather than assuming older information still applies.

• Tax Regimes: Greece offers several targeted incentives - a 50% income tax reduction for up to seven years for qualifying new residents taking up employment or self-employment (Article 5C), and a flat-tax non-dom regime for high-net-worth individuals who invest at least EUR 500,000, paying a flat EUR 100,000 per year regardless of foreign income. Eligibility criteria are specific - verify your situation with a Greek tax adviser before assuming a regime applies.
• Golden Visa Program: As of the 2024 reforms (further updated by Law 5275/2026), the real estate route uses a tiered structure: EUR 800,000 in Attica, greater Thessaloniki, Mykonos, Santorini and larger islands; EUR 400,000 elsewhere in Greece; and EUR 250,000 for commercial-to-residential conversions or heritage restorations anywhere in the country. A EUR 250,000 start-up investment route has also been introduced. No minimum stay is required, and the visa alone does not automatically trigger Greek tax residency.
• Lifestyle: Greece's warm climate, rich history, and island lifestyle make it an appealing place to live.

Challenges of Banking in Greece as a Non-Resident or Business - and How We Solve Them

Greek banking has a few well-documented friction points for anyone without a long-standing local footprint. Here's what to expect, and how a Monvenience LT IBAN and USD account are built to work around each one.

1. The AFM and tax representative bottleneck

Most Greek banks require an AFM (Arithmos Forologikou Mitroou, the Greek tax number) to open an account. Non-residents can obtain one, but typically need to appoint a tax representative resident in Greece to apply remotely, plus apostilled and Greek-translated supporting documents - a process that commonly takes one to three weeks from abroad, longer if paperwork is incomplete.

Mitigation: Monvenience's EU IBAN account does not require an AFM or a tax representative to apply - only a passport and proof of address from your home country. You can open an account first and sort out an AFM later if you need one for property, leases, or other Greece-specific matters.

2. IBAN discrimination

As in other EU countries, some Greek companies, landlords, or utilities incorrectly refuse a non-Greek IBAN, even though this is illegal under Article 9 of the SEPA Regulation (EU) No 260/2012, which requires any SEPA-zone IBAN, including a Monvenience LT IBAN, to be treated the same as a local GR IBAN for euro payments.

Mitigation: if a counterparty refuses your IBAN, cite Article 9 in writing, and escalate through the "Accept My IBAN" initiative or Greece's national competent authority if it isn't resolved.

3. Foreign account and income reporting duties for Greek tax residents

If you become a Greek tax resident, you must declare worldwide income on the annual E1 return, flagging foreign income, property, and financial accounts under specific codes on the form. The Greek tax authority (AADE) receives foreign account data automatically via the Common Reporting Standard, and declared income should be consistent with account balances. This is general information, not tax advice - please confirm your exact obligations with a Greek accountant (logistis).

Mitigation: keep your annual Monvenience account statements on hand each filing season (the E1 deadline generally falls by 30 June), and make sure declared income lines up with account activity.

4. Needing more than euros

Freelancers and businesses serving clients outside the EU often find a euro-only IBAN isn't enough on its own, forcing them to juggle multiple providers to collect USD or GBP payments.

Mitigation: pair your EU IBAN with a dedicated Monvenience USD account on the same platform - see below.

Also Open a Global USD Account, Alongside Your EU IBAN

You can also open a USD account online, with SWIFT reach in 200+ countries, along with multicurrency support - treating it as a local account almost anywhere in the world. One USD account to collect, pay and spend across the world.

Open a dedicated USD account and receive payments from clients in virtually any currency, send cross-border payouts to your suppliers and team, and issue Mastercard prepaid cards to your people - all from a single platform, with no branch visit and no separate banking portals.

• Available for both individuals and businesses
• A separate account from EU LT IBAN - manage from different dashboards
• Useful for Greece-based freelancers and companies invoicing clients in the US, UK, Middle East or Asia
• Mastercard prepaid cards can be issued to your team, funded from the USD balance

You can learn more about this account at monvenience.com/online-usd-account/.

Explore the USD Account

Monvenience: Your Bank Account Provider for Greece

Monvenience is an Electronic Money Institution (EMI) regulated by the Central Bank of Lithuania. It lets you have company and personal accounts using your home country documents, whether in Greece or otherwise. You get SEPA IBAN accounts for the EU, and also SWIFT multi-currency sub-accounts in EUR, GBP, USD and other currencies for international transfers. The process is completely online, with no visits to the bank required, and no AFM needed to apply. You can check the rates and charges, which are transparent, at: www.monvenience.com/online-european-bank-account-charges.html

Click Here to Open Your Online Bank Account in Europe

Understanding the options for opening a bank account in Greece, the genuine friction points, and the benefits of an EU IBAN account can help you make informed decisions to support your personal or business goals in this beautiful country.

Note: Banking and tax regulations can change. Always consult with financial experts or the specific bank for the most accurate and up-to-date information for your situation.

Monvenience extends fiat bank account or IBAN account services to act as the fiat account counterpart for a digital exchange or crypto asset trading exchange. However, the exchange must be a reputed one, and you should have sufficient proof of holding your account with the exchange. It is a compliance decision, made when your application is reviewed, whether we can extend our services. Please apply for your bank account online to find out the requirements.