Instructions: How to Open a Bank Account in Greece

Opening a bank account in Greece is relatively straightforward for foreigners, but banks apply strict compliance and due diligence procedures. In most cases, applicants must provide proof of identity, tax registration, residential address, and source of funds, while some banks may also require a Greek tax number (AFM) or residence permit. The country’s largest banks — National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank — all offer current, savings, and deposit accounts for international clients, although requirements and processing times may vary. Understanding the documentation requirements and compliance checks in advance can significantly simplify the account opening process.

Below, we tell you how a foreigner can open a bank account in Greece and what documents are needed to do this.

Key Takeaways

• Foreigners can open bank accounts in Greece, but banks apply strict KYC and source-of-funds verification procedures.
• The four largest Greek banks are National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank.
• Required documents typically include a passport, proof of address, tax identification number, proof of income, and bank statements. 
• Some banks may require a Greek tax number (AFM), while others may request additional documentation depending on the applicant’s profile.
• Documents issued abroad generally need to be translated into Greek and properly certified. 
• Application review and compliance checks usually take between 7 and 10 business days. 
• Greek banks offer current accounts, savings accounts, term deposits, debit cards, international transfers, and online banking services. 
• Deposits held in Greek banks are protected under the country’s deposit guarantee scheme. 
• Most everyday banking transactions can be completed through mobile banking apps and online platforms. 
• Opening a local bank account is often an important practical step for foreigners relocating to Greece and is required during certain residency application processes.

Where to Open an Account: the Main Greek Banks

There are more than 30 banks operating in Greece. Among them, the largest are:

• National Bank of Greece – the State National Bank of Greece is one of the oldest in the country, and has been operating since 1841. This bank has more than 330 branches throughout the country.
• Piraeus Bank – the largest bank in Greece by assets and the number of branches – with more than 400 across Greece. Opened in 1916.
• Alpha Bank – has been operating since 1879, and there are currently more than 320 branches in Greece.
• Eurobank is the fourth largest bank in Greece, operating since 1990. There are about 300 branches across the country.

Greek banks are mostly focused on the domestic market, and foreign branches are rarely opened.

The credit rating of local banks is quite low: this is due to the fact that the Greek economy is still recovering from the 2009 financial crisis. Since 2025, the country’s credit rating has remained unchanged at Baa3 by Moody’s, with a stable outlook. In addition, all funds deposited in Greek bank accounts are insured.

Banks in Greece are open from 8am to 2pm on weekdays. There are also branches that are open until 8pm-9pm from Monday to Friday, as well as on Saturdays, but it is better to clarify this in advance before visiting. In addition, most everyday financial transactions, like transfers and payments etc. can be made through mobile applications or through a personal account on the bank’s website.

How to Open a Bank Account in Greece as a Foreigner

1. Choose a suitable bank

Start by selecting a Greek bank that accepts foreign clients. While major institutions such as National Bank of Greece, Piraeus Bank, Alpha Bank, and Eurobank regularly work with international customers, their requirements may differ significantly. Some banks may require a residence permit, while others accept non-resident applicants but apply more extensive compliance checks.

2. Determine the account type and eligibility requirements

Before applying, confirm which type of account you need and whether the bank has any specific requirements regarding residency status, nationality, source of income, or intended account use.

3. Obtain a Greek tax number (AFM), if required

Many Greek banks request an AFM (Greek Tax Identification Number) as part of the account opening process. Foreign nationals can usually obtain an AFM through the local tax authorities, often with the assistance of a tax representative.

4. Prepare the required documentation

Applicants are typically required to provide documents confirming:

• Identity
• Tax registration status
• Source of income and source of funds
• Permanent residential address
• Existing banking relationship

Depending on the bank and the applicant’s circumstances, additional documentation may be requested.

5. Translate and certify foreign documents

Documents issued outside Greece generally need to be translated into Greek and properly certified. Depending on the country of origin, notarisation or apostille certification may also be required.

6. Submit the application

The application can usually be submitted in person at a bank branch. In some cases, an authorised representative may assist with the process and submit documentation on the applicant’s behalf. During the final stage, the bank will collect the client’s signature specimen and other required forms.

7. Complete the KYC and due diligence process

Greek banks conduct thorough Know Your Customer (KYC) and anti-money laundering (AML) checks to verify the applicant’s identity, financial background, tax status, and the legal origin of funds.

The bank may request additional documents to confirm the source of wealth or source of funds, particularly for investment-related transactions, large transfers, or applicants from jurisdictions subject to enhanced compliance scrutiny.

8. Attend the bank interview

Most banks require applicants to complete a brief interview with a bank representative. The purpose is to verify the information provided, understand the intended use of the account, and complete internal compliance procedures.

9. Sign the required banking documents

Once the compliance review is completed, the applicant must sign the necessary banking forms and declarations. This may include confirmation that a personal account will not be used for commercial purposes.

10. Receive account approval and activate banking services

If the application is approved, the account is typically opened within 7–10 business days. The client can then activate online banking, order a debit card, receive account details, make transfers, and begin using the account for everyday banking, property purchases, or residency-related transactions.

A transparent financial profile, properly documented source of funds, and accurate application materials can significantly improve the efficiency of the account opening process.

Required Documents

To open an account in a Greek bank, you must provide the following:

• Identity documents. As a rule, two documents are requested: a valid passport and, for example, a passport of the country of origin or a driver’s license.
• A certificate of income from the current place of employment.
• A bank statement from the country where you already have an account.
• Documents confirming the address of permanent residence. For foreigners, this is either rented or owned real estate in Greece, or a registration address from your home country.
• A telephone number confirmed by the telephone company or mobile network operator.
• A tax return and an individual taxpayer identification number. You can provide a TIN of the country of residence – if your jurisdiction participates in the tax information exchange system, or the Greek equivalent – AFM. You can issue an AFM quite quickly and free of charge at the Tax Office for foreign citizens working in Greece. The main condition is to have a tax representative with local citizenship or a residence permit.
• Declaration of refusal to use a personal bank account for commercial purposes. The document is signed in person at one of the bank’s branches.
• Sample signature of the client.

All documents must be translated into Greek, authenticated and certified by a notary. The processing period for the package of documents and consideration of the application is between 7-10 days.

If there are no errors in the applications and submitted documents, and you have passed the reliability check, the outcome will almost always be positive. Although the bank always reserves the right to refuse to provide services without explanation.

What Products Greek Banks Offer

Most Greek banks provide a broad range of everyday banking products for both residents and foreign clients, including:

• Current accounts for daily transactions and salary payments
• Savings accounts with interest on deposited funds
• Term deposits with fixed terms and interest rates
• Debit and credit cards for domestic and international use
• Online and mobile banking services
• Domestic and international money transfers
• Consumer loans and personal financing
• Mortgage loans for property purchase, renovation, or energy-efficiency improvements
• Overdraft facilities and cheque services (subject to eligibility)

Foreigners who open a Greek bank account can typically obtain a bank card, transfer funds internationally, withdraw cash from ATMs, and pay for goods and services both online and in person.

Accounts can be opened in euros and, depending on the bank, in other major international currencies. In most cases, account opening itself is free of charge.

To open a savings account, banks generally require a minimum deposit, often up to €1,000. Savings rates remain relatively low, usually around 0.1% per year, although salary and pension accounts may offer more favourable terms.

Consumer loan rates in Greece average around 10%, while credit card interest rates typically range from 12% to 22%. Mortgage financing is generally available for terms of up to 30 years, with interest rates commonly ranging from 3% to 4% annually.

Conclusion

Opening a bank account in Greece is an important step for anyone planning to relocate, invest, purchase property, or apply for residency in the country. While the process is generally straightforward, banks have become increasingly selective in their compliance procedures and may require extensive documentation to verify identity, tax status, and the origin of funds.
Preparing the correct documents in advance and understanding the requirements of different banks can significantly reduce processing times and improve the likelihood of approval. For investors and future residents, a local bank account also makes it easier to manage everyday finances, receive income, transfer funds, and complete property-related transactions.

Astons assists clients with opening a Greek bank account as part of the Greek Golden Visa application process. Our team helps prepare the required documentation, navigate bank compliance procedures, and coordinate communication with financial institutions. We also provide end-to-end support with the Greek Golden Visa program, including property selection, legal due diligence, investment execution, and residence permit applications for the entire family.