Documents, appointments, deposits, and practical tips before your first visit to a branch.
A local bank account is not strictly required to live in Greece. EU citizens, in particular, can manage day to day life for a while on a European account. That said, a Greek account becomes practical quickly, since pension transfers, utility payments, healthcare registration, and most administrative procedures are all smoother, and sometimes only possible, once one is in place.
Securing the AFM First
Before any bank will open an account, an AFM, the nine digit tax identification number, is required, regardless of nationality or residency status. The number itself carries more weight than most newcomers expect, and it’s worth understanding what it actually does before booking anything. Whether a tax representative is needed to obtain it depends on citizenship: EU and EEA applicants generally don’t need one, while most non-EU citizens, including those from the United States, Canada, the United Kingdom, and Australia, do. For anyone who wants to handle the paperwork without a lawyer, it’s entirely possible to file it solo, though the steps differ depending on which side of that line an applicant falls.
What to Bring
A bank will typically ask for a passport or other identity document, a mobile phone contract as proof of a Greek or foreign number (Alpha Bank and National Bank both accept foreign numbers), and an official document proving an address, either in Greece or in the country of residence, such as a utility bill or a lease, depending on criteria and cases better covered in the full breakdown of what counts as proof of address. As a retiree, proof of pension income, in the form of bank statements or an official pension confirmation, may also be requested to establish financial standing.
Documents may need to be in Greek or accompanied by a certified translation. Greece maintains an official registry of certified translators, though hiring one adds cost to a procedure that should otherwise be free. Before arranging a translation, it is worth trying to find an English speaking employee or a flexible branch manager willing to work directly with original documents. This has nothing to do with being demanding. It is simply a matter of finding the right person at the right branch. If one branch insists on full translations while another is willing to accept English language originals, trying a different branch, or a different bank entirely, is a reasonable next step. Policies vary not only between banks but between branches and individual staff members, and a little persistence can save both time and money. Requirements should always be confirmed with the chosen branch beforehand, since rules differ and change.
Booking the Appointment
Some branches allow walk-ins, but booking an appointment in advance is strongly advisable, particularly in Athens or Thessaloniki, where wait times can run long. Arriving without an appointment can mean over two hours in line, only to be told a booking is required regardless. Appointment slots in larger cities can fill two to three weeks out, so anyone visiting Greece specifically to scope out relocation should arrange the bank visit well before arrival.
The experience varies considerably by bank, branch, and individual staff member, since each bank sets its own internal rules and employees interpret them differently. Smaller towns and villages tend to have a noticeably more relaxed and personal atmosphere. Staff there understand that helping a foreigner settle in is part of the community’s own integration, and since daily paths are likely to cross again, there is a genuine interest in making the process work.
Once at the branch, the documents are reviewed, information is entered, and account terms are explained, followed by signatures on various forms and disclosures. The full visit typically runs thirty to sixty minutes. Anyone unable to attend in person can instruct a lawyer holding Power of Attorney (Πληρεξούσιο) to open the account on their behalf.
Deposits, Cards, and Timelines
Initial deposit requirements range from as little as one euro to activate a basic account up to larger sums such as two hundred fifty euros. Where cash isn’t available, some banks accept a transfer from an existing account or a foreign bank card.
A Greek IBAN is usually issued immediately or within twenty four to forty eight hours. The physical debit card is where experiences diverge sharply. Postal and courier services in Greece are under real strain, and deliveries can take up to a month even within the same city, which makes relying on the mail a genuine gamble. Some banks offer instant card issuance at the branch instead, meaning it’s possible to walk out within the hour holding both an IBAN and a physical card. Anyone for whom this matters should ask about on the spot issuance before choosing a bank or branch, and confirm whether the card can be posted abroad if needed, since some banks do offer that option.
A dual address and dual phone number profile is another feature worth asking about, since some banks allow both Greek and foreign contact details to be registered. This helps considerably when calling from abroad, as customer service systems often verify identity against the phone number on file. One small but important habit: when contacting the bank remotely, name, address, and postal code should be spelled exactly as they appear in the bank’s system, since even a minor discrepancy can result in a failed identity check. Online banking credentials are usually issued separately, with activation typically handled at the desk by an employee rather than at a machine.
Comparing the Major Banks
Piraeus Bank stands out for its non-resident services, with its Yellow Account built around international transactions and property management. Branches are concentrated in tourist destinations and real estate hotspots, making it a common choice for expats and property investors. Its network is the largest by assets, though service quality and bureaucratic friction both vary by branch.
Eurobank markets directly to foreign investors and maintains dedicated non-resident teams, with English documentation and support that exceeds most competitors. Its five hundred forty branches form the largest network in the country, combining investor specialization with nationwide reach, though fees run higher and its premium positioning suits investment more than basic daily banking.
Alpha Bank, founded in 1879, weathered the 2010s financial crisis better than most Greek banks. It accepts foreign phone numbers, offers solid digital banking, and its staff in major cities tend to have international experience, though it carries fewer dedicated expat products than Piraeus or Eurobank.
National Bank of Greece, the country’s oldest, has operated since 1841 and leads the sector in profitability, with three hundred thirty nine branches and acceptance of foreign phone numbers. It is well regarded for pensions and savings products, though service can be slower and less consistently available in English outside Athens and Thessaloniki.
Local and Cooperative Banks
The four major banks are not the only option. A cooperative bank (Συνεταιριστική Τράπεζα) can serve better in smaller towns and rural areas where these institutions have deep local roots. Greece currently has sixteen cooperative banks, and the sector as a whole is showing solid growth alongside a renewed focus on personal, relationship based banking. Three in particular, the Συνεταιριστική Τράπεζα Ηπείρου in Epirus, the Συνεταιριστική Τράπεζα Χανίων in Chania, and the Συνεταιριστική Τράπεζα Θεσσαλίας in Thessaly, are reportedly close to receiving a national operating permit that would extend their reach beyond their current regional footprint.
Cooperative banks tend to operate with a more flexible, human approach, and in a small town, being a foreign account holder is read as a sign of investment in the community rather than an administrative burden. The person behind the counter may well have studied abroad, speak fluent English, French, or German, and be entirely comfortable managing an account in that language, since assuming otherwise says more about the assumption than about the place. The tradeoff is that digital banking platforms at cooperative banks tend to lag behind the major banks, but for anyone integrating into a local community rather than a large city, the cooperative bank on the main square can offer a smoother, more personal experience than a busy urban branch ever could.
Due Diligence and Reporting Obligations
Every client must pass a bank’s Due Diligence process under KYC (Know Your Client) principles as part of anti money laundering compliance. Additional documents may be requested to justify the purpose of the account and confirm the origin of funds, and for a retiree, pension documentation is typically the strongest asset here.
A bank may also decline to serve a foreigner without an EU residence permit, without offering an explanation. Non-EU retirees who haven’t yet secured residency should bring as much supporting documentation as possible, or work through a lawyer.
Greece participates in the Common Reporting Standard (CRS), meaning account information is shared automatically with the tax authority of the home country. Declaring the Greek account on home country tax returns, such as an FBAR filing for US citizens, may also be required, and converting large sums of currency can carry its own tax consequences depending on jurisdiction. Consulting a tax professional familiar with both Greek and home country law is strongly advised.
Opening a bank account is only part of the process. If you’re planning to move money internationally, our guide explains the rules, documentation, and practical steps involved in transferring funds to and from Greece.
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Planning a move to Greece
One practical question usually leads to another when you are planning a move to Greece. The 104-page Greece Retirement Blueprint brings together information on the things you are likely to need to deal with, from taxes and healthcare to housing, banking, driving and everyday life.