Bank account in Greece without living there: AFM, banks and steps

A sector dominated by four systemic groups

A bank account in Greece requires a non-resident first to obtain an AFM tax number and show a concrete reason for the banking relationship. Greece is a eurozone country supervised by the Bank of Greece and the ECB, and its banking sector consolidated around National Bank of Greece, Eurobank, Piraeus Bank and Alpha Bank, centred on Athens and Thessaloniki.

After the recapitalisations of the debt crisis, Greek banking consolidated around four groups: National Bank of Greece, Eurobank, Piraeus Bank and Alpha Bank. A few smaller lenders and foreign branches complete a highly concentrated market centred on Athens and Thessaloniki.

Bank of Greece and ECB share supervision

The four large Greek banks are supervised directly by the European Central Bank under the Single Supervisory Mechanism, with support from the Bank of Greece. Less significant institutions fall under the Bank of Greece alone, which also oversees payment institutions.

Get the AFM tax number before any appointment

No Greek bank opens an account without an AFM, the tax identification number issued by the AADE tax authority. A non-resident obtains it from a tax office or online depending on their situation, often with help from a local lawyer or accountant.

Documents expected from a foreign client

The standard file includes a passport, the AFM, recent proof of address in the country of residence, evidence of income or activity and an explanation of intended use. A Greek mobile number is often requested to activate online banking and approve payments.

Euro, SEPA and an IBAN starting with GR

Greece uses the euro and belongs to the SEPA area, so a Greek account sends and receives euro transfers on the same terms as any domestic European account. The Greek IBAN has 27 characters and begins with GR, which some foreign employers check before paying into a Greek bank account.

Full removal of the 2015 capital controls

Introduced in summer 2015 at the height of the crisis, withdrawal caps and limits on transfers abroad were fully lifted in September 2019. Outgoing transfers from a Greek bank account are now free, subject to each bank's ordinary anti-money-laundering checks.

TEKE protects 100,000 euros per depositor

The Hellenic Deposit and Investment Guarantee Fund, known as TEKE, covers deposits up to 100,000 euros per depositor and per institution, in line with EU rules. Deposits held with two separate banking groups each benefit from that ceiling.

Personal, business or wealth account in Greece

Personal accounts mainly serve holiday-home owners, retirees and posted employees; a business account requires a company registered with the GEMI registry; holding structures and wealth management go through dedicated teams at the large groups, with heavier documentation.

Greek CRS reporting and Form 3916 for French residents

Like every EU member state, Greece automatically reports balances and income of non-resident accounts to their country of tax residence. A French taxpayer must also declare each Greek account on Form 3916 filed with the annual income tax return.

Preparing the branch appointment

Most Greek banks still require a physical visit for a non-resident's first account. At National Bank of Greece, as elsewhere, it helps to arrive with the AFM already issued, translated documents where needed and a written outline of expected transfers when you open a bank account in Greece.

Choosing a bank for your bank account in Greece

The choice of institution depends first on how the bank account in Greece will be used. A holiday-home owner will look for a branch network near the property and easy domiciliation of bills; a posted employee will favour online banking and a card; an investor will look at wealth services. The four large groups cover most of these needs, with different offers and different strengths.

Next compare concrete criteria: access to customer service in a language you master, a mobile app usable with a foreign phone number, the frequency and amount of maintenance fees, and the cost of non-SEPA transfers. Ask each bank for its written price schedule. A slightly more expensive bank that is easier to reach remotely may prove the better choice for a non-resident.

Do not forget deposit safety. The TEKE fund covers deposits up to 100,000 euros per depositor and per institution; if your balances exceed that ceiling, spreading deposits across two separate groups is an option to discuss with your adviser. The decision depends on your personal situation, and both the bank and an independent adviser can help you assess the alternatives. Check this early.

Steps to open a bank account in Greece from abroad

The first step is to obtain the AFM from the tax authority, online or at a tax office, sometimes with the help of a local lawyer or accountant. Then choose a bank and contact it to learn its exact requirements. Gather your passport, recent proof of address, evidence of income or activity, and a note explaining how the account will be used.

Next comes the branch appointment, which most banks still require for a non-resident's first account. Bring originals and any translations, and be ready to answer questions about the source of your funds and the transfers you expect. The adviser may ask for a Greek phone number, so find out in advance what the bank accepts and what alternatives exist. This preparation makes the meeting shorter and smoother.

After signing, the bank carries out its compliance checks and, depending on the institution, supplies the IBAN, card and online access within a variable period. Make a first modest transfer to check that everything works, then set up your direct debits. Keep the account agreement and the price schedule: they will serve as a reference in case of disagreement or a change of conditions.

Common mistakes before opening a Greek bank account

The most widespread mistake is to book an appointment without an AFM, which wastes a trip. Next come incomplete supporting documents: proof of address that is too old, missing evidence of income, or a vague explanation of how the account will be used. A Greek bank that cannot understand the client profile prefers to delay, or even decline, rather than take a compliance risk.

Another mistake is to believe that belonging to the eurozone makes every formality unnecessary. While a Greek account sends and receives SEPA transfers without difficulty, anti-money-laundering checks apply just as elsewhere. Large movements without supporting documents, unclear sources of funds, or frequent transfers from countries far from your usual activity can prompt requests for explanations. Knowing this in advance saves time and avoids needless tension with the bank.

Finally, many customers underestimate follow-up after opening. Failing to answer a request to update documents, failing to report a change of address, or leaving the account without movement may lead to restrictions. Keep a valid email address and phone number on file with the bank and answer correspondence promptly, since that is the best guarantee of continuity. Acting early is far easier than repairing a restricted account.

Reporting duties for a non-resident account in Greece

A non-resident account does not escape tax transparency. Greece automatically reports balances and income of non-resident accounts to their country of tax residence, under the CRS standard and, for some taxpayers, the FATCA regime. It is better to declare the account spontaneously than to wait for the tax authority to match the data itself. Such transparency is normal for any account held abroad.

For a French taxpayer, declaring the foreign account is done on Form 3916 filed with the income tax return, and any interest is reported under the rules of that country. Taxpayers of other countries should consult their own tax authority. If you have any doubt about your obligations, seek professional advice before the first transaction takes place. A short call to a tax adviser is usually enough to clarify this.

Then keep the statements, supporting documents for large transfers and the account agreement, at least for the limitation period applying in your country. These papers are useful in an audit or when the bank asks questions. A regular review, at least once a year, lets you check fees, close an account that has become unnecessary and adapt the banking offer as your situation changes.