Business Bank Account in Greece: Opening Guide

Published on September 30, 2025 and written by Cyril Jarnias

Greece, with its recovering economy and growing business opportunities, is attracting more and more foreign entrepreneurs. Whether you want to establish your business there or simply facilitate transactions with Greek partners, opening a professional bank account in this Mediterranean country can prove to be a crucial step. This article will guide you through the intricacies of this procedure, providing you with all the essential information to successfully complete your project.

Keys to Opening a Business Bank Account in Greece

Opening a business bank account in Greece might seem complex at first, but with the right information and adequate preparation, the process can be greatly simplified. Here are the essential steps to follow:

1. Choose the Right Banking Institution: The first step is to select a bank that best matches your business needs. Take the time to compare offers, fees, and services provided by different institutions.

2. Prepare the Necessary Documents: Gather all required documents before going to the bank. This typically includes identification documents, proof of your company’s legal existence, and address verification.

3. Schedule an Appointment with an Advisor: Most Greek banks require you to schedule an appointment to open a business account. This will allow you to have a personalized meeting and ask all your questions.

4. Make an Initial Deposit: Be prepared to make an initial deposit, the amount of which may vary depending on the bank and the type of account chosen.

5. Wait for Account Activation: Once all documents are provided and verified, your account will be opened. The activation period can range from a few days to several weeks.

Essential Documents: Prepare Your File Carefully

To open a business bank account in Greece, you will need to provide several documents. The exact list may vary slightly from bank to bank, but here are the generally required items:

• Valid passport or identity card for all directors and authorized signatories
• Company statutes (translated into Greek and apostilled)
• Extract from the commercial register of your home country (translated and apostilled)
• Greek tax identification number (AFM) for the company
• Proof of company address in Greece (lease agreement or property title)
• Minutes of the general meeting authorizing the account opening
• Balance sheets and income statements for the last two years (for existing companies)
• Business plan (for new companies)

It’s important to note that all these documents must be translated into Greek by a sworn translator. Additionally, some foreign documents will need to be apostilled to be recognized in Greece.

Watch Out for Local Specifics: Greece has particular documentation requirements. For example, the Greek tax identification number (AFM) is mandatory for any company wishing to operate in the country, including for opening a bank account. Make sure to obtain this number from the Greek tax authorities before starting banking procedures.

Key Steps: From Application to Account Activation

The process of opening a business bank account in Greece generally follows these steps:

1. Initial Contact: Contact your chosen bank to get detailed information about their offers and schedule an appointment.

2. File Preparation: Gather all necessary documents, ensuring they are translated and apostilled if required.

3. Branch Appointment: During your appointment, present your complete file and discuss your specific needs with the advisor.

4. Document Verification: The bank will conduct a thorough verification of all provided documents. This step may take several days.

5. Contract Signing: Once your file is approved, you’ll be invited to sign the account opening contract.

6. Initial Deposit: Make the required initial deposit to activate your account.

7. Account Activation: After final processing, your account will be activated and you’ll receive your banking credentials.

8. Online Services Setup: Set up access to online banking and other digital services offered by your bank.

It’s important to note that the process can take from a few days to several weeks, depending on the complexity of your file and the bank’s processing speed.

Main Greek Banks: Choose Your Financial Partner

Greece has several reputable banks offering business services. Here’s an overview of the main institutions and their advantages:

1. Alpha Bank

• Extensive network of branches and ATMs
• Advanced online banking services
• Special offers for startups and SMEs

Alpha Bank is known for its financial strength and commitment to innovation. It offers a comprehensive range of business services, including flexible financing solutions and efficient cash management tools.

2. Piraeus Bank

• Expertise in maritime and tourism sectors
• Support program for exporting companies
• Innovative payment solutions

Piraeus Bank stands out for its strong roots in the Greek economy and its understanding of the specific needs of local and international companies operating in Greece.

3. National Bank of Greece (NBG)

• Oldest and largest bank in Greece
• International presence
• Specialized services for large companies

NBG offers unparalleled expertise in the Greek market and has an international network that can be valuable for companies with cross-border activities.

4. Eurobank

• Focus on digital services
• SME support programs
• Wealth management expertise

Eurobank stands out for its customer-oriented approach and innovative banking solutions, particularly suited for technology companies and startups.

Each bank has its own specific features and advantages. It’s crucial to carefully compare offers and choose the one that best matches your business needs and development projects in Greece.

Challenges and Opportunities: Navigating the Greek Banking System

Opening a business bank account in Greece presents both challenges and opportunities. Here are some important points to consider:

• Bureaucracy: The Greek banking system can sometimes be bureaucratic, requiring patience and perseverance.
• Language Barrier: Although many bank employees speak English, some documents and procedures are only in Greek.
• Capital Movement Restrictions: Although largely relaxed, some restrictions may still apply, particularly for significant international transfers.

• Access to European Market: A Greek bank account facilitates transactions within the eurozone.
• Support Programs: Many Greek banks offer special programs to support foreign companies establishing themselves in Greece.
• Growing Digitalization: Greek banks are heavily investing in online banking services, offering increasingly sophisticated account management tools.

To overcome these challenges and take advantage of the opportunities, it’s recommended to:

1. Get assistance from a local expert or lawyer specialized in banking matters. 2. Take the time to properly understand the specifics of the Greek banking system before engaging with it. 3. Stay informed about regulatory developments that may impact your banking operations in Greece.

Conclusion: Your Springboard to Success in Greece

Opening a business bank account in Greece is a crucial step for any company wishing to establish itself or develop its activities in this opportunity-rich country. Although the process might seem complex at first, careful preparation and a clear understanding of the requirements will allow you to successfully navigate the Greek banking system.

Greece, with its strategic position at the crossroads of Europe, Africa, and the Middle East, offers significant growth potential for international companies. A local bank account will give you the necessary tools to seize these opportunities, facilitating your transactions and fully integrating you into the Greek economic ecosystem.

Remember that each bank has its own advantages and specific features. Take the time to compare offers and choose the institution that best matches your needs and long-term objectives. With the right banking partner, you’ll be well positioned to succeed in your entrepreneurial adventure in Greece.