Expat Banking Services in Greece

Published on October 2, 2025 and written by Cyril Jarnias

Relocating to Greece offers numerous opportunities, but it requires careful financial management to make the most of this experience. Whether you’re a professional on international assignment, a retiree seeking the Mediterranean sun, or an entrepreneur exploring new markets, understanding and optimizing your finances is crucial for a successful expatriation in Greece.

Choosing the Right Banking Services for Expatriates in Greece

The first step toward effective financial management as an expatriate in Greece is selecting banking services suited to your situation. It’s essential to have a banking structure that allows you to manage your money smoothly, both locally and internationally.

Local Greek Banks

Major Greek banks like Alpha Bank, Eurobank, or Piraeus Bank offer services in English, which greatly facilitates procedures for expatriates. These banks typically provide checking accounts, credit cards, and online banking services tailored to the needs of foreign residents.

• Ease for daily transactions in Greece
• Better understanding of the Greek tax and legal system
• Access to a network of branches and ATMs throughout the country

International Banks Present in Greece

Some international banks like HSBC or Citibank have branches in Greece. These institutions often offer specialized services for expatriates, with multi-currency accounts and expertise in international wealth management.

• Consistent banking services across multiple countries
• Expertise in international financial management
• Ease of transfers between countries

Neobanks and Online Banking Solutions

Neobanks like N26, Revolut, or Wise (formerly TransferWise) are gaining popularity among expatriates. These platforms offer fully digital banking services, often with reduced fees and innovative features for currency management.

• Quick and fully online account opening
• Reduced fees on international transactions
• Intuitive mobile applications with advanced financial management features

Managing Exchange Rate Fluctuations and Optimizing Money Transfers

Currency management is a crucial aspect of an expatriate’s financial life in Greece. With the euro as the local currency, residents coming from countries outside the eurozone must be particularly attentive to exchange rate fluctuations.

Strategies for Managing Exchange Rate Risk

1. Currency Diversification: Don’t keep all your assets in a single currency. Spread your savings between the euro and other stable currencies to reduce risk from fluctuations.

2. Regular Exchange Rate Monitoring: Use specialized apps or websites to track exchange rate trends and choose the best time for your significant transfers.

3. Forward Exchange Contracts: For large sums, consider forward exchange contracts that allow you to lock in an exchange rate for a future date, protecting you against unfavorable fluctuations.

Optimizing International Money Transfers

Money transfers between countries can quickly become costly if not carefully considered. Here are some tips to optimize your transfers:

1. Compare Providers: Don’t limit yourself to your traditional bank. Specialized services like Wise, XE, or OFX often offer better rates and reduced fees.

2. Watch for Hidden Fees: Some banks apply receiving fees for international wire transfers. Make sure you know all fees involved in the transaction.

3. Choose the Right Timing: If possible, make your significant transfers when exchange rates are favorable.

4. Use Multi-Currency Accounts: These accounts allow you to hold and convert currencies at advantageous rates, reducing repeated conversion fees.

Planning Financial Security in a Multicultural Context

Financial security is paramount when settling in a new country. In Greece, it’s important to understand the local system while maintaining a global view of your finances.

Creating an Adapted Emergency Fund

As an expatriate, it’s crucial to have a solid emergency fund. This fund should ideally cover 6 to 12 months of expenses, taking into account the cost of living in Greece. Keep part of this fund in an easily accessible account in Greece, and another part in your home country or in an international account.

Insurance and Social Protection

1. Health Insurance: Although Greece has a public healthcare system, many expatriates opt for international private health insurance to benefit from more comprehensive coverage.

2. Repatriation Insurance: This insurance can prove crucial in case of a medical emergency requiring a return to your home country.

3. Social Protection: Inquire about social security agreements between Greece and your home country to understand your rights regarding retirement and social benefits.

Tax Planning

Taxation is a complex aspect of expatriation that requires particular attention:

1. Tax Status: Determine your tax status in Greece and in your home country. Greece generally considers individuals spending more than 183 days per year in the country as tax residents.

2. Tax Treaties: Familiarize yourself with tax treaties between Greece and your home country to avoid double taxation.

3. Foreign Account Reporting: Remember to report your foreign bank accounts to the Greek tax authorities and those of your home country, in accordance with current regulations.

Wealth Management and Investments for Expatriates in Greece

Wealth management as an expatriate in Greece requires a comprehensive approach, taking into account local and international opportunities.

Real Estate Investments

Real estate in Greece can be an interesting option for expatriates, whether for living or as rental investment:

1. Golden Visa: The Greek golden visa program offers a residence permit to non-Europeans investing at least €250,000 in Greek real estate.

2. Seasonal Rentals: Properties in tourist areas can generate interesting income, especially during the peak summer season.

3. Renovation: Buying and renovating old properties in historic areas can offer good capital appreciation potential.

Financial Investments

1. Stock Markets: Consider an international diversification of your portfolio, including Greek, European, and global stocks.

2. Bonds: Greek government bonds can offer interesting returns, but carefully assess the associated risks.

3. Investment Funds: Opt for European UCITS funds that offer good diversification and regulatory protection.

Retirement Planning

Retirement planning as an expatriate requires long-term thinking:

1. Greek Retirement: If you work in Greece, you will contribute to the local pension system. Understand your rights and how they articulate with your retirement in your home country.

2. Supplementary Retirement: Consider international supplementary retirement solutions, such as Luxembourg life insurance contracts, which offer tax advantages and increased flexibility.

3. Portability of Rights: Make sure you understand how your retirement rights can be transferred or combined between different countries.

Tools and Applications for International Financial Management

In the digital age, many tools and applications can greatly facilitate financial management for expatriates in Greece:

International Banking Applications

1. Wise (formerly TransferWise): Offers multi-currency accounts and low-cost international transfers.

2. Revolut: Provides payment cards with excellent exchange rates and easy currency management.

3. N26: A European mobile bank offering comprehensive banking services and budgeting features.

Expense Tracking and Budgeting Tools

1. YNAB (You Need A Budget): A powerful tool for creating and tracking a budget, particularly useful for managing expenses in multiple currencies.

2. Mint: A free application that aggregates your bank accounts and helps you track your spending and savings.

Investment Management Applications

1. Interactive Brokers: An international trading platform offering access to many markets, ideal for expatriate investors.

2. Degiro: A European online broker offering low transaction fees and access to many international exchanges.

Tax Planning Tools

1. TaxScouts: An online service that helps you prepare and submit your tax returns, with options for expatriates.

2. Expat.com: Although not an application, this website offers valuable resources and forums for expatriates, including information on taxation in different countries.

Legal and Regulatory Precautions for Expatriates in Greece

Navigating the Greek legal and regulatory system can be complex for expatriates. Here are some key points to consider:

Residence and Stay Permits

1. EU Citizens: Although EU citizens don’t need a visa to settle in Greece, they must register with local authorities if they plan to stay more than three months.

2. Non-EU Nationals: They must obtain a visa and a residence permit. The golden visa program can be an interesting option for those investing in Greek real estate.

Tax Compliance

1. Worldwide Income Declaration: If you become a tax resident in Greece, you will need to declare your worldwide income to the Greek tax authorities.

2. Double Taxation Agreements: Familiarize yourself with double taxation agreements between Greece and your home country to avoid being taxed twice on the same income.

3. Foreign Account Reporting: Greek tax residents must declare their foreign bank accounts to the Greek tax authorities.

Asset Protection

1. Wills and Inheritance: Consider drafting a will valid in Greece, especially if you own real estate there. Greek inheritance law may differ from that of your home country.

2. Matrimonial Regimes: If you are married, understand how your matrimonial regime is recognized in Greece and whether it affects your property rights.

Banking Regulation

1. Capital Controls: Although capital controls have been lifted in Greece, stay informed about any restrictions on fund movements.

2. KYC (Know Your Customer): Greek banks apply strict customer knowledge procedures. Be prepared to provide detailed documentation when opening accounts or conducting significant transactions.

In conclusion, financial management for expatriates in Greece requires a comprehensive and well-informed approach. By judiciously combining local and international banking services, optimizing your money transfers, carefully planning your financial security, and remaining compliant with local regulations, you can make the most of your expatriation experience in Greece. Remember that each situation is unique, and it can be beneficial to consult professionals specialized in international finance and expatriate taxation to personalize your financial strategy.