Greece: The banks opened – the restrictions of the new Act

Greece/July 2015

From Monday, July 20, 2015, the bank holiday has been cancelled and all bank branches are open for the public. In addition, all banking operations are permitted except those expressly prohibited under the Act.

The basic points are the following:

•The withdrawal limit remains at 60€ daily or at 420€ on a weekly basis. Exception will be the first week (until Friday, July 24, 2015) where the total withdrawal limit is at 300€.

•The withdrawal in foreign currency is allowed, but always based on the daily withdrawal limit.

•The presentation/submission of the bank and private checks is allowed only with the credit of a bank account. Payment of the checks cannot take place in cash.

•Transferring cash abroad is limited to 2000€.

•The Greek-issued debit cards can be used, either in or out of Greece, but always limited by the daily/weekly limit. The Greek-issued credit and prepaid cards cannot be used for cash withdrawals, in Greece and abroad. All of them can be used abroad for purchases up to the limit mentioned in your contract with the bank. Purchases through internet can be completed only if the online shop has a bank account in a Greek bank. Otherwise, the purchase cannot be done.

•Credit and debit cards of foreign banks if issued abroad are used for purchases of goods and services and for cash withdrawals without restrictions within the limits mentioned in the contract with the issuing bank.

•Also, movement of 5.000€ (or equivalent amount in foreign currency) per calendar quarter is allowed only for accommodation and subsistence costs of students studying abroad or participating in student exchange programs. Payment must be made online via credit institution to an account held abroad by the student beneficiary.

•In respect of companies, the liquidation of transactions with payment cards, both Greek and foreign, will be made by crediting the business account as provided in the contract. The Act states that anyone who refuses the payment by credit, debit and prepaid cards will be punished.

•Payroll payments for overseas workers are not allowed with a few exceptions.

•The custody transfer abroad is forbidden for titles acquired by the beginning of the bank holiday. The capitals’ movement is also not allowed for the acquisition of financial goods through controlled market.

Please contact us at for further information or calls us at +30 210 8257720.