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Company Formation Greece



Open a Bank Account in Greece

Updated on Thursday 17th June 2021

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Open-a-Bank-Account-in-Greece.pngIf you are interested in company formation in Greece, you will need to set up a corporate bank account for your company. At the same time, you, as an individual, might want to open a bank account in Greece for personal reasons, although you can also use your credit or debit card issued by one of the banks operating in your home country. However, having a local bank account will provide several advantages. 
Thus, if you want to open a bank account in Greece for corporate or personal matters, as a foreigner you can always rely on our team of specialists, who can act as an intermediate between you and the local commercial banks and can also provide information on the types of documents you should prepare when opening the bank account, especially when we refer to the one for corporate clients. For extensive details and legal advice, please address to our team of specialists in Greek company formation

What is the process for opening a corporate bank account in Greece in 2021?

In order to open a bank account in Greece that is designed for legal entities, the bank’s clients will be required to provide various documents. In Greece, there are various types of bank accounts that vary based on the commercial bank where the company will set up its account. Banks have various products that are created with the purpose of helping individuals who work as sole traders or those who have set up a small business. 
At the same time, one can open a bank account in Greece suitable for the needs of a small and medium sized company, or for foreign companies that work as subsidiaries or branches of foreign companies. During the process of company registration in Greece, the investor will receive various documents from the local authorities, such as the company’s incorporation documents, its registration certificate and so on.
Typically, the commercial bank where the bank account will be set up will require the company’s incorporation documents, but also information on the company’s current business address. The company’s shareholders will have to provide their personal details as well. You must also know that this process can be completed online in most of the cases, but generally, in order to open a bank account in Greece for corporate clients, the company’s representatives, who can also be our team of consultants, have to set up a meeting with the bank’s tellers.  

What should one know on the banking system in Greece?

The banking system in Greece is regulated by the Bank of Greece. Greece is a country that is a member state of the European Union (EU), but also of the Eurozone, as it has adopted the EU monetary system. All banking entities and financial institutions are regulated by the National Bank. Below, you can find out few interesting facts about the Greek banking system
  • the transactions that are using payment cards are monitored by the bank in order to prevent fraud related activities, in accordance with the rules of the Monetary Policy Council Act 50/31-7-2002;
  • this is why all payment services providers in Greece are required to submit every 6 months details on the card transactions they registered;
  • in Greece, the first series of Euro banknotes was introduced in 2002;
  • Greece was the 12th EU member state to adopt the EURO;
  • the transition from the national monetary system to the EU monetary system took place on 1 January 2001. 

How can individuals open a bank account in Greece?

As we said above, foreign individuals can also open a bank account in Greece, by following a set of minimum requirements. Most of the Greek banks will require the same documents, which refer to the following: the applicant’s passport or other identity documents, a proof of address in Greece (various documents can be used in this sense, including the utility bills), as well as the proof on having sufficient funds to set up the account.
Even though you are a foreigner, the local banks will require you to have a Greek tax number in order to open a bank account, and this can be achieved by addressing to the nearest Tax Office. The issuance of the tax number is, however, bound by making the proof of residency in Greece
In order to open a bank account in Greece, local banks may require a salary slip or even your marriage certificate, in the case in which you want to set up a joint bank account with your spouse. Just like in the case of corporate bank accounts, you can start the process without the need of going in person to the bank
If you want to open a bank account in Greece for the current year (2021), we invite you to request in-depth information from our team of specialists. As presented in this article, the procedures will differ based on the legal nature of the client (natural person or corporate body). Our team of consultants in company formation in Greece are ready to assist in the process of opening a bank account in 2021 for those representing companies, but our team can also help foreigners living here in this process. 
However, in most cases, those who need to open a bank account in Greece will complete the procedure in person or through their representatives. If you need further advice, we invite you to contact our consultants in Greek company formation, who can represent you in this process. 

Meet us in Athens

Call us now at +44 203 287 0408  to set up an appointment with our lawyers in Athens, Greece. Alternatively you can incorporate your company without traveling to Greece.

As a BridgeWest client, you will beneficiate from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Greece.

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