Having an account in Greek banks is a great advantage for Turkish citizens who want to make real estate investments in Greece, benefit from Golden Visa opportunities, or hold financial assets in Europe. Today, it is possible to open a bank account in Greece from Turkey by issuing a power of attorney, without physically traveling.
If you are preparing a Plan B by acquiring a property on the Aegean coast or initiating the Golden Visa process, the most important reality you will sooner or later face is the Greek banking system. Banking in Greece has a bureaucratic structure that remains loyal to traditional rules, is cautious, and requires meticulous document tracking. However, with the right steps and professional support, you can complete this process entirely remotely, without ever stepping foot in Greece.
First and Mandatory Step: Obtaining a Greek Tax Number (AFM)
The absolute key to carrying out any financial or official transaction in Greece is the 9-digit Greek tax number, known locally as AFM (Arithmo Forologiko Mitro / Αριθμός Φορολογικού Μητρώου).
- Why is it Mandatory? It is mandatory to present an AFM in every legal process, from renting a house to internet subscription, from title deed procedures to opening a bank account. No Greek bank will process your application without an AFM.
- Remote AFM Acquisition: To obtain an AFM without going to Greece, you need to grant a power of attorney to a lawyer in Turkey or a tax representative in Greece. Alternatively, applications can be made via video call directly through the myAADE portal; however, due to bureaucratic processes, the vast majority of investors prefer the power of attorney route.
- Essential Basic Documents: Apostilled passport copy, up-to-date residence certificate, and civil registry record (must be obtained via e-Government and translated). AFM applications are generally finalized within 1 to 5 business days.
Power of Attorney (PoA) Process and Critical Elements
The key to being able to transact remotely is a properly prepared Power of Attorney (PoA). In the Greek legal system, real estate and official transactions are not accepted with digital signatures; wet signatures and notarization are required.
Preparation Methods: The power of attorney can be prepared at the Greek Consulate in your country of residence or at a local notary in Turkey by adding an Apostille annotation. The apostilled document must be officially translated into Greek by sworn translators.
Critical Warning: Banks may reject template powers of attorney written with missing or general statements. It is mandatory that the text of the power of attorney includes the following powers with specific and detailed expressions:
- Authority to apply for AFM and receive Taxisnet access codes,
- Authority to open a bank account, create specimen signatures, and sign relevant contracts,
- Authority to request internet banking passwords and manage the account.
Greece’s “Big Four” Banks and Comparison
The backbone of the Greek banking sector is formed by the "Big Four", all operating under European Union guarantee. The approach of the banks to foreign customers and their features are as follows:
| Bank | Key Feature | Approach to Foreigners | Branch Network |
|---|---|---|---|
| Piraeus Bank | Advanced mobile app (winbank), dedicated departments for foreign residents | One of the most open banks to foreign applications | Extensive |
| Eurobank | International client-oriented digital onboarding structures | Rare structure offering remote account opening without visiting a branch | Medium-Extensive |
| Alpha Bank | Strong digital infrastructure and mobile app (myAlpha) | Process is smoother with an AFM and Greek GSM number | Extensive |
| National Bank of Greece (NBG) | The oldest, most established, state-backed institution | A more traditional, conservative, and rule-bound process | Most Extensive |
An In-Depth Look at the Greek Banking System
The “Big Four”, which form the backbone of the Greek economy and are entirely subject to the supervision of the European Union (EZ / ECB) and the Bank of Greece, hold a very large portion of the commercial and retail banking market in the country.
When planning to open an account in Greece, knowing the corporate culture, digital infrastructure, and approach of each bank towards foreign investors (expats / Greece Golden Visa applicants) enables you to make the right choice. Here are the detailed profiles of the banks:
1. Piraeus Bank
- Corporate Profile and Location: Piraeus Bank is by far the most popular bank among foreign residents and international investors. It is highly experienced operationally, especially with foreign files coming through consular and power of attorney (PoA) processes.
- Customer Experience and Support: The English proficiency of the staff is higher compared to state banks. It has special departments created for Greek citizens living abroad and international customers.
- Digital Infrastructure: The mobile and internet banking application called winbank is quite developed. Thanks to its user-friendly interface, it facilitates remote account management.
- Ideal For Whom? It should be considered first by anyone who wants the process to proceed smoothly with as few bureaucratic obstacles as possible and desires to work with an institution accustomed to the foreign investor profile.
2. Eurobank
- Corporate Profile and Location: Standing out with its internationally focused structure, Eurobank has a network integrated with financial centers such as Cyprus, Bulgaria, and Luxembourg. Its branches, especially in the southern suburbs of Athens (such as Glyfada) and popular islands, are very well-versed in the real estate and investment files of international customers.
- Customer Experience and Support: It is one of the rare banks that can show branch-based flexibility. Compliance (AML/KYC) departments can approach international fund transfers more flexibly and practically compared to other traditional banks.
- Digital Infrastructure: Introducing digital onboarding (online account opening) solutions the earliest (Not: Cümle görselde yarım kalmaktadır)
- Ideal For Whom? It is an excellent alternative for investors who value one-on-one customer relations, plan to make a Golden Visa investment, and want to quickly get their fund flows approved at international standards.
3. Alpha Bank
- Corporate Profile and Location: It is one of Greece’s long-established banks with a modern vision that invests the most in digital transformation. It features the Bonus ecosystem, one of the country’s most widespread loyalty programs.
- Customer Experience and Support: The myAlpha application offers full English language support and its design is quite successful. However, for applications made from scratch from a foreign country without residency, the compliance department is quite strict. Once your AFM and Greek GSM number are ready, its digital processes are very efficient.
- Digital Infrastructure: It has one of the strongest infrastructures in the market in terms of mobile banking and digital security steps.
- Ideal For Whom? It is suitable for technology-oriented users who value mobile banking experience and modern financial interfaces, and who already have a presence (GSM number/tax registration) starting to form in Greece.
4. National Bank of Greece (NBG / Ethniki)
- Corporate Profile and Location: It is Greece’s oldest, first, and most established state-backed bank. NBG has the widest branch and ATM network across the country.
- Customer Experience and Support: It operates strictly with the discipline of a classic “state bank”. Document reviews, procedures, and approval processes are extremely traditional, conservative, and rule-bound. Processes may run slower compared to other private banks.
- Digital Infrastructure: While maintaining its traditional structure, it implements current mobile banking standards; however, it still shows great loyalty to physical documents and consular approvals in complex remote files.
- Ideal For Whom? It is the most reassuring harbor for property owners who seek absolute state guarantee behind them rather than speed, do not give up traditional banking habits, and have no time constraints.
Which Bank Should You Choose? Comparison and Strategy Recommendation
- If Speed and Practicality are Priorities: Piraeus Bank or Eurobank will finalize your files with less friction.
- If a Wide Branch Network and Security are Priorities: National Bank of Greece (NBG) can be preferred.
- If You Want an Advanced Digital Experience: Alpha Bank’s infrastructure is satisfactory.
Strategic Tip: Instead of sticking to a single bank, especially in Golden Visa or real estate processes, requesting offers from at least two different banks (e.g., Piraeus and Eurobank) through your intermediary law firm, and comparing operational costs, account maintenance fees, and the approach of compliance departments, is the smartest approach.
Required Document List for a Bank Account
Greek banks audit application files very strictly due to Anti-Money Laundering (AML) and international tax transparency (FATCA/CRS) rules. The standard document folder you need to prepare is as follows:
- Passport: A color copy of the passport with at least 3 more years of validity.
- AFM Document: Official tax number printout obtained from the Greek tax office.
- Proof of Address: A utility bill issued in your name within the last 3 months or an apostilled e-Government residence certificate.
- Proof of Income: Documents proving the source of funds, such as a salary slip, company activity certificate, title deed, or rental income.
- Phone Number Declaration: An active GSM number registered in your name for two-step SMS verification and mobile banking.
Opening Deposits and Operational Costs
The financial details to consider after the account opening is approved are as follows:
- Initial Activation Deposit: To activate the account, depending on the bank, a balance of generally between €200 and €300 is requested to be deposited. This is not a deduction, but the initial balance that will remain in your account.
- Operating Fees: Monthly maintenance fees and annual card renewal fees (averaging €10 – €15) apply for standard current accounts.
- International Transfers: Traditional Greek banks may apply exchange rate differences (FX margin) on incoming transfers from outside the Eurozone. Therefore, supporting the account with fintech tools like Wise or Revolut to optimize international transfers is a useful strategy.
Opening a bank account in Greece is not just a financial transaction; it is also the first major step you take on the road to moving from being a “tourist” to a “resident” in this country. In this system where bureaucracy progresses slowly and each branch sometimes applies its own rules, being patient, maintaining a friendly communication, and most importantly, working with an expert legal team will protect you from all possible delays.
As Golden Visa Solutions, together with our expert local lawyer partners in Athens, we manage the entire process end-to-end on your behalf, from obtaining AFM, preparing the power of attorney, to the remote and completely seamless completion of your real estate processes and bank account opening procedures in Greece.
