Balances with banks abroad

Due to the climate prevailing in the Greek economy and the fear that the risk of deposits in Greece, many are considering transferring their money in foreign accounts.

Inhibitor, these days, to transfer money abroad is perhaps deliberate, ambiguity of the new tax bill . Based on the new law, the bank manager told someone wanted to open a deposit account abroad, that will have tax returns. Key Points of the Article 18 are references to encourage repatriation of capital has not been declared and it was already abroad when the date of the bill (April 15, 2010). That makes no reference to future deposits and the existing use if we have the money out is not declared to tax office and we want to "formalize".

The other problem opening an account abroad is that we should go there themselves for small amounts (eg in Switzerland for amounts less than 250.000 CHF - 175.000 euros). A trip is a bad idea in a beautiful country like Switzerland. Banks asking for passport and possibly account DEI - OTE - bills to verify residence. For larger amounts, in some Swiss banks, there are ways of opening from a distance, but it needs some time to see the applicant come even if the bank's representative at it. Interest rates are low and "good" accounts pay a fee each year.

It is usually easier to open an account in a foreign country through a bank branch in Greece. Some of these banks are:

  • In Cyprus : Marfin, Cyprus, Greek Bank, Commercial, National, General, Piraeus, Eurobank.
  • In Russia: Kedr Bank
  • In Romania : Commercial, Alpha, Citibank, Marfin, Eurobank (BankPost), ATE Bank, Millennium, Piraeus. Interest rates fluctuate in the Romanian Greek levels
  • In England : Alpha, Citibank, HSBC, Cyprus, Eurobank, Emporiki, Marfin, National, Piraeus

Since opening an account abroad is unusual request, often by officials in Greece do not know the process and will require some perseverance. Natural barriers to serving the local banks to avoid losing precious liquid. With some phones in the shop of the country or even in email can be found by the procedure. To open an account remotely sometimes there are sunk costs, eg The Kedr charged 65 euros.

When you transfer money abroad no charge for remittances. Is usually .15% to 0.30% of the amount, with a few (5-10 million) and maximum (100-300 euros). Eg Bank of Cyprus can tell you that in order to transfer 100,000 euros from Greece to Cyprus they want 120 euros. But there are ways to transfer have a much lower cost and no such can every day to send free Euro 8000 via the Onebank . The destination store usually gives the best solutions.
If there is an internet banking you pay considerably less, eg Alpha Bank is 0.30 euros in EU and 10 euros for non-EU but the costs of foreign banks. The system of Piraeus Online for amounts of around 10,000 euros charged around 5 euro.

As for the taxation of interest, residents of Greece should give themselves a 10% interest in the Greek tax authorities, in the month following receipt of interest. They may seek exemption from the withholding tax process in the state are deposits. Excluding Belgium, Luxembourg, Austria, Switzerland, Andorra, Monaco, Liechtenstein and San Marino, Andorra, British Virgin Islands, Guernsey, the Isle of Man, the Netherlands Antilles, Jersey, the Turk and Caicos. In some of these countries apply a transitional period during which interest is tax deduction (20% -35%) in a foreign country and that amount (75%) will be given to country of origin of the applicant.

Opening this section of the site presents the time deposit interest rates in Romania. This is a country in the hands of the IMF over a year, so it has many similarities to Greece. The deposits are guaranteed by the Romanian Deposit Guarantee Fund up to the equivalent in LEI of EUR 50,000. If the bank is based in an EU country you can choose to be covered by the guarantee of origin.

Compare deposits in three currencies: Euro , Ron (Lei) and USD .

Like all information on the site, deposit our money in a bank abroad is not an investment recommendation or a proposal. The aim is to be aware of the possible choices, but in the end the decision and the burden of responsibility is always ours.

Comments (63)
23 Thursday, 10 June 2010 18:33
Congratulations to all for interesting plirofories.I strength in unity ... .... let us never forget
22 Wednesday, 09 June 2010 17:36
Dear tsig if returning to penny successive devaluations, interest rate loan that will range; Interest at that time to be fixed or variable rate; interest has repaid the loan if the deposit is equivalent to a Greek bank; Thanks in protairon
21 Wednesday, 09 June 2010 13:31
Theologos F
Welcome friends of the forum. I wanted to ask if someone has a money transfer to Piraeus Bank Cyprus by Piraeus Bank in Greece and what procedures followed for opening accounts, etc. Even if it means wibank see the account in Cyprus. Thanks, Theologian
20 Wednesday, 09 June 2010 00:02
Reading the very low interest rates such 0.5% and the large tax example 35% interest in Swiss banks to wonder why not put a lot of money for everyone in a bank deposit in euro (I will not lose a large amount in interest). So when we restore the drachma will continue to have the euro in our shop . They will be able to exchange the new rate (after the expected depreciation) and not miss anything (at least for the amount of window). The only problem "seeing" this alternative is what happens if the bank goes bankrupt in which we maintain our window. I think that there is no historical precedent tells us if the recipient shops can get their content when a bank goes bankrupt. If you can not see the reason to run in Switzerland and Cyprus. Of course I have pictures from both old Greek films and in the case of the "pyramid" in Albania, I think not allowed customers to stores in the bankrupt banks, but we do not know for sure.
19 Tuesday, 08 June 2010 17:12
because I am confused with OECD DIAVAZO you can help me; prokeitaiia to convey an amount of around 50000 IN BANK in Cyprus. tax on interest is deducted automatically and should be attributed to GREECE or should I do something about it; I'm thinking the finish for a few months and vlepoume.epeidi and then think of a time buying a home they will need to get back to pay you a fee ... because it sounds a lot for repatriation of capital berdeftei.apo I have heard so many of the other and prefer to I've been there for to feel safe. also need to update some ISG .. I had the money to kateitheimena Bank of Greece is no issue with such a means test and to read;;;
18 Tuesday, 08 June 2010 10:41
I've opened an account with Bank of Cyprus branch in Cyprus and I will send my deposits there via bank transfer to Greece. I would like to know how I can then manage my money: How to convert to a fixed deposit and how do I get money from my account in Cyprus when I need. How is the commitment? Please anyone who knows there is hard work let me respond. Thank you in advance.
17 Monday, 07 June 2010 13:50
Hello children I would make the eksis question. I want to transfer an amount from GREECE in Switzerland. I want to ask how you can open an account at Swiss bank, and which is reliable banks in Switzerland.
I want to transfer a section of over 10 thousands of dollars in a foreign bank GNOSTOUS REASONS FOR THE SAFEGUARD OF THE RATE OF COIN IN CASE OF CHANGE undesirable (GRD) AND HIS YPOTIMISIS. I have thought THESE COUNTRIES FOR 2 REASONS PROSOPIKOUS and want to reach a decision and activation HER through the procedures APAITOUNTAI.THELO BUT TO BE SURE FOR THE BACKGROUND AND THE REGIME APPLICABLE MINUTES AND HOW DO I FINISH THE PROCESS AND WITHOUT FEAR legally. IF ONE KNOWS MORE PM give me lights. PS. (Although I do not mean something, I'm KYPRIOS YPIKOOS and I live in GREECE heat are EC)
15 Sunday, 06 June 2010 17:05
Hello, I will send EUR 20 000 in Bank of Cyprus Cyprus 8.000 per euro not to be charged. 1) If the returns of small amounts will pay this bill that they made; (I will not say a tax office, etc + I have a tax-free salary after with less than 550efro-test military school) 2) the Cypriot bank will provide the necessary elements c be taxed; (Not the interest .. no one will send money so) 3) if asked to send money to the account party (the father or with another in Greece) will be taxed; 4) if you spend the penny, the money in Cyprus (EUR) as Greek citizens will be affected; 5) if the final tax on remittances, etc I go Cypriot t make a withdrawal, will be taxed again; Thanks
14 Sunday, 06 June 2010 10:42
Because I can not think of the course please help me with the following example. Suppose we turn to the penny at twice the rate of the original 340.75 dld instead to go to 681.5. Someone who has 100 € to which the case is won and why: a) when a draw before the bank and has a house or b) if left in the bank
13 Saturday, 05 June 2010 14:29
Nikos Krokos
If you want to transfer your money to Switzerland and to repatriate the untaxed simply open an account foreign exchange (forex). The amounts start at 5,000 euros deposit. Investing in foreign exchange rates profit exceeding 20% annual. If you need help I am at your disposal.
12 Saturday, 05 June 2010 10:58
That is, if someone has the money or the National Agricultural Bank may carry them in stores these banks abroad (Cyprus, Germany); and if so then it is considered that the money under the country's Central Bank of transport and not affected by opoioadipote poor development in the economic situation in Greece? Thanks.
11 Thursday, 03 June 2010 10:46
On 31 / 5 he opened an account at UBS Zurich. Generally the following applies: You have provided the necessary documents with you to open an account is relatively easy, no minimum deposit. Of course there are limitations, eg take up to 30 000 per year, or else Notice acoount 3 months. Ascension is not simply a fax informing them about the account to which transfer will be done, ie have a "small problem" in cash. Pimples earn and anyone connected with America. With regard to the necessary documentation needed a passport, some documents stamped by an official - known Greek bank, it is good to have some documents showing how to cost and the amount to be deposits.
10 Thursday, 03 June 2010 02:31
From September until the end of the year will be Germany for studies. I consider myself now resident abroad? German bank considers resident abroad? To open an account in a Greek bank branch there or a German bank to transfer money from here Has anyone any experience with the German banking system? Or knows where to I could go for further details? Thanks!
9 Wednesday, 02 June 2010 11:09
Can someone give me more information about what happens if someone is a non-resident (registered resident) and wants to bring money in Greece; What applies in this case;
8 Wednesday, 02 June 2010 08:12
Searching the internet I found a bit of Advanzia in Luxembourg and Credit Europe Bank in Belgium. Not require physical presence to open an account with a simple e-banking send remittances in euros. Moderate rate, but better than other European banks. What do you think;
7 Thursday, 27 May 2010 23:43
Call learned that: 1) The Credit Suisse account opening minimum presupposes 300.000efro and also want you to be there in person myself. 2) For UBS the minimum amount for opening an account is 100.000efro and also you have to be there. Also after opening the account does not allow you to do money transfer through internet only deposit transfers to UBS. That is to say you can only see the account balance through internet ... ... I think that probably "disable" someone the money if we consider the possibility to happen to you something and not being able to travel himself to do a withdrawal. ..
6 Tuesday, 25 May 2010 13:36
I would like to say a big well done for bringing such a hot topic and can be updated. Well done again
5 Monday, 24 May 2010 22:55
I heard from my very own man who went to deposit money abroad, they have instructions for (;;; not know details) for the money deposited by the Greeks, to be managed in case of bankruptcy, similar to that which would exist if the money was in Greece. Namely that if someone lodged in Cyprus does not provide the money simply does not mention foreign banks because they want the money of course. Does anyone have relevant information;
4 Wednesday, 12 May 2010 08:17
Good morning. I'm thinking about the constitution of A TRIP TO CYPRUS 100.000 € HAVING ME THAT WILL DEPOSIT IN KANO WHERE BANK. I would have requested DOCUMENTS; will have a burden FROM GREECE; could allow Cyprus to put MY INTEREST OF THE MONTH TO ACCOUNT TO THE BANK OF GREECE I; THANKS