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How to Open a Payment Account Online in Greece

How to Open a Payment Account Online in Greece

Ready to open an account in Greece with complete convenience and security? Online banking has made setting up a payment account a simple and straightforward process with no language barriers. Whether you need an account for your business, for international payments, or to receive your salary, the online option is the fastest and most cost-effective. In this article, we will explain how to open an account online in Greece seamlessly and with maximum security, so that you can complete your money management tasks from the comfort of your home.

Documents required for opening an account in Greece

Online banking providers, predominantly licensed electronic money institutions (EMIs) regulated by the local National Banks of the European Union countries, have emerged as a prevailing trend in the financial sector. This trend offers rapid and hassle-free solutions for opening accounts, catering to both businesses and individuals alike. They offer payment accounts opening in Greece, with a range of advantages. These accounts are typically easier to open, have fewer paperwork requirements, and offer a range of features, such as mobile apps, international transactions (SEPA and SWIFT), payment cards (plastic and virtual), etc.

The documents typically required to open an account in Greece include:

  • Valid form of identification (e.g. passport, driver’s license, residency permit);
  • Proof of address (e.g. utility bill, bank statement);
  • Proof of income/financial documents (e.g. paycheck, bank statement, investment certificate);
  • Greek taxpayer identification number (if applicable).

Non-EU residents who wish to open an account in Greece will have to provide additional documentation, such as proof of entry or residence in Greece.

What is the fastest way to open a Greek account?

The fastest way to open an account in Greece is via the online method. Remote onboarding has numerous advantages and helps save both time and money.

  • You can easily complete the entire process online, without the need to travel to Greece. At Satchel, your home country’s utility bill is sufficient.
  • Remote onboarding allows you to save time by simplifying the application and document provision processes.
  • It is possible to open personal, freelancer, business, and merchant accounts online.
  • You can save money on the onboarding fee for your new account. Many EMIs like don’t require any fees for submitting documents and only charge clients once the account opening application has been approved. If your application is rejected, you will also not be charged.

Digital banking providers offer increased flexibility as they have similar requirements for both EU residents and non-residents. This provides non-EU citizens with direct access to the EU and global payment and financial ecosystems.

Is there any difference between an account opened at a traditional institution and an EMI?

Generally, a European IBAN issued by a digital banking provider allows users to perform the same financial operations as they would with an IBAN from a traditional financial institution. Commonly used services include SEPA transfers in EUR, international SWIFT payments, payments via debit/credit cards and ATM withdrawals, as well as payroll programs.

Traditional financial organizations may offer additional services such as deposits, loans, whereas digital banking providers are more likely to be crypto-friendly. Ultimately, the choice of a service provider depends on the desired features and functionalities.

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