How to Open a Bank Account in Greece as an Israeli: A Step-by-Step Guide

Hundreds of Israelis open bank accounts in Greece every year—some to purchase property, some in connection with the Golden Visa, some because they spend extended periods in Greece, and others simply to avoid paying currency-conversion fees on every transfer.
The process itself is not particularly complicated. The problem is that most guides skip the step where applicants actually get stuck: without a Greek tax identification number (AFM), banks generally will not proceed with the account-opening application.

Why Israelis Open Bank Accounts in Greece

Interest among Israelis in Greece has grown steadily since 2020, gained further momentum in 2024, and remains strong in 2026. Several factors are driving this trend:

Property Ownership: The Greek real estate market has attracted significant investment from Israelis, particularly in Athens, Thessaloniki, Crete, and the Aegean islands. Utility bills, property maintenance costs, and tax payments to Greek authorities are all much easier to manage with a local IBAN account. Without one, every payment has to go through an Israeli bank, often involving currency conversion and additional banking fees in either direction.

Golden Visa: Greece’s residency-by-investment programme, updated in 2024 and still in effect in 2026, requires non-EU citizens to invest at least €400,000 in qualifying areas, while a €800,000 minimum applies in central Athens, Thessaloniki, Mykonos, Santorini, and areas with a population of more than 3,100 residents.

Extended Stays: Israelis who spend several months a year in Greece often find that using a foreign credit card is inconvenient for everyday expenses. Local debit cards, SEPA transfers, and direct debits all become much easier to manage after opening a Greek bank account.

Extended Stays: Israelis who spend several months a year in Greece may find that relying on a foreign credit card is inconvenient for everyday expenses. Having access to a local debit card, SEPA transfers, and direct debits can make managing regular payments much easier after opening a Greek bank account.

Step 1: Obtain a Greek Tax Identification Number (AFM) — This Comes First

The AFM (Arithmos Forologikou Mitroou, ΑΦΜ) is Greece’s tax identification number. Without it, Greek banks generally cannot proceed with an application to open a bank account. This is not simply an individual bank’s policy—it is a legal requirement under Greek financial regulations that applies to both residents and non-residents.

How to Apply for an AFM as an Israeli Citizen

The application is submitted to a local Greek tax office, known as the AADE or DOY (Dimosia Oikonomiki Ypiresia). In Athens, the specific DOY office responsible for non-resident foreigners depends on your district, while tax offices in areas with a high concentration of foreign residents routinely handle these applications.

What to Bring to the DOY:

• Israeli passport (original and a copy of the identification page)
• Israeli passport (original and a copy of the identification page)
• Israeli passport (original and a photocopy of the identification page)
• Israeli passport (original and a photocopy of the identification page)

The process usually takes one to two days. The AFM certificate is issued as a paper document.

If You Have Not Yet Arrived in Greece: A Greek lawyer or accountant can obtain an AFM on your behalf through a notarised power of attorney. This is a common practice among property buyers who have not yet visited the country. The service typically costs between €150 and €300 and takes a few business days.

An Important Clarification: Obtaining an AFM does not make you a Greek tax resident, nor does it automatically create a tax-reporting obligation in Greece. It is simply a tax identification number that the system requires before you can open a bank account or complete a real estate transaction.

Step 2: Choosing the Right Greek Bank

Greece has four major commercial banks. Not all of them are equally experienced in handling applications from non-residents, and even within the same bank, experience can vary between branches more than you might expect.

Alpha Bank: Alpha Bank is widely recommended among Israelis, foreign nationals, and overseas property buyers. Several branches in Athens, Thessaloniki, and popular tourist destinations have dedicated staff who handle non-resident applications. Alpha Bank’s process for international clients is generally smoother compared with some competitors. Both standard current accounts (Klasikos Logaraismos) and savings accounts are available to non-residents.

Eurobank: Eurobank has a strong private banking division and handles a significant number of Golden Visa clients in Greece. If you are opening an account as part of a real estate investment, staff at the main branches are familiar with the required paperwork. The requirements are similar to those of Alpha Bank.

Piraeus Bank: Piraeus Bank is Greece’s largest bank by assets, with an extensive branch network across the country. Non-resident accounts are available, but branches in smaller towns may sometimes be less familiar with the relevant procedures. It is generally better to focus on branches in major cities or areas with a large foreign population.

National Bank of Greece (Ethniki / NBG): Greece’s oldest bank. It is highly reputable, but the non-resident application process tends to be slower than at Alpha Bank or Eurobank. Some branches can also be more bureaucratic when it comes to documentation. It is a reasonable backup option, but generally not the first choice for most applicants.

Recommended Starting Point: Alpha Bank or Eurobank, preferably at a branch in Athens, Thessaloniki, or a major tourist destination. It is worth calling ahead before you visit—it only takes five minutes and can confirm that the specific branch regularly handles non-resident applications.

Step 3: Documents Required to Open a Bank Account in Greece

Greek banks are required under EU anti-money laundering regulations to verify the identity and source of funds of all customers, particularly applicants who are citizens of non-EU countries. The basic document requirements are generally similar across banks, although individual branches may sometimes request additional documents.

Mandatory Documents (Always Required)

1. Valid Israeli Passport — Original and copies. Bring a photocopy of the identification page. If you have entry stamps from previous visits to Greece, it is also worth including copies of them, as they can help demonstrate an existing connection to the country.
2. תעודת AFM – התעודה הרשמית המודפסת מטעם AADE. המספר בלבד, בכתב יד אAFM Certificate — The official printed certificate issued by AADE. The number alone, whether handwritten or printed separately, is not sufficient. Some branches may also request a photocopy.ו מודפס בנפרד, לא מספיק. סניפים מסוימים גם מבקשים צילום.
3. Proof of Residential Address in Israel — A utility bill, Israeli bank statement, or official government document in your name, issued within the last three months and showing your full address.
4. Source of Funds Documents — This is the stage where most applicants are least prepared. Greek banks need to understand where the money you plan to deposit comes from. For most applicants, one of the following is sufficient:
   • Recent payslips covering the past two to three months.
   • A letter from an Israeli employer confirming your position and salary.
   • An Israeli bank statement showing regular salary deposits.
   • For Investors or Self-Employed Applicants: A financial statement or a letter from an accountant explaining the sources of income.
   • For Property Buyers: A letter from your lawyer explaining the purpose of the investment and the source of the funds being used for the purchase.
5. Contact Details — An active phone number and email address are both required to activate the account. Some banks require a Greek SIM card for SMS verification, while others accept an Israeli number. It is worth confirming this when you call the branch in advance.

Sometimes Required (Not Always)

• A letter from the Israeli bank confirming the status of the account.
• A signed declaration confirming tax residency in Israel.
• For Golden Visa Applicants: A letter from the lawyer or agent handling the real estate transaction in Greece.

There is no specific enhanced screening for Israeli citizens. The requirements are the same as those applied to any citizen of a non-EU country applying for an account at a Greek bank.

Step 4: Visiting the Bank Branch

You cannot complete the process of opening a Greek bank account entirely remotely. At some point, you or an authorised representative acting on your behalf must appear physically at a bank branch. If you are flying to Greece to view properties, it is best to schedule your bank visit at the beginning of the trip rather than at the end.

What to Expect During the Visit

You arrive with your document folder. A bank representative reviews everything, asks about the purpose of the account and your connection to Greece, completes the application with you, and then you sign the necessary documents. The appointment itself typically takes between 45 minutes and an hour and a half.

The account is not activated immediately. You leave with a confirmation, and within three to seven days, you can expect the following:

• The debit card is delivered by post, or you can collect it from the branch.
• Online banking login details are sent separately.
• Receiving your Greek IBAN

Full account activation usually takes around one week.

What If You Cannot Travel to Greece?

A Greek lawyer with a notarised power of attorney can complete the entire process on your behalf. This option costs more—typically between €200 and €500, depending on the lawyer and the scope of the work—but it is a legitimate and common approach.
Many Israeli property buyers in Greece never physically visit a bank branch. Their lawyer handles the account opening as part of the overall property transaction.

Fees, Minimum Balances, and What to Expect

Greek bank accounts are generally cheaper to maintain than most people expect.

Most basic accounts waive the monthly fee entirely if you maintain a balance of 300–500 euros or carry out regular activity. Debit cards are linked to Visa or Mastercard by default. There’s no penalty for inactivity in the first year, although some banks charge a small annual fee on accounts that remain dormant for more than twelve months.

Incoming international transfers from Israel: 15–25 euros per transfer via SWIFT. This fee is charged by the Greek bank. Your Israeli bank will also charge its own outgoing transfer fee, in addition.

SEPA transfers within the EU and the European Economic Area: incoming transfers are usually free. Outgoing transfers typically cost between 0.50 and 3 euros. Crediting usually happens on the same day or the following day within the eurozone.

Transferring money from Israel to Greece

After opening a bank account in Greece, SWIFT is the standard method for sending money from Israel. Here’s how it works:

1. You receive the Greek IBAN number from the bank after activation.
2. You log in to the Israeli bank’s international transfer portal.
3. You enter the Greek IBAN, the Greek bank’s BIC or SWIFT code, and the transfer amount in euros or shekels.
4. The Israeli bank converts shekels to euros at its current exchange rate (rates vary between banks, so it’s worth comparing).
5. The money arrives in the Greek account within one to three business days.

The currency conversion takes place on the Israeli side. The Greek bank receives euros directly and deposits them without any further conversion.

Worth knowing: Israeli banks charge a fixed fee on every SWIFT transfer. In 2026, this generally ranges between 30 and 90 shekels, depending on the bank and account type. Bank Hapoalim and Bank Leumi tend to be at the higher end of that range. Bank Discount and some digital accounts charge less. If you’re planning to transfer funds regularly, it’s worth comparing transfer fees among Israeli banks before settling on a fixed channel.

What Greek banks are scrutinizing more closely in 2026

Greece updated its anti-money laundering procedures in 2022, and again in 2024, following new EU directives. Banks have maintained these stricter standards into 2026 as well, without easing up. In practice, source-of-funds documents are scrutinized much more carefully than they were three or four years ago. Expect detailed questions about the source of funds for any transfer related to real estate exceeding 100,000 euros.

This applies to all non-EU citizens, not just Israelis. But it does mean that arriving with complete and organized paperwork makes a measurable difference in how quickly your application moves through the system. A bank clerk who has to chase down three additional documents over two weeks is a completely different experience from a clerk who can close the file on the first visit.

If you’re purchasing property in Greece, it’s almost certain that your lawyer already has a standing relationship with a local bank branch. It’s worth using that connection. Requests that arrive without prior coordination at branches that don’t regularly handle non-resident accounts tend to take longer, in a way that the right introduction would have avoided.

One practical point: your Greek IBAN becomes active for SEPA purposes the moment the account is approved, even before the card arrives. You can share it with any European sender from that moment on. This is useful if you’re expecting an incoming transfer from within Europe and the card’s timeline doesn’t line up.

Summary

The steps, in order:

1. Get the AFM (Greek tax number) at a DOY office in Greece, or through a Greek lawyer with a notarized power of attorney.
2. Prepare the documents: Israeli passport, proof of address in Israel, source-of-funds documents, and AFM certificate.
3. Approach Alpha Bank, Eurobank, or Piraeus Bank, at a branch in a major city or in an area with a concentration of foreigners.
4. Visit in person, or authorize a Greek lawyer to act on your behalf.
5. Allow about a week for full activation of the process.

Most people who get stuck, get stuck right at the first stage. The AFM requirement isn’t clearly explained on the banks’ websites, and if you arrive at a branch without it, you leave without an account. Get it first.

Once you have your AFM and your documents are in order, opening a bank account in Greece as an Israeli is a process that the major Greek banks handle routinely. The 2026 anti-money laundering requirements add a layer of paperwork, but nothing in the process is designed to shut you out. Those who prepare properly move through it efficiently.