Sending money to Greece should be quite easy and fast and if you choose to pay attention to this Greece Money Transfer Guide, you will learn how to makes the most out of your currency.
With the help of Foreign Exchange companies, you will understand that transferring money to or from Greece can be quite cheap. And if cheap is not good enough, we will show you a few companies that can wire the money for free. Yes, you read it right the first time – you can even send money internationally for free.
The Guide’s Topics:
- Best Way to Send Money to Greece
- Best Company to Transfer Money from Greece
- Today’s Euro Rates
- Reasons to Move Funds into Greece
- Regulation and Limitations
Best Company To Send Money To Greece
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
We have chosen Currencies Direct because it has a big inventory of available currencies – 100+ international currencies. This means that almost any country in the world is a valid destination for your money.
To get a free quote on a money transfer, be sure to check out their website and fill a short form.
MoneyCorp is one of the oldest company on the market with over 35 years of experience in foreign currency exchange. It has a lower number of currencies available (35) but if you take into consideration that some of them are used in multiple countries, the destinations keep on multiplying.
The Euro for example – It is used in Italy, Germany, Belgium, Lithuania, France and 14 more countries from the EU.
CurrencySolutions are one of the most recommended companies to work with if you want to purchase properties abroad. They are used by many real estate agents that deal with abroad clients and have adapted to fulfil the requests that usually appear in this kind of transactions. Be sure to check out their website for more info, or just to get a free quote.
Best Company to Transfer Money from Greece
|Min. Transfer: € 100.|
Transfer: Online or by Phone.
Why Them? Over 150,000 Active Clients.
£4.5Bn Transferred Annually. 18 Worldwide Offices.
Supported Regions & Currencies
The above-mentioned companies can provide their services on all territories of Greece and they have a license and regulated by the Anti-money laundering laws issued by the European Union.
Currencies: You don’t have to worry about this subject because we reviewed these FX companies and it will be hard to find a place that is not on their list of available destinations. Countries like Germany, USA, Australia, New Zealand, Brazil, Portugal, Spain or Mexico, are locations for daily transfers.
Today’s Foreign Exchange Rates for EUR
Transferring Money To A Greek Bank Account
Greece is one of the countries where the economic crisis had the biggest impact and the debt levels have grown consistently since 2008. After 6 years of decline, the country returned to growth but only for a very short period and went into recession again in 2015.
Tourism: Greece relies heavily on tourism to contribute to the country’s economy – this is the main reason why the crisis impacted so hard. It is recorded that, in 2008, the number of jobs directly or indirectly related to the tourism sector made up 19% of the country’s total labour force. It also contributed with 18.2% of the nation’s GDP.
Greece has been constantly featured in the top 10 most visited countries in Europe, with an average of more than 17 million tourist arrivals per year.
Business: The Maritime industry in Greece has a long history and has been a developed sector since ancient times. Today it has the largest merchant navy in the world and is ranked fourth in the world by the number of ships (3,695).
Relocating To Greece?
If you consider moving to Greece and live there as an expat, you may find the following information helpful:
Advantages Of Moving To Greece:
- Low Pollution: Greece has one of the lowest pollution rates in the world.
- Affordable Food: 25 – 50% lower cost of food than North American countries.
- Affordable Rent: Average one-bedroom apartment is 295 GBP per month.
Disadvantages Of Moving To Greece:
- High Unemployment Rate: 25.6% Unemployment Rate.
- Property Taxes: Greece has very high property taxes that are 30% higher than other European Countries.
- Low Level of English: Greeks speak limited English, which could present a challenge to expats.
How To Make A Cheap Money Transfer To Greece
A Foreign Exchange company is dedicated to providing a single service to the fullest. This means that they concentrate all their efforts into streamlining the process as much as possible, helping to reduce the fees or remove them altogether, providing a more convenient transaction and delivering the money as quickly as possible.
As most FX companies make their profit from the Pound to Euro exchange rate, they often allow you to make an international money transfer to Greece for free when you make larger transfers. This is a huge benefit for a service that is as safe as dealing with a bank but also much quicker and easier.
Best of all, these transfers are typically completed within 24 hours, so there is no need to bend over backwards to arrange one’s schedule, as is necessary with a remittance company that can take up to a week to deliver the payment.
What you need to send money to Greece
- Bank Name and Address
- Swift/BIC Code
- Account Number
- Receiver’s Complete Name
Our Company Recommendation:
- Send Money to Greece: Companies that provide international money transfers to Greece.
- Send Money from Greece: Companies that take on Greek Customers.
Regulations and taxes when transferring money to and from Greece
Greece’s economy was dealt a critical blow by the 2008 Eurozone crisis, from which it still has not recovered. Although the country went back to business as usual for a few years, 2015 brought it closer than ever to an exit from the Eurozone, after a government referendum on austerity caused a run on deposits which forced the banks to shut.
Greece remains a member state, at the cost of harsh capital controls, especially on transfers out of the country.
The Bank of Greece
The Bank of Greece oversees payment systems to ensure the stability of its financial sector.
The European Central Bank (ECB) sets the single monetary policy.
When the banks reopened on June 29 2015, Greek account holders were limited to withdrawals EUR60 per day, from an ATM. The restriction remained in place until July 24, after which the equivalent sum of EUR420 per week could be drawn all at once.
Transfers out of the country were still restricted, until August 18 2015, when transfers out of Greece to the value of EUR500 per month were allowed.
Businesses were initially allowed to transfer EUR50,000 out of the country per day. That amount was raised to EUR100,000 on August 18.
Taxation on foreign income
Greek residents are taxed on any foreign income. Non-residents are taxed only on income originating in Greece. Double tax treaties are in place to avoid double-taxation.
Biggest banks in Greece
- Bank of Greece
- Agricultural Bank of Greece
- Alpha Bank
- Attica Bank
- Eurobank Ergasias