Knowledge base
WTP Finance helps you understand how money works in Greece before you choose a product. Short, practical explanations — not a finance course. Each topic is meant to help you make a decision and avoid being cheated, not to replace advice from a provider. Always confirm your own case with the provider or an adviser.
First steps: the IDs you need
In Greece your money can’t move until you have the right IDs, in the right order — and that whole chain is free by law. Start here so you don’t overpay a “fixer” for something the state gives away.
First IDs you need, and in what orderIn Greece money cannot move until the right IDs exist, and they must be obtained in a strict order. The whole ch…The AFM (tax number)The AFM is a 9-digit tax number, issued once and valid for life by the tax authority (AADE). Almost nothing fina…The AMKA (social-security number)The AMKA is your 11-digit social-security number. Without it you cannot be legally employed, insured, or use pub…TaxisNet and the κλειδάριθμοςThe κλειδάριθμος ("kleidarithmos", literally "key-number") activates your TaxisNet credentials — the username an…Gov.gr WalletGov.gr Wallet is the mobile app that stores a digital ID card and digital driving licence, shown by QR code, wit…The Personal Number (Π.Α.)Greece is rolling out a single Personal Number (Προσωπικός Αριθμός, Π.Α.) that links your tax number and social…Residence permit as your IDFor non-EU nationals the residence permit is not just permission to stay — it doubles as your official ID for ev…Protecting your tax number and identityGreece has no one-click "lock" on your tax number — there is no equivalent of the consumer freeze some other cou…
Cards and instant payments
How everyday payments work — cards, wallets, ATM fees, and IRIS, Greece’s instant payment system. The one rule to remember: IRIS has no chargeback, so treat it like cash.
IRIS instant paymentsIRIS is Greece's national instant payment system — real-time, bank-to-bank transfers using a mobile number, emai…IRIS is mandatory for businessesSince 1 December 2025, every business that sells to consumers in Greece must accept IRIS — in shops and online…Card types in GreeceGreek cards are Visa/Mastercard, contactless by default, and accepted almost everywhere. A debit card comes with…Contactless and Apple/Google PayContactless is standard in Greece and tap-to-pay works wherever cards are accepted. Apple Pay and Google Pay are…ATM fees in GreeceA 2025 government reform largely abolished domestic ATM fees for Greek-bank cardholders: zero fee within the int…DCC — always charge in euroWhen an ATM or card terminal offers to charge your foreign card in your home currency, that's Dynamic Currency C…Card and payment scamsThe two most common ways to overpay are DCC (being charged in your home currency) and third-party / Euronet ATMs…
How not to lose your money
The scams and traps that cost people the most in Greece — with the warning signs and exactly where to report. Two rules prevent most losses: nobody legitimate asks for your password or codes, and instant rails can’t be undone.
Two rules against scamsAlmost every money loss comes down to breaking one of two rules. (1) No real bank, tax office or police will eve…Fraud aimed at newcomersNewcomers are targeted because they need a job, a home and papers fast, often before they speak Greek or know wh…Money mulesA money mule lets someone else use their bank account to receive and forward money — usually the proceeds of oth…Where to report fraudMatch the channel to the problem. Online fraud → Hellenic Police Cyber Crime Division (hotline 11188 / gov.gr)…Your payment rights (PSD2)Under EU payment rules (PSD2, in Greek law as Law 4537/2018) a transaction you did not authorise must be refunde…Account freezes and AMLA frozen account is usually not a scam by the bank — it's an anti-money-laundering (AML) control. But it can tra…
Banking and protecting your money
How to open an account, what it costs, and who guarantees your money — to what limit. “Regulated” and “guaranteed” are not the same thing.
Opening a bank account in GreeceA Greek bank account is gated by your AFM (tax number). Online self-opening is mostly for people already residen…Bank account fees (and how to opt out)After 2025 reforms, Greek banks are moving everyday accounts onto small monthly "benefit packages" — around €0.5…The basic payment account — your EU rightUnder EU law, anyone legally resident in the EU has the right to open a "basic payment account" in any member st…Neobanks in GreeceNeobanks open in minutes and are great for spending, multicurrency and cheap FX — the perfect day-one bridge bef…Deposit guarantee (TEKE)Money in a Greek bank is guaranteed up to €100,000 per depositor, per bank by TEKE (the Hellenic Deposit and Inv…Investor compensationIf a Greek bank or investment firm can't return the money or securities it was holding for you, you're compensat…Safeguarded vs guaranteedA neobank app is not always a bank. Money in an e-money institution (EMI) like Wise is safeguarded, which is not…Who supervises your moneyBanks are supervised by the Bank of Greece (and the ECB for the big four). Investment firms, funds and the stock…How to check a provider is licensedBefore sending money to any bank, app, broker or "investment opportunity", confirm it's licensed — it takes abou…
Sending money abroad
The cheapest way to send money home depends on the country and how your family receives it. The rule that saves the most: compare on the amount received, not the advertised fee.
Compare on the amount receivedThe single rule that saves the most money: compare providers on the amount your recipient actually receives, not…FX margin and the mid-market rateThe mid-market rate is the "real" exchange rate — the one you see on Google. Providers add a markup on top, and…Money-transfer providersThe right provider depends mostly on how your recipient is paid — cash, bank deposit, or mobile wallet — more th…SEPA transfers from GreeceGreece is in the eurozone and SEPA, so sending euro to another SEPA country is near-domestic in cost — capped ar…Sending money to Albania (SEPA)Albania joined SEPA in October 2025, so a euro transfer from Greece to a euro-capable Albanian account is now ne…Corridor guide, country by countryThe cheapest way to send home depends on the country and how your family receives the money. Mobile money wins f…Transfer scams and safetyCash pickups are the most scam-exposed way to send money — once collected, they're irreversible and unrecoverabl…
Pay and take-home
What actually lands in your pocket — gross to net, contributions, tax, the minimum wage, and the employment forms that decide your rights.
From gross to net payYour gross salary (μικτά) loses about 13.37% to employee social-insurance (EFKA), then income tax, to leave your…EFKA contributionsEFKA (ΕΦΚΑ) is Greece's unified social-insurance fund. For a standard private-sector employee, about 13.37% come…Income-tax brackets (2026)Greek income tax is progressive, from 9% on the first €10,000 to 44% above €60,000, with the mid-bands cut for 2…The minimum wageFrom 1 April 2026 the minimum wage is €920 gross/month (a +4.55% rise), or €41.09 a day for manual workers. Beca…Employment formsHow you're engaged changes your tax, your insurance and your rights. Salaried employment is the most protective…TEKA auxiliary pensionTEKA (ΤΕΚΑ) is a funded, individual-account auxiliary pension: 3% from you and 3% from your employer go into you…What an employee costs an employerOn top of the gross salary, a Greek employer pays about 21.79% in social-insurance contributions — so total cost…
Starting a business and fiscalization
The first steps to running your own business in Greece — the legal forms, the costs, and the fiscalization rules (myDATA, POS interconnection, B2B e-invoicing). Neutral, and precise on the dates.
Business legal formsThe two everyday choices are the sole trader (ατομική επιχείρηση) — simplest and cheapest, but with unlimited pe…Registering with GEMIGreek company formation runs through GEMI (the General Commercial Registry) via the one-stop business portal. A…Self-employed EFKAUnlike employees, the self-employed in Greece don't pay a percentage of income — they choose among six fixed mon…Business tax and VATCompanies pay 22% corporate tax on profits plus 5% on dividends; sole traders are taxed on the personal progress…Business bank accountA business account needs your GEMI registration, the company's articles, founder ID and the corporate AFM, plus…Fiscalization overviewGreek fiscalization rests on three distinct but converging regimes: myDATA (real-time reporting of all transacti…myDATA explainedmyDATA is AADE's mandatory digital platform, live since 1 July 2021, to which businesses send their invoice and…Mandatory B2B e-invoicingGreece is making structured B2B e-invoicing mandatory in phases under Law 5222/2025. Large businesses (over €1m…POS and cash-register interconnectionGreek businesses must interconnect their card terminals (EFT/POS) with a certified fiscal device (ΦΗΜ) or certif…
Saving and investing
From bank deposits to the Athens Stock Exchange and international brokers — and how investments are taxed. The tax is unusually light, but the rules have traps worth knowing.
Saving and investing overviewGreek saving and investing runs from bank deposits (low rates, €100,000 guaranteed) through government T-bills a…Deposit and savings productsGreek banks pay very little on deposits — sight and savings accounts are often near-zero, term deposits only mod…Brokerage accessYou can invest through a Greek bank's brokerage arm (strong on Athens-listed shares) or through an international…The Athens Stock Exchange (ATHEX)ATHEX is Greece's stock exchange for shares, bonds and ETFs, regulated by the HCMC and priced in euro. Its big d…How investments are taxedGreek investment tax is flat and light: dividends 5%, interest 15%, capital gains on securities 15% — but listed…Tax residency and investingIf you spend over 183 days a year in Greece (or your centre of life is here), you're a Greek tax resident and ta…Diversifying your money legallySpreading money across institutions, currencies and jurisdictions is a rational, legal goal — especially given G…
This content is for information only — it is not financial advice. Confirm a product’s availability and terms for your own case with the provider. WTP Finance is informational only.