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Greece Eases Capital Controls, Now in Effect

 

ATM machine in Greece.

In efforts to boost confidence in the country’s banking system, pave the way for new deposits and allow leeway for business transactions abroad, the Greek government has further relaxed capital controls.

What’s in effect now?

–  The cash withdrawal limit is now 840 euros every two weeks. This also applies to withdrawals in foreign currency.

  • Depositors can now withdraw money for early, partial or total loan repayments and An early, partial or total repayment loan with a credit institution.
  • Cash withdrawals up 100 percent can be made from accounts opened after July 22, 2016.
  • Under certain conditions, 30 percent of cash deposits can be withdrawn from foreign bank deposits transferred to existing Greek accounts after July 22, 2016.
  • Students participating in Erasmus exchange programs can open savings accounts for the current academic year.

capital controls

– Senior citizens who are residents abroad can now open new accounts for the deposit of their pension benefits in Greece.

  • In certain cases, pension payments or benefits are allowed to be made in banks abroad by social welfare bodies if foreseen in Greek law.
  • For business entities, transactions of up to 350,000 euros per day (previously 250,000 euros) are now examined and authorized by bank committees.

Credit, debit or prepaid cards can be used for the following purchases online: clothing and footwear, household supplies, electrical appliances, cosmetics and video games. The purchase of art works, participation in auctions and online gambling, as well as payments to charities are forbidden.

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