Greece’s Ministry of National Economy and Finance announced that the abolition or reduction of six basic bank fees is now in effect under legislation adopted the previous month, with banks expected to complete system changes by the afternoon of Tuesday 21 January. The ministry estimated the annual benefit for customers at around EUR 150m. The measures include zero fees for individuals and self-employed professionals paying bills and obligations to the public sector and a range of utilities and service providers via web and mobile banking (previously EUR 0.60 per transaction). Domestic interbank transfers within Greece for individuals and self-employed professionals are capped at EUR 0.50 for sending and EUR 0.50 for receiving per transfer up to EUR 5,000, covering both standard transfers and SEPA instant credit transfers. Additional changes set fees to zero for cash withdrawals in municipal units where only one bank has an ATM, for balance inquiries at another bank’s ATM nationwide, and for topping up prepaid cards up to EUR 100, while the threshold for the 50% POS fee reduction in “small retail” transactions increases to EUR 20 from EUR 10. The ministry also pointed to the Bank of Greece website as a tool for comparing deposit and lending rates and payment account charges across banks. Beyond fees, the statement said systemic banks will allocate EUR 100m to the “Marietta Giannakou” school reconstruction programme and EUR 100m to establish a Real Estate Acquisition and Leaseback Entity intended to become operational in the coming months for vulnerable debtors facing bankruptcy or enforcement. It also indicated that, within six months, the IRIS instant payments daily limit will rise to EUR 1,000 from EUR 500 (EUR 500 for person-to-person transfers and EUR 500 for payments to self-employed professionals), and reiterated that the same law lifts restrictions on lending by credit companies, allowing them to offer loans and credit more broadly, including to businesses.
Ministry of National Economy and Finance (Greece) 2025-01-20
Greece’s Ministry of National Economy and Finance brings into force cuts to six core bank fees with estimated annual savings of EUR 150m
Greece’s Ministry of National Economy and Finance has implemented legislation abolishing or reducing six basic bank fees, with an estimated annual customer benefit of EUR 150 million. Key measures include zero fees for certain transactions and capped fees for domestic interbank transfers. Additionally, systemic banks will allocate EUR 200 million to educational and real estate initiatives, and the IRIS instant payments limit will rise to EUR 1,000 within six months.