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Balances with banks abroad

Due to the climate prevailing in the Greek economy and the fear that the risk of deposits in Greece, many are considering transferring their money in foreign accounts.

Inhibitor, these days, to transfer money abroad is perhaps deliberate, ambiguity of the new tax bill . Based on the new law, the bank manager told someone wanted to open a deposit account abroad, that will have tax returns. Key Points of the Article 18 are references to encourage repatriation of capital has not been declared and it was already abroad when the date of the bill (April 15, 2010). That makes no reference to future deposits and the existing use if we have the money out is not declared to tax office and we want to "formalize".

The other problem opening an account abroad is that we should go there themselves for small amounts (eg in Switzerland for amounts less than 250.000 CHF - 175.000 euros). A trip is a bad idea in a beautiful country like Switzerland. Banks asking for passport and possibly account DEI - OTE - bills to verify residence. For larger amounts, in some Swiss banks, there are ways of opening from a distance, but it needs some time to see the applicant come even if the bank's representative at it. Interest rates are low and "good" accounts pay a fee each year.

It is usually easier to open an account in a foreign country through a bank branch in Greece. Some of these banks are:

  • In Cyprus : Marfin, Cyprus, Greek Bank, Commercial, National, General, Piraeus, Eurobank.
  • In Russia: Kedr Bank
  • In Romania : Commercial, Alpha, Citibank, Marfin, Eurobank (BankPost), ATE Bank, Millennium, Piraeus. Interest rates fluctuate in the Romanian Greek levels
  • In England : Alpha, Citibank, HSBC, Cyprus, Eurobank, Emporiki, Marfin, National, Piraeus

Since opening an account abroad is unusual request, often by officials in Greece do not know the process and will require some perseverance. Natural barriers to serving the local banks to avoid losing precious liquid. With some phones in the shop of the country or even in email can be found by the procedure. To open an account remotely sometimes there are sunk costs, eg The Kedr charged 65 euros.

When you transfer money abroad no charge for remittances. Is usually .15% to 0.30% of the amount, with a few (5-10 million) and maximum (100-300 euros). Eg Bank of Cyprus can tell you that in order to transfer 100,000 euros from Greece to Cyprus they want 120 euros. But there are ways to transfer have a much lower cost and no such can every day to send free Euro 8000 via the Onebank . The destination store usually gives the best solutions.
If there is an internet banking you pay considerably less, eg Alpha Bank is 0.30 euros in EU and 10 euros for non-EU but the costs of foreign banks. The system of Piraeus Online for amounts of around 10,000 euros charged around 5 euro.

As for the taxation of interest, residents of Greece should give themselves a 10% interest in the Greek tax authorities, in the month following receipt of interest. They may seek exemption from the withholding tax process in the state are deposits. Excluding Belgium, Luxembourg, Austria, Switzerland, Andorra, Monaco, Liechtenstein and San Marino, Andorra, British Virgin Islands, Guernsey, the Isle of Man, the Netherlands Antilles, Jersey, the Turk and Caicos. In some of these countries apply a transitional period during which interest is tax deduction (20% -35%) in a foreign country and that amount (75%) will be given to country of origin of the applicant.

Opening this section of the site presents the time deposit interest rates in Romania. This is a country in the hands of the IMF over a year, so it has many similarities to Greece. The deposits are guaranteed by the Romanian Deposit Guarantee Fund up to the equivalent in LEI of EUR 50,000. If the bank is based in an EU country you can choose to be covered by the guarantee of origin.

Compare deposits in three currencies: Euro , Ron (Lei) and USD .

Like all information on the site, deposit our money in a bank abroad is not an investment recommendation or a proposal. The aim is to be aware of the possible choices, but in the end the decision and the burden of responsibility is always ours.

Comments (63)
43 Friday, 13 May 2011 12:41
Μέρμηγκας
They said they will soon be able to open an account through commercial in France. Here things go from bad to worse part. You never know what tomorrow will bring. DR scenarios bring laughter .... but some time ago but it brings many laughs and tears .. now! The economies of individual households at risk of becoming confetti. Rubbish. What do you think?? You think we eat French ;;;;;
42 Sunday, 27 March 2011 22:59
stelakos
I want to open accounts Italy and from there send them Cypriot .... Can you tell me more the cost of taxation; It is true that in Italy have tax on interest of 27%! the money is from apozimiosi ... wait for your answer ... thanks
41 Thursday, 20 January 2011 17:47
ΝΙΚΟΣΤΣΙΓΚ
BECAUSE he dug APPLY THE FOLLOWING APRIL 2010 The new bill stipulates that FOR NEXT 6 MONTHS PERIOD THAT GOT TO EXTEND 31/12/2010 Those who have money abroad and want to be investigated without repatriation Whence ESCHES FOR THE DUTY TO ANY OFEILES IF THE PUBLIC COULD WANT TO FILL IN A STATEMENT TO BANK import them PLIRONONTAS 5% of the capital that you enter. The Bank 5% TO THE DIMOSIO.I attributes this statement was voluntary and does not WAS NO REASON FOR YOU TO DO AND IF You were NOMIMOS could you DIKAIOLOGISEIS Declaration and ESCHES IN ANY FUTURE CONTROL EFORIAS. WITH REGARD TO 8% TAX ON CAPITAL YOU WERE FOR THOSE WHO WANT TO ENSURE THAT WILL NOT checked ON Whence ESCHES ETC AS ABOVE BUT ALSO WANT TO MAINTAIN THEIR MONEY ABROAD WITHOUT THE Reenter. AND THIS STATEMENT WAS VOLUNTARY ON YOUR OWN CHOICE AND SYMPLIRONES YOU GOING ON YOUR TAX OFFICE. NOMIMOS WHO WERE NOT HAVE TO DO ABSOLUTELY NOTHING. ALL SUCH Valid until 31/12/1910. TODAY IS NOT APPLY ANYTHING FROM THEM WHY ALL SEASON envisaged LAW ENDED TODAY 12/31/1910 APA who had soiled the nest THE CAN TO USE 5% or 8% respectively to NOT check for Whence ESCHES Any OFEILES THE TAX OFFICE RELATED TO THESE MONEY.
40 Tuesday, 21 December 2010 20:52
Sergios
Hi, I would like your expertise on the subject to transfer money abroad ... I would like to convey the amount of 50 000 euros in a foreign bank to avoid losing money in case of bankruptcy of our country. I would be very helpful if you give me some Links, etc. Contact Tel. Thanks in advance
39 Thursday, 02 December 2010 13:07
Σοφία
If they go bankrupt as a country, what little money they have painstakingly accumulated what are the banks;
38 Monday, 22 November 2010 22:05
FU
Tsig Thanks for the valuable information you and congratulations to serve worthy of your knowledge so many people!
37 Friday, 05 November 2010 20:44
ΜΒ

CONGRATULATIONS TO TSIG.GR FOR USEFUL INFORMATION

We want to know about PrivatBank.

They are reliable, why give so much interest? There is risk of loss of deposit or other risk? Did you phone the store [-in] in Cyprus or email;

Thank

PrivatBank - Cyprus 5 years Time Deposit 12.50% 1406.25 per month
16.875/etos
150.000
36 Monday, 25 October 2010 12:30
φωτης κουτρας

If a Greek is permanently resident abroad, 15me had bought 20 years ago a property in another European country, wants to sell and enter the price in GREEK bank, what is valid; pay tax repatriation;

35 Friday, 10 September 2010 00:50
Axillios

Good afternoon

Reading the text above I created a few questions. Anyone who knows please enlighten us on and thanks in advance

The first thing I did not understand is what the text says: "As to the taxation of interest, residents of Greece should give themselves a 10% interest in the Greek tax authorities, in the month following receipt of interest. They can ask exemption from the withholding tax process in the state are the deposits. "

If anyone has an account in Cyprus and there is exempted from taxation, we will give here the 10% taxation of interest next month. Proceedings dld what procedure should be followed; And if the money is in fixed deposit so that the interest will go after a while the yield of taxation that is;

The other question is when I go to repatriate the money will pay some taxes; A friend told me that bank from July to Commercial is money coming from outside the state keeps 5% tax and that October will go to 8%. Is it true and if so any amount;

Thanks

34 Friday, 13 August 2010 14:02
Sergio

I have a joint account with deferred Cypriot citizen in a bank in Cyprus since 2004. The tax on the interest (10%) held by the bank there. Finally we also have to pay tax on the interest in this case? If transfer and other money transfer applicable to this account will no complication with the repatriation of this capital later?

Thanks for the useful and simple tips to offer.

33 Sunday, 01 August 2010 23:37
kostasgl

To find out the rates on time deposits of Bank of Cyprus in Cyprus, you should call a branch of the island or is in another way?

But by the bank branch in Athens, I asked, they told me they do not know about interest rates in Cyprus.

Explanatory report, that I know of the links below, but they report only to deposits redeemable at the Bank of Cyprus in Cyprus.

http://www.tsig.gr/lang-el/foreign-bank-deposits/Cyprus

http://www.bankofcyprus.com/main/files/Deposit% 20rates% 20for% 20Internet% 20Greek% 2031% 2003% 2010.pdf

Thanks.

32 Saturday, 17 July 2010 23:11
λεωνιδας 693

Hi, dude man, I beg you.

I sold my house, I go to gather and equator once and for all.

How can I transfer all the money there (with a lower commission);

I mean, take them away with my Leaving hidden or otherwise;

that none of the two;

thanks advance for apantisi.leonidas

31 Monday, 12 July 2010 14:14
synthnassizer

Good morning.

radio boot or reality?

Went to the National Bank today my father and informed the manager of the branch there will be 10% tax (on capital and not to the interest) repatriated funds according to a bill that was passed around June 16, 2010????

know something about it?

30 Wednesday, 30 June 2010 13:01
Μαύρος Β.

I sent out in April to transfer a significant amount.

If the book out plirononatas tax of 8% warrants Occupying; I can post them when I get where they declare their interest takes off;

Thanks

The moment of truth for thousands of depositors rushed to 'deal' money abroad seem to reach, and the Treasury, with the assistance of special forces foroelegktikon has already thorough checks on those who moved more than 30,000 euro abroad.
Those who transferred money to foreign banks 'pinned' their own, essentially opening their accounts, showing that the amount of their deposits in law enforcement and supervisory authorities.

Thus, the economic staff of the Government and the Bank of Greece, but the homicide cases know exactly what, when and what amounts transferred to foreign banks. Most of the money "taken away" refers to "black" money, not money accumulated by the workers and generally by individuals and companies without tax outstanding.

Based on these data, but also estimates more than 50% of those displayed in the list will eventually face a serious fiscal problem and of course the heavy penalties involved new laws in force.

The biggest problem will arise for those who directed their deposits with Cyprus banks, given the close cooperation between the two countries and may present evidence at intersections. Not excluded, then, are the first results of the checks are already in the background to cover depositors carrying amounts in Cypriot financial institutions.

At the same time has opened dialogue between the Greek side with the Swiss banks and the authorities to provide detailed records depositors from previous seasons to get into those in cross-checks.

In parallel, the economic team knows exactly who and what amounts transferred to banks in other European countries but the United States.

The system worked remarkably simple and effective accordingly.

Banks are required for any transaction over 10,000 euros to inform forodioktika institutions to control and reduce the "black" money circulating in the country. This they did. It was plain, therefore, to collect and classify data, which arrived on a daily basis and reach the computers in the Ministry of Finance.

From now on, it initiated calls taxpayers and recursive controls that do not appear to be "agreeable" to any of them.

For several weeks it seemed strange that the economic team in no hurry to announce his intentions for this category of tests. But the "silence" of the state was able to open in thousands of bank accounts, although it did following the judicial process, would like outside of the categories for many years to complete the process.

It should be noted that even those who withdrew their money and kept in chests or in bank lockers are in the same category foroelenchon exceptional, since updated the system and regardless of whether the unknown destination of money.

In the second level, "Microsoft" of the tax authorities are deposits Greeks abroad, who do not declare their interest to avoid taxation. Details on these deposits collected by the General Secretariat of Information Systems, which relate to the period from 2005 onwards. The Finance Ministry wants to reduce the effects of tax evasion relating to interest these deposits as the saver / investor receives interest abroad and also entitled to request exclusion from the process of withholding tax, but to show such interest the Greek Tax Authorities.

However, although considerably reduced pace, last week, continuing an outflow of deposits Greek abroad. The data of the Central Bank of Cyprus is revealing. About 600 million has been injected in April in the financial system of Cyprus by Greece.

According to the Central Bank of Cyprus, deposits of residents of other euro area countries, including in particular the statements coming from Greece, arrived in April to 2.8 billion euros from 2.2 billion in March and 1.2 billion in April 2009. From the beginning of the flow of deposits from residents from the euro area recorded an increase of 1.1 billion euros. Illustration, the Cypriot banks have put their counters 4 billion and lent only 1.6 billion. Excluding a number of factors relating to currency and government deposits, a net increase in deposit base of Cypriot banks amounted to 2.3 billion.

According to the latest data from the Bank of Greece, in late March, deposits in Greece stood at 227.36 billion, compared with 229.5 billion at the end of February. Since the beginning of the year, the total reduction of deposits nearly 10.6 billion euros, equivalent to 4.5%

by

http://www.zougla.gr/page.ashx?pid=2&aid=148879&cid=8

28 Saturday, 19 June 2010 11:16
Giorgos_GR

Hello,,

Because of kindylogias, I went to Germany in May and opened a bank account with Deutche Bank in my name, carrying 100,000 euros on the grounds that bankruptcy will not lose my money. H transfer was made through web banking.

But reading your article, I realized that not worthwhile because they will have to pay taxes on 8% (ie 8.000 per year) and want to return to Greece.

Returning the money to Greece (via web banking),

What will I transport;
Will be taxed;
We should say to the tax authorities;
Until when can I do to not taxed;
I note that the money is only a month in the German bank and in fact I have not gotten any interest. Also part of the money belonging to my parents, I gave the order not to miss a possible chreokopeia.

What do you suggest;

Thank you.

27 Wednesday, 16 June 2010 11:56
thanasis

If you transfer the money in my bank branch in Cyprus Cyprus, and I've been there in a term deposit will pay tax in Cyprus or Greece? If you want to get in Greece will have to pay tax on the repatriation of money or do with the 1Bank bank to transfer to my account here without any tax issues?

26 Saturday, 12 June 2010 18:44
antre
Article from daylong force; each year ntavatziliki 8% without the return home of 8%. very serious!! http://www.imerisia.gr/article.asp?catid=15459&subid=2&pubid=35713147 Simply put: This will draw EUR 50,000 in a bank abroad will pay for transfer 50 euros. It will take a rate of 1.5% (Eurozone), ie 750 euros. Under the tax bill should indicate the amount of deposits held abroad are taxed at 8% (the capital), ie 4,000 euros. Someone is going to lose 3200 euros a year. If the money is converted into foreign currency, then there is the cost of supply 1-3 per thousand.
25 Friday, 11 June 2010 15:26
noname
paidia shmera phga me 50.000 xiliarika sthn tseph kai konto pantelonaki .. xe xe ... h trapeza einai kseftila ... me riksane se mia asxeth ypallhlo kai otan anaferthika sta 50 phre to dieythnth sto dipla grafeio na ton rothsei ... xaxaxaxax ..... gelio entelos ... afou me afhse kana misaoro na perimeno o blakas eksiperetontas kati erotisakides ... telika ekane neyma na me dektei ..... file toy leo ... ta 50 tha ta parei allos .... bye bye ...
24 Friday, 11 June 2010 02:29
tasath
Hi, I have contacted directly by UBS Switzerland and things seem more simple than what is written in previous reviews. I just want a confirmation before I go, someone who has an account with them for the accuracy of the following: - First, you can open an account remotely (they sent me the documents) and ask for a certified copy of passport and a sample of your signature - the minimum limit is 25.000 CHF (about 18.500 euro) - You can choose from different types of accounts. Eg for Savings account has a limitation commitment 50.000 CHF per year. If you want to shoot more needs to give them notice 3 months, otherwise charged 0.50% of the extra amount. - Do you give web banking that (seem to) allow transfers. - Charges report appear reasonable.