BANKS

Greece generally has good banking facilities, which have improved considerably in recent years, although you may find Greek banks frustratingly slow and inefficient compared with their European counterparts. There are some 50 domestic banks operating in Greece which are divided into two groups: commercial banks and specialized credit institutions. The Bank of Greece is the central bank and monetary authority in Greece and is responsible for the supervision of credit institutions operating in the country. The main banking groups are Commercial Bank, Mortgage Bank, National Bank of Greece, Bank of Central Greece and Creta Bank, while the main specialized credit institutions are the Hellenic Bank, the National Investment Bank, the National Mortgage Bank and the National Housing Bank. The last two dominate the housing market, although other banks also offer mortgages. Several commercial banks are currently controlled to some extent by the state, although most are in the process of being merged with other banks or privatized.
There are also around 20 foreign-owned banks represented in Greece, e.g. ANZ Grindlays Bank, Barclays Bank, Citibank, HSBC (formerly Midland Bank) and Natwest Bank, mainly in Athens (branches are rare in the provinces). Competition from foreign banks is set to increase, as EU regulations now allow any bank trading in one EU country to trade in another.
Greek Banks are usually open from 8am to 2pm on Mondays to Thursdays and from 8am to 1.30pm on Fridays, although hours vary from town to town and even from branch to branch. Some branches in main cities and resorts have longer opening hours, which may include evenings and weekends. In small villages there may be a tiny bank office, open for a few hours a day or on certain days only. If you need to use teller services, you must take your passport as proof of identity and should be prepared for a long wait (Greek bank queues move very slowly). In many banks, transactions are performed in two parts (to keep the maximum number of people in 'employment'). A transaction involving a withdrawal must be approved or processed at one counter and then you need to queue to collect your money at the cash desk.

OPENING AN ACCOUNT

You can open a bank account in Greece or Cyprus whether you're a resident or a non-resident. It's better to open a bank account in person than by correspondence from abroad. Before choosing a bank, you should compare the fees charged for international money transfers and other services. Ask your friends, neighbors or colleagues for their recommendations and go along to the bank of your choice and introduce yourself. You must be over 18 years old and provide proof of identity, e.g. a passport, your local address and, in Greece, papers to show the funds you've imported and the method used. You can open a bank account before arriving in the country via an overseas branch of any branch of any Greek or Cypriot bank (or a foreign bank operating in Greece or Cyprus), but your signature must be ratified before the account can be opened. Note that various types of bank account can be opened, including current accounts, foreign currency accounts and external accounts.
It isn't wise to close your bank accounts abroad when you're living permanently in Greece or Cyprus, unless you're absolutely certain that you won't need them in future. Even when you' re resident in Greece or Cyprus, it's cheaper to keep some money in an account in a country that you visit regularly than to pay commission to convert foreign currency. Many foreigners living in Greece or Cyprus maintain at least two accounts, a foreign bank account for their international transactions and a local account for day-to-day business.