Greek Banks Introduce Affordable Transaction Fees: Key Points for Customers

Banks in Greece have already incorporated new, more affordable fees for performing basic transactions, such as money transfers and bill payments. This new legislative initiative aims to make money transfers between different financial institutions and citizens’ basic financial obligations cheaper, provided that electronic banking services are utilized.

However, as the banking sector’s experts emphasize customers must be informed regarding the applications of the new fees, with the following points requiring attention.

The 5,000 euros Threshold

• A fee of 0.50 euros applies to both incoming and outgoing transfers up to 5,000 euros. However, this threshold is daily. This means that the reduced charge per transfer applies only if the total amount of related transactions within a 24-hour period does not exceed 5,000 euros.

• Once this limit is reached in a day, standard (higher) banking fees apply, increasing by at least 50%.

Incoming Transfers

• The standard, higher fee applies to incoming transfers once the 5,000 euros daily limit is exceeded.
• Businesses are subjected to higher charges, regardless of the amount transferred. These range from 3.50 to 4 euros per transaction and reduce the amount credited to the recipient’s account.

SHA or OUR Indicator

When sending a transfer, the sender must choose whether to be charged for their bank’s fees only (SHA) or the full fee (OUR).

• SHA: The recipient is charged a fee for incoming transfers, so the final credited amount will be lower.
• OUR: The sender covers all fees, ensuring the full amount is credited to the recipient’s account.

What is more cost-effective

• For transfers of 15–40 euros, where banks often waive fees, SHA is typically more cost-effective, as neither party will incur additional costs.

• For transfers over 5,000 euros or where the recipient’s account is held by a legal entity, OUR may be more advantageous. In most cases, the sender’s fee will range from 2.20–2.50 euros.

Bill Payments

Under the new tariffs, no fees apply to payments of obligations to the government, social security organizations, utilities, and insurance companies.

Reloading Prepaid Cards

No fees are applied to reloading prepaid cards as long as the daily limit of 100 euros is not exceeded. This zero charge applies to the total of one or more reloads in a 24-hour period, not to each individual transaction.