Major Cuts in Bank Fees: What Changes at Greek ATMs Starting August 11

Read the full details of the latest banking fee reforms and ATM changes coming into effect on August 11

Major Cuts in Bank Fees: What Changes at Greek ATMs Starting August 11

The Greek Finance Ministry is set to implement sweeping reforms in bank transaction fees, aiming to protect consumers and encourage digital banking usage. The new rules, effective from August 11, will eliminate ATM withdrawal charges on most bank-operated networks and introduce caps on fees from third-party providers.

  • No fees for ATM withdrawals from bank-operated ATM networks across Greece.
  • Zero transaction fees in municipalities where only one ATM exists, regardless of whether it belongs to a bank or a third-party operator.
  • A maximum €1.50 fee for cash withdrawals from third-party ATM providers like Euronet or Cashflex.

Background: Two-Phase Reform in 2025

This is the second phase of pricing reforms, following initial reductions enacted earlier this year. The changes apply exclusively to individual consumers — employees, pensioners, and self-employed — using banks’ alternative transaction networks.

Other Key Changes Already in Effect Since January 2025

1. Reduced Transfer Fees Between Banks
For interbank transfers up to €5,000 per day, outgoing and incoming fees are capped at €0.50 per transaction ( €0.50 for the outgoing transfer and €0.50 for the incoming transfer). From August 11, this cap extends beyond traditional banks to include all payment providers operating in Greece. Transfers exceeding €5,000 remain subject to banks’ discretion. These rules do not apply to corporate accounts.

2. No Fees on Utility and Public Service Bill Payments via Digital Channels
Payments to utility companies, government bodies, social security, and insurance firms made electronically or by standing order are now free of charge. Fees apply only if payments are made via ATM or in-branch.

3. Free Prepaid Card Top-Ups up to €100 Daily
Top-ups to prepaid cards up to €100 daily are free since January. Larger amounts incur a 1% fee, with a minimum charge of €1.

ATM Withdrawal Fees: What’s New From August 11

Until now, withdrawing cash from an ATM not operated by the card issuer’s bank cost consumers between €2.30 and €2.75, depending on the banks involved. Some banks reimbursed these fees in areas where they had no local ATMs.

Since January 2025, withdrawals in municipalities with only one ATM have been free of charge.

  • Cardholders of Greek banks will pay no fees at any bank-operated ATM, regardless of which bank runs the ATM.
  • Withdrawals at third-party ATMs will be capped at €1.50 per transaction.
  • Piraeus Bank cardholders will continue to enjoy no fees at Cashflex ATMs due to the bank’s stake in the company.
  • If an ATM (bank or third-party) is the sole machine in a municipality, no fees apply for Greek bank cardholders.
  • Foreign bank or neobank card users will continue to face fees set independently by ATM operators.

Instant Transfers and IRIS Service Updates

The IRIS service, provided by DIAS, allows near-instant money transfers between private individuals and small businesses via mobile banking apps.

  • Since July 2025, daily transfer limits have been separated:

Up to €500 per day for person-to-person (P2P) transfers

Up to €500 per day for person-to-business (P2B) transfers

  • No fees for senders; recipients who are private individuals pay nothing, while small business recipients face minimal charges lower than POS transaction fees.
  • From November 2025, all businesses will be required to accept IRIS payments, updating their POS systems accordingly.
  • In early 2026, daily limits will double to €1,000 for both P2P and P2B transfers, with a €5,000 monthly cap for P2P transfers per user. No monthly limits will apply for business payments.

Source: tovima.com

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