Capital Controls in the Greek economy: what's the status now?
- Wednesday 14 September 2016 |
Do you trade with Greek companies but worry how the current economic situation in Greece could affect you? Are you facing a delay on receiving a payment? Do you worry that your Greek business partners will not keep up their end of the deal?
Some time ago we wrote about the Greek economic situation and how capital controls that are imposed in Greek banks could affect your business.
But what is the status of capital controls now? First of all, nowadays, banks in Greece are fully operational, they are not closed anymore. Bank transfers from a Greek bank account to another Greek bank account take place without any obstacles. Bank transfers from a foreign bank account to a Greek bank account also occur freely.
Still there are some limitations regarding cash withdrawal and bank transfers from a Greek bank account to a foreign bank account. Cash withdrawal from a Greek Automatic Banking Machine is limited to €60 per account per day, or to €420 per week. International bank transfers (from a Greek bank account to a foreign bank account) are only allowed for up to € 1000 per account per day. For transfers over €1.000, and up to €10.000, each bank in Greece must grant its approval beforehand, based on a specific request which relates to international trade or business purposes. For transaction over €10.000 a National Commission, performing duties under supervision of the National Bank of Greece (the National Committee for the Approval of Banking Transactions) will have to examine the request and grant its approval.
Does the above information concern you? Would you like to receive advice on your options? Do you wish to know more about the current situation in Greece? Do not hesitate to pose your question, we at Bierens are here to help you.