Easing of currency controls

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paul g
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Easing of currency controls

Postby paul g » Fri Aug 04, 2017 7:13 pm

http://www.ekathimerini.com/220655/article/ekathimerini/business/greece-to-further-ease-restrictions-on-individual-bank-withdrawals

New regulations: - withdraw 1,800€ per calendar month = 21,600 per year
Old regulations: - withdraw 840€ per fortnight = 21,840€ per year
These amounts are out of my league, but surely this is a decrease, I’m sure someone can explain.
Last edited by paul g on Fri Aug 04, 2017 11:01 pm, edited 1 time in total.

Kilkis
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Re: Easing of currency controls

Postby Kilkis » Fri Aug 04, 2017 7:51 pm

I can explain. It IS a decrease, exactly as you said. Why would you expect anything else from this government?

It does help people who don't have easy access to ATM machines. There are people, especially older people, who are many km from the nearest ATM and who have no transport of their own. It is better for them to travel into town once per month than every two weeks. Having said that the people most affected by this probably don't have sufficient income to be able to draw out such large amounts. I don't see why there has to be a cut off at all. Why not allow €60 per day and let it accumulate for as long as you like?

Warwick

filippos
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Re: Easing of currency controls

Postby filippos » Fri Aug 04, 2017 9:23 pm

paul g wrote:[url]http://www.ekathimerini.com/220655/article/ekathimerini/business/greece-to-further-ease-restrictions-on-individual-bank-withdrawals
[/url]
Paul, to make your link work directly you need to edit it, taking out the line break after 'withdrawals' so that the link ends with withdrawals[/url]
Just click the pencil icon at top right of your post, make the change and Submit.

filippos
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Re: Easing of currency controls

Postby filippos » Fri Aug 04, 2017 9:25 pm

Kilkis wrote:I can explain. It IS a decrease, .......
And €1800 is a round number.

Kilkis
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Re: Easing of currency controls

Postby Kilkis » Fri Aug 04, 2017 11:38 pm

Typically, at present, ATMs use a mixture of €50 and €20 notes to dispense €840. I withdrew €840 yesterday and it consisted of sixteen €50 notes and two €20 notes. If they had made the calendar month limit €1820 then the two limits would have been identical over a year and it would have been no more complicated to dispense than the existing limit.

Warwick

bobscott
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Re: Easing of currency controls

Postby bobscott » Sat Aug 05, 2017 11:11 am

Kilkis wrote:I can explain. It IS a decrease, exactly as you said. Why would you expect anything else from this government?

Warwick


It's that joined-up thinking thing again! Bob.
Yesterday today was tomorrow. Don't dilly dally!

Kilkis
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Joined: Sat Apr 21, 2007 3:58 pm
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Re: Easing of currency controls

Postby Kilkis » Sat Aug 05, 2017 11:50 am

There is another ekathimerini article that discusses the issue that the total amount is reduced. A quote from that article:

    "As of September 1 any recipients of money forwarded from abroad will be able to withdraw 50 percent of the amount without any restrictions."

That could be a help to anybody transferring money in from abroad, i.e. probably most of us.

There also seems to be an easing of restrictions on opening accounts but it doesn't actually say anything about foreign nationals. For newcomers, who have been struggling to open a bank account, it might be worth asking after 1 September if they can now open one:

    "Companies will also be able to open an account at a credit institution by creating a new customer ID regardless of whether they already have another account there. Farmers, who have not been allowed to open bank accounts since the controls started, will finally be allowed to (provided they do not have one already). Employees will be further able to open a new salary account at a different bank to the one at which they are already a client or if their new employer pays their salary at another lender."

Warwick


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