Easing of Capital Controls restrictions as of Mar1st

For discussion, news, comments, questions and information about Crete & Greece.
Carolina
Site Admin
Posts: 2921
Joined: Thu Jul 24, 2003 11:53 pm
Location: Chania, Crete
Contact:

Easing of Capital Controls restrictions as of Mar1st

Postby Carolina » Wed Feb 28, 2018 9:25 pm

Changes in capital controls:

The monthly withdrawal limit is raised to 2,300 euros from 1,800 since June 2015. The withdrawal refers to calendar months and withdrawals from Greek and banks abroad.
Travellers abroad are allowed to take with them banknotes in euro or other currency up to 2,300 euros. The limit was €2,000 until now. The provision applies to natural persons per travel abroad.
Capital transfer abroad is up to 2,000 euros per customer ID every two months.
Citizens, companies or other bodies, will be able to open bank accounts in banks they did not have one until now.
Bank account owners will be able to add more co-owners independently of the customer ID.

The measures go into effect on March 1st 2018.

http://www.keeptalkinggreece.com/2018/0 ... ols-march/

TweetTweet
Posts: 271
Joined: Fri Jan 13, 2012 10:35 am

Re: Easing of Capital Controls restrictions as of Mar1st

Postby TweetTweet » Thu Mar 01, 2018 2:57 pm

Thank you, that is very timely information.

What does this mean though - sorry if I'm being dense i.e. via a debit card with a UK based bank I could take as much as I wanted on a daily basis (certainly not a good way to get cash and only used in extremis.

The monthly withdrawal limit is raised to 2,300 euros from 1,800 since June 2015. The withdrawal refers to calendar months and withdrawals from Greek and banks abroad.

Kilkis
Posts: 9304
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Easing of Capital Controls restrictions as of Mar1st

Postby Kilkis » Thu Mar 01, 2018 3:06 pm

It means a person with a Greek bank account and a Greek debit card can withdraw €2,300 per month from an ATM whether that ATM is in Greece or abroad. Thus I can take my Alpha Bank debit card to an Alpha Bank ATM in Greece, or an ATM of any Greek bank if I don't mind paying a fee, and draw out €2,300 today and then do the same on 1 April, 1 May etc. When I visit the UK I could go to any UK ATM and also use my Alpha Bank debit card to draw out the Sterling equivalent of €2,300 provided it is at least a month since I last drew any out.

Warwick

TweetTweet
Posts: 271
Joined: Fri Jan 13, 2012 10:35 am

Re: Easing of Capital Controls restrictions as of Mar1st

Postby TweetTweet » Fri Mar 02, 2018 6:17 am

Thank you :)

Kilkis
Posts: 9304
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Easing of Capital Controls restrictions as of Mar1st

Postby Kilkis » Fri Mar 02, 2018 8:16 am

I should have added that the limit does not apply if the money is moved into Greece from abroad, which will be the case for many ex-pats. If you have money in the UK and transfer it to your Greek bank account you can now withdraw all of it in one go if you wish. The restrictions on withdrawing funds originating from abroad, i.e. initially 30 % and later 50 %, was lifted a few months ago. I suspect that at the ATM the €2,300 per month limit would still apply as I doubt if the ATMs are programmed to detect where the funds originated. You would need to go into the bank to withdraw it from a cashier.

Warwick

TweetTweet
Posts: 271
Joined: Fri Jan 13, 2012 10:35 am

Re: Easing of Capital Controls restrictions as of Mar1st

Postby TweetTweet » Sat Mar 03, 2018 5:41 pm

Unfortunately Piraerus bank employees in ANY branch in Rethymon don't seem to have clue...

Kilkis
Posts: 9304
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Easing of Capital Controls restrictions as of Mar1st

Postby Kilkis » Sat Mar 03, 2018 6:21 pm

If you type google.gr into the address bar of your browser then press enter you get the Greek version of Google. Put 2.300 euro into the search bar and there are eleven links to news items in eleven separate Greek newspapers carrying this story on page 1 of the search. The story in all cases is dated 28 February. I would imagine, but don't know for sure, that every TV news channel would also have carried the story on that date. It is certainly on the web pages for ERT and this ANT1 web article has a video that I would guess is what was broadcast on their TV news programme on 1 March. Basically they are lying. No Greek person is that ignorant of the news.

Warwick

TweetTweet
Posts: 271
Joined: Fri Jan 13, 2012 10:35 am

Re: Easing of Capital Controls restrictions as of Mar1st

Postby TweetTweet » Sat Mar 03, 2018 7:51 pm

Basically they are lying. No Greek person is that ignorant of the news.

Yes, they are lying....apparently many Piraeus employees haven't got a clue however.

filippos
Posts: 5503
Joined: Mon Feb 05, 2007 7:38 pm
Location: Kalyves
Contact:

Re: Easing of Capital Controls restrictions as of Mar1st

Postby filippos » Sun Mar 04, 2018 11:11 am

TweetTweet wrote:...apparently many Piraeus employees haven't got a clue however.
Kostas in Kalyves and his balding mate whose name I've forgotten, who have desks in the customer area are usually pretty clued up. Come to think of it, so are the cashiers.

P.S. Can't say about the manager but I've never asked him anything.

Kilkis
Posts: 9304
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

New Easing of Capital Controls restrictions as of June 4th

Postby Kilkis » Mon Jun 04, 2018 4:43 pm

According to an article in today's ekathimerini capital controls have been relaxed further. It is now possible to withdraw €5,000 per month plus some other easing.

Warwick

bobscott
Posts: 2161
Joined: Wed Aug 05, 2009 5:36 pm
Location: Kokkino Horio

Re: Easing of Capital Controls restrictions as of Mar1st

Postby bobscott » Tue Jun 05, 2018 8:35 am

Worth remembering of course that one's card limit applies to the amount one can draw in any one day. Bob.
Yesterday today was tomorrow. Don't dilly dally!

Kilkis
Posts: 9304
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Easing of Capital Controls restrictions as of Mar1st

Postby Kilkis » Tue Jun 05, 2018 9:08 am

True. I'm not sure what my card limit is but it must be at least €840 since I have drawn that amount out when it was the capital control limit. Thus I could draw out the new capital control limit with six trips to the bank. Personally I couldn't care less what the capital control limit is but I thought the information might be useful to some people. I make most major payments by card or online bank transfer so I only draw out a fairly small amount per month in cash.

Warwick

paul g
Posts: 103
Joined: Sun Jan 18, 2009 9:20 pm
Location: Nr. Kato Gouves

Re: Easing of Capital Controls restrictions as of Mar1st

Postby paul g » Tue Jun 05, 2018 6:17 pm

5,000€ per month, someone's doing very well.

Kilkis
Posts: 9304
Joined: Sat Apr 21, 2007 3:58 pm
Location: Near Chania

Re: Easing of Capital Controls restrictions as of Mar1st

Postby Kilkis » Tue Jun 05, 2018 10:16 pm

It doesn't necessarily mean an individual drawing it out for their own use, Paul. For example I could imagine that there are lots of holiday home owners in Apokoronas who pay somebody to look after their property. That person may be hiring a number of other people, who don't necessarily have bank accounts, to carry out cleaning and maintenance tasks, for example. The manager may well receive payments from home owners directly into a bank account but needs to draw out cash to pay the sub-contractors. Tight capital controls have posed a serious problem for such activities.

Warwick


Return to “General Discussion & News”

Who is online

Users browsing this forum: No registered users and 2 guests