Thinking about a move to Greece? The sunshine and slower pace of life are appealing, but itโs your finances that will determine how smoothly everything falls into place. From banking and savings to pensions and ongoing costs, getting organised early helps you settle in with confidence rather than stress.
Moving to Greece is exciting, but it also brings a different financial system, new rules around tax and some practical decisions about where your money should live. If youโve spent plenty of time in Greece already, youโll know daily life can feel refreshingly straightforward โ your finances should feel the same. This guide walks you through how to manage your money in Greece so you can focus on enjoying the move, not firefighting admin.
Download the Greece Buying Guide
Contents
Opening a Greek bank account
A local bank account is one of the first things youโll need once you start spending longer periods in Greece. It makes paying utilities, local taxes and day-to-day expenses far simpler and is often required for things like mobile phone contracts or setting up direct debits.
Greeceโs main banks include Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank. Many branches in popular expat areas have English-speaking staff, though paperwork is still handled in Greek. Online and app-based banking has improved significantly in recent years, but face-to-face appointments are still common when opening an account.
To open a Greek bank account, youโll usually need:
- A valid passport
- Your Greek tax number (AFM)
- Proof of address in Greece, such as a rental agreement or property contract
- Proof of income or funds in some cases
Opening an account can take longer than you might expect, especially in summer. Allow time for multiple visits and bring original documents, not copies. Debit cards are widely used, but cash is still common in smaller towns, so having local access to euros matters.
Understanding the Greek tax number AFM
Before you can properly manage your money in Greece, youโll need an AFM, which is the Greek tax identification number. This is essential for almost everything financial โ opening a bank account, buying property, paying utilities and submitting tax returns.
You apply for an AFM at the local tax office (DOY), usually with the help of an accountant or legal representative. Once issued, it stays with you for life. Even if youโre not yet tax resident, owning property or earning income in Greece will usually trigger the need for one.
Managing savings across two countries
Many UK buyers keep accounts in both the UK and Greece, especially in the early stages. This can make sense if your income is still paid in sterling or you have ongoing financial commitments in the UK.
However, once you become tax resident in Greece, you are generally taxed on your worldwide income. This includes interest earned on UK savings. Greek banks do not offer ISA-style tax-free accounts, so reviewing where your savings sit is important.
Currency also plays a big role. Exchange rate movements can significantly affect your budget, particularly if you rely on UK-based income. Using a specialist currency transfer provider rather than a high-street bank can help you plan transfers, lock in rates and avoid unnecessary fees. This is especially useful when buying property or moving large sums.
Budgeting for everyday life in Greece
Daily living costs in Greece are typically lower than in the UK and US, but they vary by location and lifestyle. Islands and popular coastal resorts can be more expensive, especially in peak season, while inland towns and year-round communities are often far more affordable.
Utilities, local taxes and healthcare contributions should all be factored into your monthly budget. Electricity costs can fluctuate depending on energy prices and air conditioning use, while property ownership comes with annual charges such as ENFIA, the Greek property tax.
Having a realistic budget in euros, rather than mentally converting from pounds each time, helps you understand how far your money really goes in Greece.
Planning your pension income
If youโre retiring to Greece, your pension planning deserves careful attention. The UK State Pension can be paid while you live in Greece, either into a UK or Greek bank account, and it continues to receive annual increases in line with UK uprating rules. Private pensions can also usually be accessed while living in Greece, although how they are taxed depends on how payments are structured and where you are resident.
Some retirees explore moving pensions into a different structure to simplify income and currency management, but this should always be done with regulated, cross-border advice.
Healthcare and financial planning
Access to healthcare affects your finances more than you might expect. If you are legally resident and registered, you can access the Greek public healthcare system, which requires social security registration and contributions in many cases.
Some movers choose private health insurance, either to supplement public care or as a long-term solution. Premiums vary depending on age and cover level, so itโs worth factoring this into your financial planning before you move.
Getting professional financial advice
Greek bureaucracy has a reputation, and while itโs often exaggerated, professional support makes life much easier. An English-speaking Greek accountant can help with tax registration, annual returns and understanding your obligations as a resident or property owner.
For pensions, investments and long-term planning, speak to a financial adviser experienced in moving to Greece from overseas. Once you are resident in Greece, advisers must be appropriately licensed to give advice, so donโt rely on informal guidance or outdated assumptions.
Speak to a Greece property expert
Summary
Managing your money in Greece isnโt about complicated strategies โ itโs about clarity. Knowing where your income comes from, how itโs taxed and how easily you can access it gives you peace of mind. With the right preparation and advice, your finances can support the lifestyle youโre moving for, not get in the way.
FAQs about managing your money in Greece
The cost of moving to Greece depends on your lifestyle, location and whether youโre buying or renting. Property purchase costs, legal fees and setting up a home are the biggest expenses. If you’re not an EU citizen, you’ll also need to factor in visa costs. Many people also keep a financial buffer to cover at least six months of living costs while they settle in.
For most people, everyday living costs in Greece are lower than in the UK, particularly for food, eating out and local services. However, energy costs and imported goods can be higher in some areas. Where you live and how you live makes a big difference.
In most cases, yes. UK citizens can usually receive the UK State Pension while living in Greece, and it continues to be uprated annually. US citizens can also continue to receive US Social Security payments while based in Greece. Access to Greek state benefits is separate and depends on legal residency and making social security contributions in Greece, so itโs best discussed with a qualified accountant or adviser.
