How to Transfer Money to Greece Cheaply

Find out which money service providers and banks transfer money overseas to Greece

Given the previous unstable financial situation in Greece, the options to transfer money in and out of the country were previously limited. However, the credit crisis in Greece has largely stabilized and the majority of banks and global transfer providers have now reinstated their services in the country.

We contacted several banks and transfer providers to confirm that no restrictions are currently in place for money transfers into Greece at this point in time.

You can see a full list of these lenders and providers below.

Compare options for sending money to Greece

Rates last updated December 12th, 2017
Name Product Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received Description
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Moneycorp International Money Transfers
Same day
Online, Phone, Bank Account to Bank Account
The longest standing and largest full service specialist currency provider in the UK.
Western Union International Money Transfers
AUD 1
Same day
Online, Phone, Agent, Bank Account to Bank Account, Cash Transfer, International Money Order
Send money online to friends and family around the world with Western Union.
Compass Global Markets International Money Transfers
AUD 1,000
1 day
Online, Phone
Send money overseas in at least 140 currencies.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Make your first transfer for free
Send money in more than 40 currencies.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange can save you money with its Best Exchange Rate Guarantee. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in 43 currencies.
Exclusive: OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Citibank Plus Everyday Account
AUD 0
Same day
Online, Phone, Agent, Bank Account to Bank Account
A transaction account with free transfers to any country and no foreign transaction or international ATM withdrawal fees.
HSBC Multi Currency Account
AUD 0
3 - 5 days
Online, Bank Account to Bank Account, Cash Transfer, International Money Order
A multi-currency bank account with up to 10 currencies in one account.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Why did the Greek government shut the banks?

In June 2015, Greece was at the forefront of a severe credit crisis. As the government attempted to prevent the country from financial demise, all banks were shut across the nation. Stock markets were closed, transfer restrictions implemented, and ATM withdrawals were capped to 60 Euro per person, per day.

This meant that many individuals had to rethink their money transfer options.

Which providers temporarily suspended their services?

Although the majority of banks and international money transfer providers did not place any restrictions or special conditions on their services into Greece during the debt crisis, the following providers temporarily suspended their services into Greece in July 2015:

  • OFX
  • MoneyGram
  • Travelex
  • World First

What is the current situation?

Following the July 5th referendum of 2015, Greek citizens voted against Greece’s bailout and the Greek government developed new negotiations with its creditors to repay the debt. Greece was able to avoid the worse-case scenario where the country may have been forced to exit the European Union (EU).

In mid July through to early August of 2015, bank branches in Greece reopened as the restrictions that constrained the country for the previous weeks lifted.

The IMF confirmed that Greece has cleared its arrears with the fund.

While a monthly repayment schedule has been developed for the country, the long-term credit crisis remains as Greece still has an exorbitant amount of outstanding debt to service.

In early July of 2015, it was reported that Greece owed official lenders 242.8 billion Euros with Germany representing its largest creditor. The lenders include the International Monetary Fund (IMF), the European Central Bank (ECB) as well as the Euro zone governments. In addition, more than 8 billion Euros in short-term bills are due over the next few months.

The banking sector is still subject to capital controls and austerity measures have meant that Greek citizens are paying higher VAT rates on basic goods.

Business as usual for transfers from Canada to Greece

While two major transfer providers, Western Union and MoneyGram, suspended their services into Greece for a few months back in 2015, the majority of banks, financial institutions and global transfer specialists now have no current restrictions on transfers from Canada to Greece, including Western Union and MoneyGram who have reinstated their services.

The following lenders and global transfer providers have confirmed that they have no restrictions on transfers into Greece, as normal fees and rates apply:

These providers claim that it is ‘business as usual’ for transferring money to Greece, however they do warn that you should exercise caution if you need to transfer money out of the country. Major Canadian banks also transfer money to Greece including RBC, BMO, TD, Scotiabank, CIBC and others.

Recap

With a government debt ratio forecast to reach 150% in 2020 and 140% in 2022, the International Monetary Fund (IMF) warns that Greece will be vulnerable to economic shocks in the years to come.

The people of Greece voted ‘Oxi’ or ‘No’ on July 5th 2017, turning down a bailout package offered by the European Union that would have extended their current loan terms and offered solutions that would also help to pay off these loans.

The European Union subsequently provided a €7 billion bridge loan to Greece on July 21st whilst the Greek government voted on whether to accept a new bailout package. This loan was used to pay down some of the outstanding payments on debts Greece already has and also coincided with the reopening of Greek banks, although with tight restrictions.

While no restrictions are currently in place for transfers from Canada to Greece, the dire financial situation in Greece still remains.

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