End of commissions for cash withdrawals from ATMs of Greek banks from next Monday, August 11, when the new regulation of the Ministry of Finance comes into force.

The regulation, which was passed on July 25, provides for the complete abolition of charges for cash withdrawals, while it establishes a national maximum charge (cap) of €1.50 for withdrawals made from third-party ATMs.

The adoption of the regulation was accompanied by the minimum possible adaptation period, so that it can be implemented as soon as possible and bring immediate benefits to citizens. Thus, from next Monday, all Greek citizens will be able to make withdrawals without any commission from the bank network.

The Minister of National Economy and Finance Kyriakos Pierrakakis said:

“This is an intervention with a social dimension, which proves that the state responds directly to the needs of citizens. We are eliminating unfair and excessive charges, ensuring that every citizen, wherever they live, will have free access to their money.”

Which charges are being abolished or reduced

The regulation provides:

– Zeroing feesfor cash withdrawals between all banks participating in the DIAS interbank system.
– Elimination of charges from third party providers when there is a direct or indirect shareholding link with the customer’s bank.
– Zero charges also from third-party providers in municipalities where only one ATM operates.
– A cap of EUR 1.50 on withdrawals from ATMs of third-party payment service providers throughout the country.
– Free balance enquiry for all cardholders, regardless of bank or ATM provider.
– Single charge of EUR 0.50 for sending remittances via digital channels (web, mobile, internet banking) from third-party providers, at parity with bank charges.
– Legislation that no bank can charge its customers for cash withdrawals.

According to the ministry, the new policy comes in response to a chronic demand by citizens for fair and transparent charges on banking services.