Thu Jan 09 07:10:00 UTC 2025: ## Greek Banks Slash Transfer Fees Under New EU Regulation
**Athens, Greece** – Greek banks will significantly reduce fees for money transfers starting Thursday, October 26th, in line with a new European Union regulation and government initiatives aimed at lowering transaction costs for citizens.
The new EU regulation mandates a maximum fee of €0.50 for all transfers up to €5,000. While this sets the upper limit, the Greek government has pushed for even lower costs, and banks are now required to implement a €0.50 fee for these transfers, a substantial reduction from the previous range of €1 to €2.50. For transfers exceeding €5,000, banks must apply new tariffs, but cannot differentiate based on transfer speed.
Further government measures will see the complete elimination of fees for several transactions by the end of the month:
* **Online and mobile banking payments:** Zero fees for payments to government bodies, social security, local authorities, utility companies, and insurance providers for individuals, freelancers, and sole proprietors.
* **Cash withdrawals:** No charges at ATMs in municipalities served by only one bank.
* **ATM balance inquiries:** Free balance inquiries at ATMs of other banks nationwide.
* **Prepaid card top-ups:** Free top-ups of up to €100.
* **POS purchases:** A 50% commission reduction for debit, credit, and prepaid card purchases via POS, extended to transactions up to €20 (from the current €10 limit).
These measures aim to improve financial accessibility for Greek citizens and reduce the burden of transaction costs.
First Piper 