Major Cuts in Bank Fees: What Changes at Greek ATMs Starting August 11

Beginning August 11, consumers in Greece will benefit from significant reductions in banking fees, particularly for ATM cash withdrawals and digital payments, under the latest reforms by the Greek Finance Ministry. The changes aim to support everyday consumers, boost digital banking adoption, and ensure equitable access to banking services — especially in remote or underserved areas.

Key Changes Effective August 11, 2025

 No fees for ATM withdrawals from any bank-operated ATM in Greece

Greek bank customers will no longer be charged when withdrawing money from any bank-run ATM, even if it does not belong to their issuing bank.

Zero ATM fees in one-ATM municipalities

If a single ATM exists in a municipality, no withdrawal fees will apply — whether it is bank-operated or managed by a third-party provider (e.g., Euronet, Cashflex).

Fee cap of €1.50 for third-party ATM providers

Withdrawals from non-bank ATM networks will be capped at €1.50 per transaction. This marks a substantial reduction from the €2.30–€2.75 range many consumers previously paid.Piraeus Bank customers will continue to withdraw for free at Cashflex ATMs due to the bank’s partnership in the company.

Background: A Two-Phase Reform in 2025

The August measures represent phase two of a broader fee reform initiative launched in January 2025, which introduced a range of consumer-friendly policies across the Greek banking system.

Other Key Measures Already in Force Since January 2025

 Interbank Transfer Fees Capped

• Transfers up to €5,000 per day are capped at:
  • €0.50 for the sender
  • €0.50 for the recipient
• Applies to all banks and payment providers operating in Greece
• Does not apply to corporate accounts
• Transfers over €5,000 remain subject to individual bank pricing

 Free Utility & Government Bill Payments via Digital Channels

• No fees for online or standing order payments to:
  • Utility providers (electricity, water, gas)
  • Government agencies
  • Social security and insurance bodies
• ATM and in-branch payments still incur fees

 Free Prepaid Card Top-Ups Up to €100 Daily

• Prepaid card top-ups up to €100/day are fee-free
• Amounts above €100 incur a 1% fee, with a minimum €1 charge

IRIS Instant Transfers: Expanded Limits and Mandatory Business Integration

The IRIS instant payment system, operated by DIAS, is gaining traction among Greek consumers and small businesses. Since July 2025, the system operates under updated daily limits:

• P2P (Person-to-Person): Up to €500/day
• P2B (Person-to-Business): Up to €500/day

Fees:

• Senders: No fee
• Private recipients: Free
• Small business recipients: Minimal fee (lower than standard POS charges)

From November 2025, all businesses in Greece will be required to accept IRIS payments, with mandatory updates to their POS systems.

Looking ahead to early 2026, daily IRIS limits will double to €1,000, while P2P monthly caps will be set at €5,000 per user. No monthly limit will apply for business payments.

What It Means for Greek Consumers

These reforms are expected to:

• Lower the cost of cash access
• Promote digital transactions over in-branch banking
• Provide greater fee transparency
• Improve financial inclusion, especially in rural areas

Foreign cardholders and neobank users will continue to pay fees set by ATM operators, as these reforms only apply to Greek-issued cards.

Source: pagenews.gr