# Greek banking **URL:** \ **Category:** Factual Questions\ **Created:** [July 7, 2015, 2:55pm UTC](https://boards.straightdope.com/t/greek-banking/724476 "2015-07-07T14:55:23Z")\ **Posts on this page:** 9\ **Page:** 1
**Author:** ![bizerta](https://avatars.discourse-cdn.com/v4/letter/b/3be4f8/32.png) [@bizerta](https://boards.straightdope.com/u/bizerta)\ **Post date:** [July 7, 2015, 2:55pm UTC](https://boards.straightdope.com/t/greek-banking/724476/1 "2015-07-07T14:55:23Z")
OK, so Greeks can only take cash withdrawals of €60 per day. How about other banking functions. What other banking functions are restricted? For example: Can they pay their rent (or credit card, or dentist) with a check written in euros? Can they send a check in euros to their cousin in France? What about tourists? Can a tourist get a euro withdrawal from a bank in Germany? ---
**Author:** ![fubar.gr](https://avatars.discourse-cdn.com/v4/letter/f/898d66/32.png) [@fubar.gr](https://boards.straightdope.com/u/fubar.gr)\ **Post date:** [July 7, 2015, 6:02pm UTC](https://boards.straightdope.com/t/greek-banking/724476/2 "2015-07-07T18:02:45Z")
At the moment you can’t transfer money to foreign banks. Cheques will be processed as soon as the banks open, but the capital controls will stay in place for a long time, so it is highly unlikely that a cheque sent to France will go through. Although there is the 60 euro cash limit, there are no limits on purchases with a credit/cash card. Online banking still works. There are no limits on transfers or payments to another account of the same bank. There are some limits on transfers to a different domestic bank. Transfers to foreign banks are not possible at the moment. Paypal and money transfer services like Western Union don’t work. ---
**Author:** ![bob\_2](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bob_2/32/3341_2.png) [@bob\_2](https://boards.straightdope.com/u/bob_2)\ **Post date:** [July 7, 2015, 6:11pm UTC](https://boards.straightdope.com/t/greek-banking/724476/3 "2015-07-07T18:11:03Z")
A great many older people don’t have any cards. They have always gone to the local bank to draw their pensions, so they are really having problems. ---
**Author:** ![Schnitte](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/schnitte/32/9033_2.png) [@Schnitte](https://boards.straightdope.com/u/Schnitte)\ **Post date:** [July 7, 2015, 6:26pm UTC](https://boards.straightdope.com/t/greek-banking/724476/4 "2015-07-07T18:26:35Z")
> [@bizerta](#): > > Can a tourist get a euro withdrawal from a bank in Germany? In theory yes, but in practice some banks have had trouble filling their ATMs with cash, so there might be problems. Bank transfers from outside Greece into the country (and that is what your situation comes down to) are, however, not affected by the restrictions. ---
**Author:** ![bizerta](https://avatars.discourse-cdn.com/v4/letter/b/3be4f8/32.png) [@bizerta](https://boards.straightdope.com/u/bizerta)\ **Post date:** [July 8, 2015, 12:54am UTC](https://boards.straightdope.com/t/greek-banking/724476/5 "2015-07-08T00:54:49Z")
To add to my original post: What about businesses that normally import goods. Can a Mercedes dealer pay for a car imported? Can a Greek citizen take a vacation in France and make a withdrawal at a bank in Marseille? ---
**Author:** ![usedtobe](https://avatars.discourse-cdn.com/v4/letter/u/ec9cab/32.png) [@usedtobe](https://boards.straightdope.com/u/usedtobe)\ **Post date:** [July 8, 2015, 3:16am UTC](https://boards.straightdope.com/t/greek-banking/724476/6 "2015-07-08T03:16:55Z")
How do you transfer money into a country in which the banks are closed? If any of the employees show up, I understand they can still act as agents, but how does anyone physically access more than 60 euro/day? Capital controls are generally used to prevent money (not just currency) from leaving th country. So, I’m guessing that no, you can’t draw more than 60/day - especially if you are in a foreign country. And no, you can’t send the price of a Mercedes to Germany. ---
**Author:** ![md2000](https://avatars.discourse-cdn.com/v4/letter/m/73ab20/32.png) [@md2000](https://boards.straightdope.com/u/md2000)\ **Post date:** [July 8, 2015, 6:17am UTC](https://boards.straightdope.com/t/greek-banking/724476/7 "2015-07-08T06:17:02Z")
> [@bizerta](#): > > To add to my original post: What about businesses that normally import goods. Can a Mercedes dealer pay for a car imported? Can a Greek citizen take a vacation in France and make a withdrawal at a bank in Marseille? I’m guessing that until the rules are written to handle regular commerce, there won’t be much in the way of imports - and after, the rules will probably limit spending to essential items like food, gas, and medical supplies. Another point someone made on the radio - with banks closed, even cash money in safety deposit boxes (I assume that happens a lot more over there) cannot be accessed until the banks re-open, and someone noted that in Greece, you don’t get privacy with your box, so the bank staff could watch and perhaps even getting your cash out of your box could count toward that E60 limit. ---
**Author:** ![bob\_2](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bob_2/32/3341_2.png) [@bob\_2](https://boards.straightdope.com/u/bob_2)\ **Post date:** [July 8, 2015, 8:51am UTC](https://boards.straightdope.com/t/greek-banking/724476/8 "2015-07-08T08:51:31Z")
> [@bizerta](#): > > To add to my original post: What about businesses that normally import goods. Can a Mercedes dealer pay for a car imported? Can a Greek citizen take a vacation in France and make a withdrawal at a bank in Marseille? In a word - NO. This from my newspaper this morning as Tsipras pleads his case to the European Parliament. > [@](#): > > Events are now spinning out of control. The banks remain shut. The ECB has maintained its liquidity freeze, and through its inaction is asphyxiating the banking system. > > Factories are shutting down across the country as stocks of raw materials run out and containers full of vitally-needed imports clog up Greek ports. Companies cannot pay their suppliers because external transfers are blocked. Private scrip currencies are starting to appear as firms retreat to semi-barter outside the banking system. I gather Obama has told them all to get their act together… They are also openly discussing humanitarian aid for the Greek people if it gets any worse. ---
**Author:** ![md2000](https://avatars.discourse-cdn.com/v4/letter/m/73ab20/32.png) [@md2000](https://boards.straightdope.com/u/md2000)\ **Post date:** [July 10, 2015, 4:49am UTC](https://boards.straightdope.com/t/greek-banking/724476/9 "2015-07-10T04:49:24Z")
Also remember the banks are closed. Basically, that means… closed. Even if you wanted to deposit money, there’s no door open, no tellers, you cannot walk in and deposit money. That’s got to be encouraging for businesses that take in a lot of cash, it puts them at major risk. Fortunately, there’s not a lot of cash and people aren’t spending if they don’t absolutely need to. Even cheques between businesses inside Greece - nothing is being processed; unless you can find another business open that wants to cash your cheque, and who would assume that any bank would (a) honor a cheque or (b) still be around to cash it? (or © who’s going to validate that cheque until the banks reopen?) There’s rumors that Greece will pull a Cyprus. Cyprus was in the same pickle a few years ago. One reason the banks were having problems there, they were a repository for foreigners, especially Russians, who wanted to stash money offshore. As a result, one way to save the banks was the “haircut”, every account over E100,000 the government confiscated a percentage. Rumors, fueled by fear mongers like the Financial Times, suggest the Greek government will confiscate a percentage of each account… wonder why there’s a run on the banks.