Greece to scrap ATM fees, cap transaction charges
Greece will eliminate charges for basic banking services and introduce a national cap on ATM transaction fees, National Economy and Finance Minister Kyriakos Pierrakakis announced on Monday.
Addressing Parliament’s Economic Affairs Committee, Pierrakakis said ATM withdrawal fees—both at bank-owned and third-party ATMs—will be scrapped. Charges on interbank transactions via the DIAS system will also be abolished.
A national ceiling of €1.50 will be set on all other transaction fees, including those by third-party providers and Greek banks dealing with foreign institutions.
The move follows public backlash over increased withdrawal costs, particularly at Piraeus Bank ATMs sold to third-party providers. “This situation is unacceptable to the prime minister and the Finance Ministry. Disagreement means action,” Pierrakakis said.
New legislation will formalize the zero-fee policy for in-bank transactions. Third-party providers must also offer the same fee-free services to partner bank customers. In municipalities with only one ATM, the zero-fee rule will apply to all machines. Additionally, balance inquiries at third-party ATMs will be made free of charge.
A flat fee of €0.50 will apply to money transfers made at banks or through third-party providers.
“This is a deeply political intervention with a strong social dimension. It proves the government acts in the interest of society,” the minister added.
