Greek banks plan shared ATM network to cut costs and counter new competitors
Greek banks are jointly exploring the creation of a nationwide network of shared ATMs under a unified brand, in a strategic move to cut infrastructure costs and respond to growing competition from digital banks and upcoming regulatory changes.
The initiative, inspired by successful models like Portugal’s Multibanco, would allow all major Greek lenders to co-locate their services in shared ATMs, significantly reducing the cost of development, maintenance, and expansion.
The plan comes in response to a new legislative regulation abolishing interbank cash withdrawal fees, making ATM operation increasingly unprofitable. The law, set to take effect on August 11, also limits withdrawal fees to €1.50 when using third-party ATM providers such as Euronet or Cashflex.
Under EU regulations on cross-border payments, banks are now prohibited from charging higher fees to European visitors, meaning all EU tourists in Greece will withdraw cash without incurring extra charges. Greek banks are particularly concerned about the long-term impact on revenue, as the change also opens the door for foreign digital banks, including Revolut, which is reportedly preparing to enter the Greek market.
Learning from Europe
The model under consideration mirrors the Multibanco system in Portugal, where 29 banks jointly operate a nationwide interbank ATM and payments network under the coordination of SIBS, the Portuguese equivalent of Greece’s DIAS payment clearing system. Similar shared systems exist in Germany, Austria, and the Netherlands.
In addition to cash withdrawals, shared ATM networks like Multibanco offer a wide range of banking services: utility bill payments, tax contributions, money transfers, ticket purchases, and more. Operational costs are shared, and transaction-based revenue is distributed proportionally based on customer usage per bank. In many cases, customers incur minimal or no fees for using their own bank’s services through the shared terminals.
Strategic shield against digital banks
Banking insiders say the shared ATM initiative is both a cost-saving measure and a defensive strategy against the increasing presence of neobanks and fintech players with low operating costs and no physical infrastructure. By creating a unified and efficient ATM network, Greek banks aim to improve service access while protecting market share.
The discussions are still at an early stage, but sources suggest that the proposal has strong backing from key players in the industry and may move forward rapidly, particularly after August 11.
