Press Release of the Hellenic Bank Association

Transcription

1 Press Release of the Hellenic Bank Association ACT OF LEGISLATIVE CONTENT: "Emergency regulations regarding restrictions on cash withdrawals and capital transfers (GOVERNMENT GAZETTE A 84/ ), as amended 1. Can I withdraw cash? Q & Α 21 March YES, you can withdraw cash from a branch or an ATM but the maximum amount is 60 daily per depositor, per bank. However, you can transfer your 60 daily limit to a subsequent day or days, though this should be no later than the end of the week (each Friday). In other words, every week each beneficiary may withdraw up to 420 in cash. 2. Can I withdraw cash in foreign currency from a branch? YES, you can take out up to the equivalent of the 60 daily in foreign currency (on the basis of the applicable daily foreign exchange rate). Again, the daily limit may be transferred to a subsequent day but no later than the end of the week (each Friday). 3. Can I use my debit card for cash withdrawals abroad? YES, subject to the daily and/or weekly maximum cash withdrawal limit applicable in Greece. 4. Can I use my credit or prepaid card for cash withdrawals in Greece and abroad? NO, this transaction is not allowed. 1

2 5. Can I deposit cheques? YES, the deposit of bank and personal cheques is allowed, but only when the proceeds are credited to a bank account. It is not allowed to redeem cheques in cash. 6. Can I use my credit, debit and/or prepaid card for purchases in Greece? YES, credit, debit and prepaid cards can be used normally for purchases of goods and services in Greece, up to the limit specified in your agreement with the bank, provided that the businesses where goods or services are purchased clear the card transactions via an account held with a bank that operates in Greece. Conversely, if businesses operating in Greece have installed POS terminals provided by banks outside Greece, the credit, debit and prepaid cards issued by banks and e-money institutions operating in Greece are not allowed to be used. 7. Can I use my credit, debit and/or prepaid card for purchases abroad or on the internet? YES, if you are abroad you can use your cards for purchases of goods and services: up to the amount specified in your agreement with the bank, and subject to the limit authorized for each bank by the Banking Transaction Approval Committee. For online purchases you can use your cards without restriction, up to the amount specified in your agreement with the bank, provided that the relevant online stores clear the card transactions via an account held with a bank that operates in Greece. If the online stores clear the card transactions via an account held with a bank outside Greece, you can use your cards: up to the amount specified in your agreement with the bank, and subject to the limit authorized for each bank by the Banking Transaction Approval Committee. 2

3 However, the following general categories of internet transactions are not permitted if the online stores clear the card transactions via an account held with a bank outside Greece: 1. Fund transfers abroad. 2. Purchase of works of art and auctions. 3. Transactions with betting companies, gambling and video games. 4. Purchases at jewellery stores; 5. General codes which include mainly transactions related to pornographic material. 6. Personal services (escorts and dating). 7. Payments to charity organizations. 8. Purchases of clothing and shoes. 9. Purchases of household equipment. 10. Purchases of electrical devices/equipment. 11. Purchases of cosmetics. 12. Purchases of catering/dining services. 8. Can I open a new account? NO, the opening of a new sight or savings account is not allowed, since by opening such accounts a new Customer ID is created with the Bank. The activation of dormant accounts is also not allowed and the deadline as per articles 7 and 8 of Law 4151/2013 is suspended. However, the opening of a new account is allowed by means of creating a new Customer ID and solely for the transactions listed below, the necessity of which has to be documented in writing by the competent body and on condition that you do not already hold with the bank another account via which such transactions could be carried out: payroll payment, including the issue and collection of labor stamps (ergosimo). payment of depositor's obligations to same bank, as such derive from contracts entered into prior to 28 June payment of new pensions and new welfare benefits, 3

4 clearing of transactions on cards under new acquiring agreements, even if a bank account is held with another credit institution, provided that the account shall be credited solely with the proceeds of the clearing of card-related transactions. Withdrawals and fund transfers are subject to the same restrictions applying to the other accounts. servicing of legal entities, as well as sole proprietorships and professionals who do not hold a servicing account for their business activity with a credit institution operating in Greece, servicing of startups participating in schemes aimed at supporting new entrepreneurship, cash deposit as cash collateral for a letter of guarantee, documentary credit or loan to the same bank, opening of an account in favor of a third party either in order to comply with an order for the execution of a financial claim on the basis of a payment order, court judgement or other enforceable deed, or in order to pay a claim, within the context of which a garnishment has been issued in favor of the beneficiary of the claim, unless the same has declared a deposit account by means of any legal measure. credit of sums in euro or foreign currency from abroad, amounting to at least 10,000 or the equivalent in foreign currency, transferring an employer's payroll management account from one bank to another, with which bank, however, he already holds an account, and, as a consequence of such transfer,, the opening of payroll accounts for the employees with the latter bank. In this case, the Bank's employees are entitled to make cash withdrawals from one of the two banks, unless the Customer IDs pre-existed in both banks. The employee shall determine the bank from which he will make cash withdrawals, by filing a solemn declaration on his part. Said declaration is filed with both banks, opening of a sight or deposit account in the name of soldiers doing their military service after the present Act is put into effect, provided that they do not already hold another account. Apart from other documentation required as per the applicable legislation, soldiers doing their military service must submit the relevant document issued by the appropriate Army Recruiting Office which indicates that the beneficiary has been called up for military service, opening of sight bank account for the purposes of fund-raising in favor of specific individuals suffering from serious diseases or fund-raising generally for charity or carrying out social welfare work. To open such accounts it is necessary to provide the relevant decision of the Minister of Health or the Minister of Labor, Social Insurance & Social Solidarity, 4

5 opening of special-purpose accounts for the servicing of debt arrangements with social insurance bodies and the State, without the right of cash withdrawals by individuals. opening of accounts by social insurance bodies exclusively for the collection of insurance contributions and other debts, opening of a sight or deposit account or adding a co-beneficiary to an existing account, for individuals having student status, if their place of studies differs from their place of residence, on condition that they do not hold another account as beneficiaries or cobeneficiaries. Student status is certified on the basis of a registration certificate for the current semester issued by a Higher Education Institution (University or Technical Training), College, Free Study Centre, Post-Secondary Education Centers, or vocational training or apprenticeship school. Similarly, it is allowed to open a sight or deposit account for students that, during the academic year , participate in ERASMUS student exchange programs and the existence of such account is a prerequisite for the payment of the relevant allowance and provided they do not already hold another such account, of which they are beneficiaries or co-beneficiaries. Their participation of the abovementioned students in the said programs is certified on the basis of a certificate of studies issued by the relevant educational institution. opening of only one account without the right of cash withdrawals, for the servicing of loans granted prior to or after the end of the bank holiday by the bank with which the account is opened, even if a bank account is already held with another bank, opening of any type of account in favor of ELEGEP/OPEKEPE, for the deposit of fund transfers from the EU and of subsidies from the Regular Budget or the Public Investment Program, making payments for medical services and government subsidies, provided that the account shall be credited solely by the body that supplied the documentation evidencing the need for the account to be opened with the specific bank, and any other case, upon approval by the Banking Transaction Approval Committee. 9. Can I add a beneficiary to one of my existing deposit accounts? NO, it is not allowed to add a co-beneficiary to existing deposit accounts if that generates a new Customer ID with the bank. 5

6 10. Can I repay my loan early? YES, provided that the early loan repayment does not exceed 50% of the outstanding principal of the bank loan, as it stood at 11/03/2016. Beyond the aforesaid percentage, early, partial or full repayment of your loan can only be effected: by making a cash deposit or transferring funds (by wire transfer) from abroad. in the event of repayment by means of a new loan granted within the context of loan restructuring, on condition that the amount of the new loan is at least equal to the outstanding principal of the original loan. for the repayment of a mortgage loan with a view to selling the property that serves as collateral for the loan, on condition that the request for the repayment of the loan is accompanied by the seller s solemn declaration that he shall submit the purchase and sale contract to the credit institution at the latest one month as of said early repayment of the loan. 11. Can I ask for early redemption of my time deposit? YES, early, partial or complete, redemption, of time deposits is allowed. 12. I own a business and I wish to start carrying out transactions using credit, debit and prepaid cards. Can this be done? YES, provided that you enter an agreement with a bank, payment institution and/or e-money institution operating in Greece. In this case, you are allowed to open a new account for the clearing of card transactions on the basis of this new agreement. Conversely, you cannot enter into agreements for accepting card payments if the clearing of such transactions is done by crediting the account of a merchant that is held with a bank, payment institution and/or e-money institution outside Greece. 6

7 13. My business carries out transactions using credit, debit and prepaid cards. When will my account be credited? The clearing of transactions using payment cards, whether Greek or foreign, is carried out by crediting your firm s account pursuant to the provisions of the relevant agreement you have signed. 14. Can my business refuse to conduct transactions using cards? NO, because pursuant to the Act of Legislative Content anyone who refuses payment by credit, debit and prepaid cards is subject to heavy legal penalties under: Articles 288 par. 1 and 452 of the Penal Code, Article 13a, Law 2251/1994 (Α 191), Article 18a, Law 146/1914 (Α 21), and Article 19, Law 4177/2013 (Α 173), as applicable. 15. Can credit, debit and/or prepaid cards of foreign banks be used normally? Credit, debit and/or prepaid cards of foreign banks that have been issued abroad can be used both for purchases of goods and services and for cash withdrawals without restrictions, within the limits specified in your agreement with the issuing bank. 16. Can I transfer funds from abroad? YES, the transfer of funds from accounts held with a foreign bank to an account held with a bank operating in Greece is allowed. 17. Is it allowed to take cash out of the country? You can take out a maximum of 2,000 or its equivalent in foreign currency per person per journey abroad. People who are foreign residents are exempted from the 2,000 restriction. Acts of the Governor of the Bank of Greece may set out more specific provisions regarding implementation of this restriction, provide for differentiation for countries in the Schengen Area 7

8 and for countries outside the European Union, and introduce special exemptions for various categories of persons. 18. Can I transfer funds out of the country? NO, unless included in the exceptions processed on a daily basis by (a) Special Subcommittees of banks, pursuant to Decision 1/ (Gov. Gazette B 8), and (b) the Banking Transaction Approval Committee, pursuant to the Act of Legislative Content, as amended. In addition, the following transactions are permitted without prior approval from the Special Subcommittees of banks or the Banking Transaction Approval Committee: the acceptance and execution of orders to transfer funds abroad by banks up to the amount of euro one thousand (1,000) per Customer ID and per calendar month, up to the monthly limit in euro for all the banks operating in Greece and accepting deposits, which has been set and allocated per bank under Decision 770/ (Gov. Gazette Β 2119) of the Banking Transaction Approval Committee, transactions by legal entities or professional undertakings with parties outside Greece within the context of their business activities that do not exceed euro ten thousand (10,000) each, per day, per client, following the submission of relevant invoices and other documentation, which must be accompanied by a solemn declaration by which the said entities shall declare that the said submitted documents are genuine and have not been submitted to another bank. Said transactions shall be carried out directly through the branch networks of banks, by debiting the account of the counterparty and within the weekly limit set by the Banking Transaction Approval Committee for each bank, transactions carried out by individuals, deemed necessary for serious health purposes or exceptional social reasons which require the performance of payments to foreign countries or cash withdrawals; in such cases, the said individuals must submit to the bank the necessary documentation to evidence concurrence of the relevant conditions, while there is a monthly limit of euro two thousand (2,000) per individual (whether in a single or multiple transactions) for banks as a whole operating in Greece. The said requests must be accompanied by a solemn declaration by which the said individuals shall state that the aforesaid submitted documents are genuine and have not been submitted to another bank. The said permitted transactions shall be carried out directly through the branch networks of banks. 8

9 19. What is the situation regarding payments for trading purposes overseas (paying for imports)? For further details regarding the procedure, applicable as of 8 January 2016, for the submission and approval of requests for the transfer of funds abroad by firms and professional undertakings within the context of their business activities, click on the following link: Decision 1/ (Gov. Gazette Β 8) of the Banking Transaction Approval Committee. 20. How can I pay hospitalization and medical expenses? Payment of hospitalization and medical expenses can be effected without the approval of the Banking Transaction Approval Committee under the following conditions: the required supporting documents are presented to the bank performing the transaction, and the respective amount of money covering the hospitalization and medical expenses is transferred into a bank account held by the medical institution and not the beneficiary himself. In addition, it is possible to withdraw a maximum lump-sum of 2,000 or its equivalent in foreign currency and transfer the amount abroad for an accompanying person of someone who is going abroad for hospitalization, on condition that documentation is supplied evidencing the need to go abroad for the said purpose. 21. How can I pay the tuition fees of an educational institution abroad? The payment of tuition fees can be effected without the approval of the Banking Transaction Approval Committee under the following conditions: the required supporting documents are presented to the bank performing the transaction, and the respective amount is transferred to a bank account held by the educational institution and not the beneficiary himself. Furthermore, the transfer of the maximum amount of 5,000 or the same amount in foreign currency, per calendar quarter, in total, is allowed for accommodation and living expenses for students studying abroad or participating in student exchange programs. The payment shall be made to an account held overseas by the student. 9

10 However, in the event that the said amounts are credited directly to the account of the hall of residence or of the student s landlord (you should provide the rental contract or other relevant evidencing documents) you can transfer up to 8,000 or its equivalent in foreign currency per calendar quarter. 22. Can overseas funds credited to my bank account be transferred anew overseas? YES, in their entirety. However, you cannot withdraw in cash the entire amount of money transferred from abroad. You can withdraw up to 10% in total, in line with the procedure determined by the Banking Transaction Approval Committee. Specifically, shipping companies included in Laws 27/1975, 959/1979 and Legislative decree 2687/1953 can carry out cash withdrawals up to the amount of euro fifty thousand (50,000) on a daily basis. Documentation evidencing the inflow of funds from abroad and then their transfer again out of the country shall be the bank's responsibility and must be full and complete. The transfer of funds abroad from an institution for the purchase of international financial instruments, as defined in article 5, law 3606/2007, as amended, is also allowed provided that: the beneficiary's bank account from which the transfer is carried out, or the customer account held with a credit institution by the investment services provider who transfers funds on behalf of the beneficiary, was credited after the commencement of the bank holiday on 28 June 2015, with funds deriving from a wire transfer from abroad, including cases of credit transfer due to sale, acquisition or redemption of foreign financial instruments or collection of money distributions related to the said financial instruments. The aforesaid cases where transfer of funds outside Greece are allowed include money transfers for the purposes of acquiring UCITS units under Law 4099/ Is it possible to pay in cash an attachment of a financial claim in the hands of the bank? NO, in the case of an attachment of a financial claim in the hands of the bank, the Bank of Greece or the Deposit and Loans Fund as a third party, the amount can be paid either by issuing a cheque, or by crediting mandatorily an account of the attaching party held in the same or another bank. 10

11 24. Is payment on the basis of bank guarantees allowed? YES, provided that the amount to be paid is deposited in a bank account. 25. Is the granting of new financing allowed? YES, provided that the requirements posed by relevant legislation and the Bank's corporate credit policy are met. 26. Is the repayment / payment of open loans & credit lines allowed? YES, this is allowed, in accordance with the terms and conditions of your relevant agreement with the bank. 27. Are overseas payroll payments to employees allowed? NO, when the account which is charged for the payroll is held with a bank that operates in Greece and the accounts credited are held with banks abroad. Exempted from this restriction are staff on diplomatic missions, permanent representations or other services of the Greek State. Furthermore, staff on diplomatic missions, permanent representations or other services of the Greek State abroad who hold payroll accounts in a bank that has its registered office and operates in Greece are allowed to transfer the equivalent amount of their pay into an account they hold abroad, by supplying written evidence of their work status. 28. Are pension payments abroad allowed for pensioners? YES, payments abroad by social insurance organizations governed by Greek law of pensions and welfare benefits of any kind are allowed, by crediting an account held with a bank domiciled and operating outside Greece, on condition that the beneficiary of the pension or welfare benefit received his pension or benefit in this manner prior to the start of the bank holiday declared on 28 June 2015 (Act of Legislative Content A 65). 11

12 29. Can members of diplomatic missions and of consular posts withdraw cash? YES. It is possible, upon presentation of the diplomatic corps ID card issued by the Ministry of Foreign Affairs, for members of diplomatic missions and of consular posts, and employees of international and European organizations specified in par. 16, Article 1 of Act of Legislative Content dated (who hold, for these purposes, the same status as members of diplomatic missions) to withdraw cash and to wire funds outside Greece, up to the amount of 5,000 per month, from one bank account per beneficiary. 12