Greek banks closed

29-06-15 11:04 | Markets and investments We advise customers going to Greece to bring cash in euro to be able to pay for necessities.

There is uncertainty about the financial situation in Greece, and the Greek financial stability council decided that the banks would not open on Monday 29 June. It is likely that the banks will stay closed for several days, and it could be that they do not open for the foreseeable future. Moreover, certain limits on withdrawals from ATMs have been imposed and we are unable to determine the risk that ATM’s run out of cash.

Are you on your way to Greece?
Your credit card should technically work as normal, but you should be aware that the situation in Greece may lead to fewer merchants accepting payments with card.
In general, we advise customers going to Greece to follow the travel advice of their foreign affairs ministry. Moreover, certain limits on withdrawals from ATMs have been imposed and as stated above we are unable to determine the risk that the ATM’s run out of cash.

Are you considering making money transfers to Greece?
Greece has decided to keep its banks closed and implement capital controls on money transfers abroad. The current situation may also lead to money transfers to Greece being delayed, stopped, frozen or ultimately lost since there could be a risk that Greek banks will not open for the foreseeable future. It is therefore advisable to carefully consider the need before transferring money to Greece as long as the uncertainty about the financial situation in the country persists.