Capital Controls in Greece relaxed to €5,000 as of June 4
The capital control limit will be upped to €5,000 per month as of June 4, after the Greek Finance Ministry sent the relevant decision for publication in the government gazette.
The cash withdrawal amount for Greeks, which stands at €2,300, will be raised to €5,000. This means that each customer (Customer ID) per banking institution will be permitted to take out the amount of €5,000 per calendar month, by institutions in Greece and abroad.
The decision provides the following:
– The amount of euro or foreign currency transfers abroad is increased from €2,300 to €3,000. In particular, it is permissible to transfer euros and/or foreign currency notes per person and per trip abroad.
-The transfer of funds abroad to credit institutions and payment institutions is further facilitated, as depositors are allowed accept and execute orders for the transfer of funds abroad up to the amount of EUR 4,000 per Customer ID on a bi-monthly basis from 1 July 2018.
– Transactions of legal entities or traders abroad are facilitated in their business activities by increasing the amount they can send abroad from €20,000 to €40,000 per transaction per customer per day. The above transactions will be processed directly from the branch network of the Credit Institutions.
This decision is a further step in the Roadmap for the gradual relaxation of restrictions on cash withdrawals and capital transfers of 15 May 2017.
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