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Sunday, July 19, 2015

Greek banks are open tomorrow July 20, Beginning Monday what will happen? read all about the new rules and restrictions

After Deputy Finance Minister Dimitiris Mardas announced that banks will open on Monday, the Greek government issued a Legislative Content Act that delineates the new rules and restrictions for capital controls.

Though the daily withdrawal limit will remain at 60 euros per day, depositors will now be able to collect up to 420 euros per week. Thus if a depositor prefers to skip a daily withdrawal, they can let the 60 euros roll over to the following day and can do this all the way up to the end of the week. However, if a depositor does not withdraw any money during a whole week, those 420 euros will not carry over to the next week.

Furthermore, pensioners are eligible to collect 300 euros from their pension per week.

On Monday, 2,500 bank branches across Greece will reopen.

But restrictions on transfers abroad and other capital controls remain in place.

Μardas said that banks will be able to offer more services to customers but only on an accounting form, such as money transfers from one account to another bank account. This will also include bank checks and bills.

Transactions will be made normally but no cash will be paid. The only exception will be made for exporting enterprises, shipping companies and tourist enterprises that are bringing new money in the country and can use only 80% of this money for their payment obligations.

Mardas said that credit cards can be normally used abroad, although no cash can be raised from ATMs, while he stressed that the government is trying to resolve some problems with roaming and other services, such as Google. He said that a Ministerial decision next week will address these issues, mostly concerning telecommunication services.

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