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Greece lifts cash withdrawal cap after 3.5 years of Capital Controls

After three years and three months, Greece lifted the cap on cash withdrawals on 1. October 2018. It herewith completes the so-called “second pillar” of Capital Controls imposed in the country on end June 2015.

The Finance Ministry has issued the relevant decision on Thursday, Sept 27th 2018, the decision was published in the official Gazette.

As of today Greeks can withdraw as much money as they want provided they still have money on their bank accounts after 8.5 years of economic crisis.

However, some restrictions will remain with regards to transfer of money abroad and withdrawing money abroad.

As of 1. October, bank account holders are be able to withdraw as much cash as they want inside Greece.

Cap on ATM withdrawals remains at 10,000 euros as in all EU countries.

Cash withdrawals from Greek banks when abroad are limited to 5,000 euros  per

Transfer of cash is increasing from 3,000 euros currently to 10,000 euros per natural person and travel abroad.

Money trasnfer abroad for legal entities and entrepreneurs increases to 100,000 euros per each transaction per customer and per day.

Money from profits and dividends from foreign capital invested in Greece is allowed to be transferred abroad at 100%.

The third pillar of the capital controls refers to transferring money abroad.

Finance Minister Euclid Tsakalotos announced the upcoming lifting of capital controls on Sept 15.

Lifting the cash withdrawal cap is a positive message to the international markets and investors.

It is worth noting that the news goes rather unnoticed by local media today Monday, most probably due to the disaster Medicane Zorbas left behind over the weekend.

PS or because majority of mainstream media support main opposition party conservative New Democracy and would not cheer for a positive signal on economy by the left-wing/nationalist coalition of SYRIZA-ANEL.

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