The credit crisis in Greece has largely stabilised and the majority of large banks and global transfer providers have now reinstated their services into the country.
We contacted several banks and transfer providers to confirm that no restrictions are currently in place for money transfers into Greece at this point in time.
You can check the list below for the names of the lenders and providers offering money transfer services to Greece.
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What’s the current state of the Greek economy?
In February 2017, the Greek finance ministry announced that the yield on the country's bonds was near that of its pre-2010 levels, before its economic crisis began.
The International Monetary Fund (IMF) predicts Greece's gross national product (GDP) will rise 2.8% in 2017, and an additional 1.2% yearly through 2020.
In June 2017, the Euro zone gave Greece a US$9.5 billion credit to help with debt relief. On 13 July 2017, Greece sent the IMF a letter detailing its plans to meet debt commitments by June 2018.Back to top
Business as usual for transfers from Australia to Greece
While two major transfer providers, Western Union and MoneyGram, previously suspended their services into Greece, the majority of banks, financial institutions and global transfer specialists have no current restrictions on transfers from Australia to Greece.
The following lenders and global transfer providers have confirmed that they have no restrictions on transfers into Greece as normal fees and rates apply:
These providers claim that it’s "business as usual" for transferring money to Greece; however, they do warn that you should exercise caution if you need to transfer money out of the country.Back to top
With a government debt ratio forecast to reach 150% in 2020 and 140% in 2022, the International Monetary Fund (IMF) warns that Greece will be vulnerable to economic shocks in the years to come.
The people of Greece voted "Oxi" or "No" on 5 July 2015, turning down a bailout package offered by the European Union that would have extended their current loan terms and offered solutions that would also help to pay off these loans.
The European Union subsequently provided a €7 billion bridge loan to Greece on 21 July while the Greek government voted on whether to accept a new bailout package. This loan was used to pay down some of the outstanding payments on debts Greece already has and also coincided with the reopening of Greek banks, although with tight restrictions.
While no restrictions are currently in place for transfers from Australia to Greece, the dire financial situation in Greece still remains.Back to top
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