Greek Government Abolishes All ATM Withdrawal Fees

Greek Minister of National Economy and Finance Kyriakos Pierrakakis announced yesterday (Monday, July 21) a legislative move to eliminate withdrawal fees for bank customers using ATMs—even those operated by third-party providers. This decision comes in response to mounting public concern following Piraeus Bank’s recent sale of its ATMs, which was followed by an announcement of rising fees.

According to Pierrakakis, the Ministry will introduce a new amendment by the end of August mandating zero charges for cash withdrawals from ATMs belonging to other banks, provided they are part of the DIAS (Interbanking System) network.

“Public services should serve, not entrap. We are taking immediate action—setting boundaries, establishing rules, and restoring balance between the market and society,” Pierrakakis maintained.

Key measures in new amendment

The proposed amendment includes seven major interventions as outlined below.

1. Zero fees for in-network ATM use: Bank customers will not be charged for withdrawing cash from ATMs belonging to their own bank—a practice that will now be protected by law.
2. Elimination of interbank withdrawal fees via DIAS: Charges of up to €1.50 that previously applied for withdrawals between different banks through the DIAS system will be abolished.
3. Cap of €1.50 on other ATM fees: A national maximum fee of €1.50 will apply to all other transactions involving third-party providers or foreign banks.
4. Equal treatment from third-party providers: When a bank cooperates with a third-party ATM operator, that provider must treat the bank’s customers as their own—meaning no extra withdrawal fees.
5. No fees in areas with only one ATM: In communities where only one ATM is available, the existing zero-fee policy will now be extended to include third-party providers as well.
6. Free balance inquiries everywhere: All ATM balance inquiries, including those through third-party machines, will be free of charge.
7. Flat fee for money transfers: A standard charge of €0.50 will apply to all remittance transactions—regardless of whether they are handled by banks or third-party providers.

ATM fee controversy following Piraeus sale

This regulatory intervention follows recent public backlash over Piraeus Bank’s sale of 850 ATMs to Cashflex, a subsidiary of the Printec Group. Following the acquisition, customers—including Piraeus account holders—began facing €1.50 fees for each cash withdrawal even though the machines were once part of Piraeus’ own network.

The policy shift marked a major change for long-time customers, who had previously enjoyed free withdrawals from these ATMs. Many viewed the new fees as unfair, especially since the change resulted from corporate restructuring beyond their control.

Impact on households

To understand the real-world impact: a typical customer making two withdrawals per week from a Printec-operated ATM would incur an annual cost of €156 (approximately $180). For households on tight budgets, this amount is far from insignificant.

When combined with other banking fees—such as card renewal charges or interbank transaction fees—the overall cost of maintaining even a basic bank account could become unsustainable for many individuals and families.