Piraeus Bank has entered into an agreement to transfer ownership of its off-site ATMs to Cashflex, a company in which Printec Group holds an 80 percent stake. Founded in Athens, Printec is now one of the leading providers of business-to-customer transaction technologies across Central and Eastern Europe.
The deal encompasses around 850 ATMs located outside the bank’s physical branches at sites such as fuel stations, supermarkets, hospitals, metro stations, and airports. These off-site ATMs will now be owned and operated by Cashflex, with Piraeus Bank retaining a 20 percent minority stake in the company.
Piraeus strategic sale of ATMs with consumer consequences
As one of Greece’s largest systemic banks, Piraeus now retains ownership of only 360 ATMs in remote areas and on islands, while continuing to operate 934 ATMs within its 370 branches. According to the bank, this ensures “full and adequate coverage” throughout the country. However, for many customers, especially in urban areas or locations without nearby branches, the situation is more complex.
With control of the 850 transferred ATMs now in Printec’s hands, the company has the authority to determine commercial policies—including fee structures for ATM withdrawals.
New fees for Piraeus Bank customers following Piraeus ATMs sale
Recent reports confirm that Piraeus Bank customers are now being charged €1.50 (about $1.75) per withdrawal when using ATMs managed by Printec—even though these were formerly part of the bank’s own network. This marks a significant shift, as withdrawals at Piraeus ATMs were previously free for account holders.
The policy change raises concerns about fairness and transparency, particularly among long-time customers who may feel penalized by a decision entirely beyond their control.
Financial impact of sale of Piraeus ATMs on households
To illustrate the economic burden, a typical customer making two cash withdrawals per week from a Printec ATM would end up paying €156 (about $180) annually. For households with limited income, this is far from a trivial expense.
When combined with other banking fees, such as card renewal costs or interbank transaction charges, the total cost of maintaining a basic bank account could become prohibitively high for many individuals and families.
Major reductions in transactions fees
On January 20, 2025, the Greek Ministry of Finance announced the elimination or reduction of six major bank transaction fees, offering a significant financial relief to citizens, freelancers, and small retailers. The estimated annual savings for consumers will reach €150 million (about $175 million), marking a major step toward more equitable and inclusive banking.
In parallel with these fee changes, systemic banks in Greece agreed to allocate €200 million (about $233 million) toward two key public initiatives:
- €100 million ($116 million) will fund the “Marietta Giannakou” program for reconstructing schools.
- Another €100 million ($116 million) will support the creation of a Property Acquisition and Leaseback Entity, aimed at assisting vulnerable households facing bankruptcy or foreclosure.
Detailed changes to banking fees
The banking charges below have been eliminated or reduced.
Zero fees for public bill payments via digital banking
Individuals and freelancers will no longer be charged the €0.60 ($0.70) fee per transaction for payments made through web or mobile banking to public services, social security funds, municipalities, utilities (electricity, gas, water, telecom), and insurance companies.
Capped fees for domestic bank transfers
For SEPA and standard credit transfers within Greece (up to €5,000 or about $5,820), a maximum fee of €0.50 will apply for both sending and receiving funds—down from €2.50 to €5.00 depending on the bank. This change aligns with EU Regulation 2024/88, ensuring parity between direct and standard credit transfers.
No fees for ATM withdrawals in single-bank areas
Residents in remote areas with only one available ATM (operated by a single bank) will withdraw cash without any fees, saving up to €3.00 ($3.50) per transaction.
Free balance inquiries at all ATMs nationwide
Previously charged at €0.20 per inquiry, checking an account or card balance at any ATM in Greece is now completely free.
Free reloads for prepaid cards up to €100
The €1.00 fee for reloading prepaid cards has been eliminated for amounts up to €100 (about $115), encouraging more frequent use of secure cashless payment tools.
Reduced POS fees for small retail purchases
The government has extended the 50 percent reduction in merchant POS (Point of Sales) fees for small transactions of up to €20 (about $23), up from the previous threshold of €10 (about $11.50). This measure supports small retail shops and kiosks by lowering card transaction costs.
