Greek Banks to Reopen on Monday, €420 Weekly Withdrawal Limit Added

The Greek government announced on Saturday that all of the country’s banks will open on Monday, July 20, after a three-week “bank holiday” that took place in efforts to block cash from being transferred abroad and prevent banks from collapsing. However, capital controls will continue and restrictions on transfers abroad remain.

According to the decree issued by the Finance Ministry, Greek account holders will still face the withdrawal limitation of 60 euros per day. However, account holders will also have the option of making a withdrawal of 420 euros per week in place of the 60-euro per day limit.

For example, if an account holder does not take out any money on one day or four consecutive days, he/she will be able to make a withdrawal up to 420 euros by the end of the week.

Furthermore, Greeks are not allowed to make cash withdrawals via credit and pre-paid cards in Greece or abroad.

The decree also allows the transfer of up to 5,000 euros per semester for Greek students studying abroad.

To read the decree (in Greek) press here.