Revised framework for conducting transactions through digital networks

New technologies and trends in digital service networks, and electronic transactions in particular, are evolving at a fast pace, making it essential that we continuously upgrade our systems and modernize our products and services. NBG's policy in this direction aims at processing transactions in a secure environment, enriching products’ functionality and characteristics as well as upgrading their technological base, acting with transparency, respect and in full compliance with the current regulatory framework.   

With this in mind, we now provide you with an upgraded transaction and money transfer framework across our digital channels, which includes: monthly limits, uploading supporting documents, updating data, and expanded functionalities across the board.

 

Monthly limits

Monthly limits which apply to the sum of credit transfers from NBG to accounts held with other domestic and overseas Banks.

Uploading supporting documents

Depending on the amount, currency and destination country of the credit transfer, supporting documents may be required for its completion.

Transactions through debiting an FX account

New functionality for FX money transfers through debiting an account held in FX.

New functionalities analytically

1. Defining Monthly Transaction Limits  

Transactions to other banks in Greece and abroad

The monthly limits refer to the sum of the total value of credit transfers that you can make to other domestic or overseas banks, during a calendar month. The available monthly limit is reduced successively by the amount of each transaction carried out through digital channels within the specific period and for each transaction, its value is calculated cumulatively in the use of the monthly limits. Limits are renewed on the first calendar day of each month, while any remaining amount from the previous month is not carried over to the following one.

Please note that credit transfers carried out through our Branches and transactions via i-bank Trade Finance platform  are neither limited by the monthly limits nor included in their calculation.

Transactions within NBG 

Transfer transactions carried out to your accounts, third party accounts within NBG as well as transactions related to bill & debt payments, do not count towards the monthly transaction limits.

Monthly Transaction Limits

As per the revised framework, we inform you that your monthly limits are as follows: 

Debiting euro accounts: for transactions to countries

  • with higher limits your monthly limit is  4,500,000€, while
  • with lower limits your monthly limit is 1,000,000€ (*).

Debiting accounts in foreign currency: for transactions to countries 

  • with higher limits your monthly limit is  2,500,000€, while
  • with lower limits your monthly limit is    500,000€ (*).

(*) Note that the monthly limit for countries with lower limits is a subset of the monthly limit for countries with higher limits.

Keeping track of monthly limits

As of the date the said limits come into force, you will be able to track their amount and level of use through Internet Banking, by selecting "Limits" from the "View Profile" section.

2. Uploading supporting documents

Depending on the amount of the credit transfer, the currency and the country of destination, you may have to upload supporting documents on Internet Banking before the transaction can be executed, to ensure its completion. 

More specifically, uploading supporting documents is required 

  • for transactions over €150,000 from euro or fx accounts to countries with the highest limits.  Transactions in EURO accounts within GREECE for which uploading of supporting documents is not mandatory are excluded
  • for all transactions regardless of amount from EURO or FX accounts to countries with the lowest limits. For Cyprus and Bulgaria, uploading supporting documents is required for amounts over €50,000.

There is no need to upload supporting documents for transactions where the principal and beneficiary are the same Legal Entity.

In the case of sending transactions via ETHNOCREDITS mass transfer files (via ETHNOFILES, FTPS, SCORE), it is necessary to send supporting documents to the email MTD@nbg.gr after the file has been transmitted, if it includes transactions to Category B countries.

3. New functionality: Carrying out transactions by debiting an account in FX

With the revised framework for carrying out transactions through digital networks, it is now possible to send credit transfers in FX, in Greece and abroad, by charging an FX account.

Updating details 

A condition for the smooth execution of your transactions is to keep the following information up-to-date: 

  • trade name and legal status 
  • a legal opinion on the legalization of the company’s representatives 
  • a duly verified copy of a document indicating your TIN/ foreign TIN/ country of tax residence
  • business address and registered contact phone number
  • declaration of Beneficial Owner (if required) 
  • updated Financial / Transaction Profile based on the latest annual Corporate Income Tax document
     

You can update your profile details directly through NBG Internet Banking from Settings → View profile → User details or by scheduling a visit to one of our Branches.

 

Do you have any questions?

Monthly limits refer to the sum of the total value of the credit transfers you carry out to other banks in Greece and abroad, during a calendar month.

The value of each transaction is calculated cumulatively in tracking the monthly limit.

Limits reset on the first calendar day of each month.

Credit transfer transactions carried out to your accounts, to third parties within NBG, as well as transactions related to bill & debt payments, do not count towards the total monthly value.

Transactions outside National Bank of Greece where the principal and beneficiary are the same Legal Entity.

Moreover, transactions to third party beneficiaries:

  • Transactions under 150.000€ from accounts in euro or foreign currency to countries with the highest transaction limits (Category A).
  • Transactions to accounts in euro in Greece.
  • Transactions under 50.000 € to accounts in euro or foreign currency in Cyprus and Bulgaria

In the case of transactions made using ETHNOCREDITS mass files (via ETHNOFILES, FTPS, SCORE), you need to send supporting documents to the email [email protected].

Close
Close
back-to-top