According to the relevant announcement of the Prime Minister, from 01.09.2019 the capital controls on banking transactions, which were in force for about 50 months, shall cease to apply.

In details :

a) The restriction up to 10,000.00 euros of cash per travel which applied to residents of the country when travelling abroad is repealed.

b) The restriction of export of funds by natural persons up to 4,000.00 euros per two months is repealed.

c) The restriction of export of funds up to the amount of 100,000.00 euros daily, for the conduct of commercial transaction by the submission to the Bank of the invoices and the relevant solemn declaration that the invoices have not been submitted to another Bank.

d) The payment of hospital charges and medical expenses abroad, by the submission of the necessary supporting documents to the Bank, as well as the transfer of the relevant amount to the bank account of the Hospital and not of the beneficiary itself is repealed.

e) The limit of 2,000.00 euros or its equivalent in foreign currency, for the companion of the person who travels abroad for hospitalization is repealed.

f) The limit of 8,000.00 euros per quarter for students abroad in case the amounts are paid in accounts of students residence or leased residence, by the submission of supporting documents is repealed.

g) The payment of tuition fees abroad is liberalized and the mandatory transfer of the amount to the account of the Education Institution is repealed.

h) The limit of transfer of amounts up to 5,000.00 euros per quarter for accommodation expenses and living expenses of students abroad and to the bank account of the student itself is repealed.

i) The prohibition of payroll payment abroad is repealed.

j) The payments in POS of foreign bank are liberalized and now that shall be done without a relevant authorization by the Committee for the Approval of Banking Transactions.

k) The limit of withdrawal abroad by card of amounts up to 5,000.00 euros is repealed.

l) The prohibition of transactions through the internet if the electronic stores are clearing card transactions in an account held in a Bank abroad is repealed. These transactions are : transfer of money abroad, purchase of works of art and auctions, transactions with betting companies, purchases in jewelry shops, purchases in general accounts suspected for the transfer of pornographic material, in personal escort services, in payments to charity organizations and in purchase of catering services.

NOTE: This article does not cover advisory, but only informational purposes, and cannot serve, as a basis for further actions, on the part of   the reader. Reception of specialized advice is required.

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