global payment guide
Greece's strategic location between Italy and Turkey, with access to three continents – Asia, Africa, and Europe – creates a vibrant market for both local and international businesses. Over 390,000 Greek-registered companies, operating both online and offline, benefit from the nation's advantageous trade environment and open business climate. For business owners, understanding the diverse payment options available in Greece is crucial. This article provides a comprehensive guide to the nation's payment system, including details on transfer charges for sending money to Greece.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an international financial messaging network that facilitates the sharing of information about financial transactions globally across multiple currencies.
Greek businesses that receive foreign payments acknowledge the importance of the SWIFT network as a global hub of international financial activities.
This payment network allows businesses to transfer money internationally with fast, secure, and standardized payments.
While businesses might have to pay more than $25 in SWIFT payment fees to transfer money to a Greek international business account, with WeavePay, sending money via SWIFT costs only $1, and receiving it is free. Create your account to get started right away.
SEPA, the Single Euro Payment Area, harmonizes euro payments among its member countries, simplifying transactions for companies within this zone. It offers various payment types like SEPA Instant Credit Transfer and SEPA Direct Debit. This system standardizes direct debit procedures across participating nations, making transactions to and from Greece more efficient.
SEPA is particularly advantageous for Greek businesses, facilitating faster transactions with European partners, such as those in Italy. For instance, a Greek company receiving regular payments from Italian clients can utilize SEPA Direct Debit for a more efficient payment process.
They are among the most popular and widely used online payment methods for online purchases in Greece. Financial institutions such as Visa, MasterCard, and Maestro offer online payment services to consumers of various online businesses, making online payments convenient and secure.
Mobile payment apps such as Google Pay and Apple Pay are becoming more popular as alternative payment methods in Greece. These apps allow customers with non-resident bank accounts to make wireless payments to businesses that accept online payments.
In Greece, PayPal is a well-liked payment platform among shoppers, known for facilitating direct online payments from their accounts for both online and offline purchases. Users can link their PayPal accounts to a credit card or bank account, ensuring secure transactions and reliable online payment processing.
While PayPal is particularly convenient for individual users, businesses often require more comprehensive banking solutions to manage their larger-scale operations effectively.
In Greece, bank transfers are a preferred payment method for businesses due to their affordability, security, and transparency. They are especially valuable for handling large transactions. To use this method, an IBAN (International Bank Account Number) is required for direct international transfers. However, non-residents often face challenges in opening bank accounts in Greece, which can limit their access to this method. Businesses operating in Greece typically obtain a local IBAN to facilitate their international transactions.
Payment transactions to Greece typically involve fees influenced by the chosen payment method and the currency exchange rate. These can include intermediary fees, conversion charges, outgoing fees, and incoming fees. International transfers generally have a set transaction fee, which varies depending on the financial institution.
Alternative payment providers like WeavePay, which specialize in serving high-spend international businesses, offer a pricing structure that reflects the quality of service you receive. While WeavePay's fees are competitive, the focus is on providing value and efficiency for each transaction. To understand more about WeavePay's pricing and how it can benefit your business, consider exploring further with us.
WeavePay offers significant benefits for businesses using multi-currency accounts for transactions to Greece. Key reasons why top companies choose WeavePay include:
- Fast international transfers.
- Excellent exchange rates.
- Support for multi-currency accounts.
- Access to dedicated account managers.
WeavePay focuses on providing cross-border payment support, aiming to create a fairer and more accessible financial environment for businesses. To discover if you're eligible for a WeavePay account and experience these advantages first-hand, consider opening an account with us.