Greece relies heavily on tourism to contribute to the country’s economy. The number of jobs directly or indirectly related to the tourism sector make up 19% of the country’s total labour force. It also contributes to 18.2% of the nation’s GDP. Greece has been constantly featured in the top 10 most-visited countries in Europe, with an average of more than 17 million tourist arrivals per year. So, if Greece is on your holiday list this year, knowing the best exchange rates can come in handy for sending money to a bank account in Greece.
In this blog, we will share with you a few quick tips that will help you send money to Greece at the cheapest FX rates.
1. You Must State Your Purpose Of Remitting Money To Greece
In order to avoid heavy transaction rates, you should clearly state the reasons for sending money to Greece. It is advised that you choose your remittance partner wisely. Whether you are investing abroad or supporting a family member overseas, stating the genuine purpose of sending money to Greece can be very useful as banks usually verify your purpose to send money to keep tabs on illegal activities.
2. You Have To Pay Taxes When You Remit Money To Greece
Yes, you have to pay taxes if you want to remit money to Greece. You can use websites that allow you to compare exchange rates across the market. This makes you aware of the cheapest deal available and you will never be fooled by high FX rates when you wire money to Greece.
Residents of Greece are taxed on any foreign income. Non-residents are taxed only on income originating in Greece. Double tax treaties are in place to avoid double taxation.
3. You Might Be Paying A Premium For Sending Money To Greece
In order to remit money to Greece, you should keep in mind all the alternatives in order to get the best deal. If you compare the transaction fees of some of the most renowned remittance portals, you will find out that that these websites charge you exorbitant rates for even small transactions. They transfer your money in 1-2 working days in exchange of a whopping transaction fees or other charges, depending on the country you want to remit money to. So, choose wisely before you remit money to Greece.
4. You Can Send Money Directly To A Greek Bank Account Using Instarem
InstaRem is a great way to send money to Greece. The remittance portal has started to spread its wings in the field of money transfers, and is significantly undercutting the competition on price and speed. It typically offers to make the transfer in one or two business days for a nominal transfer fee. You can also remit money to Greece using live FX rates on InstaReM. As far as user ratings are concerned, InstaRem is one of the best options to transfer money to Greece.
5. There Is No Threshold Limit For Money Transfers To Greece
There is no threshold limit on money transfers to Greece. Any amount of any currency can flow in and out of Greece. However, transfers over EUR 10,000 must be declared to European Union authorities. This includes money transfers between residents and transfers into any foreign accounts held by residents.
By using InstaRem you can save on transfer fees, exchange rates and time. Now didn’t we say that remitting money to Greece has become a hassle-free process.