What is a Current Account?

An open current account with a Bank is a product that enables your money to be safe and helps individuals and businesses to manage their finances.
- Banks generally do not pay interest on current accounts and there is no limit on the number of transactions or banking operations performed on these accounts, as long as the account holder has sufficient funds.
- The Current Account is a very flexible banking product and is suitable in cases when frequent transactions are performed, or when banking operations are performed regularly during the daily life of individuals or business activities.

Current Account for Individuals

Individuals can use the checking account during the activities of daily life.*

Through a bank account you as an individual can:

• Get your monthly salary
• Perform daily or monthly banking operations
• Pay various bills such as telephone, water or electricity
• Pay the monthly rent costs (as a tenant) or withdraw them (as a landlord)
• Avoid keeping cash in your pockets
• Pay the installment of a loan
• Document your actions or expenses

* The current account can also be linked to your debit card, thus enabling you to perform transactions at ATMs (avoiding the queue at the Bank) as well as making various payments at Points of Sale (POS).

How to open a Current Account?

You can open a current account:

1. At Your Bank: Through an identification document (passport or identity card), ie by appearing physically at the Bank premises.
2. Virtually: Via online channels.*

* Most Banks require the customer to be physically present at the Bank branch, in order to follow certain steps for identification of the customer.

Question to keep in mind when opening a Current Account?

• What are the monthly costs associated with this banking product? Banks generally apply a monthly account maintenance fee.
• What will be the currency you will choose to open your checking account?* Different commissions apply to accounts in different currencies. * Tip: Keep in mind in what currency your income is realized and in what currency you spend!
• Are commissions applied on completed transactions? For example on different withdrawals.
• How long can the current account remain open, and what happens if the Bank closes the account unilaterally (ie with it's own decision)? What are the costs, if there are any?
• Is there a minimum amount required to deposit at the time of opening the account?
• Should I pay a commission at the time of closing the current account?

What are current accounts managed by two individuals?

You have the opportunity to open a Joint Account with other people, and together you can decide on how you will manage the funds from the moment of opening the account.
You can manage your mutual account funds:
- Together simultaneously: This means that individuals can decide to sign both banking transactions, withdrawals, payments, etc. at the same time. In this case the banking transaction cannot be performed without the signature of the two individuals who have opened the joint account with two names.
- Individually: So each of the individuals can conduct banking transactions in the joint account only through one of his signatures, without the need for the presence of a second person in the Bank.
The decision on how the funds will be managed in the joint account should be made by you from the moment of opening the account. The bank through maintenance in its systems then enables the realization of the will that you expressed at the beginning of opening the account.

Some tips to keep in mind!

You have the right to choose the Bank that serves you best!

Before opening a current account we would suggest some tips:

• Examine the different alternatives offered by banks and choose the Bank that offers you the best option in terms of COSTS and FLEXIBILITY, based on your needs.
• Go to the branches of different Banks near your location to get information.
• Visit the official websites of the various Banks in the country for more information.
• In case you have any doubts about the contractual documents, ask the Bank again!

* (Important) Carefully read all published information and contract documents to be provided to the firm, before deciding!