The Currency in Greece - Everything you need to know

The currency in Greece

Since 2002 Euro has been the only currency in Greece. 

It is best to exchange currency at a bank or at any money exchange kiosk. Take care over the commission charges on changing money in Greece as they can vary widely. The money exchange rate is the same throughout Greece and banks or official exchange shops should offer the daily going rate for the euro.

Euro coins come in eight denominations: 1, 2, 5, 10, 20 and 50 cents. Banknotes come in denominations: 5, 10, 20, 50, 100, 200 and 500 notes.

Commission rates on changing money at some airports can be very high (they often have to pay expensive rents). If you change money at the airport it is probably best to get just enough to last a few days until you can get to a bank. At the Athens International Airport near the luggage pickup you can find machines that can exchange foreign currency and return Euro. Very nice indeed since you need the Euro for a luggage cart.

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It is a good idea to have some cash on hand if you are island hopping in the Greek Islands. You can use a cash card on ATM machines but rates can be high and it is not unknown for Greek cash machines to run out of money, especially on the less popular islands. Some Greek islands only have cash machines in the main town. There are also reports of ATMs refusing to dispense cash and only offering cryptic messages instead.

Credit cards are widely accepted in shops, stores and restaurants located in the main resorts but if you are travelling to more remote villages then you are advised to take some cash with you.

Banks

Banks in Greece are usually open 8am – 2:30pm Monday to Thursday and 8am – 2pm on Friday. Greek Island banks usually close over the weekend. Banks on larger Greek islands do tend to stay open later the afternoon and some will offer currency exchange facilities in the evening during the tourist season. The worst place to exchange money is often a hotel as transaction rates can be very high indeed.

Cash

While everyone assumes that cash is accepted everywhere, and that’s actually true, there have been times when cash in large denominations is not very convenient.

ATM

The best way to access money while in Greece is through the ubiquitous ATMs that are present in every large or small city. If you have a debit card that doubles as a Visa or MC you can access your money right from your bank account back home, and of course you can get cash advances from your credit card. The ATMs disperse Euro, every bank in Greece has an updated currency conversion chart displayed on its window, so you can get an idea how much money you really withdraw (at least a close calculation).

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Before you go to Greece, find out if your destination has an ATM. Chances are good that it does, but some small towns don`t have an ATM. Also, we have all encountered an ATM that is out of service for a period of time. Now think what you would do if the only ATM in the town you stay in Greece is out of order? Better make a habit to get money from ATMs a day or two before you need it when you are in smaller towns.

Some ATMs don’t allow withdrawals above a certain amount. This is usually the case in very busy parts of popular towns (like Fira in Santorini), so there is always another ATM nearby. Your own bank will probably have a limit on the amount patrons can withdraw through ATMs. Before you leave for Greece check with your bank to see what the withdraw limit is per day. Also check to see what fees are associated with such withdraws. Most banks charge a fee for foreign exchange as well as for using an ATM that does not belong to them. In addition you will probably be charged a fee by the bank that owns the ATM you use in Greece.

Whatever the case, you must call your bank to let them know that you are traveling abroad so they can make a note in your account. Bank security software flags foreign transactions and they might block your debit card if they find large purchases in another country (a major sign of fraud) until they verify it’s you that’s using the card, and you don’t want that kind of surprise while you are on vacation.

Credit Cards

Almost every shop, hotel and restaurant accepts credit cards, but many shops in small towns don’t. The signs are usually posted on the door of each store but in certain instances credit card logo signs are left on the door when an establishment changed owners, or they were simply on a part that was installed at a store. It would be best to check with the establishment to see if they accept credit cards before you make your purchases.

Before using your credit card for purchases in Greece, it’s a good idea to check your credit card company’s policy on currency exchange fees, which are typically around 3%. This fee is added to the cost of goods and services every time you use your card for transactions in Euros.

Traveler’s Checks

Traveler’s Checks are accepted in most places and shops, especially in areas where tourists frequent, but if you venture off the tourist track, you will find that people have no idea what they are, so make sure you exchange them for cash at a local bank. Even in businesses that take travelers checks, you might have a hard time paying or exchanging large denominations of traveler`s checks especially (fifties or hundreds). Exchanging them for cash at a bank is no problem though.

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Although their use has been diminished worldwide in favor of more convenient ways to access money (credit and debit cards), they might offer some security for those who prefer to use them. That’s because they require the owner’s signature, and if they are lost, they can be replaced. You should have your passport with you when you pay with traveler’s checks to verify your identity.

Personal Checks

Personal checks are not widely accepted in Greece, so don’t assume that you can use them unless you have checked with the establishment beforehand. Cashing personal checks at a bank is also not possible.

Bottom Line

In Greece, the official currency is the Euro. While ATMs are widely available and larger establishments accept cards, many smaller businesses only accept cash. It’s helpful to have Euro bills for small purchases and tipping. Most places accept debit or credit cards, but it’s important to check with your bank for transaction fees which can be costly.