The Importance of Financial Preparation for International Travel: What You Need to Know Before Visiting Greece
Effective financial planning in Greece requires a basic understanding of how money works in the country. Whether you’re planning a short city break, a combined itinerary to explore Athens and the Greek Islands, or an extended stay (slow travel is a growing trend), knowing how to manage your finances can enhance your experience. Being prepared also ensures you’re equipped to handle emergencies.
This guide provides everything you need to know about using money in Greece, including information on the local currency, credit and debit card usage, ATMs, and currency exchange tips.
Currency in Greece
Euro is the Local Currency
Greece has been part of the Eurozone since January 1st, 2002, and the official currency is the euro (€). The euro comes in both notes and coins:
- Banknotes: €5, €10, €20, €50, €100, €200, and €500 (though the €500 note is rare)
- Coins: €1 and €2 coins, as well as 1, 2, 5, 10, 20, and 50-cent denominations
Banks in Greece
Major Banks and Opening Hours
Greece has several major banks, including:
- Central Bank of Greece
- Alpha Bank
- Eurobank
- National Bank of Greece
- Piraeus Bank
These banks have branches in all major cities, with opening hours typically from 8 AM to 2 PM, Monday to Friday. Note that banks are closed on public holidays.
Money Usage in Greece
Greece is a member of the Eurozone and while it’s a modern country, its financial habits are shaped by a blend of economic history, local culture, and the geography of its islands and mainland. Here are key concepts to understand about how money works in Greece:
- Prevalence of Cash: Many smaller businesses, particularly in rural areas and on islands, still prefer cash payments over credit cards. It’s important to carry Euros for such transactions.
- ATM Accessibility: While ATMs are readily available in cities, they can be scarce on remote islands, and high tourist demand during peak seasons may lead to cash shortages.
- Credit Card Usage: Major cities like Athens and Thessaloniki widely accept credit cards, but smaller towns and family-run businesses often do not. Visa and Mastercard are more commonly accepted than American Express or Discover.
- Cultural Norms: Greeks have their own way of handling money, from tipping practices to requesting receipts. Understanding these norms avoids awkward moments.
- Seasonal Considerations: In high tourist seasons, businesses may enforce minimum charges for card payments, and ATMs can run out of cash.
- Economic Environment: Greece’s economic recovery has influenced its reliance on cash transactions, especially in less-touristed areas.
Understanding these factors allows you to anticipate challenges and plan accordingly, ensuring smooth financial interactions during your trip.
Avoid (or at least minimize) cash exchange to save money
When traveling in Greece, it’s smart to minimize cash exchanges to save both time and money. Exchanging cash at airports, ports, or tourist hotspots often comes with high fees and poor exchange rates. Instead, use ATMs to withdraw euros directly, and always choose the option to be charged in local currency to avoid extra conversion fees. Credit and debit cards are widely accepted, especially in urban areas, offering a convenient and secure way to manage your expenses. By cutting down on cash exchanges, you can stretch your travel budget further and spend more time enjoying your trip!
Money Travel Guides
Essential Money Tips
Our essential money tips for stress-free travel in Greece
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