1. What is the currency used in Greece?
The currency used in Greece is the Euro. Greece adopted the Euro as its official currency in 2002 when it joined the Eurozone. The Euro is denoted by the symbol € and is divided into 100 cents. It is managed by the European Central Bank (ECB) and used by 19 of the 27 European Union (EU) member countries. In Greece, cash denominations of Euros are available in coins and banknotes, with the most common banknotes being €5, €10, €20, €50, €100, €200, and €500. Tourists visiting Greece can easily exchange their foreign currency for Euros at banks, currency exchange offices, or ATMs throughout the country.
2. How can I exchange currency in Greece?
1. When exchanging currency in Greece, there are several options available to you. One of the most common methods is to visit a currency exchange office, known as a “kantor” or “cambio,” which can be found in popular tourist areas, airports, and major cities. These establishments typically offer competitive exchange rates for a variety of currencies.
2. Another option is to utilize the services of a bank, where you can exchange your currency in person at a branch location or through their online banking platform. Banks in Greece usually provide favorable rates for their customers, but keep in mind that they may charge a commission or fee for the exchange service.
3. Additionally, you can withdraw cash from ATMs using your foreign debit or credit card. This is a convenient option for many travelers, as ATMs are widely available throughout Greece. However, be aware that you may incur fees for international transactions and currency conversion when using ATMs.
4. Lastly, some hotels, shops, and restaurants in tourist areas may also offer currency exchange services, but be cautious as they may not always provide the most competitive rates. It’s always a good idea to compare rates across different exchange providers to ensure you are getting the best deal for your money.
3. Are there any restrictions on exchanging currency in Greece?
Yes, there are some restrictions on exchanging currency in Greece. Here are some key points to consider:
1. Limits on Cash Transactions: Greece has imposed restrictions on cash withdrawals and transfers to non-residents to prevent capital flight. Individuals are limited in the amount of cash they can withdraw from ATMs or transfer abroad.
2. Reporting Requirements: There are strict reporting requirements for currency exchanges above certain thresholds. Transactions above a certain amount must be reported to the Greek authorities to prevent money laundering and terrorist financing.
3. Foreign Exchange Controls: Greece has foreign exchange controls in place to regulate the flow of currency in and out of the country. These controls can affect the availability of certain currencies for exchange or transfer.
It is advisable to check the current regulations and restrictions in place before exchanging currency in Greece to ensure compliance with the law.
4. What are the main banks in Greece and their services?
The main banks in Greece include:
1. National Bank of Greece (NBG): This is the largest and oldest commercial bank in Greece, offering a wide range of banking services such as retail banking, corporate banking, asset management, and investment services.
2. Alpha Bank: Alpha Bank is another prominent Greek bank offering services in retail and corporate banking, wealth management, and insurance.
3. Eurobank: Eurobank is known for its retail banking services, including savings accounts, loans, and credit cards. It also provides investment services and private banking for high-net-worth individuals.
4. Piraeus Bank: Piraeus Bank is one of the largest banks in Greece, offering a variety of financial products and services, including personal banking, corporate banking, and asset management.
These banks provide services such as online banking, ATM facilities, foreign exchange services, and international money transfers to cater to the needs of both individual and business customers in Greece.
5. Are there ATMs widely available in Greece?
Yes, ATMs are widely available in Greece, especially in popular tourist areas, major cities, and commercial districts. Travelers can easily find ATMs operated by various banks such as Piraeus Bank, Alpha Bank, and National Bank of Greece. It’s important to note that some smaller islands or rural areas may have limited ATM availability, so it’s advisable to carry enough cash when traveling to these regions. Additionally, most ATMs in Greece operate 24/7 and accept major international credit and debit cards, making it convenient for visitors to withdraw cash in the local currency, which is the Euro. Be mindful of potential fees or foreign transaction charges that may apply when using ATMs abroad.
6. What are the typical fees for using ATMs in Greece?
1. When using ATMs in Greece, it is important to be aware of the typical fees that might apply to your transactions. Generally, there are a few common fees that you may encounter when using ATMs in Greece:
2. Withdrawal fees: Many banks in Greece charge a fee for withdrawing cash from an ATM, especially if you are using a card issued by a foreign bank. This fee can vary depending on the ATM provider and your own bank.
3. Currency conversion fees: If you are withdrawing cash in a currency different from the one your bank account is in, you may be subject to currency conversion fees. These fees can add up quickly, so it’s important to check with your bank about their foreign transaction fees.
4. ATM operator fees: In some cases, the ATM operator may charge an additional fee on top of any fees imposed by your own bank. This fee is usually displayed on the ATM screen before you confirm the transaction.
5. Balance inquiry fees: Some ATMs in Greece may charge a fee for simply checking your account balance. This fee is typically lower than the withdrawal fee but can still add up if you check your balance frequently.
6. Overall, it’s advisable to check with your bank before traveling to Greece to understand the specific fees that may apply to your transactions. Additionally, it may be beneficial to look for ATMs that are part of your bank’s network to minimize fees.
7. Can I use my credit or debit card in Greece?
Yes, you can use your credit or debit card in Greece. Greek businesses, including hotels, restaurants, shops, and transportation services, widely accept major credit and debit cards such as Visa, MasterCard, and American Express. However, there are a few things to keep in mind when using your cards in Greece:
1. Notify your bank or credit card company before traveling to Greece to ensure that your cards will work abroad and to prevent any potential issues with international transactions being flagged as potential fraud.
2. Be aware of foreign transaction fees that may apply when using your credit or debit card in Greece. These fees can vary between different banks and card issuers, so it’s advisable to check with your financial institution in advance.
3. While major credit cards are widely accepted in tourist areas and larger cities in Greece, you may encounter some smaller businesses or rural areas that only accept cash. It’s always a good idea to carry some euros for situations where card payments are not an option.
4. Make sure to safeguard your cards and personal information while traveling to prevent theft or fraud. Be cautious when using your card in crowded or touristy areas and always shield your PIN when entering it at ATMs or point-of-sale terminals.
Overall, using your credit or debit card in Greece can be convenient and widely accepted, but it’s important to be informed about potential fees and security precautions to ensure a smooth and hassle-free experience during your trip.
8. Are there any fees associated with using cards in Greece?
Yes, there are fees associated with using cards in Greece. Here are some common fees to be aware of:
1. Foreign Transaction Fees: Many debit and credit cards charge a foreign transaction fee, typically ranging from 1% to 3% of the transaction amount. This fee is applied when making purchases in a foreign currency, such as the Euro in Greece.
2. ATM Fees: When using an ATM in Greece, there may be fees charged by both your home bank and the ATM itself. Your home bank may charge a foreign ATM fee, while the ATM in Greece may charge a withdrawal fee. It’s advisable to check with your bank regarding these fees before traveling.
3. Currency Conversion Fees: Some merchants and ATMs in Greece may offer dynamic currency conversion, where they convert the transaction amount from Euros to your home currency at an unfavorable exchange rate. This can result in additional fees on top of the foreign transaction fee.
4. Cash Advance Fees: If you use your credit card to withdraw cash from an ATM in Greece, you may incur cash advance fees, which are typically higher than regular ATM withdrawal fees.
It’s important to review your cardholder agreement and contact your bank to understand the specific fees that may apply when using your cards in Greece. Additionally, consider carrying a mix of payment methods, such as cash and cards, to ensure you have options and can minimize fees during your travels.
9. How can I open a bank account in Greece as a foreigner?
To open a bank account in Greece as a foreigner, you will typically need to follow these steps:
1. Choose a bank: Research and select a bank in Greece that suits your needs and has services available in English or your preferred language.
2. Gather required documents: You will need to provide identification documents such as a valid passport, proof of address, and possibly proof of income or employment.
3. Visit the bank in person: Schedule an appointment or visit the selected bank branch in person to start the account opening process.
4. Complete the application form: Fill out the necessary forms provided by the bank, making sure to provide accurate and up-to-date information.
5. Verify your identity: The bank may require you to verify your identity through processes such as a video call or in-branch identity verification.
6. Make an initial deposit: Some banks may require an initial deposit to activate your account. Ensure you understand the minimum deposit requirements.
7. Wait for approval: The bank will review your application and documentation before approving the opening of your account.
8. Receive account details: Once your account is approved, you will receive your account details, including your account number and any associated cards.
9. Manage your account: Start using your new bank account in Greece for transactions, transfers, and other banking services.
Opening a bank account in Greece as a foreigner is generally straightforward, but requirements may vary depending on the bank and your individual circumstances. It’s advisable to inquire directly with the chosen bank for specific information and guidance through the process.
10. What documents are required to open a bank account in Greece?
To open a bank account in Greece, you typically need to provide the following documents:
1. A valid form of identification, such as a passport or national ID card.
2. Proof of address, which can be in the form of a utility bill or rental agreement.
3. A tax identification number (TIN) if you are a Greek resident or a tax identification code (TIC) for non-residents.
4. Some banks may also require proof of income, such as pay stubs or a letter from your employer.
5. Non-residents may also need to provide additional documentation, such as a residence permit or proof of legal stay in the country.
It’s important to note that the specific requirements may vary slightly depending on the bank you choose to open an account with. It’s advisable to contact the bank directly or visit their website to confirm the exact documentation needed before proceeding with the account opening process.
11. Are there any specific requirements for non-residents opening a bank account in Greece?
Yes, there are specific requirements for non-residents opening a bank account in Greece. Here are some key points to consider:
1. Identification Documents: Non-residents will typically need to provide a valid passport as identification.
2. Proof of Address: Some banks may require non-residents to provide proof of their current address in their home country.
3. Income Verification: Non-residents may be asked to provide evidence of their source of income, such as employment contracts, bank statements, or tax returns.
4. Tax Identification Number (TIN): Non-residents may need to obtain a Greek Tax Identification Number in order to open a bank account.
5. Minimum Deposit: Some banks may have minimum deposit requirements for opening an account, which non-residents will need to meet.
It is important for non-residents to check with the specific bank they are interested in opening an account with to understand their unique requirements and procedures for non-resident account holders.
12. How can I transfer money internationally from a Greek bank account?
To transfer money internationally from a Greek bank account, you have several options available:
1. Bank Transfer: Most Greek banks offer international wire transfer services, allowing you to send money directly from your bank account to an overseas account. You will need to provide the recipient’s name, account number, and the SWIFT/BIC code of their bank.
2. Online Platforms: There are various online platforms such as TransferWise, PayPal, or Revolut that allow you to transfer money internationally from a Greek bank account. These platforms often offer competitive exchange rates and lower fees compared to traditional banks.
3. Foreign Exchange Brokers: You can also use the services of foreign exchange brokers to transfer money internationally. They can help you secure better exchange rates and may offer more personalized assistance for your specific transfer needs.
Before initiating an international money transfer from your Greek bank account, it’s advisable to compare the exchange rates, fees, and transfer times of different methods to ensure you are getting the best deal for your transaction. Additionally, make sure to provide accurate recipient details to avoid any delays or complications in the transfer process.
13. What are the fees for international money transfers from Greece?
The fees for international money transfers from Greece can vary depending on the bank or financial institution you are using. Typically, you can expect to pay a combination of the following fees:
1. Outgoing transfer fee: This is the fee charged by your bank for processing the international money transfer. It can range from a fixed amount to a percentage of the transfer amount.
2. Currency conversion fee: If you are transferring money in a different currency than the Euro, you may incur a currency conversion fee. This fee is usually a percentage of the amount being converted.
3. Correspondent bank fees: Banks often use correspondent banks to facilitate international transfers, and these banks may charge their own fees for handling the transaction.
4. SWIFT fees: SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the network used by banks to send and receive money transfer instructions internationally. Some banks pass on the cost of using the SWIFT network to customers in the form of SWIFT fees.
It is essential to check with your bank or money transfer service provider to understand the specific fees associated with international money transfers from Greece, as they can vary and may impact the total cost of your transfer.
14. Are there any online banking facilities available in Greece?
Yes, there are several online banking facilities available in Greece. Online banking has become increasingly popular in Greece, offering customers the convenience of managing their finances from anywhere with an internet connection. Some key online banking facilities available in Greece include:
1. Account management: Customers can access and manage their bank accounts online, including checking balances, transferring funds, and paying bills.
2. Mobile banking: Many Greek banks offer mobile banking apps that allow customers to access their accounts and make transactions using their smartphone or tablet.
3. Online bill payment: Customers can pay bills online through their bank’s website or mobile app, saving time and reducing the need for paper checks.
4. Transfer services: Online banking platforms in Greece typically offer the ability to transfer funds between accounts, both within the same bank and to external accounts.
5. E-statements: Customers can view and download electronic statements for their accounts through online banking, reducing paper waste and providing easy access to past transactions.
Overall, online banking facilities in Greece provide convenience, security, and flexibility for customers to manage their finances effectively in today’s digital age.
15. What are the typical hours of operation for banks in Greece?
In Greece, banks typically operate from Monday to Friday, with varying hours depending on the bank branch and location within the country. However, a general guideline for the typical hours of operation for banks in Greece is as follows:
1. Most banks in Greece are open to the public from Monday to Thursday between 8:00 am and 2:30 pm.
2. On Fridays, bank branches usually have shorter operational hours, from 8:00 am to 2:00 pm.
3. Some larger branches, especially in major cities like Athens and Thessaloniki, may stay open later on certain days, usually until around 5:00 pm.
4. It is important to note that these are general hours of operation, and specific branches may have slightly different schedules, so it is always advisable to check with the specific bank branch you plan to visit for their exact opening hours.
Overall, Greek banks follow a traditional European banking schedule with shorter operating hours compared to some other countries, so it is essential to plan your visits accordingly to ensure you can conduct your banking transactions during their open hours.
16. Can I exchange money at the airport in Greece?
Yes, you can exchange money at the airport in Greece. Here are some key points to keep in mind when exchanging money at the airport:
1. Currency Exchange Counters: Most international airports in Greece have currency exchange counters where you can exchange your foreign currency into euros.
2. Rates and Fees: Exchange rates at airport currency exchange counters may not be the most favorable, as they often charge higher fees and offer less competitive rates compared to city banks or exchange offices. It’s advisable to compare rates and fees before making a transaction.
3. Options: Aside from currency exchange counters, you may also find ATMs at the airport where you can withdraw euros using your debit or credit card. However, be wary of potential transaction fees and currency conversion fees charged by your home bank.
4. Pre-Ordering Currency: Some airports offer the option to pre-order currency online for pick-up at the airport, which may provide better rates than exchanging on the spot.
5. Multiple Currencies: While euros are widely accepted in Greece, having a small amount of local currency on hand can be useful for immediate expenses like transportation or small purchases upon arrival.
Overall, while exchanging money at the airport in Greece is convenient, it’s essential to be aware of potential fees and rates to ensure you get the best value for your currency exchange.
17. What are the exchange rates like in Greece compared to other countries?
The exchange rates in Greece fluctuate depending on the currency being exchanged and the current economic conditions in the country. Here are some key points to consider when comparing exchange rates in Greece to other countries:
1. Euro as the Local Currency: Greece uses the Euro as its official currency, which means that exchange rates within the Eurozone may be more stable compared to countries with fluctuating currencies.
2. Impact of Tourism: Greece is a popular tourist destination, especially during the summer months. Tourist areas may have more favorable exchange rates due to higher demand for foreign currency.
3. Exchange Rate Variability: Like in any country, exchange rates in Greece can vary based on factors such as political stability, economic performance, inflation rates, and interest rates.
4. Comparison with Major Currencies: When compared to major currencies such as the US Dollar, British Pound, or Japanese Yen, the exchange rates in Greece may fluctuate differently based on market conditions.
5. Banking Facilities: Greece has a well-developed banking system with ATMs and currency exchange services readily available in major cities and tourist areas. It’s advisable to compare exchange rates offered by banks, currency exchange offices, and online platforms to get the best value for your money.
In conclusion, the exchange rates in Greece, like in any country, can vary depending on various factors. It’s essential to monitor exchange rates, consider transaction fees, and choose reputable sources for currency exchange to get the best value for your money when traveling to or doing business in Greece.
18. Are there any currency exchange scams to be aware of in Greece?
Yes, there are some currency exchange scams that tourists should be aware of in Greece. Here are a few to watch out for:
1. Exchange Rate Manipulation: Some exchange offices may advertise favorable rates but actually give you a less favorable rate once you make the transaction. It’s essential to compare rates from different exchange offices and check the mid-market rate to ensure you are getting a fair deal.
2. Commission Fees: Some exchange places may not disclose their commission fees upfront, leading to unexpected charges on your exchange. Always ask about any additional fees before completing the transaction.
3. Counterfeit Money: There have been cases of counterfeit money being circulated in popular tourist areas. Make sure to check your money carefully before leaving the exchange office and be wary of any suspicious bills.
To avoid falling victim to these scams, it’s recommended to exchange money at reputable locations such as banks, ATMs, or currency exchange offices with good reviews. Additionally, being knowledgeable about the current exchange rates and basic currency conversion can help you make informed decisions and protect yourself from potential scams.
19. Can I exchange traveler’s checks in Greece?
Yes, you can exchange traveler’s checks in Greece, although it may be a bit more challenging compared to exchanging cash or using credit/debit cards. Here’s some important information regarding exchanging traveler’s checks in Greece:
1. Availability: Not all banks or exchange bureaus in Greece may accept traveler’s checks, so it’s recommended to check with specific locations beforehand.
2. Identification: You will need to show a valid identification document, such as a passport, when exchanging traveler’s checks.
3. Fees: There may be fees associated with exchanging traveler’s checks, including commission charges or service fees from the bank or exchange bureau.
4. Process: The process of exchanging traveler’s checks may take longer than simply withdrawing cash from an ATM. Be prepared to fill out forms and provide additional information.
5. Currency: Make sure the traveler’s checks are in major currencies, such as US dollars or Euros, for easier exchange in Greece.
In conclusion, while it is possible to exchange traveler’s checks in Greece, it’s advisable to have alternative forms of payment available, such as cash or cards, for more convenience during your travels.
20. What are the most common methods of payment accepted in Greece?
The most common methods of payment accepted in Greece are:
1. Cash: Cash is widely accepted in Greece, especially for smaller transactions and in rural areas where card payment facilities may be limited.
2. Debit/Credit Cards: Debit and credit cards are widely accepted in Greece, particularly in larger cities and tourist areas. Visa and Mastercard are the most commonly accepted cards, followed by American Express and Diners Club, although some smaller establishments may only accept cash.
3. Contactless Payments: Contactless payments are becoming increasingly popular in Greece, with many businesses accepting payments via contactless cards or mobile payment apps like Apple Pay and Google Pay.
4. Online Payments: Online payments are commonly used for booking accommodations, flights, and other services in Greece. Popular online payment methods include PayPal and bank transfers.
5. Traveler’s Checks: While not as common as they once were, some hotels, restaurants, and tourist shops in Greece still accept traveler’s checks as a form of payment.
6. Mobile Payments: Mobile payment apps like Viva Wallet and Revolut are gaining popularity in Greece, allowing users to make payments using their smartphones.
Overall, Greece is a relatively modern and technologically advanced country when it comes to payment methods, and visitors should have no trouble finding a convenient way to pay for goods and services.