Top Tips for Wisely Managing Your Money in Greece

From the ruins of an ancient empire to the mountains of the gods to the glittering isles rising from an azure sea—Greece has it all. 

If you’ve planned a trip here, take a moment to enjoy the jealousy simmering just below the surface of those who won’t be coming with you. You should also take a moment to figure out how you will pay for that dream trip—especially once you arrive. 

With our detailed rundown of how to best manage your money in Greece, you can focus your attention less on your wallet and more on the astounding experience you’re about to enjoy.

What is the currency of Greece?

The currency used in Greece is the euro. Gone are the days of the drachma—the Greek currency that dates back to ancient times. Since January 2002, Greece—along with many other European countries—adopted the euro as legal tender and never looked back.

The euro, like many other currencies, comes in both coin and bill form. Coins range from small, fractional amounts such as 1, 2, 5, 10, 20 and 50 cent pieces to very convenient 1 and 2 euro denominations, which are great for small purchases.

Euro bills come in 5, 10, 20, 50, 100, 200 and 500 denominations, though you’re unlikely to see many of the larger bills in circulation. Just as you wouldn’t see many $100 bills or higher used in the United States for everyday purposes, many stores and vendors are reluctant to accept the higher euro bills for simple transactions.

Do You Need Cash in Greece?

Even in such an ancient country, times are changing regarding the use of cash. While some still insist that cash is king in Greece, thanks to governmental initiatives, cashless transactions are becoming increasingly commonplace.

That said, you should definitely carry at least some cash in Greece, regardless of your destination(s). Hotels and businesses in and around touristy areas will likely accommodate electronic money exchange. Technically all businesses are required to have a point-of-sale device. But the reality is that most prefer to be paid in cash.

Cash will be particularly helpful when visiting smaller, less developed islands where point-of-sale devices can be unreliable. Some may be (conveniently) not working when you wish to use them, but either way, the result is the same: you’ll need to pay in cash. 

Additionally, carry bills that are under 50 euros both for the sake of convenience and to avoid being snubbed by merchants who don’t want to be bothered making change.

And when it comes to tipping, do it in cash.

Pro tip: Carry a small pouch or coin purse. It will certainly be helpful—especially when it comes to those 1 and 2 euro coins! 

Now, let’s move on to how to obtain that money in Greece. You’ve got two choices: ATM and money exchange. 

ATMs in Greece

ATMs can be found just about everywhere in Greece. You’ll find them throughout the mainland, and every inhabited island will have at least one. You can find them in supermarkets, metro and train stations, airports and ferry terminals, and pretty much all other public places.

The upside is that you’re never too far away from your money. However, there are some caveats, as not all Greece ATM terminals (and associated banks) are created equal.

Piraeus Bank, Alpha Bank, EuroBank and the National Bank of Greece are the primary players. The display screen will feature Greek, English and usually a few other languages.

When using an international ATM, you will usually be given a choice of being charged in euros or your own currency. Often, the conversion rate is displayed. Resist the urge to simply click “Accept” because it’s in your best interests to decline.

The bank associated with the ATM is trying to get you to accept their exchange rate, which is almost always far less favorable (for you) than the rate your home bank will give you. You will still get your money, just at a better rate. 

Pro tip: We’ve seen reports that EuroBank machines may have hidden fees and less than competitive exchange rates. 

On the other hand, Alpha Bank has a good reputation for incurring smaller charges using a foreign card.

Fees for Using an ATM in Greece

If you’ve ever used an international ATM before, you’ve also probably noticed there are fees for using them. Generally, these fees range from 2 to 3.50 euros, though this number will vary from machine to machine.

Be advised that if you use an ATM in a heavily touristed area, you may be charged higher fees than at less prominent locations. In general, using an ATM inside a bank rather than a standalone kiosk will often offer a better rate and be less susceptible to tampering.

Regardless of where you withdraw your cash, take out a few hundred euros at a time rather than smaller amounts more frequently. It’ll help save on those pesky transaction fees. Those charges of 2 or 3 euros per transaction can really add up. 

So, while it’s advisable not to carry all your cash on your person, having cash on hand, rather than hitting up an ATM repeatedly, can shave off some unnecessary expenses.

ATM Limits and Practicalities

There are several factors to keep in mind when using a Greek ATM:

• Your home bank will likely have a daily limit on how much cash you can withdraw. The transaction might get denied if you attempt to withdraw a larger amount.

• As mentioned above, choose your bank’s exchange rate rather than the one offered by the ATM’s bank. Regarding transaction fees, pay in the local currency. It’s less expensive.

• Carry a backup card just in case your primary card is lost, stolen or somehow compromised. None of those things are likely. But you can save yourself quite a bit of headache by simply taking another card along and keeping it well hidden amongst your belongings.

• Make a few larger withdrawals rather than many smaller ones. This will save you money on the inevitable transaction fees.

• The smaller your destination—whether a tiny hamlet or remote island—the greater the chance the ATM will run out of cash. Therefore, it’s best to stock up in larger cities. Avoid relying on the sole ATM at a lone outpost to get you through the day’s expenses.

• Though Greece is a relatively safe country, it’s always good advice to regularly check your bank account statement for any fraud or strange transactions. If something seems fishy, contact your home bank immediately.

• To the extent possible, get your cash in small bills, avoiding bills over 50 euros. You’ll find many stores and restaurants are unwilling to accept or make change for anything higher.

All in all, given their convenience, safety, and favorable exchange rates, using an ATM is the most popular choice among tourists for getting ahold of euros in Greece.

Exchanging Money in Greece

If you’d rather not use an ATM, you can still exchange money on the spot. 

This method will require more patience and savvy so you don’t get raked over the coals.

Many potential tourists wonder: Should I get euros before going to Greece?  In most cases, the answer to that question is yes! At least a little bit for transportation to your accommodation on the first night.

Generally speaking, your bank will offer a better, or at least a competitive rate compared to any money exchange venue in Greece.

But if you wish to exchange it once you get there, the old real estate adage of location, location, location is the most essential factor.

Unless you have no other choice, do not exchange at an airport. It’s where you’ll find the least favorable rates. 

The same applies to popular tourist attractions like Syntagma Square in Athens and most hotels and railway stations. Better to use an ATM than risk getting taken advantage of at these kiosks.

Another option for exchanging money is at a bank. They generally offer the most favorable exchange rate. But, of course, there are some factors to consider before going this route. 

Even though you don’t need a local bank account to carry out an exchange, you’ll need to show some ID. Also, be prepared to spend an hour or more to complete the transaction. 

Given the precious value of time while on vacation, it is usually not worth the hassle. Wouldn’t you rather lie on a black beach in Santorini or stand atop the Acropolis in Athens?

Can I Use Credit Cards in Greece?

Of course, always having a few euros on you is sound advice. But thanks to governmental requirements and the march of technology in Greece, credit cards are accepted at most establishments frequented by tourists.

Most hotels, restaurants and larger stores in cities such as Athens and Thessaloniki or popular islands such as Santorini and Mykonos offer chip (PIN required) or contactless payment options. 

You can increasingly use cards on less visited islands and smaller towns, as government-mandated point-of-sale devices are required for businesses. But in reality, their effectiveness can be spotty at times. Hence, the benefit of carrying some cash.

When it comes to street vendors, small, independent shops, countryside tavernas and off-the-beaten-path destinations, your credit card may not be an option. So, while plastic is a great way to cover most of your expenses, have some backup money available just in case.

Pro tip: If you rent a car to explore the amazing Greek countryside (and I strongly recommend that you do), most car rental companies require you to present a credit card—not a debit card. So, even if you intend to pay most of your expenses in cash, having a credit card or two with you—is always a smart idea.

Here’s one last point about using credit cards in Greece: 

Though most credit card companies no longer require you to alert them to any upcoming international travel, it is always a good idea to do it anyway. Then you’ll have peace of mind there won’t be any issues with your credit card abroad.

Should I Open a Bank account in Greece?

If you’re coming to Greece as a temporary tourist, spare yourself the headache of Greek bureaucracy and stick to the methods mentioned above for managing your money. However, if you intend on staying for an extended period and find a bank willing to offer an account to a non-resident, opening a local account is an option.

Can I Use US Dollars in Greece?

Whether it’s US dollars, British Pounds or Japanese Yen, the answer is always the same: No! Greek businesses will only accept payment in euros and will decline transactions in any foreign currency. You’re far better off using one of the money management methods above.

A Few Final Thoughts on Money in Greece

If you’ve got a trip planned to Greece, you’ll want to make the most of all the incredible sites. This means choosing the best option for accessing and managing your money. 

With the helpful tips listed above, you can decide what works best for your budget, itinerary and comfort level. Then you can explore this world-class destination without worrying too much about what’s in your wallet.

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