In this article, we’re exploring the official currency of Greece, which is the euro.
This will include answering common questions we receive about the euro, the history of money in Greece, and insights into the best way to spend money when traveling to Greece.
This article is part of our free series on foreign currency bank accounts.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Currency of Greece
- What Is the Best Currency to Use in Greece?
- What to Know About Traveling to Greece?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Currency of Greece
The official currency of Greece is the euro with the currency symbol € and ISO 4217 code EUR. The euro has been legal tender in Greece since 2001, when Greece became a Eurozone member country.
As a result, Greece’s central bank effectively became a branch of the European Central Bank, which handles Greek monetary policy along with the rest of the Eurozone. This includes the issuing and distribution of euro notes and coins in Greece.
As a result, Greek monetary policy is no longer solely impacted by Greece, or its central bankers. Instead, the Greek monetary system and Greek currency exchange (euros) relies heavily on the European Central Bank directly.
That said, the euro adoption in Greece was not the first change in Greek currency. Looking back further in Greek currency history, you’ll find that many Greek city states issued their own ancient form of the Drachma, which differed in value based on silver quantity.
What Is the Best Currency to Use in Greece?
The best currency to use in Greece is the euro. In fact, the euro is the only officially accepted currency in Greece. However, in certain instances it is possible to spend foreign currency as well.
That said, if you are planning on traveling to Greece as a tourist, it is possible to exchange money for euros. Likewise, in certain tourist destinations, you can also spend major foreign currencies, including USD and GBP.
Euro Exchange Rate
However, it’s important to note that the euro exchange rates offered by tourist operators, restaurants, and other service providers in Greece will not be favorable. With this in mind, it is best to exchange foreign currency at official currency exchange outlets, and commercial banks, and ideally before you travel to Greece. This will ensure you get the best possible exchange rate for your foreign currency prior to traveling to Greece.
What to Know About Traveling to Greece?
Before traveling to Greece, it’s important to consider how you plan to spend money while traveling to the country. Fortunately, there are a few different options to consider, which we’ll discuss below.
Foreign Credit Cards
Foreign-issued credit cards are widely accepted at both retail locations, restaurants, transport services, and elsewhere. That said, depending on your credit card issuer and country of issuance, it is possible that your credit card provider will charge both a foreign transaction fee and a premium on top of the foreign exchange fee.
With this in mind, it is always best to use a credit card without these fees anytime you are traveling outside of your home country.
Debit Cards
Likewise, debit cards are both accepted and ATM machines are widely distributed. Of course, if you plan on traveling to a remote location in Greece that is not densely populated, you may not have these options available to you.
Travel Money
And finally, like elsewhere, you can choose to use cash while traveling to Greece. However, as mentioned above, we generally suggest exchanging foreign currency at official currency exchange counters or before you arrive in the country.
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Frequently Asked Questions
Below are three of the most common questions that we receive from people looking into the currency of Greece. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Was the Former Currency of Greece?
The former currency of Greece was the Modern Greek Drachma. Prior to the adoption of the euro in 2001, the Drachma was the official currency of Greece for 169 years. The Drachma was the second currency of the Hellenic Republic, though the currency preceding the Drachma was only issued for two years.
What Was the Drachma Worth in Ancient Times?
The Ancient Greek Drachma was issued by various city-states across Greece, so the specific value of the Ancient Drachma varied. However, the highest standard of the Ancient Greek Drachma were those issued in Athens, which contained 4.3 grams worth of silver.
Does Greece Use the Euro?
Yes, Greece uses the euro. In fact, the euro has been the official currency of Greece since 2001, when it replaced the Greek Drachma. The Drachma was the official currency of Greece from 1832 until 2001. Prior to the Greek Drachma, the Phoenix was the short-lived currency of the newly formed Hellenic Republic for roughly two years.
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