In this article, we’re answering “What is the currency in Greece?” But, instead of keeping you waiting, it’s the euro.
While we have covered Greece’s national currency before, in this article we’re going to be focusing on converting euros and the possible use of foreign currencies in the country.
This article is part of our free series on opening a foreign currency account which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What Is the Currency in Greece?
- Can You Use Foreign Currency in Greece?
- How Can I Send Money to Greece?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
What Is the Currency in Greece?
The official currency of Greece is the euro. The euro has been Greek currency since 2001 when it replaced former Greek banknotes and Greek coins of the Drahma (Modern). As a result, the Greek monetary system has changed dramatically, effectively handing over monetary policy to the Eurozone.
While there are many market commentators that have criticized the Greek financial system (rightfully so), Greek money (or the Greek euro) has had little to do with the problems.
Instead, the Greek financial system was hammered by massive debt accumulation, followed by a global financial crisis, junk bond status, and Greece being forced to take EU bailouts led to an eventual default and a third bailout.
In the next few sections of the article, we’ll look at where you can use foreign currency in Greece.
Can You Use Foreign Currency in Greece?
Yes, you can use foreign currency in Greece at large hotels, restaurants, and a wide range of retail and tourism operators. However, using foreign currency, including British pounds (or quid) in Greece is generally not recommended. The reason for this is that using foreign currency often results in excessive currency exchange rates, additional fees being added to transactions, and terms that are generally not in the favor of the consumer.
Instead, if you have physical foreign currency that you want to use, you should consider converting your currency into euros at one of the many currency exchange providers. That said, Greece is a tourist destination. So, if you have any concerns about getting a fair price for your foreign currency, you should review multiple options.
Can You Use Foreign Credit Cards in Greece?
Yes, you can use foreign credit cards in Greece. That said, it’s important to confirm whether your foreign credit card charges foreign transaction fees prior to doing so. This is important because many foreign credit cards charge multiple percent of each purchase in order to process foreign transactions. So, confirming whether your credit card allows for free foreign currency transactions is important prior to travel.
Where Can I Get Euros Before I Travel to Greece?
You can get euros at most major commercial banks, currency exchange desks, and airports. In fact, as a major global currency, the euro is available in most places around the world. However, you may want to review the specific options prior to converting as the fees and exchange rates can vary widely.
How Can I Send Money to Greece?
To send money to Greece, you can choose from a wide range of brick-and-mortar and digital transfer options. These options include traditional bank transfers (SWIFT or SEPA), digital transfers via money transfer services, money orders, and more.
Note: if you want to know which countries hold the strongest currencies and how it compares to other currencies you can check out our free article, Strongest Currency In the World, by clicking here.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into what the currency in Greece is. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Is the Euro the Only Currency Accepted in Greece?
The euro is the only official currency in Greece. However, like elsewhere, foreign currency is accepted at large hotels, restaurants, certain retail outlets, and tourism operators. However, using foreign currency is not recommended as the conversion rates offered by these providers are usually very unattractive.
What Is the Exchange Rate for Sending Money to Greece?
The exchange rate for sending money to Greece will depend on the amount of money that you are sending, the specific platform or method you are using to send money, and the originating currency that the funds are being sent from. With this in mind, it is not possible to know the exchange rate for sending money to Greece without having these variables on hand.
How Much is $1 US in Greece?
Over the last five years, the value of $1 dollar in Greece has ranged from a low of EUR 0.81 to a high of EUR 1.03. That said, in recent years, the value of $1 United States dollar in Greece typically ranges between EUR 0.90 and EUR 0.93.
Can You Use USD in Greece?
Yes, you can use USD in Greece at certain hotels, restaurants, service providers, retail outlets, and tourism operators. However, in most cases, using USD in Greece will result in unfavorable exchange rates that can be avoided completely if you convert your USD to euro at a licensed currency exchange provider.
What Is the Best Currency to Use in Greece?
The best currency to use in Greece is the euro, which is the official Greek currency. If you have not yet departed for Greece, you can find euros at most commercial banks, currency exchange services, and other locations where foreign currency is sold.
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