Currency in Greece EUR - Things to know
Foreign exchange guide to Greece and the Euro
What's in this Greece currency guide?
What currency is used in Greece?
The official currency of Greece (country code: GR) is the Euro, with symbol € and currency code EUR.
Things to know about the Euro
The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.
The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.
Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.
Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.
There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.
The euro banknotes and coins
The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.
The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.
Travel money for Greece
Save money and time by Ordering your Euro online from Travelex, you get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Euro otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Greece
Greece is a popular tourist destination known for its beautiful beaches, ancient ruins, and charming villages. The country has a well-developed tourism infrastructure, making it easy for visitors to get around and explore the many sights and experiences that it has to offer.
Getting around in Greece
The most popular way to travel around Greece is by car, as it allows for more flexibility and freedom to explore the country's many scenic roads and villages. Visitors can also take advantage of the well-developed public transportation system, including buses, trains, and ferries, which connect major cities and islands.
The island hopping is a popular way to explore Greece, as it has more than 6000 islands and islets, many of which are easily accessible by ferry. The most famous and popular islands are Santorini, Mykonos, and Crete, but there are many other islands that are worth visiting, such as the Cyclades, the Dodecanese, and the Ionian islands.
For those interested in history and culture, Greece has many ancient ruins and historical sites to explore, such as the Acropolis in Athens, the ancient city of Delphi, and the Palace of Knossos on Crete.
It's worth noting that during the high season, from June to September, the most popular destinations can be very crowded, and it can be hard to find accommodation and transportation. It's recommended to book in advance or to plan your trip during the shoulder or low season.
Overall, Greece is a great destination for travelers and offers a wide range of experiences, from beaches, island hopping, ancient ruins, history, and culture. With a good infrastructure and well-developed transportation system, it's easy to get around and explore the many sights and experiences that Greece has to offer.
EUR/USD Market Data
The below interactive chart displays the EUR/USD trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Greece?
The domestic currency in Greece is the Euro.
What is the Euro currency code and symbol?
The three letter currency code for the Euro is EUR — symbol is €.
Which countries use the Euro?
It is the domestic currency in Eurozone, Aaland Islands, Andorra, Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, French Guinea, French Southern Territories, Germany, Greece, Guadeloupe, Vatican City, Ireland, Italy, Luxembourg, Malta, Martinique, Mayotte, Monaco, Montenegro, Netherlands, Portugal, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, San Marino, Slovakia, Slovenia and Spain.
Is the Euro a closed currency?
No, the Euro is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and EUR?
Converted at USD/EUR interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Greece - Best Rates
To get a good (and fair) exchange rate when sending money to Greece you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Greece
When sending money to Greece it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Greece.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Greece
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Greece.
Is Greece cheap to live in?
Greece is generally considered to be relatively affordable to live in compared to other Western European countries. The cost of living in Greece can vary depending on location and lifestyle, but overall it's cheaper than most Western European countries.
Housing: The cost of housing in Greece is generally lower than in other Western European countries. Rent prices are lower, and it's possible to find affordable apartments in most cities and towns.
Food: The cost of food in Greece is also relatively low, especially when it comes to fresh produce. You can find fresh fruit and vegetables at a good price in local markets. Eating out at a traditional taverna can be relatively cheap, with a meal and a drink costing around €10-15.
Transportation: Public transportation in Greece can be relatively cheap, with a single bus or metro ride costing around €1.5. However, it's worth noting that the public transportation system in Greece is not as well-developed as in other Western European countries, particularly in rural areas.
Taxes: taxes in Greece can be relatively high, especially for those who are self-employed or run their own business.
Overall, the cost of living in Greece can be relatively low compared to other Western European countries, particularly for housing, food and transportation. However, it's worth noting that taxes can be relatively high, and the cost of living can vary depending on location and lifestyle.
Postcard from Greece
As the expat wanders through the winding streets of the Greek village, the sun beats down on their shoulders, casting long shadows on the whitewashed buildings. They pause in front of a cluster of apartments, the blue shutters and terracotta roof tiles a familiar sight. The expat takes a deep breath of the salty sea air and makes their way up the narrow stairs to their apartment, eager to rest after a long day of exploring.
Managing your finances in Greece
Here we list some key points for expats and businesses to consider when managing financial dealings in Greece:
Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Greece. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Greece. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Greece. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Greece, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
