Currency Exchange in Greece: A Traveler's Guide

When in Greece, managing your travel money effectively can be as important as choosing the right holiday itinerary. From the bustling streets of Athens to the stunning beauty of the islands, having the right “strategies” for currency exchange can save you money, time, and stress.

Especially if you are arriving in Greece for the first time ever, planning your travel ahead can save you a substantial amount, depending on the length of your stay. With that said, it is important to note that you can have a great time and not miss on any activities just with a credit card.

This guide delves deeply into the nuances of exchanging currency in Greece, focusing on Athens and the islands, offering practical tips, insights, and considerations for travelers. While cash used to be king, the country’s local economy has transitioned to modern payment systems and financial instruments.

Practical Currency Exchange Tips

When exchanging cash from your local currency or buying euros with a credit card these practical tips will help you for the duration of your stay in Greece.

• Request small euro notes: Opt for 5, 10, and 20 euro notes instead of 50 or 100 euro notes.
• Avoid ATMs for cash withdrawals: These offer both high exchange rates and fees and are not optimal. If you have to use an ATM, only use one outside (or inside) a bank branch. Standalone ones are typically very expensive to use.
• Buy euros at your local bank: They will probably offer the best deals/rates.
• Exchange rates: Only exchange cash at shops that offer less than 10% difference between buy and sell rates.

Currency Exchange in Athens: A Detailed Overview

Athens, as the capital of Greece, is the hub for financial services, making it the most convenient place to manage your currency exchange needs. However, the sheer number of options can be overwhelming. Let’s break down your choices.

Exchanging cash from banks

Banks are among the most reliable places to exchange currency, offering competitive rates and secure transactions. Major banks like Piraeus Bank, Alpha Bank, and Eurobank are scattered across the city, particularly in central areas such as Syntagma Square, Monastiraki, and Kolonaki.

Why use banks?
Banks offer official exchange rates that are typically more favorable than standalone exchange offices. Additionally, their fee structures are transparent, minimizing the risk of hidden charges.

What to know before visiting a bank:

• Bank hours are limited, usually from 8:00 AM to 2:00 PM on weekdays.
• You’ll need a valid ID or passport to exchange currency.
• During peak tourist seasons, queues can be long, so plan accordingly.
• Large amounts of cash are typically not available and can only be arranged by appointment.

Currency exchange shops

Currency exchange shops in Athens cater specifically to tourists, offering convenience and extended hours compared to banks. You’ll find them in popular areas like Syntagma, Plaka, Monastiraki, and near major sights and landmarks. The ones in the Syntagma area offer the best exchange rates for your cash.

Advantages:
Exchange shops are open longer hours, often including weekends. They’re convenient for quick transactions if you can’t visit a bank during working hours.

Things to Watch Out For:
Not all exchange shops are created equal. Some advertise “no commission” but offset this by offering poor exchange rates. Always ask for the net amount you’ll receive after fees before committing to the transaction.

ATMs in Athens

ATMs are perhaps the easiest way to access Euros while traveling in Athens. Cash machines are widely available near tourist areas, transport hubs, and shopping districts.

Tips for ATM Use in Athens:

• Use ATMs connected to reputable banks (e.g., Alpha Bank, Piraeus, Ethniki & Eurobank) to avoid excessive fees.
• Decline Dynamic Currency Conversion (DCC) when prompted. Choosing Euros over your home currency offers better exchange rates.
• Be mindful of withdrawal limits, typically between €200 and €500 per transaction, and factor in your home bank’s daily limit.

Hotels and Tour Agencies

Some hotels and tour agencies in Athens offer currency exchange services as a convenience for their guests. While this can be helpful in emergencies, their rates are often significantly less favorable than banks or ATMs. Use this option sparingly.

Airport Kiosks

Currency exchange kiosks at Athens International Airport are convenient for last-minute needs, but they come with steep fees and unfavorable rates. Exchange only a small amount here if absolutely necessary, and rely on other options once you’re in the city.

Currency Exchange on the Greek Islands: Challenges and Solutions

The Greek islands, known for their idyllic landscapes and charming towns, are not always as equipped as Athens when it comes to financial services. Managing currency exchange on the islands requires extra preparation, especially on smaller or less-touristy islands.

ATMs on the Islands

ATMs are the most common way to access cash on the islands, but their availability varies depending on the island’s size and popularity.

Popular Islands (Santorini, Mykonos, Crete, Rhodes):
Major towns and tourist areas on these islands have a good number of ATMs. However, during peak season, machines may run out of cash, particularly on weekends or holidays.

• Plan withdrawals early in the day to avoid empty machines.
• Stick to ATMs from trusted banks to ensure secure transactions.

Smaller or Remote Islands (Milos, Folegandros, Koufonisia):
On less-developed islands, ATMs can be scarce or nonexistent. It’s crucial to withdraw enough cash before leaving Athens or larger islands.

Currency Exchange Offices on the Islands

Currency exchange offices are less common on the islands compared to Athens. You’ll typically find them in major ports or near popular tourist hubs on larger islands like Santorini or Crete. Rates at these offices are often higher than in Athens, so consider exchanging money before you arrive on the island.

Banks on the Islands

Banks are limited to larger islands such as Crete, Corfu, and Rhodes. On smaller islands, banking facilities may not exist at all. Check the availability of banks in your destination and plan your transactions accordingly.

Hotels and Local Businesses

Some hotels, larger resorts, and tour operators offer currency exchange services, but their rates are generally less favorable. As with Athens, this option should be used only as a backup.

How to Save Money on Currency Exchange

Currency exchange fees and poor rates can eat into your travel budget, but there are ways to minimize these costs. Here are some strategies:

1. Use Travel-Friendly Credit and Debit Cards
   Opt for cards that don’t charge foreign transaction fees. Many banks and credit card companies offer travel-specific cards that waive these charges and even reimburse ATM fees.
2. Avoid Standalone ATMs
   Stick to ATMs connected to reputable banks. Standalone ATMs, especially those in tourist-heavy areas, often have higher fees and poorer exchange rates.
3. Withdraw Larger Amounts
   Minimize the frequency of your ATM transactions by withdrawing larger amounts. This reduces the cumulative impact of per-transaction fees.
4. Compare Exchange Rates
   Before exchanging money at a bank or currency exchange office, compare their rates with online tools like XE or OANDA to ensure you’re getting a fair deal.
5. Decline Dynamic Currency Conversion
   When using ATMs or paying by card, always choose Euros over your home currency. This avoids the inflated exchange rates associated with DCC.
6. Plan Ahead for Remote Destinations
   If you’re traveling to a remote island, withdraw enough cash in Athens or a major island before your departure. This ensures you won’t run out of money in areas with limited financial infrastructure.

Common Currency Exchange Pitfalls to Avoid

Even seasoned travelers can make mistakes when it comes to currency exchange. Here are some common pitfalls to watch out for:

• Relying Solely on Credit Cards
  While credit cards are widely accepted in urban areas, cash is often king on the islands and in smaller towns. Always carry enough Euros for cash-only transactions.
• Ignoring Fees
  Exchange offices that advertise “no commission” may offer worse exchange rates. Always calculate the net amount you’ll receive to compare options effectively.
• Waiting Until the Last Minute
  Procrastinating on currency exchange can leave you stuck with unfavorable rates, especially at airports or remote locations. Plan ahead to avoid these situations.
• Oversized Bills
  Vendors in smaller towns or on islands may struggle to provide change for large bills like €100 or €200. Break these down at banks or large stores when possible.

Seasonal considerations for currency exchange

Greece’s peak tourist season (May to October) can affect the availability of financial services, especially on the islands:

• ATMs Running Out of Cash: High demand during summer can lead to ATMs running dry, particularly on weekends or holidays. Withdraw cash early in the day to avoid this issue.
• Long Queues: ATMs and banks in popular tourist areas often experience long lines during peak hours. Plan transactions during off-peak times for quicker service.
• Increased Fees: Some currency exchange offices in tourist hotspots raise fees during high season. Compare rates before committing to a transaction.

Do you really need cash in Greece?

Having some spare cash for your stay (up to 100 euros per week) is more than enough, as you can pay for most things with a credit card.  Most travelers that arrive with a big stack of cash usually take most back to their home country.

Practical Tips for Managing Money While Traveling in Greece

• Track Exchange Rates: Use apps like XE to monitor real-time rates and ensure you’re getting the best deal.
• Break Large Bills Early: Use banks or large stores to get smaller denominations, as small businesses may not accept big bills.
• Keep Emergency Cash: Always carry a small reserve of Euros in case of ATM outages or other emergencies.
• Secure Your Money: Use anti-theft bags or money belts to protect your cash and cards, especially in crowded tourist areas.
• Set Daily Budgets: Avoid overspending by setting a daily cash budget, accounting for meals, transport, and activities.
• Ask Locals for Advice: Locals can often recommend the best banks or exchange offices in the area.

By understanding your options, avoiding common pitfalls, and preparing for the unique challenges of different destinations, you can make the most of your travel money. With these strategies in hand, you’ll have one less thing to worry about as you explore the wonders of Greece. Safe travels!

Consider your local bank for currency exchange

The bank you use at home may provide the best possible rates than exchanging cash at your Greek destination.

Best place to exchange currency in Greece

Based on our experience the best currency exchange shops are located around the Syntagma area of Athens.

Further Reading

• Using cash in Greece
• Greece ATM cash machines
• Bank of Greece – Exchange Rates

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