Drachma Dreams
Dateline: 4/03/98Every time I see an ad for credit cards, bank machine networks, and traveler's checks, I wince. All of these companies blithely assure the potential traveler that their products will be welcome in the most obscure of places.
Sometimes, unfortunately, they are ONLY welcome in the most obscure of places relative to that small village where you are staying. It doesn't really help to find that thirty miles away over mountain roads, there IS a hotel that will cash traveler's checks.
So, when traveling in Greece or elsewhere, a quantity of local currency is indispensable. In Greece, the basic unit is the drachma. Exchange rates vary daily, though, generally, not dramatically. Some places, particularly hotels, will also charge a small fee to convert money. This is also true of traveler's checks. You can argue that your traveler's check company punishes agents who charge these extra, illicit fees, but it won't make your money morph into drachmas, which is what you need.
Where possible, use the ATM to convert your dollars into drachmas. The exchange rates are favorable and fees are lower than what you will pay to convert traveler's checks. Hint: while these machines are very happy to convert your cash, they will not give you a statement of your account, and they will only give you a receipt which shows how much in drachmas you removed. If you're travelling on a tight budget, this can be dangerous to your balance.
I've heard recently that there are some ATMs which offer full services and full receipts in the original currency figures. I did encounter a wonderful money-exchange machine on Mykonos, which had a couple dozen slots for money, each emblazoned with the flag of a country. You chose your home flag, inserted your home money, and presto! out tumbled drachmas. (I would describe the location of this machine, but the tangled alleyways of the capital of Mykonos are deceiving -keep asking and you should be able to find it. The first time I asked for directions, I was a little put off by the shopkeeper describing a couple of turns and then saying "You'll have to ask again." But she was right - there's no way to accurately get from one spot to another without asking at virtually every turn.)
Greek money comes in a variety of paper denominations that interchange with coins for everyday commerce. The paper is lighter, but the coins have more value as souvenirs potentially -decide what you prefer. The smallest coin denomination is a five-drachma piece, though occasionally you may see the now-discontinued single or double drachma pieces.
Better-known foreign currencies will usually be accepted in the shops of tourist destinations, and even, on occasion, in the countryside. Don't count on it, and be prepared to take whatever exchange rate is offered - they won't be in a mood to bargain. This is understandable -remember, the merchant will probably have to pay a small fee to convert the dollars back into drachmas.
From Ellada.com, some information about money in Greece: Money Matters. Includes a currency converter.
Here's a listing of Greek banks with Net presences, from IFB Gottingen, Greek Banks on the Worldwide Web. Mostly general info, but some include bank locations.
From Aegean, a very thorough list of bank locations in Athens. International Banks in Athens.
For extra information, why not post a query on the Bulletin Board? Try it now!
Greece for Visitors Bulletin Board
