Your Guide To Greece’s Currency.
A currency is an accepted monetary form of payment in a particular country that facilitates the exchange of goods and services. Since the introduction of money as a medium of exchange, business transactions have been eased across different countries.
Today, it is possible to travel to another country and enjoy your stay thanks to the development of currencies and the exchange rates. Greece is one of the European nations that attract numerous tourists due to its incredible tourist attraction sites.
As a tourist traveling to Greece, it is imperative to understand the currency that is legally recognized to have a pleasant experience in the country. The information provided here will help you know about the money used in Greece and its history for you to make an informed decision on your traveling needs.
Greece is one of the European Union member countries that form the Eurozone.
The state uses the Euro as its currency after replacing its previous national currency in 2002.
Euro is widely used by the Eurozone nations that also replaced their national currencies and adopted the Euro.
The Eurozone member states use euro for the transactions hence eliminating the need for currency exchange, thus facilitating trade and mobility of goods and services. It is also among the most used currency in the world.
The money comes in two forms, namely coins and notes. The euro banknotes come in various denominations which include; 5-banknote, 10-banknote, 20-banknote, 50-banknote, 100-banknote, 200-banknote, and 500-banknote. Euro notes come in a variety of colors and are of high quality. The coin form of the euro comes in denominations of 1 euro and 2 euro. There also exists euro cents that come in various denominations that include; 1,2,5,10,20 and 50.
A Brief History of the Euro:
The idea behind the euro was suggested as early as the 1960s when the economic and monetary union came into existence. However, the euro started its operation in 1999 when eleven countries of the European Union adopted the currency and formulated the exchange rates to be used. The eleven countries included the following; Spain, Portugal, the Netherlands, Austria, Belgium, Finland, France, Germany, Luxembourg, Italy, and Ireland. These nationals created the monetary policy that introduced the euro and was adopted by the European Central Bank. The euro was used to facilitate transactions among the countries of the European Union as an individual country’s currency was also used within each nation.
In 2002, the coins and notes of the euro were introduced to facilitate transactions. Many Eurozone countries started replacing their national currencies and adopted the Euro as the single currency for their operations. The Euro became widely used, and many other countries joined the Eurozone. In 1999, Greece made its first application to join the Eurozone. The country was allowed to enter the Eurozone in 2001 after it was confirmed to have met the minimum qualification of the convergence criteria. As a member of the Eurozone, Greece adopted the Euro currency in the same year. However, the money became widely usable in Greece in 2002. The previous national currency, Drachma, was gradually replaced with the Euro due to its full acceptance in the Eurozone.
Today, the Euro has grown in popularity and has established itself as one of the most stable currencies in the world. Euro is used to facilitate transactions in many countries in Europe hence eliminating trade barriers and the need for exchange rates. If you are an avid traveler in Europe, you can carry the euro cash and enjoy making your transactions within the Eurozone without the need for currency conversion.
Currency Conversion Tips for U.S visitors to Greece
If you are a visitor from the United States coming to Greece, you need to know that the exchange rate between the Dollar and the Euro keeps on fluctuating depending on the stock exchange market changes.
As a traveler, you should know the right time to convert your money to get a favorable exchange rate. One way to have a favorable exchange rate is when the Dollar appreciates relative to the Euro. When the Dollar appreciates, you can find more items in countries that use the Euro as the medium of payment.
The other option is the use of the credit cards when making your purchases in Greece. Credit cards are useful when making purchases and provide a relatively stable rate of exchange. It is also good to conduct research before traveling and take note of the prevailing exchange rate.