FOREIGN EXCHANGE

Most banks in major cities have foreign exchange windows and there are banks or bureaux de change with extended opening hours at major airports and railway stations in the main cities. Here you can buy or sell foreign currencies, buy and cash travellers' cheques, and obtain a cash advance on credit and charge cards. Note, however that some Greek banks refuse to cash travellers' cheques. There are also automatic change machines at airports and tourist areas in major cities that accept up to 15 currencies, including US$, sterling, marks and Swiss francs. Note, however, that airport banks and other outlets usually offer the worst exchange rates and charge the highest fees.
There are many private bureaux de change in Greece and Cyprus, with longer business hours than banks, particularly at weekends. Most offer competitive exchange rates and low or no commission (but always check). They're easier to deal with than banks, and if you're changing a lot of money you can also usually negotiate a better exchange rate. Never use unofficial moneychangers, who are likely to short change you or leave you with worthless foreign notes rather than euros or Cypriot pounds. The official exchange rates for most European and major international currencies are listed in banks and daily newspapers.

GREEK CURRENCY

As you 're probably aware, the Greek unit of currency was the drachma until the euro took over on 1st January 2002. The Greek economy is undergoing a period of growth after many years of recession. Growth reached 3.4 per cent in 2000, when Greece qualified for the single European currency, joining 11 other EU countries ( Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain ). The currencies of the euro zone countries were locked into a fixed exchange rate (set by the European Central Bank ) against the euro and consequently against each other ( there were 336.52 drachmas to one euro ). Note that prices are shown only in euros in this book.
Euro notes and coins became legal tender on 1st January 2002 and for two months are to circulate alongside the drachma, which is then to be withdrawn. Greek companies and banks started to use euros for trading, accounts, statements, and showing both currencies. In general, enthusiasm for the euro among the Greeks is high. ( You would also be enthusiastic if you had had to put up with the drachma. )
The euro is minted in coins to the value of 1, 2, 5, 10, 20 and 50 cents ( there are 100 cents to one euro ) and to the value of 1 and 2 euros. Banknotes are printed in denominations of 5, 10, 20, 50, 100, 200 and 500 euros. When writing figures, a full stop (period) and not a comma is used to separate units of millions, thousands and hundreds, e.g. 2.500.000 euro. Sums including euros and cents are normally written 0.50 euros, etc.