Personal Finance on the International Road

QUESTIONS ANSWERED

How much cash should I bring with me? 

$200 or $300 in US dollars including some small bills. Suggest you bring about $100 in Euros also, if possible.  Otherwise, it is a good idea to change some money to Euros before departing from the airport on arrival (or withdraw Euros from an ATM machine).  You will find change places and ATM machines at the Athens airport.  

Is it cheaper to change money from US $ to Euros, or to pull Euros from an ATM machine using a USA debit card?

It is cheapter to change money from a shop or place that advertises “money exchange” than from an ATM machine which often charges high service fees. If changing money from an ATM machine, it is better to use a bank ATM than a free standing ATM to avoid high fees. 

Cash vs. charge – Can I charge just about anything, anywhere in Greece?

Yes, however for small purchases under five Euros you might want to pay in cash so you aren’t pulling out your charge card regularly. Keep in mind if our rather large group is eating dinner together at a local restaurant they may not give us separate checks.  It would be helpful in these situations if we all pay in cash so we aren’t all handing the waiters charge cards (best not to let your charge card out of your sight).  Also, you will be able to make small purchases from street vendors if you have cash. When charging, choose to be charged in Euros, if asked if you want to use your home currency, to avoid poor conversion rates.

How can I keep my cash, credit cards, and passport safe?

Best to keep all these items in an inner, flat, zipper container that is out of sight around your waist. Nothing of this kind should be left in your room

Where should I keep small change in Euros for an inexpensive purchase?

Keep them in a small coin purse or wallet in a quick-access zipper fanny pack

Will there be a foreign transaction fee for foreign currency transactions when I use my charge/debit card? If so, how much?

Notify your charge/debit card issuer of your travel dates and destinations and ask your issuer whether it will impose any fees for foreign currency transactions.

Will we be needing any currency other than Euros? If so, where?

All places we will visit use Euros for currency except Bodwin, Turkey (they use Turkish Lira). They wll probably accept Euros there because it is a popular cruise stop for Greek cruises (Greece and Cyprus use Euros)

Where can I quickly check online what the current official exchange rate is for any currency (ie. Euros for Greece and Cyprus, and Liras for Turkey)?

Rather than trying to remember a website address, just do a search on Google asking the question such as “exchange rate for dollars to Euros”, or “dollars to Turkish Lira”? You will see a drop down menu to choose from. Find the link that prompts you to enter the amount you want to exchange, (ie. $1 US or $100 US, etc.) This will give you a quick conversion rate to work with when you are shopping and want a general idea of the value of something in dollars when you see it in local currency (without having to use your phone to figure out a rate). Note: Don’t trust the rates you see posted at currency exchange places as being “official” rates. You need to have this knowledge before exchanging money there as their rates vary – this is how they make money.