The euro (EUR) has been the official currency of Greece since January 1, 2002, when it replaced the Greek drachma (GRD). One euro is divided into 100 cents.
If you wish to send money to a bank account in Greece, you will need the bank’s SWIFT code. Here are SWIFT codes of some popular banks in Greece.
Kostas had to relocate from Greece to Australia because of work, and his aging parents continued to live in Greece. They depended on him financially to some extent, which is why he was to keep sending them some money every month. He knew that several leading money transfer companies let him send money to Greece from Australia, so he decided to compare a few with his local Australian bank. The table below shows you the results of his comparison.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||AUD 1 = EUR 0.6022||AUD 1 = EUR 0.6148|
|Transfer fee||AUD 25||AUD 0|
|Amount received for AUD 1,500||EUR 888.24||EUR 922.20|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 33.96|
Kostas chose the money transfer company over the bank for multiple reasons. His parents stood to receive a little extra money each time, and it would get to them faster. In addition, Kostas could lock in exchange rates for up to six months and also schedule his transfers in advance.
You may consider transferring funds to a cash pickup location if you want to send money to Greece quickly, or in case the recipient does not have a bank account. Popular companies that let you transfer money to physical locations in Greece include Western Union, MoneyGram, and Ria.
|WESTERN UNION IN GREECE|
|Athens Real World Tours 4 Panagi Tsaldari Omonoia Athens||One Xchange Plateia Omonoias Omonoia Athens|
|Thessaloniki Masoutis Paster 12 Paster Thessaloniki||Siprasvili Nougkzari 3 Mak Amynis Thessaloniki|
|MONEYGRAM IN GREECE|
|Athens Argo Change Plateia Omonoias 18 Athens||Piraeus Bank 3D Septemvriou 6 Athens|
|Thessaloniki ACS Courier L. Karamanli 2 Thessaloniki||Piraeus Bank Papanastasioy 20-22 Thessaloniki|
While Greece has low crime levels, you should exercise basic safety precautions at all times. Petty crimes such as bag snatching and pickpocketing are common on public transportation, on trains that connect Athens to the international airport, and around popular tourist places. When in Athens, do not venture out in the Omonia and Monastiraki districts alone after dark. Avoid visiting secluded parks as well as down-market restaurants and bars.
You will need to provide some information when sending money to Greece and it varies depending on the transfer method you select.
The economy of Greece suffered significantly because of the Eurozone crisis in 2008. While the country remains a member state, it has imposed strict capital controls, especially when it comes to money leaving the country.
Until August 2015, outbound overseas fund transfers carried out by individuals from Greece were restricted to €500 per month and businesses were allowed to transfer up to €50,000 per day. Now, individuals may transfer up to €2,000 every two months, and businesses may transfer up to €100,000 per day.
The Bank of Greece watches over the country’s payment systems, and the European Central Bank (ECB) is responsible for setting the region’s single monetary policy.