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>> Q&A about Economy & Finance
 Subject: |
Cash or Credit in Greece |
| Question: |
Is it true that Greek economy is still based on cash? |
| Answer: |
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Greek society is still based on cash and not electronic payments. At most stores you can use a credit card, but the process is not always easily automated. At most souvenir stores and stores located in touristy areas you can use credit cards. In some cases the price may be higher if you use a credit card or else your bargaining power will be lower. Larger hotels will accept credit cards but smaller hotels and domatia will usually insist on cash.
All of the major internal brands are accepted, although it is best to check the sign on a restaurant or hotel before assuming that they take your brand of credit card.
If you credit card gets stolen while in Greece, the process to cancel the existing card and get a replacement is usually easy. You'll need to contact your credit card company as soon as you realize the card is gone. Depending on the card and the services offered, you might be offered a cash advance at a lower fee and the replacement card will be shipped to you via express mail.
The national preference for cash over credit doesn't necessarily mean you want to carry large amounts of cash with you. The downside of carrying cash is that if it is stolen you rarely have recourse to get it back. But convenience in transaction, exchanging, and in ease of movement in Greece is a great reason to have it. Because most transactions are still conducted in cash, your life will be easier if you have more of it or have easy access to it through ATM's, traveler checks, or credit card cash advances. |
answer provided by volunteer expert: greek_style |
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