Greece is no longer the bargain country it once was, although it remains considerably cheaper than many major nations with advanced economies. Certainly for most visitors, the hotels and restaurants will be cheaper than in major cities such as New York or London. That said, you will be spending money day in and day out, so it is important to understand the ins and outs of how to handle your money.

Currency

The currency in Greece is the euro (pronounced evro in Greek), abbreviated "Eu" and symbolized by €. (If you still own old Drachmas, it is no longer possible to exchange them.)

The euro € comes in 7 paper notes and 8 coins. The notes are in different sizes and colors. They are in the following denominations: 5, 10, 20, 50, 100, 200, and 500. (Considering that each euro is worth over $1, those last bills are quite pricey!) Six of the coins are officially "cents" -- but in Greece they have become referred to as lepta, the old Greek name for sums smaller than the drachma. They come in different sizes and their value is: 1, 2, 5, 10, 20, and 50. There are also 1€ and 2€ coins.

Although one side of the coins differs in each of the member E.U. nations, all coins and bills are legal tender in all countries using the euro.

It's a good idea to exchange at least some money -- just enough to cover airport incidentals and transportation to your hotel -- before you leave home, so you can avoid lines at airport ATMs (automated teller machines). You can exchange money at your local American Express or Thomas Cook office or at some banks.

ATMs

The easiest and best way to get cash away from home is from an ATM. Cirrus (tel. 800/424-7787; www.mastercard.com) and PLUS (tel. 800/843-7587; www.visa.com) networks span the globe; look at the back of your bank card to see which network you're on, then call or check online for ATM locations at your destination. If your bank, credit, or debit card is affiliated with one of the major international credit cards (such as MasterCard or Visa), you should not have any trouble getting money in Greece; if in doubt, ask your bank or credit card company if your card will be acceptable in Greece. Tip: Greek ATMs use only numeric PINs (personal identification numbers), so you must know how to convert letters to numerals (such as on your familiar ATM). Also, Greek ATMs accept only a 4-digit PIN -- you are advised to change yours before you go if yours is longer.

In commercial centers, airports, all cities and larger towns, and most tourist centers, you will find at least a couple of machines accepting a wide range of cards. Smaller towns will often have only one ATM -- and it may not accept your card. Commercial Bank (Emboriki Trapeza) services PLUS and Visa; Credit Bank (Trapeza Pisteos) accepts Visa and American Express; National Bank (Ethiniki Trapeza) takes Cirrus and MasterCard/Access.

Transaction fees are usually built into the exchange rate you get; in any case, exchange rates are usually based on the wholesale rates of the major banks, so you may actually save money by withdrawing larger sums and paying your bills in cash. However, just as at home, there is usually a limit on how much you can withdraw in a single day; find out what it is before departure. Note, too, that the sums withdrawn are designated on the ATM screen in euros, not other currencies. Also keep in mind that most banks now impose a fee every time a card is used at a different bank's ATM, and that fee can be higher for international transactions (up to $5 or more) than for domestic ones (where they're rarely more than $2). On top of this, the bank from which you are withdrawing the cash may charge its own fee. To compare banks' ATM fees within the U.S., use www.bankrate.com. For international withdrawal fees, ask your bank.

Currency Exchange Offices

Private and commercial foreign-exchange offices are found in major cities, larger towns, and centers of tourism throughout Greece. They are generally competitive, but their rates vary, so shop around if you must use one.

Credit & Debit Cards

Credit cards are another safe way to carry money. They also provide a convenient record of all your expenses, and they generally offer relatively good exchange rates. You can withdraw cash advances from your credit cards at banks or ATMs provided you know your PIN. (If you've forgotten yours, or didn't even know you had one, call the number on the back of your credit card and ask the bank to send it to you. It usually takes 5 to 7 business days, though some banks will provide the number over the phone if you tell them your mother's maiden name or some other personal information.) Your credit card company will likely charge a commission (1% or 2%) on every foreign purchase you make, but you may be getting a good deal with credit cards when you factor in things like ATM fees and higher traveler's check exchange rates, but high fees make credit-card cash advances a pricey way to get cash. Keep in mind that you'll pay interest from the moment of your withdrawal, even if you pay your monthly bills on time. Also, note that many banks now assess a 1%-to-3% "transaction fee" on all charges you incur abroad (whether you're using the local currency or your native currency).

In Greece, Visa and MasterCard are the most widely accepted cards. Diners Club is less widely accepted. And American Express is still less frequently accepted because it charges a higher commission and is more protective of the cardholder in disagreements.

Traveler's Checks

Traveler's checks are something of an anachronism from the days before the ATM made cash accessible at any time. Traveler's checks used to be the only sound alternative to traveling with dangerously large amounts of cash. They were as reliable as currency but, unlike cash, they could be replaced if lost or stolen.

It should also be said that although in Greece today most hotels and shops still accept traveler's checks, many no longer do, and in any case they usually charge a small commission or give a poor exchange rate. Do not expect any Greek operations to cash your traveler's checks, however, unless you are paying for their services or goods.

You can buy traveler's checks at most banks. They are offered in denominations of $20, $50, $100, $500, and sometimes $1,000. Generally, you'll pay a service charge ranging from 1% to 4%.

The most popular traveler's checks are offered by American Express. Visit www.americanexpress.com to order online or call tel. 800/221-7282; this number accepts collect calls from Amex cardholders and offers service in several foreign languages; Amex gold and platinum cardholders are also exempted from the 1% fee); Visa (tel. 800/732-1322) -- AAA members can obtain Visa checks for a $9.95 fee (for checks up to $1,500) at most AAA offices or by calling tel. 866/339-3378; and MasterCard (tel. 800/223-9920).

American Express, Thomas Cook, Visa, and MasterCard offer foreign currency traveler's checks, useful if you're traveling to one country or to the euro zone; they're accepted at locations where dollar checks may not be.

Be sure to keep a record of the traveler's checks serial numbers separate from your checks in the event that they are stolen or lost. You'll get a refund faster if you know the numbers.

Another option is the new prepaid traveler's check cards, reloadable cards that work much like debit cards but aren't linked to your checking account. The American Express Travelers Cheque Card, for example, requires a minimum deposit, sets a maximum balance, and has a one-time issuance fee of $14.95. You can withdraw money from an ATM (for a fee of $2.50 per transaction, not including bank fees), and the funds can be purchased in dollars, euros, or pounds. If you lose the card, your available funds will be refunded within 24 hours.

Emergency Cash

In an emergency, you can arrange to send money from home to a Greek bank. Telex transfers from the United Kingdom usually take at least 3 days and sometimes up to a week, with a charge of about 3%. Bank drafts are more expensive but potentially faster if you are in Athens. From Canada and the United States, money can be wired by Western Union (tel. 800/325-6000) or MoneyGram (tel. 800/543-4080). In Greece, call Western Union in the United States (tel. 001-314/298-2313) to learn the location of an office. For MoneyGram, call the head office in Athens (tel. 01/322-0005). For a fee (4%-10%, depending on the sum involved), money can be available in minutes at an agent for Western Union or MoneyGram.