Greek Debt Crisis Drives Kiwis to Exchange Currency Now

Media release

30th JUNE 2015

Greek Debt Crisis Drives Kiwis to Exchange Currency Now

• Worried Kiwi travellers seek advice on foreign currency and the Euro

• Shutdown of the Greek banking system impacting kiwi travellers who may find themselves caught short of cash and with limited or no ATM access

• A mix of cash and a prepaid travel money card is a good idea for kiwi travellers heading to Greece says Travel Money NZ

Worried Kiwi travellers have been quick to seek advice on foreign currency and the Euro in light of the Greek debt crisis yesterday, according to Travel Money NZ, New Zealand's fastest growing foreign currency retailer.

The Auckland headquartered business, which has 12 stores across Auckland, Tauranga, Wellington, Christchurch and Queenstown, reports high levels of phone and store enquiries from travellers wanting to know whether to buy Euro, and what to do about their European holidays.

Scott McCullough, National Manager Travel Money NZ, says the main enquiries have been about the value of the Euro, and what travellers should do about access to cash if their holiday itinerary includes Greece.

“We’ve had a number of customers concerned about the shutdown of the Greek banking system and what this will mean should they find themselves caught short of cash and with limited or no ATM access,” Mr McCullough says.

“We’ve also seen many customers increasing their Euro cash purchases, with higher than usual sale volumes yesterday.”

Mr McCullough says carrying a mix of cash and a prepaid travel money card is a good idea for kiwi travellers heading to Greece.

“With Greek banks and ATMs now shut all week you really need to have enough cash to last 5-7 days if your itinerary includes Greece, pre-loading your Multi-currency Cash Passport ahead of further volatility is also an option to consider."

Mr McCullough goes on to say another common concern has been whether the Greek issued version of the Euro will be devalued in any way compared to Euros issued from other countries.

The country of issue for the euro is noted in the suffix attached to the one-letter, eleven-digit serial number located on the back at the top right and bottom left corners. The serial numbers prefixed with 'Y' are issued by Greece.

"I can reassure all kiwi travellers that the European Central Bank, who issues the Euros, still insist that all Euros are equal regardless of the country of issue, said Mr McCullough. "There's very little cause for concern, however if any customers are worried about this they can ask us to supply non-Greek Euro."

The expert team at Travel Money NZ advice anyone travelling to Greece to consider:

• Taking a mixture of cash and cards

• Pre-loading your Multi-currency Cash Passport early to lock in your exchange rates on Euros or Pounds

• Carry sufficient Euros in cash for around 5-7 days

• Make sure you have adequate travel insurance in place in case of the impacts of a financial collapse meaning you need to change your travel plans quickly

• If you're worried about carrying larger amounts of cash, look for travel insurance cover that will also cover your cash, or use a prepaid Multi-currency Cash Passport

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