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Many of us would have heard the news in recent months of the Eurozone cash crisis which has primarily affected Greece. Whilst this doesn’t really affect those of us travelling elsewhere for our holidays this summer, those looking to sun themselves in Corfu, see the sights in Athens, visit Zakynthos or stroll around Santorini will all have to be aware of how this could affect their travel.
As shops and vendors are becoming more and more reluctant to accept anything other than cash, travellers to the country are taking more and more cash away with them. This can put them at increased risk of it becoming lost or stolen, so Insurancewith have decided to extend their personal cash limits on all policies to £500, free of charge. This concession is available to any Insurancewith customer travelling to Greece during July and August 2015.
If you have a policy with Insurancewith, please note that although your policy documents may state a different amount to the £500 detailed in this post, our Customer Service and Claims teams are aware of the concession and would honour your policy accordingly should you need to make a claim.
Travelling to Greece this summer? Read these FAQs regarding your personal cash cover, safety and some tips whilst you’re abroad:
How much cash should I take with me to Greece?
The Foreign and Commonwealth Office are advising holidaymakers visiting Greece that they should take all of your planned spending money in Euros plus a little extra to ensure that should anything happen, you still have some cash.
Please remember to keep all receipts as evidence of money withdrawn from your bank and currency exchange transactions, as you may need to provide if you have to claim on your travel insurance.
Does my travel insurance cover all my cash?
Insurancewith have arranged for all policyholders travelling to Greece between the dates of the 1st July to the 31st August 2015 to have up to £500 of personal cash cover free of charge. This cover limit applies to each person on the policy.
Please remember to keep all receipts as evidence of money withdrawn from your bank and currency exchange transactions, as you will need to provide these should you need to make a claim for lost or stolen cash.
Can I use my credit or debit cards to pay instead of cash?
Travellers taking credit or debit cards away with them are advised to also take cash, as some vendors are likely to be reluctant to take cards.
What happens if the ATMs run out of cash?
As it stands currently, there is a daily limit of €60 (£40), but this could change depending on the economic climate and the follow-up to the referendum. In general, cash machines located on Greek islands such as Corfu are more likely to run out of cash sooner than those in the cities or on mainland Greece.
As the situation is likely to change suddenly, Insurancewith advises all travellers to take enough cash with them to last their entire holiday and then a little extra in case of an emergency.
If Greece leaves the Eurozone, will my Euros become useless currency?
If the country decides to leave the Euro, the effects won’t be instantaneous. The BBC has stated that it would take around 18 months for Greece’s old currency, the drachma, to be reintroduced, and that vendors should still accept the Euro until this comes into effect.
Can we still use currency cards or traveller’s cheques?
Although both of these forms of payment are accepted, smaller shops and businesses may be reluctant to take them and you should by no means rely on them as your only way of payment. Insurancewith advises their customers to take enough cash to see them through the holiday, plus a little bit extra.
What happens if I am mugged or robbed for my cash whilst on holiday in Greece?
The Foreign and Commonwealth Office advises travellers to not carry all of their holiday money on their person whilst out and about in Greece. We would advise that customers store their cash in separate places (i.e. locked deposit box or safe in their hotel room) so that in the event of a robbery, they won’t be left without money for the rest of the holiday.
Your travel insurance policy would cover you for up to £500 cash cover, and include any personal possessions and emergency medical expenses you may incur as a result of the incident.
What safety precautions can I take?
Insurancewith recommend that all customers and tourists to Greece invest in a safety deposit box as soon as they arrive at their holiday accommodation (i.e. a hotel, hostel or independently booked facility). If you split your holiday cash between several spots like your safe and your person, as you then cut the risk of having all of your money lost or stolen.
If you are looking to book a holiday in Greece, or have already booked, it is worth ensuring that your travel operator or independent accommodation or transport providers are ATOL-protected, just in case they go out of business.