Foreign Exchange Guide to Italy
In this guide we review :
- Travelling in Italy - Practical tips
- Buying Euro Cash Online - Travel money for Italy
- Euro (EUR) - Currency Market News
- Sending Money to Italy - Save on Euro bank transfers
- Euro Exchange Rates - Latest info & charts.
Italy Travel Practical Tips
Italy’s great food, beautiful countryside, fabulous wine, and long history make it an excellent country to visit. Try to learn a few words at least in Italian, the Italians will be impressed that you're giving it a go but will often reply to you in English, giving them a chance to practise what they've learned.Some Italians still take a siesta during the day from 2-4 pm. It is somewhat of a past tradition but some of the shops still close and it’s best not to call on an Italian, as they might be having a nap. Stay alert while in the cities as theft, bag snatching and breaking into cars is common. Theft is also common on trains – day and night, so keep your eyes peeled. Try to avoid carrying passports, credit cards, travel tickets and cash together in handbags or pockets. Only carry with you what you need for the day and make use of safety deposit facilities in hotels.
Accomodation in Italy is not cheap, though decent deals can be found by searching around the internet these days.
The best way to get around Italy is via their extensive train network. Fast trains (Eurostar) cost between 35-65 EUR per trip. The slower regional trains cost between 6-23 EUR per trip. These are great if you enjoy the views. Public transport are at a good price, and of course now there are cheap flights in Europe that can save you a lot of time.
Rome is a stunning city, try to find a rooftop bar to enjoy sunset. I enjoyed Grand Hotel de la Minerve's rooftop bar with a gorgeous view. You can just walk around old city and catch all the sights if you have a decent map to follow. Venice is beautiful and unique, but is so full of tourists you may find it a bit claustrophobic. You can see what you need to within a few days, unless you know some locals.
Renting a car is a good option, as you can drive across Italy within a few hours.
Travel Money for Italy - Euro (EUR)
Save money and time by Ordering your Euro Online from Travelex, you get better rates and can pick up the EUR cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Euro otherwise you may get much worst exchange rates.
Euro (EUR) - Currency Market News
In mid-October, the euro was floating around 1.18 against the dollar, having pulled back from September’s long-term highs close to 1.21.
Against the British pound, the euro stood at 0.897. It had been as high as 0.9306 in August – a level that hadn’t been achieved since 2009.
Speculation surrounding the end of the ECB’s quantitative easing program has driven euro appreciation this year. For the first time since its introduction, the central bank will discuss tapering QE at its meeting on October 26th.
In September, Dutch bank ABN Amro predicted EUR/USD would rise to 1.3 by the end of 2018. As reasons for the pair’s climb, ABN cited “strong conviction” on future US dollar weakness and less stimulative ECB policy.
In September, HSBC cancelled its forecast for the euro to rise to parity with the pound. HSBC’s revised year-end forecast now places EUR/GBP at 0.893.
A divergence in the paths of monetary policy between the ECB and the Swiss National Bank will lead to EUR/CHF climbing to 1.18 in the medium term, from October's rate of 1.154, according to a prediction by Credit Agricole.
Bank of America Merrill Lynch go one further on EUR/CHF. The bank has a “minimum target” of 1.20 by the end of 2018. BAML says that EUR/CHF “looks cheap relative to its longer-term moving averages.”
Sending Money to Italy
When sending money to Italy it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a provider (id docs may be required)
- You specify the local or Euro amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Italy.
You can save around 5% and maybe more - end result is more Euro deposited into the recipient bank account in Italy and less margins and fees kept by the banks!Compare Transfer Exchange Rates to Italy