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    Currency in Italy EUR - Things to know

    Foreign exchange guide to Italy and the Euro

    Italy

    What currency is used in Italy?

    The official currency of Italy (country code: IT) is the Euro, with symbol and currency code EUR.

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    Things to know about the Euro

    The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.

    The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.

    Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.

    Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.

    There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.

    The euro banknotes and coins

    The Euro is issued in banknotes of €5, €10, €20, €50, €100, €200, and €500, and in coins of 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, €1, and €2.

    The banknotes feature images of historical and cultural figures from across the European Union, while the coins depict each member country's unique design. The design of the Euro banknotes and coins is intended to be easily identifiable and difficult to counterfeit.

    An example Euro banknote

     

    Travel money for Italy

    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.

     
     

    Travel Ideas and Money Tips for Italy

    Italy is a country located in southern Europe. It is home to the city of Rome, and is also known for its association with the Roman Catholic Church. Italy is a popular tourist destination, and is known for its food, fashion, art, and architecture.

    Rome is a stunning city, try to find a rooftop bar such as the Grand hotel de la Minerve, to enjoy sunset and gorgeous view. You can just walk around old city and catch all the sights if you have a decent map to follow.

    Best things to do and see in Italy

    There are so many wonderful things to see and do in Italy, it's hard to narrow it down! Some of our favorites include visiting the ancient ruins of Pompeii, strolling through the stunning Tuscan countryside, exploring the picturesque canals of Venice, and spending time on the beautiful Amalfi Coast. Of course, no trip to Italy would be complete without indulging in some of the country's delicious food and wine!

    Top Travel tips for Italy

    1. Book your tickets in advance

    2. Study the map before you go

    3. Learn some basic Italian words and phrases

    4. Travel with a tour group

    5. Visit the smaller villages and towns

    6. Sample the local cuisine

    7. Dress appropriately

    8. Use common sense and be cautious

    9. Respect the culture and the people

    Italy’s legendary food, evocative countryside, plethora of excellent wine, and prominent long history make it a wonderful country to visit.

    The Italian language is famed for its romance, beauty and musicality, so learning a few words to get by on during your trip will never go to waste. It'll be appreciated by the Italians, even if they do reply in English - they like to practice what they've learnt too. Once there you'll notice that the Italian's love to wave their hands around when talking and these gestures are far from random. Italian's apparently use more than 250 hand gestures in everyday conversations and the more common one's such as - finger in the dimple of the cheek meaning "delicious" are worth learning for fun.

    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.

    Accommodation in Italy is not cheap, but there are plenty of options from 5 star hotels to airbnb and hostels.

    Getting around in Italy

    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 a fabulous option if you have the time and 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 such as the Grand hotel de la Minerve, to enjoy sunset and 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. it's a much more pleasant and romantic place to visit in the winter when the throngs of tourists thins out a little. 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.

    Is Italy safe?

    Stay alert while in the Italian big 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.

     
       

    USD/EUR Market Data

    The below interactive chart displays the USD/EUR change and UP📈 DOWN📉 trends over the past 1 Year.

     
    1 USD =
    0.9397We compare provider deals to this wholesale mid-market rate. Read more
    EUR
      1 EUR = 1.0641 USD   (Inverse rate)
     
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    Frequently Asked Questions

    What currency should I use in Italy?

    The domestic currency in Italy is the Euro.

    What is the Euro currency code and symbol?

    The three letter currency code for the Euro is EUR — symbol is .

    Which countries use the Euro?

    It is the domestic currency in    Eurozone,   Aaland Islands,   Andorra,   Austria,   Belgium,   Croatia,   Cyprus,   Estonia,   Finland,   France,   French Guinea,   French Southern Territories,   Germany,   Greece,   Guadeloupe,   Vatican City,   Ireland,   Italy,   Luxembourg,   Malta,   Martinique,   Mayotte,   Monaco,   Montenegro,   Netherlands,   Portugal,   Reunion,   Saint Barthelemy,   Saint Martin,   Saint Pierre and Miquelon,   San Marino,   Slovakia,   Slovenia and Spain.

    Is the Euro a closed currency?

    No, the Euro is freely available and convertible. See guide: What is a closed currency?

    What are equivalent amounts of USD and EUR?

    Here are some popular conversion amounts for USD to EUR (US dollar to Euro)*.

    USD EUR
    $ 1 0.9397
    $ 5 4.6985
    $ 10 9.3970
    $ 20 18.79
    $ 50 46.99
    $ 100 93.97
    $ 250 234.93
    $ 500 469.85
    $ 1,000 939.70
    $ 2,000 1,879
    $ 5,000 4,699
    $ 10,000 9,397
    $ 20,000 18,794
    $ 50,000 46,985
    $ 100,000 93,970
    USD EUR
    $ 1.0641 € 1
    $ 5.3205 € 5
    $ 10.64 € 10
    $ 21.28 € 20
    $ 53.21 € 50
    $ 106.41 € 100
    $ 266.03 € 250
    $ 532.05 € 500
    $ 1,064 € 1,000
    $ 2,128 € 2,000
    $ 5,321 € 5,000
    $ 10,641 € 10,000
    $ 21,282 € 20,000
    $ 53,205 € 50,000
    $ 106,410 € 100,000

    More amounts

    *Converted at the current USDEUR interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.

    Send Money to Italy - Best Rates

    To get a good (and fair) exchange rate when sending money to Italy you need to find and compare exchange rates for International Money Transfers (IMTs).

    The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.

    You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.


    Get a better deal for foreign transfers 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 4 simple steps :

    1. Open an account with a BER reviewed FX provider (id docs may be required)
    2. You specify the local or Euro amount you want to transfer
    3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
    4. Once your funds are received by the provider the converted EUR amount will be transfered to the recipient account you specify in Italy.

    Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Euro deposited into the recipient bank account and less margins and fees kept by the banks!

     

    Expat Money & Business Guide to Italy

    Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.

    By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Italy.

    How is the cost of living in Italy?

    The cost of living in Italy is relatively high.

    How is the expat life in Italy?

    Expat life in Italy can be very rewarding. There is a strong sense of community among expats, and many opportunities to experience the country's rich culture and history. Italy is also a great place to learn a new language or improve your existing language skills.

    Any laws in Italy that foreigners should be aware of?

    There are a few things that foreigners should be aware of when travelling to Italy. Firstly, it is important to note that Italy has a strict visa policy, and travellers from certain countries will need to obtain a visa before entering the country. Secondly, travellers should be aware of the fact that Italy has a very high crime rate, and it is important to take precautions when travelling around the country. Finally, it is worth noting that Italy has a number of laws and regulations that may be unfamiliar to foreigners, so it is always advisable to research these before travelling.

    What is doing business like in Italy?

    Doing business in Italy can be complex due to the country's bureaucracy. It can be difficult to establish a business due to the high cost of rent and labor. Additionally, businesses must contend with corruption and organized crime. Italy has a relatively high tax burden, which can make doing business challenging.

    How is the economy in Italy?

    The economy in Italy is in a state of flux. The country is currently in the midst of a recession, and the unemployment rate is high. However, there are also signs of growth, and the country's GDP is expected to grow in the coming years.

    Italy’s Bargain €1 Homes program

    Italy's "Bargain €1 Homes" program is a government initiative that aims to revitalize small towns and villages by selling abandoned properties for just €1 (about $1.20) to people willing to renovate and restore them. The program was launched in 2016 and is targeted at towns and villages that have seen a decline in population and a lack of investment.

    The properties available through the program are usually dilapidated and in need of significant repairs, but they offer a unique opportunity for people to own a piece of Italian history and culture. In exchange for the low price, buyers are expected to invest a certain amount of money in renovating the property within three years. The amount of money required for renovation varies depending on the property's condition, but it is usually around €15,000 ($18,000).

    The towns and villages that participate in the program are located in various regions of Italy, such as Sardinia, Sicily, Calabria, and Abruzzo, and include both rural and urban areas. The program has been popular among both Italian and foreign buyers, with the majority of the properties being sold to Italian citizens.

    The "Bargain €1 Homes" program is not without its issues, as some towns and villages have struggled to sell all of their properties and renovation work has been slow to start in some cases. Additionally, due to high demand, there have been instances of properties being auctioned off at higher prices. Despite these challenges, the program has been successful in attracting new residents to small towns and villages, and helping to preserve Italy's rich cultural heritage.

    Are there property taxes for foreigners in Italy?

    A twice-yearly property tax is payable on non-primary residences. Stamp duty is 9 percent for non-residents.

    What is the Italian flat-tax deal for foreigners?

    Italy has been trying to lure wealthy foreigners: in 2017 it introduced a flat tax of €100,000 on worldwide income.

    Managing your finances in Italy

    Here we list some key points for expats and businesses to consider when managing financial dealings in Italy:

    1. Understand Euro currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the EUR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.

    2. Use a local Euro bank account: A local EUR bank account can make it easier for you to manage your finances and pay bills while you are in Italy. It may also be more convenient to use a local EUR bank account to make purchases and withdraw cash.

    3. Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Italy. This can help you avoid legal issues and ensure that you are complying with local requirements.

    4. Consider the tax implications: It is important to understand the tax implications of living or doing business in Italy. This can help you plan your finances and ensure that you are paying the correct amount of tax.

    5. Seek financial advice: If you are unsure of how to manage your finances in Italy, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.

     

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