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Italy - Euro - Currency Guide

 

Foreign exchange guide to Italy and the Euro (EUR)

   

General Currency Info - 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.

   

EUR News, Forecasts and Trends

EUR will fall to 0.80 against the British pound according to Standard Bank. The coronavirus pandemic has replaced Brexit in the headlines and means that the deadline for a trade deal with the Eurozone this year could either be pushed back, delaying a risk for the currency, or see more favorable terms given to the U.K.

Rabobank told Bloomberg TV in early April that they see the Euro holding its value in an otherwise difficult virus affected year for most currencies.

The Euro spent 2019 on a downwards trajectory, starting the year with highs at US1.1550 but then slid all year until October where it bottomed out at US$1.09 on Oct 1, close to long-term lows. Since then it has climbed back up towards the average rate for the year of US1.12, perhaps due to the less uncertainty around Brexit.

For more EUR currency market forecasts you can read the full article Euro Forecasts. The below interactive chart shows the USD to EUR exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to EUR 90-day trend
 
ALERTS:4-DAY1.8% | 30-DAY LOWS |
USD/EUR at 0.9011 was trading 1.5% below AVG:0.9145 with LO:0.8739 and HI:0.9381 (90 days). ALERTS: USD/EUR was DOWN 1.8% this 4-DAY period and also dropped to 30-DAY LOWS.

US Dollar to Euro - Historical Rates

USD/EURPeriod to 28-MayDateRate
1.1% ▼1 Week21 May 20200.9133
2.2% ▼30 Days28 Apr 20200.9231
0.4% ▼90 Days28 Feb 20200.9068
0.6% ▲1 Year29 May 20190.8978
0.9% ▼5 Years30 May 20150.9116
11.2% ▲10 Years31 May 20100.8119
USD/EUR 10 year rates & changes to 28-May-2020 (0.9031)

US Dollar to Euro - Quick Conversions

USD EUR
U$ 1 0.9019
U$ 5 4.5095
U$ 10 9.0190
U$ 20 18.04
U$ 50 45.10
U$ 100 90.19
U$ 250 225.48
U$ 500 450.95
U$ 1,000 901.90
U$ 2,000 1,804
U$ 5,000 4,510
U$ 10,000 9,019
U$ 50,000 45,095
U$ 100,000 90,190
More amounts
USD EUR
U$ 1.1087 € 1
U$ 5.5435 € 5
U$ 11.09 € 10
U$ 22.17 € 20
U$ 55.44 € 50
U$ 110.87 € 100
U$ 277.18 € 250
U$ 554.35 € 500
U$ 1,109 € 1,000
U$ 2,217 € 2,000
U$ 5,544 € 5,000
U$ 11,087 € 10,000
U$ 55,435 € 50,000
U$ 110,870 € 100,000
More amounts

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,   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 Barthélemy,   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?

 

Travel, Currency and Money saving tips for Italy

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.

LIke in any big city, 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.

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

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.

 

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.

 
 

USD to EUR - Travel Money & Cards

Provider Amount EUR(€) Exchange RateFee USDDeal Links
892.12
1%
Best Overall
0.8966U$5.00
U.S. Bank Foreign Cash
U.S. Bank logo
843.50
6.39%
€49 less
0.84350
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
835.07
7.33%
€57 less
0.843515
Wells Fargo Bank logo
826.63
8.26%
€65 less
0.8435U$20
Travelex Online logo
816.50
9.39%
€76 less
0.81650^
 
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TransferWise: Travel Money USD→EUR
From Amount (USD)U$1,000
Fee:U$5.00 USD (0.5% + U$1)
Exchange Rate:0.8966 (-0.5% from mid-rate)
To Amount (EUR)892.12
Total Cost:1%
Time:16:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Reviews:
 
U.S. Bank logo
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U.S. Bank: Travel Money USD→EUR
From Amount (USD)U$1,000
Fee:0
Exchange Rate:0.8435 (-6.39% from mid-rate)
To Amount (EUR)843.50
Total Cost:6.39%
Time:16:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
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Travel Money USD→EUR
From Amount (USD)U$1,000
Fee:15
Exchange Rate:0.7885 (-12.5% from mid-rate)
To Amount (EUR)835.07
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-
 
Wells Fargo Bank logo
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Wells Fargo Bank: Travel Money USD→EUR
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:0.8435 (-6.39% from mid-rate)
To Amount (EUR)826.63
Total Cost:8.26%
Time:16:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
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Travelex Online: Travel Money USD→EUR
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:0.8165 (-9.39% from mid-rate)
To Amount (EUR)816.50
Total Cost:9.39%
Time:
Rate Fetched: Fri May 29 2020 16:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
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Snapshot 05/29/2020 - View live rates

Sending money to Italy

When searching around for information on how to get a good exchange rate when sending money to Italy you need to start with finding out the latest Euro foreign-transfer exchange rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).

What is house-price growth in Italy?

Today, while house price growth remains flat across the majority of Italy, in parts of the Italian Riviera they have grown by as much as 5 percent a year since 2016.

What are the costs of buying property in Italy?

Total purchase costs, including notary, agency fees and property taxes, come to approximately 10-12 percent. Property tax is 2 percent of value on primary residences and 9 percent on second homes. Many properties in Italy require restoration, which costs around €2,000 per square meter.

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.


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 our Send to Euro 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!

 

USD to EUR International Money Transfers

Foreign Transfer Provider Receive EUR(€) Exchange RateFee USDDeal Links
XE logo
887.60
1.5%
Best Overall
0.88760
OFX logo
893.90
0.8%
€6.3 more
0.89390^
HSBC logo
865.80
3.92%
€22 less
0.8671U$1.50
U.S. Bank International Money Transfers
U.S. Bank logo
863.60
4.16%
€24 less
0.86360
Bank of America International Money Transfers
Bank of America logo
850.65
5.6%
€37 less
0.8636U$15
Wells Fargo Bank logo
850.64
5.6%
€37 less
0.868U$20
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
857.67
4.82%
€30 less
0.865615
 
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XE: Foreign Transfer USD→EUR
From Amount (USD)U$1,000
Fee:
Exchange Rate:0.8876 (1.5% from mid-rate)
To Amount (EUR)887.60
Total Cost:1.5%
Time:16:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 3.5/5.0
Reviews:
 
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OFX: Foreign Transfer USD→EUR
From Amount (USD)U$1,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:0.8939 (0.8% from mid-rate)
To Amount (EUR)893.90
Total Cost:0.8%
Difference:
€6.3 EUR more than using XE
Time:
Rate Fetched: 16:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 
HSBC logo
loading
HSBC: Foreign Transfer USD→EUR
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:0.8671 (3.77% from mid-rate)
To Amount (EUR)865.80
Total Cost:3.92%
Difference:
€22 EUR less than using XE
Time:16:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
U.S. Bank logo
loading
U.S. Bank: Foreign Transfer USD→EUR
From Amount (USD)U$1,000
Fee:0
Exchange Rate:0.8636 (4.16% from mid-rate)
To Amount (EUR)863.60
Total Cost:4.16%
Difference:
€24 EUR less than using XE
Time:16:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Bank of America logo
loading
Bank of America: Foreign Transfer USD→EUR
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:0.8636 (4.16% from mid-rate)
To Amount (EUR)850.65
Total Cost:5.6%
Difference:
€37 EUR less than using XE
Time:16:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Wells Fargo Bank logo
loading
Wells Fargo Bank: Foreign Transfer USD→EUR
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:0.8680 (3.67% from mid-rate)
To Amount (EUR)850.64
Total Cost:5.6%
Difference:
€37 EUR less than using XE
Time:16:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
loading
Foreign Transfer USD→EUR
From Amount (USD)U$1,000
Fee:15
Exchange Rate:0.8618 (4.36% from mid-rate)
To Amount (EUR)857.67
Total Cost:4.82%
Difference:
€30 EUR less than using XE
Transfer Speed:
Services:
 
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Snapshot 05/29/2020 - View live rates

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