Switch

Italy - Euro - Currency Guide

 

Foreign exchange guide to Italy and the Euro (EUR)

     

USD/EUR 90-day view

USDEUR at 0.843 is a little below its 90-DAY average, range 0.8378-0.8759.
🔔 USDEUR is at 30-DAY LOWS.
|
Alert:30-DAY LOWS |
 
Recent USD to EUR 90-day trend

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

The euro is currently a more appealing investment than the US dollar as fiscal support and COVID-19 containment open the door to a faster paced recovery than what is likely in the US. With current USD weakness and strong long-term prospects for the European Union, there is speculation that the euro could be a contender as the world’s new reserve currency. In the short term the euro could be susceptible to swings, however in the longterm the euro has very good prospects. The currency is poised to move above 1.1850 and extend toward 1.20 in coming weeks.

In mid-July euro strengthened four-month highs (around 1.15 against the US dollar) as european leaders delivered a difficult agreement on a coronavirus rescue package to help member states manage the economic downturn.

The historic stimulus package will see the bloc issue 750 billion euros (US$860 billion) of joint debt and is seen by market commentators as positive for the euro.

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 over the 1 year average of US1.11 towards US1.20.

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

US Dollar to Euro - Historical Rates

USD/EUR rateChangePeriod
16 Oct 2020 : 0.85351.2% ▼1 Week
23 Sep 2020 : 0.85791.7% ▼30 Days
25 Jul 2020 : 0.85791.7% ▼90 Days
24 Oct 2019 : 0.90066.4% ▼1 Year
25 Oct 2015 : 0.90787.1% ▼5 Years
26 Oct 2010 : 0.721116.9% ▲10 Years

USD/EUR 10 year historic rates & change to 23-Oct-2020 : 0.8431

 

U$10,000 USD
=
€8,430 EUR

Converted at USD/EUR interbank rate, compare Send Money and Currency Exchange exchange rates.

US Dollar to Euro - Quick Conversions

USD EUR
U$ 1 0.8430
U$ 5 4.2150
U$ 10 8.4300
U$ 20 16.86
U$ 50 42.15
U$ 100 84.30
U$ 250 210.75
U$ 500 421.50
U$ 1,000 843.00
U$ 2,000 1,686
U$ 5,000 4,215
U$ 10,000 8,430
U$ 50,000 42,150
U$ 100,000 84,300
More amounts
USD EUR
U$ 1.1862 € 1
U$ 5.9310 € 5
U$ 11.86 € 10
U$ 23.72 € 20
U$ 59.31 € 50
U$ 118.62 € 100
U$ 296.55 € 250
U$ 593.10 € 500
U$ 1,186 € 1,000
U$ 2,372 € 2,000
U$ 5,931 € 5,000
U$ 11,862 € 10,000
U$ 59,310 € 50,000
U$ 118,620 € 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.

 

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 exchange rate for foreign-transfers, which can be very different to the wholesale 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 in the below table.

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 the above 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!


Country/Currency Guides - A to Z


A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
Y
Z