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    Currency in Italy

    A practical currency and money guide to travel, living and doing business in Italy and the Euro (EUR).


    What currency is used in Italy?

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

    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 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.



    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.


    EUR/USD – Market Data

    The exchange rate of euro (EUR), or the amount of EUR that can be exchanged for a foreign currency, can fluctuate rapidly based on a number of factors, including economic conditions, interest rates, and political events. Below you can check the latest EUR/USD rate plus recent trend, chart, forecasts and historic rates.

    1 EUR = 1.0776 USD
    Sell EUR  →  Buy USD
    EUR to USD at 1.0776 is just 0.5% above its 3-month average of 1.072, having fluctuated within a 4.4% range of 1.0522-1.0989
      1 USD = 0.9279 EUR
    EURUSD :

    FX analysts are forecasting that the US dollar will continue to outperform the euro in March. The US dollar strengthened in February after robust US labor market data and expectations of more interest rate hikes by the US Federal Reserve. On the other hand, the euro lost ground after the ECB held interest rates steady and issued slightly dovish remarks. Additionally, global GDP growth has been sluggish, and inflation pressures have remained elevated, which will continue to be the main drivers of investor risk sentiment and FX markets. Therefore, based on recent FX analyst forecasts, it is likely that the USD will outperform the euro in March, with key support points for EUR/USD at 1.11 and 1.15. Looking at the USD/EUR price data for the previous three months, the exchange rate has been fluctuating within a 4.4% range of 0.9100-0.9504, with the current rate at 0.9313, just below the three-month average of 0.9331. This indicates that the exchange rate has been relatively stable in recent months, despite the fluctuations. However, it is important to note that factors such as inflation, interest rates, and economic growth can influence exchange rates, and any changes in these factors could impact the USD/EUR exchange rate in March.
    10 Mar 2023
    1% 2 Week
    24 Dec 2022
    0.9% 3 Month
    24 Mar 2022
    2.2% 1 Year
    25 Mar 2018
    12.9% 5 Year
    26 Mar 2013
    16.3% 10 Year
    29 Mar 2003
    0.1% 20 Year
    EUR/USD historic rates & change to 24-Mar-2023


    Compare Euro Exchange Rates & Fees

    The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make an International Money Transfer to Italy or planning a trip or maybe living there, so will need to exchange and spend Euro.

    Loading comparison rates...

    ProviderAmountsRateTotal Cost

    It is important to note that the exchange rate of the euro can change rapidly and that past performance is not necessarily indicative of future performance. It is advisable to carefully consider the risks and factors that may affect EUR exchange rates before making any financial decisions.


    The Euro is also the domestic currency in 33 other countries.





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