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Foreign Exchange Guide to Italy

Read this currency guide to Italy with money transfer and travel tips.   [USD/EUR=0.8815]

 
Italy
Country Code:
IT
Domestic Currency:
Euro
Symbol - Code:
€ EUR
Telephone Prefix:
+39

This is a foreign exchange guide to Italy, the Euro currency plus EUR transfers and travel tips.


In this Italy currency guide we take a look at :

  1. Euro info - general info about the Euro
  2. Euro in the markets - recent EUR moves and predictions from the FX markets
  3. Travelling in Italy - currency & money saving tips
  4. Buying Euro cash online - travel money for Italy
  5. Sending money to Italy - save on Euro bank transfers to Italy
  6. Euro exchange rates - latest & historic exchange rates.
  7. EUR News - the latest Euro related articles from our blog.

Euro (EUR) general currency information


What is the Euro currency code and symbol?

The three letter currency code for the Euro is EUR and the 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.

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.


Euro (EUR) in the markets

13-February-19: 2018 was a mixed year for the euro. A 5 percent loss versus the US dollar was offset by a 6 percent gain versus the Australian dollar and small gains against other majors.

Since November, the euro has been remarkably stable against the US dollar, against which it has traded for the most part between $1.125 and $1.15. The euro was quoted towards the low of this range at $1.128 at the time of writing, down 1.5 percent year-to-date.

At the time of writing, euro-pound was 2.5 percent lower on the year at £0.876. Most price action since September has been between £0.865 and £0.91.

The euro is understandably under pressure in early 2019 ahead of Brexit, which more than ever is a source of uncertainty, and on increasing recession risks — Italy slid into recession in February and Germany barely escaped one in the October-December period.

The main euro-supporting factor this year would be an interest rate hike by the ECB, although this is up in the air considering the aforementioned risks.

Forecasts: In February, the head of strategy at BMO Capital Markets predicted a decline in EUR/USD to 1.11 by the end of April. Experts at Natwest predicted a slide in EUR/GBP to £0.85 by mid-year.

The interactive chart below shows the USD to EUR exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-EUR 3 Month chart
USD-EUR 3 Month chart
USDEUR currency converter

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.

 
Travel Money Providers
Ratings & Reviews
Amount EUR(€)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
Wells Fargo Bank logo
825.75 EUR
0.8426$206.38%Branch-
U.S. Bank Foreign Currency
U.S. Bank logo
825.60 EUR
0.15 EUR less
0.825606.39%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
825.68 EUR
0.07 EUR less
0.8341$106.39%Branch-
 
Travelex Online US logo
818.80 EUR
6.95 EUR less
0.81880^7.17%Online order, Branch pickup, Home delivery2-3 days
Wells Fargo Bank: Travel Money USD→EUR
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:0.8426 (4.47% from mid-rate)
EUR amount:825.75 EUR
Total Cost:6.38%
Time:12:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
U.S. Bank: Travel Money USD→EUR
USD amount:$1,000 USD
Fee:0
Exchange Rate:0.8256 (6.39% from mid-rate)
EUR amount:825.60 EUR
Total Cost:6.39%
Time:12:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo

Travel Money USD→EUR
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:0.7718 (12.49% from mid-rate)
EUR amount:825.68 EUR
Total Cost:6.39%
Currency Services:Branch
Delivery/Collect:-
Travelex Online US: Travel Money USD→EUR
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:0.8188 (7.17% from mid-rate)
EUR amount:818.80 EUR
Total Cost:7.17%
Time:
Rate Fetched: Fri Feb 22 2019 10:00:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated in the US as licensed money transmitters. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/22/2019
 

Italy Trip Checklist    

 
  1. Compare EUR travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Italy
  3. Lonely Planet - world's best travel guide (coupon and deals)

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 EUR 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!

 
Foreign Transfer Providers
Ratings & Reviews
Receive EUR(€)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
8,725 EUR
Best Overall
0.87250^1.08%Bank Transfers - Online & Phone1-2 days
 
TransferWise logo
8,775.02 EUR
50 EUR more
0.882$510.51%Bank Transfers - Online1-2 days
Wells Fargo Bank logo
8,543.59 EUR
181 EUR less
0.8559183.13%Online, Branch, Bank Transfers2-3 days
HSBC logo
8,538.17 EUR
187 EUR less
0.8551$153.2%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
8,486 EUR
239 EUR less
0.8536153.79%Online, Branch, Bank Transfers2-3 days
Bank of America International Money Transfers
Bank of America logo
8,430.84 EUR
294 EUR less
0.8516$1004.41%Online, Branch, Bank Transfers2-3 days
U.S. Bank International Money Transfers
U.S. Bank logo
8,430.84 EUR
294 EUR less
0.8516$1004.41%Online, Branch, Bank Transfers2-3 days
 
Xoom logo
Your amount above the Xoom USD2999 maximum
NaN EUR less
 
WorldRemit logo
Your amount above the WorldRemit USD2000 maximum
NaN EUR less
 
OFX: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:0.8725 (1.08% from mid-rate)
EUR amount:8,725 EUR
Total Cost:1.08%
Time:
Rate Fetched: Fri Feb 22 2019 10:02:21 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
TransferWise: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:$51 USD (0.5% + $1)
Exchange Rate:0.8820 undefined
EUR amount:8,775.02 EUR
Total Cost:0.51%
Difference:
50 EUR more than using OFX
Time:12:07 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online
Rating:
 
: 4.6/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:18
Exchange Rate:0.8559 (2.96% from mid-rate)
EUR amount:8,543.59 EUR
Total Cost:3.13%
Difference:
181 EUR less than using OFX
Time:12:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:0.8551 (3.05% from mid-rate)
EUR amount:8,538.17 EUR
Total Cost:3.2%
Difference:
187 EUR less than using OFX
Time:12:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:15
Exchange Rate:0.8498 (3.65% from mid-rate)
EUR amount:8,486 EUR
Total Cost:3.79%
Difference:
239 EUR less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Bank of America: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:0.8516 (3.45% from mid-rate)
EUR amount:8,430.84 EUR
Total Cost:4.41%
Difference:
294 EUR less than using OFX
Time:12:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:0.8516 (3.45% from mid-rate)
EUR amount:8,430.84 EUR
Total Cost:4.41%
Difference:
294 EUR less than using OFX
Time:12:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Xoom: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:
Transfer Speed:
Services:
Rating:
 
: 4.2/5.0
Reviews:
WorldRemit: Foreign Transfer USD→EUR
USD amount:$10,000 USD
Fee:
Transfer Speed:1 day
Services:Bank Transfers & Cash Pickup - Online only
Rating:
 
: 4.5/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Note we do not compare every single provider in the market, we compare a selection of established, reputable foreign exchange providers & banks who are regulated in the US as licensed money transmitters. We may receive referral fees if you choose one of these providers however this will not affect the exchange rates or fees you are charged.
Rate snapshot: 02/22/2019
 

Popular EUR cross rates


EUR/USD - Euro to United States Dollar - 10 Year History

DateExchange RatePeriodChange
22 Feb 20191.1341Latest
15 Feb 20191.12971 Week+0.39%
23 Jan 20191.13871 Month-0.4%
26 Aug 20181.16456 Months-2.61%
22 Feb 20181.23271 Year-8%
22 Feb 20171.05512 Years+7.49%
23 Feb 20141.37385 Years-17.45%
24 Feb 20091.280110 Years-11.41%

EUR/GBP - Euro to British Pound Sterling - 10 Year History

DateExchange RatePeriodChange
22 Feb 20190.8686Latest
15 Feb 20190.87621 Week-0.87%
23 Jan 20190.87041 Month-0.21%
26 Aug 20180.90566 Months-4.09%
22 Feb 20180.88361 Year-1.7%
22 Feb 20170.84732 Years+2.51%
23 Feb 20140.82605 Years+5.16%
24 Feb 20090.884210 Years-1.76%

EUR/JPY - Euro to Japanese Yen - 10 Year History

DateExchange RatePeriodChange
22 Feb 2019125.5422Latest
15 Feb 2019124.82041 Week+0.58%
23 Jan 2019124.68241 Month+0.69%
26 Aug 2018129.60246 Months-3.13%
22 Feb 2018131.69501 Year-4.67%
22 Feb 2017119.66562 Years+4.91%
23 Feb 2014140.86795 Years-10.88%
24 Feb 2009123.451510 Years+1.69%

EUR/AUD - Euro to Australian Dollar - 10 Year History

DateExchange RatePeriodChange
22 Feb 20191.5887Latest
15 Feb 20191.58081 Week+0.5%
23 Jan 20191.59321 Month-0.28%
26 Aug 20181.58606 Months+0.17%
22 Feb 20181.57261 Year+1.02%
22 Feb 20171.37102 Years+15.88%
23 Feb 20141.53225 Years+3.69%
24 Feb 20091.981010 Years-19.8%

EUR/CAD - Euro to Canadian Dollar - 10 Year History

DateExchange RatePeriodChange
22 Feb 20191.4953Latest
15 Feb 20191.49631 Week-0.07%
23 Jan 20191.51951 Month-1.59%
26 Aug 20181.51516 Months-1.31%
22 Feb 20181.56731 Year-4.59%
22 Feb 20171.38902 Years+7.65%
23 Feb 20141.52605 Years-2.01%
24 Feb 20091.596610 Years-6.34%

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