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Foreign Exchange Guide to Italy

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The domestic currency in Italy is the Euro with currency code EUR. Read this foreign exchange guide to Italy and the Euro with money transfer and travel tips plus Euro exchange cross rates.

In this guide we review :

  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.

Euro (EUR) general currency information

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.

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.

Euro (EUR) in the markets

On June 14th, the euro had one of its worst days in recent memory after the ECB signalled it would leave interest rates unchanged at 0.0 percent until the latter stages of 2019. A day later (the day of this report), the euro was trading in the mid-$1.15s versus the dollar and looked set to lose more of its value (earlier in the year it had traded in the mid-$1.25s), and had fallen towards the bottom end of its long-term trading range against the pound, at £0.873.

The ECB did at least announce it would phase out quantitative easing in Europe, which kept the euro’s losses within reasonable limits. QE will be terminated at the end of the year.

Goldman Sachs described the June ECB meeting as a “material negative for the euro.”

Prior to the ECB decision, Danske Bank had estimated a median price for EUR/USD in H2 2018 of 1.18; the bank saw a return to the 1.20s as unlikely in the near term (that's almost certain after the ECB meeting). Danske had predicted a “foot-dragging” ECB that would be “reactive rather than active.”

The interactive chart below shows the EUR to USD 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.

EUR-USD 3 Month chart
EUR-USD 3 Month chart
EUR 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. its 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.

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)

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 Exchange Rates Compared

Buying EUR Cash with USD 1,000

Travelex Online logo Travelex Online
€798.40 EUR (6.86%)
Free Home Delivery when you Buy Online Travel Money & Cards with $0 commission and great exchange rates only available from Travelex Online. Zero cost for Home Delivery or pickup your foreign cash at your local Travelex store or at the airport on departure day. * Home deliveries can only be made to the registered billing address of your chosen payment method.
Price Details
Receive: €798.40 EUR
Exchange Rate: 0.7984
(Inverse 1EUR=USD 1.2525)
Fees: USD 0
Total Cost : 6.86% (from mid-rate: 0.8572)
Amount of money that could be received by your currency exchange at rate USD/EUR=0.7984 and inclusive of the fee of USD 0.
Rate timestamp : Sat Jun 23 2018 22:00:03 GMT+0000 (UTC)
Bank Rates - Average
€742.60 EUR (13.37%)
This is the average USD to EUR Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.

Price Details
Receive: €742.60 EUR
Exchange Rate: 0.7501
(Inverse 1EUR=USD 1.3332)
Fees: USD 10 (1%)
Total Cost : 13.37% (from mid-rate: 0.8572)
Receive EUR €56 less than with  Travelex Online logo Travelex Online
Amount of money that could be received by your currency exchange at rate USD/EUR=0.7501 and inclusive of the fee of USD 10 (1%).

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.

Getting a better deal when sending money 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!

Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote

Compare Foreign Transfers

Sending USD 10,000 to EUR

OFX logo OFX (prev. USForex)
€8480.00 EUR (1.07%)
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Price Details
Receive: €8480.00 EUR
Exchange Rate: 0.8480
(Inverse 1EUR=USD 1.1792)
Fees: USD 0
Total Cost : 1.07% (from mid-rate: 0.8572)
This is the amount of money that could be received by your transfer at rate USD/EUR=0.848 and inclusive of the fee of USD 0.
Rate timestamp : Sat Jun 23 2018 22:03:09 GMT+0000 (UTC)
Bank Rates - Average
€8214.66 EUR (4.17%)
This is the average USD to EUR International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.

Price Details
Receive: €8214.66 EUR
Exchange Rate: 0.8227
(Inverse 1EUR=USD 1.2155)
Fees: USD 15
Total Cost : 4.17% (from mid-rate: 0.8572)
Receive EUR €265 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/EUR=0.8227 and inclusive of the fee of USD 15.

Euro - exchange rates - live and historic

Major EUR cross rates
View Full List (A-Z)

EUR/USD - Euro to U.S. dollar - 10 Year History

DateExchange RatePeriodChange
23 Jun 20181.1667Latest
16 Jun 20181.16201 Week+0.4%
24 May 20181.17221 Month-0.47%
25 Dec 20171.18716 Months-1.72%
23 Jun 20171.11931 Year+4.23%
23 Jun 20161.13862 Years+2.47%
24 Jun 20131.31205 Years-11.07%
25 Jun 20081.562210 Years-25.32%

EUR/GBP - Euro to British pound sterling - 10 Year History

DateExchange RatePeriodChange
23 Jun 20180.8795Latest
16 Jun 20180.87481 Week+0.54%
24 May 20180.87591 Month+0.41%
25 Dec 20170.88766 Months-0.91%
23 Jun 20170.88031 Year-0.09%
23 Jun 20160.76222 Years+15.39%
24 Jun 20130.85085 Years+3.37%
25 Jun 20080.792810 Years+10.94%

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

DateExchange RatePeriodChange
23 Jun 2018128.2848Latest
16 Jun 2018128.60661 Week-0.25%
24 May 2018128.14011 Month+0.11%
25 Dec 2017134.51656 Months-4.63%
23 Jun 2017124.56451 Year+2.99%
23 Jun 2016120.62162 Years+6.35%
24 Jun 2013128.30835 Years-0.02%
25 Jun 2008168.761610 Years-23.98%

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

DateExchange RatePeriodChange
23 Jun 20181.5677Latest
16 Jun 20181.56061 Week+0.45%
24 May 20181.54841 Month+1.25%
25 Dec 20171.53716 Months+1.99%
23 Jun 20171.47881 Year+6.01%
23 Jun 20161.49672 Years+4.74%
24 Jun 20131.42095 Years+10.33%
25 Jun 20081.633210 Years-4.01%

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

DateExchange RatePeriodChange
23 Jun 20181.5489Latest
16 Jun 20181.53451 Week+0.94%
24 May 20181.51061 Month+2.54%
25 Dec 20171.50966 Months+2.6%
23 Jun 20171.48451 Year+4.34%
23 Jun 20161.45442 Years+6.5%
24 Jun 20131.37735 Years+12.46%
25 Jun 20081.580110 Years-1.97%

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