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Foreign Exchange Guide to Italy

This currency guide to Italy helps you choose the best way to save money on USD transfers and travel money.    [EUR/USD=1.1162]

 
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 sending 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

Euro sentiment dipped in mid-June after the ECB, like other major central banks of the world, ramped up its dovish rhetoric. It said that there was “considerable room” for further quantitative easing and that it would consider negative interest rates. Ordinarily, this would spark an extended euro decline but since other major currencies are also wrestling with easier central bank policies, euro depreciation may be contained.

In spite of Brexit, a slowdown in economic growth, Italian risks and persistently weak inflation — an important measure of inflation expectations fell in June to a record low — the euro did fantastically well against the Australian dollar, New Zealand dollar and British pound between mid-April and mid-June. Due to a stronger US dollar, EUR/USD was down 2 percent on the year at $1.12, close to long-term lows.

For more details read the full article Euro Forecasts.

The interactive chart below shows the EUR to USD exchange rate and trend for the previous 3 months:

At 1.1162 EUR/USD is trading above its 90 day average 1.1072 with period range 1.0899 to 1.128. There are currently no alerts. Updated: 08:02-AEDT 22:02-BST 17:02-EDT

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.

   

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!

   

Bank Transfers to Italy

Compare Transfer Rates

 

EUR/USD - Euro to United States Dollar - Historical Rates

PeriodChange*EUR/USDDate
1 Day+0.4%1.112517 Oct 2019
7 Day+1.2%1.103911 Oct 2019
30 Day+1.3%1.102918 Sep 2019
3 Month-0.5%1.122820 Jul 2019
1 Year-2.5%1.145418 Oct 2018
5 Year-12.4%1.274719 Oct 2014
10 Year-25.2%1.492820 Oct 2009

*For period to 18-Oct 21UTC when EUR/USD was 1.1170

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

PeriodChange*EUR/GBPDate
1 Day-0.5%0.864817 Oct 2019
7 Day-1.4%0.873011 Oct 2019
30 Day-2.7%0.884518 Sep 2019
3 Month-4.2%0.898120 Jul 2019
1 Year-2.2%0.879818 Oct 2018
5 Year+8.6%0.792319 Oct 2014
10 Year-5.5%0.910820 Oct 2009

*For period to 18-Oct 21UTC when EUR/GBP was 0.8605

EUR/AUD - Euro to Australian Dollar - Historical Rates

PeriodChange*EUR/AUDDate
7 Day+0.3%1.625111 Oct 2019
30 Day+0.8%1.616518 Sep 2019
3 Month+2.2%1.594620 Jul 2019
1 Year+1%1.614218 Oct 2018
5 Year+12%1.455519 Oct 2014
10 Year+0.9%1.615820 Oct 2009

*For period to 18-Oct 21UTC when EUR/AUD was 1.6296

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