Official Currency Of Italy Today In 2018
As a member of the Eurozone which includes countries such as France, Italy’s official money is the Euro which is denoted by its currency symbol of “€”. For decades, specifically during the period of 1861 to 2002, Italy’s official money was the Lira. The Euro became Italy’s official money in 2002. Thus, during the transition period of Italy to the Eurozone in 1999 to 2002, the Lira was viewed as a sub-unit of the Lira.
If you’re planning to have a holiday in Italy, take some time to read our helpful guide about the country and its money.
- 1 How to Change Your American Dollars to the Euro
- 2 Where And How to Go About Exchanging
- 3 Credit And Debits Cards
How to Change Your American Dollars to the Euro
Before exchanging your American Dollars to Euro, do some research on the currency market. Fluctuations may be little for now as the Euro is range trading versus the US Dollar. Still, it would be a good idea to keep track of conditions that could affect its rate of exchange. Presently, the Euro is trading near $1.14. A quick and easy way to convert on the fly is to peg €9 at around $10. Here’s an example. If you want to buy a bottle of €180 Tuscan Brunello be prepared to shell out around $200.
Where And How to Go About Exchanging
The challenge when exchanging currencies is to get the most favourable rate. Keep in mind that currency exchange transactions will factor in costs and fees. We have outlined a few helpful tips on where to exchange your money and how to get the best value out of your transaction.
Do Not Go For Cash Transactions
Exchanging for cash straight up will cost you a lot of money. It is estimated that cash-for-cash deals lead to losses of up to 9%. How bad is that? Think about losing $10 every time you try to convert $110 in cash. What is the best way to exchange currency? Transact and exchange your money with the bank. You may come across ads from exchange centres or booths. They will tell you they offer the most favourable exchange rates. If you use their services, you will lose around 15%! Planning to visit Venice, Milan, and Rome? Avoid the exchange centres called Cambio. You will lose 19% during the transaction.
Scammers Lurk On the Streets of Italy
Italy is a wonderful place but it is not safe from scammers. They are constantly on the prowl for tourists looking to exchange money. These scammers are professionals. They will entice you with unbelievable rates. Don’t give it a second thought. You might end up with fake money. Some of these scammers are like magicians. They always have tricks up their sleeves. Keep in mind that dealing with these scammers is against the law. You wouldn’t want to be arrested during your vacation.
Use the ATM for your Cash Needs
Perhaps a better way of getting a favourable deal with your hard-earned dollar is by dealing with the Automated Teller Machine or ATM. Transacting via an ATM will be faster and can get you better rates than even a bank.
Thinking About Using Traveller’s Checks? Don’t Bother!
Using Traveller’s Checks will only make you lose precious vacation time in Italy. First the lines at the bank can be very long. Then, it will take more time for the cashier to process your TC which is considered “Jurassic” in this age of electronic money. Again, just deal with the ATM.
Forget About Exchanging Dollars for Euros Back Home
You may be surprised to know that exchanging for Euros in the United States will result in a more unfavourable rate. It is still better to transact with the local banks in Italy. Don’t worry about not having Euros in your pocket upon arriving in Italy. The airport has ATM machines that you can use to exchange your dollars.
Credit And Debits Cards
What about credit and debit cards? Bring them with you during your trip. Debit and credit cards offer a convenient way to pay for your purchases. However, not all businesses in Italy will honour them. Therefore it is a good idea to have cash in hand. Another advantage of using your card is that you will get a more favourable exchange rate. This is true even if you factor in transaction costs. The card issuing bank may only charge you 2% at the most. Be certain by getting the details from your bank before flying off to Italy. Who knows? Your bank may knock off a few percentage points off the charges! It is a good idea to have a budget and to stick with it so you won’t accumulate expenses that could shut down your bank account.