Local Currency in Italy

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Currency in Italy

Italy has the euro (EUR, €) as its sole currency along with 23 other countries that use this common European money. These 23 countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain (official euro members which are all European Union member states) as well as Andorra, Kosovo, Monaco, Montenegro, San Marino and the Vatican which use it without having a say in eurozone affairs and without being European Union members. Together, these countries have a population of 327 million.

One euro is divided into 100 cents. While each official euro member (as well as Monaco, San Marino and Vatican) issues its own coins with a unique obverse, the reverse, as well as all bank notes, look the same throughout the eurozone. Every coin is legal tender in any of the eurozone countries.

Italy can be quite an expensive country. As everywhere, major cities and central locations have a higher cost of life than suburban and rural places. It is a general rule of thumb that Southern Italy is less expensive than Northern Italy, especially for food; this will, of course, vary by location.

Meals can be had from as cheap as 3€ (if you are happy with a sandwich, panini or falafel from a street vendor); restaurant bills can be anything from 10€ (a burger with fries\salad and a soft drink from a pub) to 20€ (a starter, main course and water from a regular restaurant).

Service is always included, either in the display price or a coperto line on the bill; tipping is thus not necessary, but neither is it frowned upon. Tipping taxi drivers is not necessary, but a hotel porter may expect a little something. And unless otherwise stated, prices are inclusive of IVA sales tax (same as VAT), which is 21% for most goods, and 10% in restaurants and hotels. On some products, such as books, IVA is 4%. In practice, you can forget about it since it is universally included in the display price. If you're a non-EU resident, you are entitled to a VAT refund on purchases of goods that will be exported out of the European Union. Shops offering this scheme have a Tax Free sticker outside. Be sure to ask for your tax-free voucher before leaving the store. These goods have to be unused when you pass the customs checkpoint upon leaving the EU.

If you plan to travel through countryside or rural regions you probably should not rely on your credit cards, as in many small towns they're accepted only by a small number of shops and restaurants.

Remember that in Italy (even during the winter months) it remains very common for shops, offices and banks to close for up to 3 hours during the afternoon (often between 12.30 and 15.30). Banks, especially, have short hours with most only being open to the public for about 4 hours in the morning and barely 1 hour in the afternoon.

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