Money Matters
Money
Italy is a member of the euro zone, along with Austria, Belgium, Finland, France, Germany, Greece, Ireland, Luxembourg, the Netherlands, Portugal, Slovenia and Spain. The seven euro notes come in denominations of €500, €200, €100, €50, €20, €10 and €5. The eight euro coins are in denominations of €2 and €1, and 50, 20, 10, five, two and one cents.
100 cents = 1 euro .
For the latest rates check this site out.
ATMs
ATMs (known in Italy as bancomat) are widely available in Rome and most will accept cards tied into the Visa, MasterCard, Cirrus and Maestro systems. Check that the appropriate logo is displayed on the ATM before inserting your card. The daily limit for cash withdrawal is €250.
Remember that every time you withdraw cash there will be a transaction surcharge. Check with your own bank to see how much this is. If an ATM rejects your card, don’t despair. Try a few more before assuming the problem lies with your card.
Exchange Office
You can change your money in banks, at post offices or at a cambio (exchange office). There are exchange at Stazione Termini and at Fiumicino and Ciampino airports. In the centre, there are various exchange booths, including the following:
- American Express (Piazza di Spagna 38; Mon-Fri 9am-5.30pm, Sat 9am-12.30pm)
- Thomas Cook Travelex (Piazza Barberini 21a; Mon-Sat 9am-7pm, Sun 9.30am-5pm)
Post offices and banks tend to offer the best rates. Exchange booths often advertise ‘no commission’ but offer worse rates. Always make sure you have your passport, or some form of photo ID, at hand when exchanging money.
Credit cards
Major cards such as Visa, MasterCard, Eurocard, Cirrus and Eurocheques are widely accepted. Amex is also recognized although it’s less common than Visa or MasterCard. You can use your credit card in most restaurants, shop and hotels, also at some banks to obtain cash. But consider that some guesthouses, trattorias or pizzeria accept only cash.
If your card is lost, stolen or swallowed by an ATM, telephone toll-free to have an immediate stop put on its use:
- Amex 800 914 912
- Diners Club 800 864 064
- MasterCard 800 870 866
- Visa 800 877 232
Travellers cheques
Increasingly overlooked by card-wielding travellers, Even if travellers cheques are a dying they are, however, an excellent form of back-up, especially as you can claim a refund if they’re stolen (provided, of course, that you’ve kept a separate record of their numbers).
American Express, Visa and Travelex cheques are the easiest to cash, particularly if in US dollars, British pounds or euros. Increasingly, though, banks are charging hefty commissions, even on cheques denominated in euros. Always take your passport as identification when cashing in travellers cheques.
If your cheques are lost or stolen, call the following:
- Amex 800 914 912
- MasterCard 800 870 866
- Travelex 800 872 050
- Visa 800 874 155
