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Single
European currency (Euro):
The
official currency of Italy was the
Lira. It was in circulation till
February 2002 and has now been
replaced by the Euro which is the official
currency of 12 EU member states.
Euro (€) = 100 cents. Notes are
in denominations of €500, 200,
100, 50, 20, 10 and 5. Coins are
in denominations of €2 and 1,
and 50, 20, 10, 5, 2 and 1 cents.
Currency
exchange:
Most
cash transaction instruments can
be exchanged at banks, railway
stations, airports and in some
large hotels.
The
exchange rate differs with
different banks, so check the rate
before the actual transaction.
These instruments include
travelers cheques, cheques and
foreign money.
Credit
& debit cards:
All
the regular cards such as MasterCard,
Diners Club and Visa are widely
accepted, as well as Euro-cheque
cards. Check with your credit or
debit card company for merchant
acceptability and other facilities
that may be available.
Traveler’s
cheques:
Traveler’s
cheques are universally accepted.
It is best to take the travelers
cheques in Euros, Pounds Sterling
or US Dollars to avoid additional
exchange rate charges.
Exchange
rate indicators: The
following figures are included as
a guide to the movements of the
Euro against Sterling and the US
Dollar:
|
Date
|
Aug
’02
|
Nov
’02
|
Feb
’03
|
May
’03
|
|
€1=
|
£0.64
|
£0.63
|
£0.68
|
£0.72
|
|
€1=
|
$0.97
|
$1.00
|
$1.08
|
$1.18
|
Currency
restrictions:
It
is best to Check
with the embassy before departure.
Import and export of both local
and foreign currency is limited to
€10,329.14. If it is intended to
import or export amounts greater
than this, the amount should be
declared and validated in Italy on
form V2.
Banking
hours:
These
vary from city to city. In
general, Mon-Fri 0830-1330 and
1500-1600, Sat 0830-1300.
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