What is the Currency in Italy?
Italy is a member of the European Union and the eurozone.
The euro (€) is the official currency of the country.
The euro is divided into 100 cents, and there are banknotes in denominations of 5, 10, 20, 50, 100, 200, and 500 euros. There are also coins in denominations of 1, 2, 5, 10, 20, and 50 cents, and 1 and 2 euros.
The euro was introduced in Italy on January 1, 2002, with a conversion rate of 1 euro = 1936.27 lire, and it replaced the Italian lira (which is not accepted anymore).
Where Can I Exchange Currency in Italy?
There are many places where you can exchange currency in Italy. You can exchange currency at banks, exchange bureaus, etc. However, as the exchange rate will vary depending on the location and the exchange bureau, you should consider the exchange rates before you travel to Italy. Ask your local bank and then look online for a currency converter in Italy to try to find the best exchange rate.
Can I pay directly in USD, CAD, AUD, or other currencies?
No, you can only pay with euros.
However, ATMs are widely available in Italy, especially in major cities you will find one very easily. We suggest using banks’ ATMs (Unicredit, Intesa Sanpaolo, BNL, etc.) instead of ATMs that you can often find inside tourist shops. As a matter of fact, you can easily find a bank branch and they always have ATMs which most of the time are even inside the bank itself.
It is true that credit cards are widely accepted in Italy. However, you have to consider that compared to paying in cash, your bank could charge you a fee for paying in a foreign country and in a foreign currency. We suggest always carrying some cash with you, to avoid large transaction fees, and also because not all businesses accept credit cards or they don’t accept them for small payments. As a matter of fact, Italians are not used to paying for a cappuccino or a pack of cigarettes, or a sandwich with credit cards. We usually pay small amounts (1, 2, 5 euros or similar) in cash.
Can I pay with Bitcoin or other cryptocurrencies in Italy?
Although there are a growing number of businesses that accept cryptocurrencies in Italy, particularly Bitcoin, they are not very many and are mostly concentrated in major cities like Milan, Rome, and Florence. In general, we would say that it is not yet a widely accepted means of payment, but it is becoming more and more popular.
So, if you are planning to travel to Italy and want to pay with cryptocurrency, we suggest doing some research beforehand to find businesses that accept cryptocurrencies in your destination. You can also use a website like Coinmap: https://coinmap.org/ to find businesses that accept cryptocurrencies in your area, but it is a good idea to double check maybe by making a phone call or sending an email to the restaurant or hotel you are interested in.