Official currency of Italy

Official currency of Italy

Italy is one of the 12 EU countries that joined the EMU – the Economic and Monetary Union – which introduced the single currency, the Euro.

The Euro

The Euro was officially replaced with Lira in 2002 in Italy when Euro coins and notes started to be published. In 1999, Euro was announced to be the currency of Italy but cash transactions could not be made as the coins and notes were to be printed after three years. Euro is expressed in terms of two decimals after comma i.e. ₤10,00 (ten Euros). The symbol should not be misunderstood by the single crossed script of pound £. One Euro is divisible into hundred cents.

Banknotes

Official currency of ItalyEuro banknotes are available in different designs and colors. 500 Euros are violet, 200 Euro note is yellowish, 100 being green, 50 Euros orange, 20 are blue, 10 are reddish and 5 are grayish. Coins of Euro currency are available with denominations of 50, 20, 10, 5, 2 and 1. The structure of these coins is also different from each other like higher value coins are bigger in size and 1 cent coin is the smallest of all.

Apart from this currency, several big corporations and banks also accept credit/debit cards as medium of exchange. Other credit facilities available in Italy are Visa and MasterCard, which are widely accepted at national and international level.

Italian banks

Banks in Italy are open Monday to Friday from 8.30 am to 1.30 pm and from 3.00 pm to 4.30 pm. Some banks are also open on Saturday morning until 1.30 pm. Banks are closed on Sundays and national holidays and also on the town’s patron Saint’s day. The afternoon hour may vary from city to city. Travelers’ checks can be exchanged at most hotels and shops and at the foreign exchange offices in main railway stations and at the airports.  Italy accepts all major credit cards.

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