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Money
Single European currency (Euro): The Euro is now the official currency of 12 EU member states (including Italy). The first Euro coins and notes were introduced in January 2002; the Italian Lira was still in circulation until 28 February 2002, when it was completely replaced by the Euro. 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: Travellers cheques, cheques and foreign money can be changed at banks, railway stations and airports, and very often at major hotels (generally at a less convenient rate). Many UK banks offer differing exchange rates depending on the denominations of currency being bought or sold. Check with banks for details and current rates.
Credit & debit cards: MasterCard, Diners Club and Visa are widely accepted, as well as Eurocheque cards. Check with your credit or debit card company for merchant acceptability and other facilities that may be available.
Travellers cheques: Travellers cheques are accepted almost everywhere. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in Euros, Pounds Sterling or US Dollars.
Currency restrictions: 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.
Exchange rate indicators
The following figures are included as a guide to the movements of the Euro against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | €1= | £0.63 | £0.64 | £0.63 | £0.68 | | €1= | $0.92 | $0.97 | $1.00 | $1.08 |
Banking hours: These vary from city to city but, in general, Mon-Fri 0830-1330 and 1500-1600, Sat 0830-1300.
Copyright © 2003 Columbus Publishing Ltd.
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