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Local Currency
The euro is the form of currency utilized throughout Italy as well as in eleven other European Union member states including: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Luxembourg, the Netherlands, Portugal, and Spain. It is also the form of currency used in Monaco, San Marino, and the independent Papal state, Vatican City which are each licensed to issue and use the euro. Two additional countries and one sub-
Check currency conversion websites such as http://www.xe.com for daily currency conversion rates.
Some students find it comforting to change a small amount of money in Euros (equivalent to €50 or €100) from their local bank before leaving for Italy. This will allow you to become familiar with the look and feel of the currency, and you will have one less thing, when tired, to think about upon arrival at the airport.
Banks and Cambios
Banks generally offer the best exchange rates but also charge a commission. Many independent, non-bank exchange offices (cambio) do not charge a commission, but offer lower rates of exchange and as a result are suitable only for smaller transactions.
Banks are open Monday through Friday from 8:20am to 1:20pm, and again from around 2:45 to 3:45pm. They are closed on Saturdays and Sundays.
PLEASE NOTE: If you go to a bank to cash a personal check or a cashier's check, the bank will probably tell you that you need a signature by an Italian person or institution as a guarantor: THE SCUOLA LORENZO DE'MEDICI, for legal and tax purposes CANNOT sign any checks. We strongly recommend you have either traveler's cheques or international money orders. These are also the safest methods of carrying large sums of money.
Western Union
You can have money wired to you via Western Union, which has several offices in Florence. They can be reached, toll free, at 800 464 464.
Money Exchanging Machines
Throughout Europe you will often find machines at banks which look like ATMs and can exchange your cash at reasonable rates. They are open 24 hours/day.
ATM cards
You may be able to withdraw money from your home checking account at a more favorable exchange rate using your ATM card, although your bank may charge an additional service fee for an international transaction.
PLEASE NOTE: This holds true only if the back of your card has a Cirrus, Plus, or Honor logo represented on the reverse side of your card. If your card has one of these inscriptions, you will then be able to access funds from an ATM "Bancomat" machine displaying the same matching symbol. ATM cards are swiftly replacing traveler's checks as a means of financial support while visiting and studying abroad. There are several important facts you should consider before relying upon your card's functionality while studying abroad:
1. Check with your local banking institution prior to departure in order to confirm that your card is usable in any country you plan to visit, as well as Italy.
2. Ensure that your card is linked to your primary checking account (not to your savings account), as some travelers report that they are unable to withdraw funds from savings accounts overseas.
3. Verify that all PIN include only numbers, as ATMs in other countries often do not have an option for punching in letters. It is also important that you verify the cards activation prior to departure.
4. Make sure that you tell your bank that you will be overseas so they do not put a hold on your ATM card when they suddenly see a change in your purchasing behavior.
5. Finally, it is always wise make sure that you have a backup source of money in the event of a lost, stolen or defective ATM card.
Credit Cards
Credit cards (Visa, MasterCard, American Express, and to a lesser extent Diners Club) are honored in many places throughout Italy. It is best not to rely upon always having the ability to use your credit cards in place of cash, but they are good to have in case of an emergency. In many European countries, credit cards are used less frequently than in other areas of the world. As a result, in Italy, many restaurants, small stores, smaller hotels may/or may not accept credit cards.
MasterCard-Visa
You can obtain a cash advance from your credit card at an ATM machine with the Visa or MC symbols if you have a PIN (different from your ATM PIN). You will need to get your PIN before you leave home. If you don't have a PIN, you can usually get a cash advance at an exchange office or at a bank.
Emergency assistance: Mastercard toll free # 800 870 866; VISA toll free # 800 821 001.
American Express
There is an American Express office in Rome near the Spanish Steps where you can exchange money and traveler's checks with no commission fee. Also, if you are a cardholder, you can cash personal checks (a rarity in Europe), as well as obtain cash advances for multiple cardholders.
NOTE: As with ATM cards, be sure to let your bank and the credit card companies know you will be abroad so that they do not put a hold on your account when they suddenly see a change in your purchasing behavior and assume incorrectly that your card may have been stolen.
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General info
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