Milan Money

What is the local currency?
The local currency is the euro. The Italian lira is no longer accepted.
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What denominations does it come in?
Coins: 1, 2, 5, 10, 20, and 50 cents; 1 and 2 euros
Notes: 5, 10, 20, 50, 100, 200 and 500 euros
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What is the best way to exchange currency?
Currency can be exchanged at post offices, banks and exchange offices. The Post Office offers the best (i.e., lowest) exchange fees. For zero fee transfers on currency exchange see our Recommended Partner moneycorp.
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What are commonly-used forms of payment for everyday purchases (such as groceries)?
Commonly used forms of payment are cash, debit cards and major credit cards.
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Will I be able to use my credit card around town? If not, list when I’ll need cash.
You will need cash when shopping in small shops, grocery stores and bars.
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By what method are bills (such as rent and utilities) paid?
Bills are normally paid with cash, checks or automatic bank transfers.
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What are the requirements for opening a bank account? At what stage of the settling-in process shouldI open it?
Once you have a Codice Fiscale and Permit of Stay, you are allowed to open a bank account.
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Will foreign residents be able to find banking services in their native languages?
This is fairly difficult. All bank documents and contracts are in Italian.
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Are there any restrictions on services for those who are new to your country?
With most banks, you will need to wait for one or two months before you are given an ATM or credit card. This is the case whether you are a foreigner or Italian, but varies depending on the bank.
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What are typical banking hours?
Typical banking hours are from 8:30am to 12:30pm and 2:30pm to 3:30pm.
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Are automatic teller machines (ATMs) available around the clock?
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Is there any other money information that might help me?
ATM machines sometimes run out of cash over the weekends, so it is a good idea to withdraw sufficient cash in advance.
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Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.