Currency of Italy
The Euro, equivalent to 100 cents. The banknotes in circulation have nominal values of 5, 10, 20, 50, 100, 200, and 500 euros, also coins with nominal values of 1, 2, 5, 10, 20, and 50 cents. The currency can be exchanges at designated exchange bureaus, at banks, or at post offices. In airports the exchange rates are usually less favorable, but the exchanges work 24/7. There are many exchange machines which accept US dollars. Credit cards and travel checks are also used very often. In cities most restaurants, hotels, stores and malls accept Visa, MasterCard, American Express, Diner’s Club, Carte Blanche. Places where cards are accepted will normally have a sign saying “Carte - si”. Most of the gas stations, however, only accept cash. And in rural areas electronic transactions can be problematic to carry out.
The sales tax is usually included in the price of the items, while services usually quote the sales tax separately. For most of the goods, including clothing, the sales tax is 20%, for hotel services -10%, for goods for people with disabilities and some food categories (vegetables, bread, milk, vegetable oil), books, and printed music materials -4%, while for other food categories (such as sausages) the sales tax is 10%.
The refunding of sales taxes is possible if your purchases in a given store exceed the amount of 155 Euros (this refers to the amount before sales tax, while the receipts usually quote the amount after the sales tax). You will need to present your passport at the time of the purchase and write out all the items individually from the receipt, indicating the price of the item and the sales tax. These special receipts are attached to the the purchased items and at the border the customs representatives will stamp all the receipts which you can then send by mail to the store where you made your purchases to receive the check with the tax refund. A number of stores practice a “tax-free” sales system. At such stores you will need to obtain a special receipt which can be cashed at a special desk at the airport or another border crossing point.
Banks are open Monday through Friday, from 8:30 till 13:30 and from 15:00 till 16:15-16:30 (or one hour after lunch), Saturdays and Sundays are closed. In Lombardia many banks close as early as 13:00.
