Rome

Money & costs

Costs

Rome isn't a bargain destination. Two top-notch museums, an all-day travel pass, a cheap lunch, a couple of coffees and a decent restaurant dinner can easily set you back €80 a day, on top of your hotel bill. Add a few cocktails and a little retail therapy, and watch the figure soar. Seasoned budget travellers might get by on €40 per day, excluding accommodation expenses. Public transport is relatively cheap, and many museums are free to EU citizens under 18 and over 65 years and discounted to EU citizens aged between 18 and 24 years. It's also worth considering the various discounts available, such as the Appia Antica Card, the Archaeologia Card, the Roma Pass or the Museo Nazionale Romano Card, all of which are available at the monuments and museums they cover.

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Money

Italy is a member of the euro zone, along with Austria, Belgium, Finland, France, Germany, Greece, Ireland, Luxembourg, the Netherlands, Portugal, Slovenia and Spain. The seven euro notes come in denominations of €500, €200, €100, €50, €20, €10 and €5. The eight euro coins are in denominations of €2 and €1, and 50, 20, 10, five, two and one cents. For the latest rates check out www.xe.com.

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ATMs

ATMs (known in Italy as bancomat) are widely available in Rome and most will accept cards tied into the Visa, MasterCard, Cirrus and Maestro systems. As a precaution, though, check that the appropriate logo is displayed on the ATM before inserting your card. The daily limit for cash withdrawal is €250.

Remember that every time you withdraw cash there will be a transaction surcharge. Check with your own bank to see how much this is.

If an ATM rejects your card, don’t despair. Try a few more before assuming the problem lies with your card.

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Changing money

You can change your money in banks, at post offices or at a cambio (exchange office). There are exchange booths at Stazione Termini and at Fiumicino and Ciampino airports. In the centre, there are numerous exchange booths, including the following:

American Express (06 6 76 41; Piazza di Spagna 38; 9am-5.30pm Mon-Fri, 9am-12.30pm Sat)

Thomas Cook Travelex (06 420 20 150; Piazza Barberini 21a; 9am-7pm Mon-Sat, 9.30am-5pm Sun)

Post offices and banks tend to offer the best rates. Commission fluctuates and depends on whether you’re changing cash or cheques. A few banks also provide automatic exchange machines that accept notes from most major currencies. Exchange booths often advertise ‘no commission’ but offer worse rates.

Always make sure you have your passport, or some form of photo ID, at hand when exchanging money.

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Credit cards

Virtually all midrange and top-end hotels accept credit cards, as do most restaurants and large shops. You can also use them to obtain cash advances at some banks. Some of the cheaper pensioni (guesthouses), trattorias and pizzerias accept nothing but cash.

Major cards such as Visa, MasterCard, Eurocard, Cirrus and Eurocheques are widely accepted. Amex is also recognised although it’s less common than Visa or MasterCard.

The Amex office can issue customers with new cards, usually within 24 hours and sometimes immediately, if they have been lost or stolen.

If your card is lost, stolen or swallowed by an ATM, telephone toll-free to have an immediate stop put on its use:

Amex (800 91 49 12)

Diners Club (800 86 40 64)

MasterCard (800 87 08 66)

Visa (800 87 72 32)

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Travellers cheques

Increasingly overlooked by card-wielding travellers, travellers cheques are a dying breed. They are, however, an excellent form of back-up, especially as you can claim a refund if they’re stolen (provided, of course, that you’ve kept a separate record of their numbers).

American Express, Visa and Travelex cheques are the easiest to cash, particularly if in US dollars, British pounds or euros. Increasingly, though, banks are charging hefty commissions, even on cheques denominated in euros. Always take your passport as identification when cashing in travellers cheques.

If your cheques are lost or stolen, call the following:

Amex (800 91 49 12)

MasterCard (800 87 08 66)

Travelex (800 87 20 50)

Visa (800 87 41 55)

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Taxes & refunds

A value-added tax of around 20%, known as IVA (Imposta di Valore Aggiunto), is slapped on just about everything in Italy. If you are a non-EU resident and you spend more than €155 on a purchase, you can claim a refund when you leave the EU. The refund only applies to purchases from affiliated retail outlets that display a ‘Tax Free for Tourists’ sign. You have to complete a form at the point of sale, then get it stamped by Italian customs as you leave. At major airports you can then get an immediate cash refund; otherwise it will be refunded to your credit card. For more information pick up a pamphlet on the scheme from participating stores.

Note also that under Italian tax law you are legally required to get a receipt for any purchase you make. Although it’s highly unlikely, you could, in theory, be asked by an officer of the guardia di finanza (fiscal police) to produce a receipt immediately after you leave a shop. Without one, you face a fine of up to €155.

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Taxes & refunds

Non-EU residents who spend more than €155 at shops with a ‘Tax Free for Tourists’ sticker are entitled to a tax rebate. You’ll need to fill in a form in the shop and get it stamped by customs as you leave Italy.

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