Money & Exspenses
The unit of currency in Italy
is the lira. There are bills of 500,000 100,000 50,000 10,000 5,000
2,000 and 1,000 lire. Coins are 1,000 500 200 100 and 50 lire.
At press time, the exchange rate was about 1,700 lire to the U.S.
dollar.
Italy's prices are in line with those in the rest of Europe, with
costs in Rome comparable to those in other major capitals, such as
Paris and London. Depending on season and occupancy, you may be able
to obtain unadvertised lower rates in hotels; always inquire. If you
want the luxury of four- and five-star hotels, be prepared to pay top
rates, though.
When you make hotel reservations, ask explicitly whether breakfast is
included in the rate. By law, breakfast is optional, but some hotels
pressure guests to eat breakfast on the premises--and then charge a
whopping amount for it. Find out what breakfast will cost at the time
you book, or at least when you check in, and if it seems high, avoid
misunderstanding by clearly stating that you want a room without
breakfast.
ATMs
Cash Advances: Cirrus, Plus, and many other networks that connect automated teller machines operate internationally. Chances are that you can use your bank card, MasterCard, or Visa at ATMs to withdraw money from an account or get a cash advance.
Exchanging
Currency:
For the most favorable rates, change money at banks (unless the lines are too long; it may not be worth wasting precious time to gain a few hundred lire). You wont't do as well at xechange booths in airports or rail and bus stations, in hotels, in restaurants, oe in stores. Exchange agencies in Rome may be competitive with the banks.
Costs
Admission to the Vatican
Museums is 15,000 lire. The cheapest seat at Rome's Opera House runs
25,000 lire; a movie ticket is 12,000 lire. A daily English-language
newspaper is 2,400 lire.
A taxi ride (1 mile) costs 10,000 lire. An inexpensive hotel room for
two, including breakfast, is about 170,000 lire; an inexpensive
dinner is 38,000 lire, and a 1/2 liter carafe of house wine, 4,000
lire. A simple pasta item on the menu runs about 12,000 lire, a cup
of coffee 1,200-1,400 lire, and a Rosticceria lunch, about 14,000
lire. A McDonald's Big Mac is 4,800 lire, a Coke (standing) at a
café is 2,200 lire, and a pint of beer in a pub is 7,000
lire.
Taxes
Hotel
The service charge and the 9% IVA, or VAT tax, are included in the rate except in five-star deluxe hotels, where the IVA (13% on luxury hotels) may be a separate item added to the bill at departure.
Restaurant
A service charge of approximately 15% is added to all restaurant bills; in some cases the menu may state that the service charge is already included in the menu prices.
VAT
Value-added tax (IVA) is 12% on
clothing, 20% on luxuries. On most consumer goods, it is already
included in the amount shown on the price tag, whereas on services,
it may not be.
To get an IVA refund, when you are leaving Italy take the goods and
the invoice to the customs office at the airport or other point of
departure and have the invoice stamped. (If you return to the United
States or Canada directly from Italy, go through the procedure at
Italian customs; if your return is, say, via Britain, take the
Italian goods and invoice to British customs.) Under Italy's
IVA-refund system, a non-EU resident can obtain a refund of tax paid
after spending a total of 300,000 lire in one store (before tax--and
note that price tags and prices quoted, unless otherwise stated,
include IVA). Shop with your passport and ask the store for an
invoice itemizing the article(s), price(s), and the amount of tax.
Once back home--and within 90 days of the date of purchase--mail the
stamped invoice to the store, which will forward the IVA rebate to
you. A growing number of stores are members of the Tax-Free Shopping
System, which expedites things by providing an invoice that is
actually a Tax-Free Cheque in the amount of the refund. Once stamped,
it can be cashed at the Tax-Free Cash refund window at major airports
and border crossings.