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Costs, Money And Banks in Italy
The best rate of exchange you will obtain in Italy is from the banks. However, the easiest way of making transactions is supposedly by using credit or debit cards. These, together with your personal identification number (PIN), give you access to cash dispensers (or Bancomat in Italian). All major cards are accepted and ATMs to be found all over Italy, even in small towns. Cards can also be used for cash advances over the counter in banks and for payment in most hotels, restaurants, petrol stations and some shops. For all these transactions you will pay a fee of 1.5%.
As in other countries, co-operative banks were established to offer loans (particularly home loans) to their customers. Co-operative credit banks are rural and artisan savings banks funded and owned by farmers and craftsmen. They comprise the largest number of banks (over 500) in Italy, but because their average size is very small they account for just a tiny percentage of total deposits. The Banca d’Italia is owned by the public sector banks and is the only bank permitted to issues notes in Italy.
The Banca Commerciale Italiana, Banca Nazionale del Lavoro, Cassa di Risparmio, Banca di Roma, Banco di Napoli and Banco di Sicilia all have nationwide branch networks. The top ten banks hold some 35 per cent of total bank assets. Creditwest, a joint venture between Credito Italiano and the British National Westminster Bank, has around 30 branches in Rome, Milan and Naples. The post office serves as a savings bank for many Italians and foreign residents, although non-residents aren’t permitted to open a post office account.
 The euro
Average costs
Credit and debit cards, and travellers' cheques
Banks and exchange
Emergency cash
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