When we ran our Rome B&B, we got a lot of questions about money matters by people trying to plan their trip to Rome.
This page is to help you prepare the money part of your trip by answering:
These money issues have their own dedicated pages:
This is obviously pretty subjective.
For the purposes of budgeting, here is what you might spend minimally per day (per person) in Rome:
Use the currency converter below to see the current exchange rate for your currency to Euros.
Some things to note:
There are usually two factors at play when you change currency: the exchange rate and related fee over that rate; and the transaction fee.
The exchange rate starts with the interbank rate on a given day. Then there may be a surcharge such as for using an ATM card or credit card.
But there may ALSO be a transaction fee. This could be imposed by the ATM, YOUR home bank, and if you are using a credit to withdraw cash, the credit card company might also take a fee.
Here's what to look out for:
If you exchange money at a currency exchange, you will often see them advertise "no fees!"
But they have to make money so instead, they just charge more than a typical ATM or bank or credit card. So they don't charge a fee, per se, but really they do. It's just the markup on the exchange rate.
So if you go to a currency exchange bureau, you might want to check the FINAL amount against what you could get by going to an ATM.
I used to say that using the ATM was the best way to get a good exchange rate but now I've noticed that the banks can use varying exchange rates, or they charge high fees for the service, on TOP of what your bank at home charges.
So unless you want to go testing out a bunch of ATMs, you just have to accept that this is the cost of travel.
It may be convenient to take out more money at once, to avoid per-use ATM charges.
Credit card companies typically charge 2-3% over the interbank rates.
I frequently come across POS systems that recognize that my card is American and ask if I want to pay in Euros or in US Dollars. The POS (which is a tool of the bank that the merchant is using) is offering to handle the exchange before it hits my credit card.
I always choose to pay in Euros as I'd rather my credit card company do the exchange than the POS bank here.
It may not be a huge difference but in my experience, you get a better exchange rate this way.
Regardless of your budget, you should plan to arrive in Rome with at least a little cash, especially if you are flying here.
You will need some cash to get into Rome, whether by car service, train or bus.
And even if you have prepaid a car service, you should always have some Euros on hand.
For example, tipping is only acceptable by cash. You cannot put a tip on a credit card bill.
There are ATMs in both Rome airports, but they are not bank ATMs, and you will probably get a hefty surcharge for using them.
Of course you can use these ATMs if you didn't bring money with you, but to avoid heavy fees or sub-optimal exchange rates, I recommend you get at least 100€ at your bank at home before you travel.
I remember when it was a must to get travelers checks before any trip.
But now, it seems a bit outdated.
You won't be able to spend them anywhere. You will only be able to exchange them at currency exchange offices or banks.
You would do better simply using your ATM card to get cash as you need it.
If you don't have an ATM card or debit card, or prefer not to use one, then yes, travelers checks are safer to carry than cash.
But if you have a debit card, skip the travelers checks.
The answer to this is . . . yes and no.
Italy has a large cash-based economy.
While the vast majority of businesses are required to accept credit cards and debit cards, some do so grudgingly. (FYI in Italy, a debit card is called bancomat.)
When they do accept card payments, they often don't take American Express. (They think Amex charges higher fees, but we know from having run a business here that it's not that complicated to get a lower fee as a merchant. But this prejudice remains and you will very often find that businesses in Italy don't take Amex.)
Post-Covid lockdowns, many businesses embraced the contact-less payment system that now comes standard with many credit cards and debit cards.
So you will likely find that available.
On the other hand, and even despite a more positive attitude towards contactless payments, a merchant may encourage you to pay cash (by offering a cash discount), and in some cases, will say their POS is out of order, or their lines are down, or today their credit card system is not working, etc.
Believe me this is very common, so make sure to go around with about 50-60 Euros spending money at any given time, just in case.
Look how easy it was for me to find these signs in Rome. And I only posted these 3.
This is especially true of small businesses, little boutiques, mom-and-pop trattorias, and small-priced service items like tours, laundry, audio guides etc.
Taxis in Italy are required to have POS system in their cabs. And so they do. However, sometimes if you just walk up to a driver and ask if you can pay with credit card, they will say no.
This is one reason I use an app to book my taxi! I can pay with credit card right in the app.
As I've said above, you should actually avoid bringing your own currency to Rome and other Italian cities.
Plan to use credit cards when possible, and take cash out of ATMs as needed.
But, if you do have non-Euro currency, and want to change it to Euros, there are plenty of currency exchange offices in Rome.
Avoid the ones at the airports, where you are held hostage to higher fees or lower exchange rates.
The American Express office at the Spanish Steps is gone.
The biggest concentration of currency exchange bureaus is inside or near Termini Train station.
The easiest way to find a currency exchange bureau near you is to use an app map such as Google maps. Just type in "currency exchange" and you'll see them on the map.
Here are some places you cannot change money in Rome:
You can find ATMs pretty much everywhere in Rome, and you should be able to use your debit card or credit card at most of them to withdraw cash.
I get asked this a lot so I will answer here: There is not a Citibank ATM in Rome, but you can still use your Citibank card at ATMs on the same network to withdraw money.
Many ATMs have a 250€/day limit.
Your bank at home may also have a daily limit.
But some banks, such as Banca di Roma, BNL, and Credem, will let you take out more.
Just try a higher amount and see if the machine will let you.
This is possibly the best money-tip I can give you.
It amazes me that more people don't think about getting travel or trip insurance.
I know many people think their credit card covers them for some trip insurance but I urge you to read the fine print.
Your credit card does not cover you for as much as you think!
I think it may be because a lot of people don't know it exists.
Travel insurance will protect you for a variety of travel-related problems and subsequent money losses/charges.
Plans range the gamut for flight cancellation/delay-compensation, to medical evacuation.
You can get a plan that covers you on a yearly basis or on a per-trip basis.