Money & Banking

You should make arrangements for your travel funds early.  For your initial expenses, you should have immediate access to approximately €2,000. This will cover your first month’s rent, permesso di soggiorno, book purchases, personal expenditures, as well as allow for unanticipated expenses. We also advise you to change $200 into Euros before arrival or at the airport. ATMs are readily available at airports and around town but check with your bank for information on transaction fees before leaving.

Nowadays, a credit/debit card is probably the most reliable method for changing money in Italy- Visa and MasterCard are the most common. They also give you the opportunity to change money as you need it, and possibly at a more favorable rate of exchange.

You should be aware that it is impossible to cash personal checks in Italy if you don’t have an Italian bank account.

You may choose to open a checking account in one of several banks in Florence. If interested, please ask staff for further information.

 At the end of your stay in Italy, remember to close your account if you opened one. You should be certain to follow the bank’s procedures, which involve not using your account several days prior to the official closing of the account. Violation of these procedures will jeopardize the possibility for future students to open accounts.  In addition, if you do not close your account, the next time you return to Italy, you may find you owe the bank for their services in your absence.

If you choose to open a bank account in Italy, you can arrange with your bank to transfer funds directly to the Italian account. Your bank will ask for the bank name and address, the account number, routing number, IBAN, and SWIFT/BIC.  This type of money transfer is the easiest and the least complicated way of receiving funds from the United States. It takes approximately five business days (depending on your bank) for a transfer to clear. Of course, there is a service charge. For those students who plan to receive money orders, we recommend that they have them sent via FedEx, which takes about two working days.

Every bank in Italy has an ATM that can be used to obtain cash advances in Euros from credit card accounts or to withdraw money directly from U.S. banks connected to Cirrus, Plus, or other networks.

Banking hours in Italy are normally 8:20 to 13:20, Monday through Friday. There is also an afternoon opening hour, which varies from bank to bank (usually from 14:45 to 15:45).

Money Transfer Services

Some students prefer to use Western Union, Xoom, or another money transfer service to access their money.  These services permit students to obtain a larger amount of cash all at once, which cuts down on transaction fees.

How to use Western Union:

  1. The sender (parent, guardians, self, etc.) should set up an account through the Western Union website or app.  The account holder will be asked for the sender and the recipient’s personal information (local address, contact number, etc.).
  2. After the sender transfers the money, they will receive a confirmation email from Western Union.
  3. The recipient will need to bring a government-issued photo ID and the tracking number (MTCN)—which is included in the confirmation email—to pick up the transfer at any Western Union location.

Additional Information and Tips:

– The sender will have the option of transferring the money directly from their bank account or from their credit card.

– The transfer fee varies by destination.  It is best to check the website first before initiating a transaction.

– The first transfer takes approximately 4 to 5 business days to be processed, but subsequent transfers can be processed the same day the money is sent.

– Look at the exchange rate before making the transfer to maximize the amount of currency one can receive.

– The Western Union agent will ask questions about the sender’s basic information (name of sender, location of transfer, amount of transfer, etc.), so don’t be alarmed.

– Try to find a Western Union branch that is bigger, since smaller offices often do not have the money to cover large transfer amounts.