The euro (€) has been the currency in Italy since it replaced the Lira in 2002. You will see the euro displayed with its official currency code of EUR at Moneycorp. Administered and managed by the European Central Bank, the euro is the world’s second most-traded currency after the U.S. Dollar. £1 is worth €1.12 at 6.30pm on 7 February 2023.

Where to live in Italy

Where you choose to live in Italy depends on your reason for moving to the country and the lifestyle you want to enjoy. Approximately one-fifth of British expats live in the Lombardy region, with some of the most popular cities being Milan, Brescia, and Bergamo. Others have chosen to live in the Lazio region, especially in and around Rome, while yet others have moved to Tuscany and its cities of Florence and Siena. Some expats have headed south to Campania and the city of Naples.

While some cities are more expensive than others, you should find that the cost of living in Italy remains significantly lower than in the UK. According to the 2022 Mercer Cost of Living Survey, Milan is the world’s 48th most expensive city to live in, while Rome is 57th on the list.

How much does accommodation cost in Italy?

The cost of accommodation in Italy, Rome included, is noticeably cheaper than in the UK. This certainly helps keep the cost of living lower than in UK cities such as London.

(All figures taken from Numbeo.com and exchange rates calculated on 7th February 2023 at 18:30pm).

Rome

Naples

Milan

How much does transport cost in Italy?

Italy has a well-connected and well-maintained public transport system and road network. While cars and petrol are priced similarly to what you would pay in the UK, public transport is much cheaper, which can help to keep the cost of living in Italy low. Public transport options include buses, trains, trams, metro systems, and ferries. Metred taxis and ride sharing services are also available.  

The cost of living in Italy for international students

The cost of living in Italy for international students can be relatively steep, with the biggest expense being tuition. Public university fees are based on discipline and degree type, and can cost up to £4454.48 per year. The cost can increase if you are a non-EU/EEA citizen. Private university tuition fees can range between £2672.68 and £31181.33 per year.

You should look at budgeting between £623.63 and £890.89 per month for your other living costs, including accommodation, food, public transport, and entertainment/leisure. This amount can be higher, depending on the location of your university. For example, the average monthly living expenses for students in Florence range between £757.26 and £1158.16. Budget for between £267.27 and £534.54 per month for accommodation and between £80.18 and £231.63 per month for utilities.

What is the cost of living in Italy compared to the UK?

While accommodation and public transport in Italy are cheaper than in the UK, you may find that you pay the same price or slightly more than you would in the UK for food, groceries, and various goods and services. The table below offers a good idea of the cost of living in Italy vs the UK.

Sign up for a personal account with Moneycorp

It’s important to be able to send money to Italy conveniently, securely, and at competitive rates, whether you’re moving to the country for studies, work, or your retirement. Sign up for a Moneycorp personal account and not only make this possible, but also take advantage of our other products and services.