Foreign exchange may be sold or acquired from the Bank of Italy or any of the banks authorized by the Bank of Italy. In practice, all commercial banks are authorized to conduct foreign exchange transactions. Dollar currency, travelers checks, and, in some cases, personal checks, may be exchanged at banks, exchange offices, and authorized tourist offices and hotels. Major credit cards are accepted with proper identification. It is best to first confirm what form of payment is accepted.
Italian banks are subject to close government supervision.
The Bank of Italy must authorize the establishment of a new bank. Until 1993, the Italian banking system was divided into two categories, differentiated by length of lending authorized. The Single Banking Law passed in 1993 abolished this division, effectively allowing all Italian banks to lend at any maturity. Short-term business and trade finance is available from a wide range of Italian and U.S. banks. U.S. firms desiring to finance major portions of their capital investment outside the United States may find capital available in the Eurodollar market.