The official currency in Italy is the Euro, and you can exchange currencies or obtain more information about the rate exchanges at banks throughout Milan. That being said, there are a few guidelines that you can use to judge the average cost of living in Milan.

 A one litre bottle of mineral water will cost you approximately €1.20, or $1.71 in US dollars, and a three course meal with wine or beer will cost about €18, or $25.72. Again, you can get more information about the cost of items, and the current exchange rates from a Milan bank.