Milan Train Station called Milano Centrale is the main railway station in Milan, the city in Italy. If you are planning to travel by train from/to Milan, in most cases Milano Centrale station will be your best choice. You can find currency exchange at Milan Railway Station but don't expect to get a fair foreign exchange deal there.
Currency Exchange Offices at Milan Train Station
During our visit, we've found two currency exchange offices on different levels of Milano Centrale station. However, both offices were managed by the same company and therefore offering identical foreign exchange rates. Milan Railway Station’s currency exchange offices are run by ForexChange that is managing currency exchange offices at other train stations in Italy as well.
Finding a place to exchange your currency at Milano Centrale is not difficult, just look for the shop displaying the sign "Change" or "ForexChange" that can be easily noticed even at the large train station as Milan Train Station is.
Here you can exchange your foreign currency to Euro (EUR) and vice versa.
On Google you can find lots of negative reviews about the money changers at Milan Train Station as in addition to the displayed exchange rates being unattractive they are also charging a fixed fee and commission that is extra to their markup from mid-market rates. The fixed fee and commission rates are not clearly displayed and not communicated as they should be but the money changer is additionally charging its customers at least 5 EUR fixed fee and 19.9% commission. The staff is usually not providing such information in advance and ask customers to sign acceptance of conditions even if they are not really aware of them.
It's not clear if they are charging the same fee and commission in all cases so make sure to ask about them before handing over your money if for some reason you would decide to exchange your money there. But why would you???
To get a fair exchange rate at Milan Train Station, use the Wise Card and withdraw money from ATM.
Currency Exchange Rates at Milan Train Station
On the day of our visit, currency exchange rates at Milan Train Station were not competitive even without taking into consideration the fixed fee and huge extra commission charged on top of that.
How bad currency exchange rates can be expected at Milano Centrale Railway Station?
USD to EUR exchange rate at Milan Train Station
The mid-market USD exchange rate on the day of our visit was 0.9801 US Dollar for 1 Euro, so the rate offered at train station (1.100 USD/EUR) was by 0.1199 USD or 12.2% worse than the exchange rate at the market.
As it's only the difference between the displayed exchange rate and the mid-market rate, you need to add 19.9% commission and at least 5 EUR fixed fee to this markup so you could know how much money you are losing by exchanging currency here. Depending on the amount exchanged, you would be losing about 35-37% of your money by exchanging your USD at Milan Train Station. Sounds like a theft, not a deal!
GBP to EUR exchange rate at Milan Train Station
The mid-market GBP exchange rate on the day of our visit was 0.8788 Pound Sterling for 1 Euro, so the rate offered at train station (0.922 GBP/EUR) was by 0.0434 GBP or 4.9% worse than the exchange rate at the market.
Even at this level the exchange rate is worse than you could get at any reputable currency exchange office. Add 19.9% commission and fixed fee to this rate and by exchanging GBP at Milan Train Station you will be losing about 1/3 of your money.
Exchange rates of other currencies at Milan Train Station
As you can see above, exchange rates for the most popular currencies at Milan Railway Station are far from being competitive and are much worse than your bank would use for your international ATM withdrawals. However, for less popular foreign currencies expect to get even worse exchange rates here!
The mid-market CHF exchange rate at the time was 0.9657 Swiss Franc for 1 Euro, so the rate offered at the railway station (1.060 CHF/EUR) was by 0.0943 CHF or about 9.8% worse than the market rate. Extra 19.9% commission and fixed fee makes you loose more than 1/3 of your money with such a "deal".
The mid-market AUD exchange rate at the time was 1.5271 Australian Dollar for 1 Euro, so the rate offered at Milano Centrale Train Station (1.653 AUD/EUR) was by 0.1259 AUD or about 8.2% worse than the market rate. While the displayed exchange rate might not look the worst that you can get for your Australian Dollars in Europe, take into consideration the hidden 19.9% commission and fixed fee, and your loses on such transaction will be close to 33% of your foreign currency value.
In most cases you will be losing about 1/3 or even more of your money if exchanging any of less popular currencies at Milan Railway Station. Avoid exchanging your currency here!
Tips
If you need cash at the main train station of Milan, it might be better just to withdraw money from ATM. To get the best exchange rate on your withdrawals, make sure to use the Wise Card.