I'm in a similar situation, except my old accounts are in the US. I have checking, savings and IRA accounts in the states. I have, however, left them there and plan on leaving them there, since, like you said, it can be helpful when traveling. Also, when I travel, I always check flights from my home Canadian computer, as well as ask my parents to check flights with their US IP adress - you'd be surprised at how prices can change depending on who is looking in what country. Might give that a try next time you fly to Europe - if you buy through a European IP adress, it could be helpful to pay with a European account.
All this being said, do you have a European credit card for when you travel? Regardless of whether you are losing purchasing power with where the Euro is at the moment, I still think that in the long run, it's better to leave it there and use it when you travel to Europe, then to transfer it now and lose a large chunk in the transfer. Can you at least invest part of it do keep increasing its worth?
Another note, remember that if you do transfer it, depending on its status in Italy (if it is an investment account for example), you may have to pay taxes when you bring it over. My father (who is from Québec), had an old account opened when he was in undergrad. The account is now worth substantially more simply from 40 years of accumulated interest and dividends. He never declared this to the US government simply because he has never used it since he left in the 1970s. If he transfers it back to the US, he would have 40 years of taxes to pay. So it will stay here because it would be too much of a hassle to bring it. My parents plan on using the money to buy a condo now that they are retired and would like to have a second home in the homecountry. Might be something to think about for you as well? Or if your kids decide to go to Uni in Europe for example?
