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Banking

Discussion forum for expats moving to or living in Italy.

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Banking

Post Posted: Sun Mar 13, 2005 10:49 pm

We are trying to decide to move or not to Northern Italy, Belluno. My wife is Italian and I'm applying to be a citizen. Our kids are already. We would live in an apartment owned by her family. Aside from the issues of making the decision - there are many. I am wondering what is the best way to handle the banking. We would have income partially from retirement for me and some from work and renting our home here. We have plenty of good contacts in Italy and I have spent enough time there over the last 9 years to almost know what I'm getting into if we move. I speak enough Italian to get by and my kids are fluent in English and Italian, they are 5 and 3. On the banking issue I'm thinking atm, credit card for our account in the US and an account in Italy. Actually my wife has one already. Then I'm thinking of transferring money in blocks as we use up her account. But I'm open to other suggestions.

On the subject of the move decision, we have struggled with it for more time than I'd like to admit. It's hard to leave San Diego for a cold climate, etc. but family is in Italy and the Dolomites are beautiful.

 

jhelm
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Re: Banking

Post Posted: Mon Mar 14, 2005 12:35 am

A very warm welcome to Expat Focus!

Sounds like you've got a great advantage over most other potential expatriates with having family and friends already in the destination country...wonderful! I've talked to our resident Italian expert about your banking situation and your proposed solution seems to make sense. Perhaps some things to consider are whether or not you already have any connection to your wife's account through marriage (were you married when the account was first opened)? If not, is a joint account something which might be of interest in the future? If you're going to be transferring money at regular intervals what's the best way to minimise charges? Can your bank give you a better deal than that generally advertised or would the services of a foreign exchange company be useful? Do you want to start building a credit history for yourself in Italy, etc? If so what's the best thing to do with your finances once you've gained citizenship? If there's anything specific you're concerned about please feel free to reply here or drop me a private message and I'll see what I can find out.

I just took a look at a few picture of Belluno on the web...I can see why you're tempted.

Kind regards,

Jamie


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Jamie
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Re: Banking

Post Posted: Mon Mar 14, 2005 5:20 am

Thanks, some good points. She had her account long before we were married and I have left it alone as a kind of savings for her so maybe we need to change that or set up a new one. I'm going to do some research. I will have other questions I'm sure.

As you saw Belluno is a beautiful city at the foot of the Dolomites. Not much of an expat community if any there as far as I know.

 

jhelm
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