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Italy - Banking
• Banca Credito Italiano
• Unicredit Spa
• Banca d'Italia
All of these main local banks in Italy are able to benefit expats. Italian banks offer non-residential accounts, but only foreign currency is allowed to be deposited in the non-residential accounts. As a result, foreigners are charged much more interest than residents. Non-residents go through the same bank account opening process as citizens in Italy. First of all, the account must be opened face to face with a banking associate. The person must provide their valid passport, tax identification number, and proof of address to the banking associate. The screening process is no different than if a citizen of Italy were to be opening a bank account.
Contact Information for Italy's Main Banks
Banca Credito Italiano
Number: +39 02 88621 or +39 0286816401
Number: +39 06 47921
US and UK Bank Presence in Italy
The banks of many countries are present in Italy. Very few UK and US banks populate Italy. Certain Banks from the US are present in Italy, but there is no presence of ATMs. Also, withdrawing money in the country can be quite expensive because of transaction fees and percentages. Cash is recommended when visiting or first arriving in Italy, as it has the potential to save tourists and business people money. Instead of worrying about ATM costs, visitors should instead worry about conversion costs.
Typical Bank Opening Hours
Banking hours in Italy are a constant in every region. Typically, banks open at 8:30 a.m. and they close at 1:00 p.m. A unique feature behind the banks in Italy shows that they sometimes open and close throughout the afternoon. The typical bank in Italy may reopen at 3:00 p.m. only to close again at 4:00 p.m. Banks tend to differ in tourist-heavy areas and near tourist attractions, staying open from 8:30 a.m. to 4:00 p.m. They also tend to close on Saturday and Sunday and on the day before national holidays. Some banks may be open on Saturdays.
Types of Bank Accounts
Italian banks come in three types: credit banks, cooperative banks, and cooperative credit banks. Both residents and non-residents can open checking accounts or savings accounts. The checking account is used for any type of transaction. After opening a checking account, you are given a debit card and a checkbook. In Italy, debit cards are also called credit cards. Certain special accounts can be opened by children or students. Quite a few deals exist between different banks, and it is important to compare these deals before you make a decision.
As a whole, banks in Italy are not untrustworthy. For foreigners, bank policies for mortgages and loans are quite strict, but it is not uncommon for banks to lend up to 50% of a property’s value. Banks have a habit of giving foreigners loans in their home country’s currency. The country’s banks are experiencing instability due to economic failure. Currently, a large portion of Italy’s banks are in debt; the number of non-performing loans increasing exponentially.
Read more about this country
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