Opening a bank account in Italy is a mountain of difficulties. Italian banks go through a lot of paperwork and background investigations. However, to have a bank account in Italy you don’t necessarily be a resident. In case if you are nonresident then only foreign currency must be deposited in your account that gives higher interest rates, and they are effective medium for money transfer.
Opening a bank account in Italy
If you are not a resident of the country yet, and you want to have an account in Italy then you must meet the bank’s management in person. Having neighbors, business partners, family and close friends in Italy can only help you in recommending and supporting but Italian banks insist in meeting with you in person. If you really want to trade and stay in business through banks in Italy then you must take some time out and meet the bank because trade is all about transferring money. Italian banks are a great way of sending and receiving money.
Open or current accounts are best for day to day transactions in Italy. For cheque accounts, make sure that you have debit card to pay all your bills and expenses. Interest on cheque accounts is less or around 0.5 percent. Some Italian banks offer the service of investment on your behalf. Suppose if you have more than €2,500 in your bank account then the extra amount will be invested in mutual funds.
Cheques are successful and world renowned medium of money transfer. Cross cheques have to be endorsed duly on the back of the cheque whereas open cheque are liable for negotiations of any kind. Beware that in Italy, you can be prosecuted for bouncing a cheque. Overdrawing and postdated cheques are not accepted in banks of Italy. You must follow the banking rules and regulations of Italy while you have a bank account there. Time to clear cheques varies greatly on the amount and to which bank it is referred to. It might take a week or just two days to clear a cheque.
Banks in Italy go through a long and hectic procedure of allowing and accepting your request to open an account if you are nonresident. Just be patient and cooperative. And comply with all the rules and regulations of banking in Italy, and then you will be all good to go for money transfer through them.