Banking in Italy

Banking in Italy

by Stripes Europe
Stripes Europe

EURO BANKING

Getting an account through an on-installation credit union or bank will eliminate headaches when paying bills, transferring money, making purchases, getting cash and managing funds between dollars and euros.

EUROPEAN DEBIT CARDS

  • Many Italian businesses, especially smaller businesses, do not take credit cards.
  • Always carry euros when off-installation.
  • There are usually transaction fees when using debit cards, hence why using cash is more efficient.

MILITARY INSTALLATION BANKING OPTIONS

Credit Unions

Credit unions are owned and operated by their members. Members’ savings are combined to create a pool of funds from which other members can borrow. Members then reap the rewards of their pooled investment income by gaining lower loan rates, higher savings rates and additional services.

Banks

  • Bank of America provides convenient and affordable banking services and financial information to help support service members, base organizations and mission readiness.
  • Community Bank is located in 10 countries across the globe, with 60 Banking Centers and over 270 ATMs.
  • Call toll-free: 00-800-BANK-EASY (00-800-2265-3279) from 9 a.m. to 4 p.m., Monday through Friday, except on holidays.

 

PAYING BILLS

The Italian banking system differs from the U.S., so you may be a little confused the first time you need to pay bills for Italian services.

To set up automatic transfers and automatic direct debits, you’ll usually need a funds transfer form.

To fill one out, you’ll need to know:

    •  The euro amount due

    • International Bank Account Number (IBAN)

    • Bank’s Identifier Code (BIC)

    • Account or reference number on file with payee

     • The payee’s name

 

BEWARE OF FEES

  • Off-installation ATMs may require transaction fees.
  • Minimize fees by setting up an Italian bank account but know the conversion rate before depositing dollars.
  • You may be better off exchanging dollars for euros before transferring funds.
  • The DoD will not deposit paychecks to Italian banks.

 

EUROPEAN BANKING SERVICES AVAILABLE TO YOU

  • 24-hour telephone access
  • Savings and checking accounts
  • Branch/online loan applications and support
  • Free transfers between participating institutions
  • ATM access worldwide
  • U.S. credit and debit cards
  • Automatic bill payments
  • Credit and debt counseling
  • European debit cards
  • Online bill pay – U.S. and foreign banks
  • Online statements
  • Retirement and 401(k) management
  • Currency conversion
  • Mobile banking and smartphone apps
  • Smartphone check depositing

 

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