Banking in Italy
Banking in Italy
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 U.S. 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 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.
- Bank of America holds a contract with the Department of Defense (DoD) to provide banking and financial services through approximately 67 Community Bank branch offices and 300 ATMs located around the globe.
- Community Bank also provides an interactive banking service so that you can access your account anytime, from almost anywhere. 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.
- 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 depending on your account services.
- You can minimize fees by setting up an account with an Italian bank but know the conversion rate before depositing U.S. dollars to the account.
- You may be better off exchanging U.S. dollars for euros before transferring funds.
- The DoD will not deposit paychecks to Italian banks.
- 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 U.S. dollars and euros.
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
- 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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