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.
Some U.S. banks charge international transaction fees when using debit cards, so check with your bank
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 complete a transfer, 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
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
Check into Wise (formerly Transfer Wise) for easy bill paying of rent.
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
