839 American banks in Italy

When I frist moved to the uk I asked my italian bank which was their business partner in the Uk, and they told me Barclays. right. So I opened my account with them.... but then it turned out that when I had to transfer some money from an account to the other I still had to pay the normal fees...

So not a good deal. I would anyway ask your bank in the US and take it from there.

Where about in Italy will be looking for a property?

as a company we operate in the North, in Piemonte.

Paola

Paola is right, even if your bank has branches in the USA and Italy you will still lose out on exchange of currency and on the charges for transferring funds. There's no particualr advantage to having the same bank in both countries.

You may find Republic National Bank to be useful in the USA because they are part of HSBC which is a large multinational with branches in (some) major Italian cities. However the banks I see in Italy are very small, regional and in general not affiliated with any US or UK banks.

We keep a bank account in Italy and transfer funds using a currency broker to get the best exchange rates. Our UK Bank charges too much for transfers.

Both my cousins in Italy work for a bank. One of them works for a small one, in Alba, and the customer service is really good. Small bank tent to employ younger and more informed staff... So I would avoid as hell the big ones ( I am not writing the name...), my Mum and Dad have business in Italy and they to close their account with the big bank an open it in a small one.

Much better.

Paola

Many thanks to everybody for the advice. I'm looking for a small property at Le Marche - didn't really start a process yet but want to collect some information. I understand that I'll have to pay for a currency exchange, I'm just concerned with an opening an account in Italy - I've never done this. I thought that it would be easier to transfer between two branches of the same bank.

Steve - your remark about the currency broker is very interesting: what the name of this broker, how can I access this person ?

Thanks
Mike

The one I use is Currencies Direct, there are many others. I suspect that you will probably want one in the USA rather than London, because you'll want to start in dollars, not pounds.

[url]http://www.currenciesdirect.com/[/url]

But I suggest that you prowl around for someone in New York.

You will find that Italian bank charges are in general are a little more expensive as they tend to charge for most of the services they provide.

Your best bet is to open an account locally to where you intend to buy and live. An introduction by your agent, adviser or anyone you know personally in Italy is usually a good way to go about it. You can also arrange for your local bank to pay your utility bills and council tax etc when you are absent.

However, before you can open a bank account you will need to get yourself a codice fiscale (like your social security number) before you do. If you contact the Italian Consulate nearest to you they should be able to issue one. Alternatively, your legal advisor or agent can handle this for you.

When you do open the account make sure that someone who can read the small print and explain what the charges are is with you. In many cases bank clerks will not always take the time to explain the charges to you. Carefully scanning the documents might provide the opportunity to make some savings in fees, commissions, charges and interest rates, or get a better rate of return on any money deposited for example. It is always worth doing.

Charles,
Browsing through a lot of links on these forums during a few weeks I joined "the gang" I noticed your comments in many threads. I’m just amazed by a wealth of details you provide on any subject, your obvious professionalism and a broad expertise. I’ve read a few of your articles in Italy magazine and see that you really love this country and ready to help people moving into such a complex adventure.

I have nothing to say except – if I ever decide to get a house in Le Marche - with no doubts, my absolute preference would be your company.

Thanks again.
Mike

Mark,
le marche is a beautiful place. have you shopped around? do you know Piemonte at all?
I am sure you will find you way through the banks, as we say in Piemonte, [I]Lung la stra 's rangia la soma[/I]... in dialect. it means that you will fid tha best way to do things along the way....

Best of luck

Paola