5. How will you pay the ongoing costs associated with owning a property in Italy?
Once you have moved to Italy, you will need to ensure any regular bills and mortgage payments are covered, as well as ongoing maintenance, amenities, and so on. Remember that if you are paying these in another currency, the same currency market
movements will affect the price of these payments. Consider any recurring and regular payments
needed and discuss with an expert at Halo Financial how you may be able to save money on these and the best way to set up and make those international payments.
6. Do you have a bank account in Italy?
Italy’s largest banking group is by far and away Intesa Sanpaolo which boasts over 5,600 branches and almost 11 million Italian customers. Other large Italian banks include Che Banca (the retail banking arm of international conglomerate Mediobanca) and Monte dei Paschi di Siena, which has around 3,000 branches and 4.5 million customers. It is arguably one of these larger organisations that you should consider opening a bank account with. Not only are these banks more likely to have offices in your home country – and have branches near the area you are looking to settle in – but they are also more likely to offer international services and have English speaking staff; something that regional banks are unlikely to be able to offer.
The larger banks are also almost certain to offer services such as free internet and telephone banking – again these are products which are not available at all regional banks as yet. If you don’t live in Italy then it is possible to open a non-resident bank account (conto estero).
However, only foreign currency or imported euros may be paid into such an account.
The process for opening an Italian bank account is similar whether you are a resident or non-resident of the country. In almost all instances you will need to be present in an Italian branch of the bank to open an account (arranged appointments generally aren’t necessary) and you will need to bring the following documents with you: Passport, Tax number (Codice Fiscale
), a recent utility bill (as proof of address) and, if you’re an Italian resident, your residence card or proof of employment in Italy.
A Codice Fiscale
is needed by everyone in Italy (be they Italian or foreign; resident or non-resident) who needs to conduct practically any everyday activity, from registering with the health service to opening a bank account. Banking charges in Italy do exist, so it can be worth taking some time to see what accounts you are eligible for, and how they compare financially, before opening one.