Using banks in Italy is easier since Italian banks adapted to e-commerce. Banking in Italy works well if you follow the social/business mores of the Italian culture. Some business owners prefer small Italy banks because they are able to develop personal relationships, which helps to get things done in Italy.

Using the Italy banks for corporate checking accounts saves money on exchange rates. Italy commercial banking charges higher fees for non-resident customers. Competition among banks will get you better rates, but do follow the cultural protocol for doing business in Italy.

1. The Bancomat card, a debit card accepted throughout Italy, will get you cash if your credit card isn't accepted for services or purchases.

2. Italy banking institutions will give you informed advice on cultural and economic conditions affecting your business.

3. Italy banks pay interest rates on checking accounts, some as low as 0.5% but look for higher rates.

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Open a business account from one of the banks in Italy

Prepare yourself for high fees when you open an account with a bank in Italy. An EU survey found that Italian banks charged the most of any European country, six times the average in Europe for transaction and maintenance fees.

I recommend: An online business account from Poste Italiane, the Italian postal service, includes financing, credit cards and money transfers. Its network is throughout Italy--important if business requires travel throughout Italy. Intesa San Paolo is experienced with corporate, commerce and market banking. If your business is global, Intesa San Paolo's network, support and financial instruments can work for you. Click on the English button.

Check into financing using banks in Italy

If your business in Italy is growing, Italy banking institutions provide financing.

I recommend: Cassa di Risparmio di Savona is not a power bank but it does commercial banking in Italy, providing loans and funding to businesses. Banca Agricola Mantovana S.P.A. is a larger Italy bank providing corporate banking in Italy.

Dress for success for Italy commercial banking

Using a bank in Italy will allow you to make personal connections in other sectors of your business--whether you need to hire employees or want your business to be recommended by your Italian contacts. For those reasons, it is important you follow Italian customs with regard to dress, speech and manners.

I recommend: Communicaid is a culture consultancy firm that provides courses for doing business in different cultures. Its website gives important information on how to conduct business in Italy. The Chamber of Commerce of Treviso website gives information (in English) about starting businesses. You can email it for advice on using banks in Italy.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Banking in Italy is getting more competitive in terms of fees and charges, so shop around. You are likely to find English-speaking bankers in the foreign exchange departments.

Italy banking institutions give your business an advantage if you are considering expanding into Europe. Banking in Italy allows you the opportunity to work with a financial institution with knowledge about local economic conditions. Italy commercial banking also helps you find and deal with the right people.

Banking in Italy helps you transition into a new market for your business. Italy banking institutions make customer service a top priority and want you to be confident that your funds are safe with them. When exploring banks in Italy, think about the following points:

1. Inquire about the type of accounts you can open at a bank in Italy; some banks only provide service for business and investment options.

2. Look for bank names you recognize with branches in Italy.

3. Find out which banks communicate in your native language; many banks provide representatives who speak English, as well as other major European languages.

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Work with Italy banking institutions with investment service

If you need an investor for your venture or a basic business loan, you can find Italy banking institutions willing to provide the funding. Italian bankers are enthusiastic about supporting your plans to expand in their country. Compare Italy banks that advertise funds for new projects.

I recommend: Check out UniCredit’s Markets & Investment Banking Division. UniCredit is one of the largest banks in Italy. Calyon Group, another power player in Italy banking, offers a specialized Global Investment Banking division.

Use Italy Banks with a global presence

Many Italy banking institutions have a global presence and handle a variety of financial services, which include corporate banking, investments and personal accounts. You may find it easier to work with a bank with a US presence.

I recommend: Search ABN AMRO bank’s website, which provides a local presence locator. This bank services more than 60 countries and offers Italy commercial banking services for many different types of business, which include telecom, energy and healthcare. Merrill Lynch International, another global financial institution with branches in Italy, provides contact information online for global offices in Milan and Rome.

Compare services between large and small banks in Italy

A smaller bank of Italy may provide you with more personal customer service than some of the larger banks and may understand the local culture better than a global bank. Many Italy banks carry materials available for English-speaking customers. Establishing a working relationship with a smaller Italy bank may benefit you if the bank expands or grows into a larger power player.

I recommend: Find banks like Banca Agricola Mantovana, which translates its services into English. This bank has branches in the north Italian provinces of Lombardy, Emilia-Romagna, Veneto and Piedmont. Banca IMI, which offers corporate finance, is an investment bank with offices in Rome and Milan and maintains a website in English.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  To make the transition to Italy commercial banking smoother, find an account representative with whom you feel you communicate easily.

Banking in Italy is finally coming on board with e-commerce. Banks in Italy are culturally different than US Banks. They are both more formal and more personal than banks in the US. Commercial banking in Italy usually has English-speaking representatives in the foreign exchange departments.

Assess Italy banking institutions' commercial and individual accounts for exchange rates, banking terms and access. Business banking in Italy can be set up through US financial institutions that own Italian banks. The US Embassy and consulates in Italy provide information on Italian banks and finance, exports and imports and other areas of economic relations.

1. The Central Bank of Italy (Banca d'Italia) is the cornerstone of Italy's banking system.

2. Some Italy banks are owned by US financial companies. The most electronically oriented banks are found in Milan, Turin and Lazio.

3. Corporate banking in Italy is easier for US citizens if they are responsive to the nuances of the Italian culture.

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Get an overview of Italy commercial banking

It is important when doing commercial banking in another country to get information from government authorities beforehand.

I recommend: The US Embassy in Rome and its consulates in Italy will help you with banking procedures. They can give you information on what you need to provide to open an account with Italy banks and names of Italy banks that work with US businesses. The US Embassy provides advocacy for US businesses, help with import and export business and finance and banking information. Banca d'Italia can give you information on Italian regulatory requirements, tax responsibilities and currency rates.

Get familiar with the customs before working with Italy banking institutions

The Italian people in both life and business interact with one another more formally and yet more warmly than US people. When conducting business in Italy one should show respect by abiding by the customs of the country.

I recommend: Life in Italy in provides information on the protocol of doing any kind of business, including banking, in Italy. It gives you information on what to expect, how to dress and how to speak when conducting business. Trip Advisor gives it own brand of "Banks in Italy Basics" with info on the Euro and Italian coins in relation to US dollars and coins.

Consider using American-owned or US-based Italy banking institutions

There are US-owned Italian banks. Generally, this means these banks are up to snuff electronically and deal with American businesses. Italy banks with branches in the US is another way to gain access to Italian banks without a language barrier.

I recommend: GE Financial owns Interbanca, a commercial bank in Italy. The bank's focus is on business finance and lending for medium-sized businesses. Its website is in English. Italy in New York provides a list of Italian banks with offices in NY. Use one of these banks to investigate Italy commercial banking.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Banks in Italy basics begins with getting information from the sources mentioned above. It is helpful to speak with someone from a US branch of an Italian bank, because language isn't a problem.

If you want to do business in Italy, you should first learn some banking terms. As a foreigner, you will not be able to deposit Italian money into an Italian bank unless you establish that you are working there. Italy's economy is euro-based, but the bank of Italy is the central bank. It issues currency, makes policy and supervises Italian commercial banks. It is also a more formal country than the United States, and proper business attire is important when meeting with banks there.

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Conto estero

This is the Italian term for non-resident bank account. The Italy conto estero pays interest, but its fees are among the highest in all of Europe. You cannot deposit domestic, Italian euros into the account; only imported euros or money of another currency.

I recommend: AngloINFO explains conto estero and defines many other Italian banking terms as well.

Bancomat, or ATM card

A Bancomat card is the ATM card of Italy. If you open a bank account with an Italian bank, one is immediately issued to you. Bancomat is used all over Italy and has more ATM terminals than any other debit card in Europe.

I recommend: Trip Advisor, a travel website, has a lot of information on Bancomat cards.

Poste italiane, or the Italian postal service

The Italian post office is like a separate bank in itself. You can exchange money, get financing and that sort of thing. Italians use it as a savings bank.

I recommend: Poste italiane has a money transfer service that allows you to send and receive money across Europe.

Cultural protocol

Cultural protocol means adjusting one's behaviors, clothes and expectations to follow the customs of another country. Italian cultural protocol is more formal than in the United States.

I recommend: BusinessCulture.com explains Italian business customs.

Banca d'Italia, or Bank of Italy

The Bank of Italy is Italy's central bank. It sets interest rates and exchange rates, supervises the banks of Italy, and formulates and implements monetary policy.

I recommend: The Bank of Italy outlines its financial policies and other monetary information.

Correspondent banking

Correspondent banking refers to an agreement between two banks, usually located in different countries, that allows them to provide services for one another. U.S. banks with offices in Italy include Chase, Citibank, Morgan Guaranty Trust, Bank of New York and Bank of America.

I recommend: The US Commercial Service lists Italian banks that have correspondent banking relationships with US banks. The European Central Bank defines correspondent banking, as well as the correspondent central banking model.