Banks in Italy Key Terms

Learn some words that will help you start banking in Italy.
By Geraldine McGowan 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.
 

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.
Try: 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.
Try: 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.
Try: 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.
Try: 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.
Try: 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.
Try: 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.