Banks in Italy Basics
Getting the skinny on banks in Italy
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.
Get an overview of Italy commercial banking
It is important when doing commercial banking in another country to get information from government authorities beforehand.
Try: 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.
Try: 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.
Try: 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.
- 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.
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