Using Banks in Italy

Using banks in Italy for your business

By Geraldine McGowan

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.

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.
Try: 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.
Try: 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.
Try: 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.

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.

Using Banks in Italy