Bank services in Milan

Tools:

Opening a bank account is not really complicated. You must take along with you proof of identity and proof of address (passport, driving licence, bill from a company with your address on it).

Bank Hours
Official banking hours can vary slightly, but in general are from 8:30 a.m. to 1:30 p.m., and an hour and a half in the afternoon between 2:30 and 4:40. Banks are generally closed on weekends and holidays and sometimes close early on days prior to holidays.

Opening an Account
You'll need a codice fiscale to open any account. Some banks may ask you for a residence certificate, but this is no longer a legal requirement, only an internal one.

Checking Accounts
Checking accounts are interest bearing. Interest rates and service charges can often be negotiated. Withdrawal slips do not exist in Italy. To get cash, you either have to write a personal cheque made out to "me" ("stesso"/"stessa") or use a Bancomat card. Personal cheques can usually only be cashed in the branch of your bank where you have your account (and occasionally in other branches of the same bank). You are charged for checkbooks, and there is a service charge on each check written.

Filling in Checks
Remember when you are writing numbers to use a period instead of a comma to indicate thousands and a coma instead of a decimal point (350.500,00 lire). The amount of the check, when written out, contains no capital letters and all the words are connected, e.g .
"trecentocinquantamilacinquecentolire".

Cash Cards
Bancomat cards are very popular and widely applied. Bancomat is a national card and can be used in automatic tellers throughout the country. Many supermarkets and shops have checkout counters where you can pay with your card (POS). You can be charged 1€ when you withdraw money from other holes than your normal brand.

Credit Cards
Credit cards can be used in most stores and hotels and in many restaurants. A few stores off the main tourist routes do not accept them at all, and others require a minimum purchase. Though it is a violation of the merchant agreement some stores may refuse your credit cards for payments of discounted merchandise.

Some banks:

- Credito Italiano
- Banco di Roma
- Banca Popolare di Milano
- Monte dei Paschi di Siena

And also some service on the Internet:

- RAS Bank

For more information:
The Informer

Update 11/11/2003


Tools:

Facebook Twitter LinkedIn Pinterest WhatsApp Addthis

Recommended Partners

Keep more of your money when transferring funds overseas!

Fexco_logo

If you want to move money abroad, from Italy or to Italy for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.

Why Fexco

Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.

Faster, cheaper, safer International money transfers.
Dedicated fx dealer who will oversee your transfer from start to finish
Make payments from anywhere with our secure online platform, PayDirect.
If you prefer the personal touch, then our payments team can be contacted by phone.

Main characteristics

Fexco will help you to keep your overseas money transfer costs to a minimum.

Margin 0.6%
Regulator FCA
Fee £10 < £5K or Free > £5k
Mini £1K
Ccy All (130 currencies, incl ‘exotics’)
Services Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone.

Get an online quote today

When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.



Do you have comments or personal information to communicate about this article? Add your comment.


Find more definitions and general answers on expatriation issues in the Expat FAQ (Frequently Asked Questions).

Go to the Forum to talk more about bank services in Milan, practical life.

Download the full digital PDF expat guide in Milan

Download the guide: Milan, Italy
  • See in one single booklet all the articles for a city guide for expatriates.
  • Enjoy full colour photos to illustrate each section.
  • Additionnal maps: Region, City view, Neighborhood, Street view.

  • - My Life Abroad -
    A selection of expat stories

    "A fun compulsive read!"
    J. Matcham, Amazon

    "I strongly advise people ready to live abroad to read this book!"
    Patrice, Amazon