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MUST READ: BANKING

All essential information for freshmen.
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Joined: Sun Jan 12, 2014 9:31 am

MUST READ: BANKING

Postby Nish » Sun Oct 23, 2016 10:12 pm

NOTE: INFINITE THANKS TO IMS STUDENTS OF CLASS 2020; THEY ARE THE AUTHORS OF THIS TOPIC AND HAVE MADE OUR LIVES MUCH EASIER. WE LOVE YOU GUYS! :)




BANKING

Choosing a bank

The biggest banks in Italy are Unicredit, San Paolo, BNL, Banco Popolare, Deutsche bank etc. Alternatively you can open a bank account at poste Italiane.


Documentation

You can open a bank account at any bank in Italy by presenting the following
documents:
• Tax identification code (codice fiscale)
• Passport and Visa
• Letter of invitation/acceptance by the university.
* Receipt of permesso di soggiorno/ Permesso di soggiorno.

You will also need to provide information regarding your address in Rome, the amount of deposition upon account creation, and other personal information.

You must also be more than 18 years of age and be required to sign MANY documents.

The Process of Opening a bank account.

For non-residents they will have a particular type of account referred to as conto estero. Only foreign currency or imported euros may be deposited into this account.

This account will allow you to hold an account with an ATM card and option to open an SDB ( safety deposit box) for a certain fee. There will be a monthly maintenance fee of 6 euros. If you maintain a balance of 2500 euros and above, this fee will be waived down to 3 euros. If you receive money transfers into your account ( eg – if your parents wire you money from their country of origin), the monthly fee will be further waived by 3 euros. So in a month, if you have a balance of more than 2500 euros AND you receive a money transfer, your monthly fee will be 0 euros. If you meet only one condition, your fee will be 3 euros.

If you want to open a safety deposit box, the fee is 60 euros per annum. The benefit is that you get to keep all your important documents here, rather than lying around in your apartment.

Unicredit will also give you an IBAN code which you will need if you will be getting money wire transfers into your account. Fees ( bank transfer costs) will be shouldered by the sender.

Creating your account will take about 30-45 mins, and several forms need to be signed ( forms will be in Italian). After this you will hand over the money that needs to be put in your account. By law non-Italians are limited to depositing less than 10,000 euros per month. If you have more than 10,000, you may have to deposit it over several months.

Bancomat

Your debit/ ATM card is referred to as the Bancomat card.You may use it at most shops or for withdrawing cash. For ATM withdrawals, the minimum amount is 50 euros, the maximum amount is 100 euros. ATM card activation is immediate in unicredit,but some banks will require you to wait for around 24 hours.

Household expenses such as heating, electricity and telephone bills can be paid at the post office with cash or a bancomat card.

Note – If the bank insists on posting the bancomat to your address, stress the importance of sending the card to your address in Rome. Last year, quite a few foreign students experienced their bancomat being sent to their address in their home countries. Depending on your home country, the regulations surrounding couriering a debit card will vary, and it may also be expensive to do so ( especially if you are non-EU). So make sure to inform the bank of their mistake as soon as possible or else they may charge you to get a new one.

Opening hours.

Bank opening hours will vary according to the bank. In general they will be open from 8.00/8.30- 13.30 and then 14.30/15.00-16.00/16.30. Very few banks will be open on saturday mornings. On the day before a bank holiday, banks are often closed in the afternoon.

Banks situated at airports and railways generally have longer opening hours for changing money as do currency exchange bureaus.

Banking Terminology

English
Italian
Bank
Banca
Bank account
Conto in banca.
Bank balance.
Saldo
Bank book
Libretto di banca
Bank Charges
Spese bancaria
Bank draft
Tratto bancaria
Bank loan
Prestito bancaria
Bank manager
Direttore ( Direttrice if female) di banca
Bank note
Banconota
Bank rate
Tasso ufficiale di sconto
Bank statement
Estratto conto
Bank transfer
Bonifico bancario
Bounce a cheque
Assegno a vuoto
Cheque
Assegno
Cheque book
Libretto degli assegni
Credit balance
Saldo attivo
Credit Card
Carta di credito
Credit facillities
Agevolazioni creditizie
Checking/ Current account
Conto corrente/ interno
Debit
Addebitare
Debit balance
Saldo passivo/ debitore
Deposit
Acconto
Deposit account
Libretto di risparmio
Direct debit
Domiciliazione/ Mandato di pagamento permanente
Exchange bureau
Ufficio di cambio
Exchange rate
Tasso di cambio
Tax code
Codice fiscale
Fixed rate
Tasso fisso
Interest rate
Tasso di interesse
Joint accounts
Conto corrente cointestato
Non resident account
Conto estero
Overdraft
Scoperto di conto
Paying in slip
Bollettino di conto corrente
Payment slip
Richiesta di bonifico
Travellers cheques
Assegno turistici
Variable rate
Tasso Variabile


Lost or Stolen Credit Cards

In such an event, contact the issuing bank as soon as possible, so that the account can be blocked and the card cancelled.

Keep credit card numbers and contact information of issuing banks and credit card companies in a safe location seperate from the cards.

In the event of a theft, make a declaration at the police and fill in their report ( denuncia). You will need the report to receive a replacement card.

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