Moving to Italy

nevica

Hello,

I will soon be moving to Italy. I currently have a UK current account with a well known bank. Initially, when I move to Italy, I realise that I will have to pay bank charges for withdrawing cash from tellers with this account before I get an Italian bank account. I just have three questions.

1. How can I avoid paying these charges?

2. Is there a UK bank which doesn't charge for withdrawing in Italy/Europe
and how long would it take to open one such account in UK?

3. Can I get an Italian bank account organised before I move to Italy (ie online) and what is the best bank Italian bank out there?

Any help would be appreciated.

Nevica

inmypocketnottheirs

You could open accounts with citibank, https://www.citibank.co.uk. You can have sterling and euro current accounts. You get a visa debit card that can be switched between the accounts, so when in Italy you would use the Euro account.

nevica

Is Citibank a UK bank or is it based in Italy. How does the Euro/UK account work. Is it one account or would it be two seperate accounts?

inmypocketnottheirs

Its an American bank. It is 2 seperate accounts and you can switch between accounts immediately on line and over the phone. they have branches in Italy too, so if you use a citibank machine you won't get charged for withdrawals. Switching money between accounts as I say is instant and free of charge, and the rates are generally as good as you'll get for tourist transactions. Have a look at https://www.citibank.it too.

benjus

Personally I'd go for a Nationwide Flexaccount. The account is in Sterling but when you make ATM withdrawals or purchases in Europe you will not be charged any fees and you'll receive the wholesale exchange rate (not the kind of rate offered at a Bureau de Change).

In terms of getting an account in Italy, Barclays has presence in Italy (not sure how widespread) - http://www.barclays.it/Welcome.aspx. You can certainly open a Barclays Spain account from a Barclays branch in the UK so the same may well apply with Italy.

You could also try to find an Italian bank with an office or agent in the UK. This page has a list: http://www.italymag.co.uk/forums/legal/8876-italian-bank-account-opened-u-k.html

However, unless you really need the account before you go I would suggest you wait until you get there. You'll get a much better feel for which banks have branches in convenient locations and which offer the best deals to suit you. The Post Office bank seems to be quite popular as it has low charges and Post Office branches are open longer hours than banks. However, you will need a residence card to open one.

Of course, there's nothing to stop you getting an account now and then finding a better deal once you've established yourself there. It's just a bit of a hassle.

inmypocketnottheirs

benjus wrote: »

Personally I'd go for a Nationwide Flexaccount. The account is in Sterling but when you make ATM withdrawals or purchases in Europe you will not be charged any fees and you'll receive the wholesale exchange rate (not the kind of rate offered at a Bureau de Change).

Can't find the article now of course, but seem to recall that NW are introducing fees for ATM and purchases in Europe. As always though, I stand to be corrected.

benjus

inmypocketnottheirs wrote: »

Can't find the article now of course, but seem to recall that NW are introducing fees for ATM and purchases in Europe. As always though, I stand to be corrected.

There's nothing to suggest this on NW's site. The new charges outside Europe have been widely commented on, but aside from a few rumours which turn out not to be based in fact I haven't seen anything to suggest that NW is planning to charge for transactions in Europe.

If it were the case I'm sure it would be all over this forum.

If you can find the article you saw please post a link.

jambosans

benjus wrote: »

There's nothing to suggest this on NW's site. The new charges outside Europe have been widely commented on, but aside from a few rumours which turn out not to be based in fact I haven't seen anything to suggest that NW is planning to charge for transactions in Europe.

If it were the case I'm sure it would be all over this forum.

If you can find the article you saw please post a link.

You are correct, this link to Nationwide's website has an A to Z list of countries, and the majority of European countries are listed as "fee free".

inmypocketnottheirs

Apologies for my erroneous gossipmongering.