Banking, Money and Taxes in Italy
The official currency of Italy is the Euro (€), which is divided into 100 cents, also known as centimes or centesimi. The Euro is the official currency of 16 out of the 27 member states of the European Union.
Banks in Italy are either ordinary commercial or credit banks, co-operative banks (banchi popolari cooperativeo) and co-operative credit banks (banche di credito cooperativo).
The major banks are located in and around the big cities, with local branches dispersed throughout the country. The better-known banks in Italy are the Banca Nazionale del Lavoro, Cassa di Risparmio, Banca Commerciale Italiana, Banca di Roma, Banco di Napoli and Banco di Sicilia.
Banking hours are between 8.00am or 8.30am and 1.00pm or 1.30pm from Monday to Friday. Generally they are open a further one hour in the afternoon.
Italian banks are notorious for their high interest rate charges, so expatriates are well advised to shop around at different banking institutions before signing any contracts or taking out any loans.
As an expatriate working in Italy, you will require a tax code number (codice fiscale), which you will need for most paperwork, such as opening a bank account, signing official contracts and starting a new job. In order to obtain such a number you will need to take your passport to the provincial tax office (ufficio imposte).
Banks in Italy are either ordinary commercial or credit banks, co-operative banks (banchi popolari cooperativeo) and co-operative credit banks (banche di credito cooperativo).
The major banks are located in and around the big cities, with local branches dispersed throughout the country. The better-known banks in Italy are the Banca Nazionale del Lavoro, Cassa di Risparmio, Banca Commerciale Italiana, Banca di Roma, Banco di Napoli and Banco di Sicilia.
Banking hours are between 8.00am or 8.30am and 1.00pm or 1.30pm from Monday to Friday. Generally they are open a further one hour in the afternoon.
Italian banks are notorious for their high interest rate charges, so expatriates are well advised to shop around at different banking institutions before signing any contracts or taking out any loans.
As an expatriate working in Italy, you will require a tax code number (codice fiscale), which you will need for most paperwork, such as opening a bank account, signing official contracts and starting a new job. In order to obtain such a number you will need to take your passport to the provincial tax office (ufficio imposte).
