Calling all experienced expat bankers!! I need help with this one.

Here is the situation: Pretty soon we are thinking we'll buy a home here in Italy. I have savings in Canada for this. So far I have not found a good way to transfer funds to Italy. We're talking a decent chunk of money, so don't want to risk paying huge transfer fees nor losing a lot on the exchange.

My bank in canada had some form of connection with BCI, now Banca Intesa. So last year I opened up an account at Banca Intesa, with the hopes that this would make international transfers and bank drafts easy. Well, I closed that account within 6 weeks. It cost a fortune, the staff were horrid and insulting, AND they took 4 weeks and 8 euro to cash a 2000 euro international bank draft that was payable on their OWN accounts. I also have an account at BancoPosta but, while friendly, they are totally provincial. They don't even take international checks, and the time we tried to send an international electronic transfer it got sent back, after 2 months.

How have fellow expats dealt with property purchase on the banking side of things? What banks do you recommend for international banking transactions. What questions would you ask potential banks and how would you negotiate good rates? PS -- i'm in Florence.

Thanks in advance, Alexandra

I only have very limited experience, but I will tell you what little I know. Yes, we also have an acct with the PostalBank, and yes, they are limited. You're right, they can NOT accpet international transfers, and this is one of the reasons we decided to keep our acct with Cassa di Risparmio di Firenze.

Our friend Wendy, who also banks with C di R, went to them, explained the situation, and opened an acct for us so that we would have somewhere to transfer our money. I believe that until we arrieved in Italy and actually signed the papers, the money just sat in no man's land, so I'm not sure if this could even work for you if you need to get the money to another person.

But...I'm not clear...are you now in Italy? If so, you could open the acct, and do as we did...add a third person to your acct...someone who lives here, obviously someone you trust. This way that person could write a check from this acct once the money is transferred here.

Also, we did negotiate the monthly fees with the back. this may vary from office to office, but we're now paying half the normal bank charges.

Hi Barb and Art,
I am indeed here in Florence, have been for over a year. I did open a real bank account but, other than being very unsatisfied with the customer service, transactions were expensive and slow.

The problem is in getting the money to a bank here. Electronic transfers are pricey and, as it would come from a canadian $ account, I lose BIG TIME on the exchange to the euro, AND pay big transfer fees on both ends.

further advice?! --A

Sorry I have been out of the loop for a few days but am swamped trying to catch up with life now that the kids are back in school. Anyway, I am pulling out a bunch of old threads from SlowTalk about banking. Here is the first Italian Law Regarding Transfers? I'll get more in a bit.

By the way, I use Unicredit and pay a fee when the funds are from a check or when transfered in dollars. If transfered in euro I pay nothing. Also, it takes a while to get the money in the account via check, anywhere from 10 days to a month. Transfers are quick and painless. Deal with the banks to get a good package. If you pay bills through the bank and what not, make sure that you get a set fee for the year not by item.

We use Fineco Bank (www.fineco.it) and we love it! We are not charge any fees for moving money east or west (to Italy or to U.S.). We were advised not to send more than 10,000 Euros or $$ per transfer. Either way the transfers to send and accept through Fineco are free. FREE!!! My favorite word: FREE!!!

We then place our money into ING Direct b/c you get a decent interest rate compared to the other banks and it's also all online.

Fineco is purely an online bank, but does have an agreement with 8 other banks in Italy where one can deposit. Also, you are able to withdrawal from ANY ATM in the world for (here we go again) FREE!!!!

Have never been happier with a bank, honestly.

~ Tami :wink: