Just to let you know, there are some new rules about payments in Italy, effective from April 30th. The new rules are supposed to fight tax evasion and above all money recycling.

- Payments in cash should not exceed eur 5000 (former limit was eur 12500). If a bank suspects that a payment exceeding eur 5000 was done by summing several installments they must report it (usually banks control your movements over 7 working days - drawing 3000 euros on Monday and 3000 euros on Thursday from your account could be considered as suspect).

As far as I understand, transfer in cash for more than eur 5000 will still be possible if a bank or post office is notified and checks the identities of the parts (a new procedure, still to be tried, I believe).

- Checks above eur 5000 should be marked as "non trasferibile" (not transferable, i.e. payable only to the name written on the check). In future, all checks will be printed by default as not transferable; if you will want a check book with transferable checks you will have to ask for a special book, and each check will have a 1.5 eur tax on it; it will be not possible to use trasferable checks for amount exceeding eur 5000.

When a transferable check will be redeemed, the codice fiscale of the redeemer has to be written on the back, together with the endorsement signature.

Check books preceding Apr. 30th are still valid, as long as you remember to mark as not transferable anything over eur 5000.

When you issue a check to yourself ("me medesimo") you have to cash it yourself - you cannot sign a self-addressed check and transfer it to another person. (This was an old and trusted way to pay undocumented money, used especially for small works. Be sure not accept such a check as payment, as you will not be able anymore to cash it).

As for money transfer services, I believe they will have a limit of eur 2000.

Be careful as irregular checks issued after April 30th may be impossible to cash or involve a fine (up to 40% of the irregular amount).

There are new rules also on passbooks.

new rules

Thanks for the heads up!

Sincere thanks for going to the trouble of informing us about the changes. It was most valuable.

You say there are limits on Money Transfer services. I pay my rent by going into the bank and having it transferred directly to my Landlady's account. It over €2k, can I no longer do this?!

It sounds like transferring money to another person's account will be unaffected. The 2000 euro limit seems to apply to wiring someone cash:
"Nel caso il trasferimento di contante avvenga tramite soggetti che svolgono attività di incasso e trasferimento fondi (i cosiddetti "money transfer") sono previsti limiti più stringenti: il limite massimo è, di regola, di 2.000 euro"

So would that be to an account outside of Italy? I know the UK has to warn you about the money laundering regs when you do a transfer from there to another country, but the restrictions on movement are quite low.

Doesn't appear to have any geographical restrictions. Looks like it pertains to Italian banks regardless of where the cash is going to/coming from.

My insider tells me that this applies to casinos (the gambling locales, that is;-)), and they are expecting turnover to drop 20% in May as all the clients toddle off to Monte Carlo, Slovenia, St. Petersburg and the like.

So if I do a transfer FROM the UK to Italy of more than €2K it wouldn't be allowed in?!

See previous post: it appears to refer to wiring cash to another person, but not transferring money from one person's bank account to another's.

quote:

Originally posted by Bill 2:
It sounds like transferring money to another person's account will be unaffected. The 2000 euro limit seems to apply to wiring someone cash:
"Nel caso il trasferimento di contante avvenga tramite soggetti che svolgono attività di incasso e trasferimento fondi (i cosiddetti "money transfer") sono previsti limiti più stringenti: il limite massimo è, di regola, di 2.000 euro"

I think this is me being a bit dim. Do I take it that Money transfer applies to Western Union and companies like that? But where I'm making a bank account to bank account payment, where they can see where it is coming from and going to, it shouldn't be affected?

Yes, if you transfer money to another bank account, the gov't can trace the names, Codice Fiscale, or partita IVA of the parties. If you wire someone cash, they just pick up the cash, no CF needed.

Here's an article stating that bonifici are exempt from the new limits:
http://www.ilsole24ore.com/art/SoleOnLine4/Norme%20e%20...&DocRulesView=Libero

This message has been edited. Last edited by: Bill 2,