Is there anyone on the board who has their social security pension check automatically deposited directly from the federal government into an Italian bank account? If so, what fees are charged for this, if any, by the Social Security Administration? How is the conversion rate established? And does your Italian bank charge a fee to accept the transfer/deposit?

I am wondering if there is a benefit in doing this rather than having it deposited into an American bank and figuring out how to transfer the funds over the ocean by some other means.

Yes, you can direct deposit SS payments to Italy. See http://www.ssa.gov/pubs/10137.html#direct

Here are the numbers to SSA offices to call for more info in Italy:
Federal Benefits Unit
American Consulate General
Piazza della Repubblica
80122 Naples
Italy
Phone: 39-081-583-8235
Fax: 39-081-761-1804

Federal Benefits Unit
American Embassy
Via Veneto 119/A
00187 Rome
Italy
Phone: 39-06-4674-2326
Fax: 39-06-4674-2542

I don't have mine direct deposit here so my answer to your question is really about converion rates and fees...the one you should ask this question to is the bank you are going to use after you get here because every bank is different....

I'm not on social security, but I do have military retirement pay direct deposited to my Italian bank. The Federal Reserve Bank of NY handles the transfers, and there are no charges or fees at either end.

Thanks for the info.

In another thread I just asked for opinions about which of the two banks in Pienza might be better: Monte dei Paschi or Credito Cooperativo (I KNOW I am misspelling the names of these--I hope I am close enough for you to know what I am talking about). My thought had been to go with the bigger bank--Monte dei Paschi. One main reason, our landlord's account is there--and they want the rental payments transferred directly into their account.

I am thinking that the bigger bank would be more adept, used to, experienced with, etc., governmental transfers--like social security checks.

MPS used to be my bank and they are pretty international, so if you need stuff going on outside Italy, they're probably a better bank. They tend to have agenzie everywhere, good if you have a debit card.

If you ever get the chance visit their HQ in Siena--they're the oldest bank in the world, I think, and their HQ are most impressive!

Is MPS the same thing as Monte dei Paschi?

Yep. Banca Monte dei Paschi di Siena

quote:

Originally posted by Bill 2:
Yep. Banca Monte dei Paschi di Siena

Ahhhhhh, di Siena, MPS, capisco!

quote:

I'm not on social security, but I do have military retirement pay direct deposited to my Italian bank. The Federal Reserve Bank of NY handles the transfers, and there are no charges or fees at either end.

Bill, do you know if this is true (no fees) for other direct deposits such as pension and 401K disbursements?

I only know about the Federal govt payments. Private pension payments might have to go through a private bank, instead of the Federal Reserve Bank of NY. Whether a private bank would charge to make the transfers, I imagine would vary from bank to bank.

The Federal Reserve IS a private bank.

Where do these people come from? I'm guessing Expats popped up in a google search about the Fed.
http://www.federalreserve.gov/pubs/frseries/frseri3.htm