19 Sep 2024
Migrating to a new country sounds delightful and exciting, right? However, managing finances can sometimes feel challenging, especially if you have to send money to your loved ones. Opening a bank account is among the first things you'll have to do when you are a Nepalese expat. Believe me, it'll make life so much easier, whether it’s about paying bills, saving for the future, or even to send money online to Nepal from Italy.
You may wonder, "Do I need a bank account here?" In short, "Yes!" Having an Italian bank account makes dealing with your day-to-day expenses easy. Not to mention, if you usually send money back home, having a local account will cut down time wasted and reduce annoying transfer fees. Win-win!
Italy has a very reliable banking system, but for an expat, it might be a little overwhelming at first. If your Italian is not yet fluent, this will add to your problems. Most big Italian banks also offer English services, at least in large cities and in their international branches.
Also, banking in Italy is a little different from other countries. Although many people use online banking, these local branches may have only some of the functionality needed for some transactions. If you are a Nepali living in Italy, we recommend that you contact the bank before determining which banks provide digital financial services, such as making an online money transfer from Italy to Nepal and maintaining your finances.
Generally speaking, an application for a bank account in Italy will require one to satisfy some relatively simple requirements. While such may slightly differ from one bank to another, most require:
A passport is mandatory for all non-EU citizens, including Nepalese expats. Ensure that your passport is up-to-date to avoid delays in the process.
The Codice Fiscale is the Italian version of the tax identification number. It will be required for opening any bank account in Italy and many other financial transactions. It can be acquired from your local taxation office or via the Italian embassy in advance of arriving in Italy.
Some banks may give an account with basic functionality without it, but you can obtain all ranges of services with a residence permit or lease agreement. This is important if you intend to send money to Nepal from Italy.
Some banks require proof of income or a student's enrollment, depending on the account type one wishes to open. This is so that with certain account types and bank services that they will allow you to avail of, the bank will have something to refer to.
Many banks in Italy require a deposit of some sort when opening an account. Please note it is a bank to bank variable amount.
Italian banks offer many different types of accounts designed for various purposes. Below, some of the most common types that would interest expats are described:
This is the most usable variant of any account for conducting daily transactions, receiving your salary, paying bills, and transferring money. If you have to send money online frequently, it would be ideal to operate a current account.
If you still need to become a resident in Italy and intend to stay in the country for a couple of months or so, it would be advisable to open a non-resident account. Though this may have some restrictions regarding account type, it is good to be started on while awaiting permanent residency.
Regarding the above, the primary motivation for Nepalese expatriates opening an Italian bank account is to make money transfers from Italy easy. Though bank transfers are secure, they have very high fees. Online money transfer services will still make this process not only faster but also more affordable. Numerous banks collaborate with international money transfer platforms, which may allow expats to send money to Nepal from Italy online at a cheaper and handier way.
Opening a bank account in Italy is not at all difficult, provided that a Nepalese expat can present all the relevant documents. Be it only a current account or a savings account for financial planning, a local account will be required to handle day-to-day expenses and make international money transfers more viable. Get competitive banking services, and money transfer from Italy to Nepal will be rather effortless; this way, life abroad will be financially manageable and stress-free.
Yes, most banks allow non-residents to open bank accounts. Still, the services provided can be limited compared to a residence account. If you are a Nepalese expat who will be staying in the country for a long period, apply for a residence permit to acquire all the comprehensive banking possibilities.
You typically need a valid passport, a tax code number, proof of residency, and sometimes proof of employment or enrollment at a university to open an account. Each bank is slightly different, so the requirements might differ a bit.
It takes anything from several days up to a couple of weeks, depending on the bank and the completeness of your documents. Some banks offer speedier processing when you apply in person, while others allow you to initiate applications online.
Yes, the Codice Fiscale represents a primary formality for anyone opening an account with an Italian bank. Otherwise said, that is your Social Security or tax ID number, which you can pick up from your local tax office or the Italian embassy.
