Bank Account - How to open in Milan? Any bank talking in English?

Hello Meg

You may want to read this article : Opening a bank account in Italy

Regards
Kenjee
Expat.com Team

Hello, while I do not live in Italy at present, my father had duel citizenship (he is now deceased, RIP) in the UK and USA, so I grew up in Europe--- I am reading this blog, with the intention of moving to Milan at some point, presently. I graduated from highschool in Germany and have lived in a number of other countries in Europe; what I can say,  is that you probably can accomplish a great deal by internet, without ever setting foot into the overhead retail establishment of the bank.

You should try to search the internet and find the online websites of banks that interest you, first. Do some checking on them, see if they are reputable. And likewise, allow them to do checks on you, so their appraisal of you is not merely based on your fashion tendencies in a personal interview: but of your credit history and so forth. If you are confident in their professional standing, that is something that will greatly influence your satisfaction with their service.

Once you have established which bank you are interested in, if you want to have a personal interview, you might try calling the bank on the telephone, or emailing to set up the interview. In my experience in living in Europe, I found that bringing letters of recommendation with you, that have NOTHING to do with the bank, (or whatever you are visiting, its true of all beurocracies) really helps. So for example, if you have letters of recommendation from your own Embassy, or from your own foreign affairs office. Or, if you have letters of recommendation from the Italian foreign affairs office. Or, if you have letters of recommendation from your own employer, or even your own church.

In fact, if you do go to church, you may find that you are not permitted to receive communion in Italy without letters of confirmation from your Bishop, stating that you are in fact a member of said church. I don't know how that would work out in your case, since each denomination is different in how strict they are. The Eastern Orthodox church is very strict and will not allow new comers (even with the right papers) until after a 1 year sojourn "trial" (and no communion during all that time!) The catholic church may be less forbidding. Be sure to get such a letter, addressed from your rector to "whom it may concern" that you may present, as a testimony to your authenticity, if you wish to be able to receive communion in a foreign church.

Unlike churches, Banks have clerks which speed up the process considerably. And, your online credit report and various other public documents may very well make personal interviews less important. Try to be sure that you REALLY have the right bank, the first time, though. Switching banks is a pain in the neck. If you find that their website is completely "greek to you" (to coin a phrase) you might try downloading the free Google Translate Toolbar, that will translate all pages and all languages.

OK so in just scanning through the other threads on this subject (one of which is from the Milan Forum from 2012) it looks like the best thing to do is approach your OWN bank, where you are, and ASK THEM what they think, FIRST. They will give you the bank estimations of which ones are reputable. And, may have branches in Italy you can use free of charge for transfers or ATM withdrawals. Becareful because some banking institutions in Europe are very disreputable. In having lived there during highschool, before the EU was put in place (when each country had its own currency), there was a quite disreputable "money exchange" gap and people really fleeced foreign expats (among others) in currency trade.

And, over time, because of communism ( I was there during the time of the Berlin Wall coming down, in Germany) the banks sometimes took advantage of the political instability to create "floating" enterprises that then would collapse or "go off shore". I find these terms very nebulous and rather dubious also --lol What?!? Its REALLY important to check the credentials of the Bank BEFORE you put your money into it, or hand over your cash. That is true of Italy, but it is true in a lot of Greece as well (which has an infamous reputation in this matter).

If the Bank has been there for hundreds of years, has glowing reports internationally, has the thumbs up from YOUR OWN bank, where you are, then you are a lot less likely to be dissatisfied once you get there. Otherwise, avoid "all comers" and especially those who appear to be laundering money --lol (ie: using yours to cover for some nepharious enterprise). And keep in mind, all Banks are linked to politics, eventually, even in the west where the Banking regulations are supposed to prevent it. Take a hard look at the political angle. You don't want to be caught up in a scandal. The best Banks (no matter where you live) give good service and do not cater to "black market" enterprises.

So, besides letters of recommendations, I would also do a fact check on the background of the banks you may be looking at making cash deposits into, from where you are now standing, FIRST.