Evolution of banking services in Italy

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Cheryl Moderator

Member since 15 October 2018

CherylModerator25 September 2023 04:48:05

12549

Hello everyone,

With rapid technological advancements, banking services are digitizing at lightning speed. Expats are thus propelled into a new era of options and payment methods, disrupting the traditional banking services of local establishments in Italy. An evolution that presents a range of opportunities and challenges on a local scale.

Share your experiences regarding the evolution of bankings services in Italy:

To what extent are the latest banking technologies being adopted and utilized in Italy? (contactless payments, phone-based payment systems, QR codes, etc.)
What are the advantages and disadvantages?

Are new payment methods emerging in Italy? Which ones, and what does it change in your daily life?

What are the advantages of using local bank services versus an international online banking service as an expat?

Are there specific features in banking apps that you find particularly helpful as an expat in Italy?

By sharing your experiences and insights, you contribute to a broader understanding of the evolving banking landscape for expats in Italy.

Thank you for your contribution.

Cheryl
Expat.com Team

lagunacat Active member

Member since 14 August 2009

lagunacatActive member02 October 2023 18:40:11

Hi,

Italian banking has evolved quite a bit with online banking, apps, security, etc. over the last few years. However Italian banks are not foreigner friendly and it can be quite difficult to open an account. Especially if you are US born. Because of strict US money laundering laws there is much more paperwork for the client and bank and frankly the banks just dont want to deal with it.

There is a great online bank called Hype which is more user friendly but i believe you must be an Italian citizen. All transactions are done online or debit card that they provide.

As a foreigner with Italian citizenship i have been using Italian banks for the past 15 years and find it more frustrating every year so am quite content not using them anymore. Honestly I dont see any advantages of using a local bank. If I needed a morgtage, loan or credit card then it would be different. Italians might not either which might explain why so many use the Post Office for their banking. Personally i find that option maddenening. Too many hoops.

There are many online options available to pay bills and make purchases like the aforementioned Hype and other services like Revolut and Wise.

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