Expat Advice: Financial Issues in Turin, Italy

What is the name of the city or town that you are reporting on?

Turin

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

No - I could not find a bank that had any useful or additional services compared to my current bank (Fleet-Boston), although this is not saying much. As such, I kept my same Fleet acount, and opened a local bank acount in Italy to pay local expenses. The "expat" services I use are the internet banking (essential) and a wire transfer service since I am paid in dollars in my US account, but I have an Italian bank account for local expenses.

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Traveling Mailbox

Traveling Mailbox serves thousands of travelers, expats, digital nomads, businesses, individuals and others in over 47 Countries by scanning their postal mail so they can view it online anywhere in the world. They provide customer service 7 days a week so if you need assistance, it is just a phone call away. Traveling Mailbox works with Evernote, Bill.com and Dropbox. And, there are Traveling Mailbox apps available for iOS and Android devices.
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Click connect to have our partner contact you via e-mail and/or phone.

What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Trying to manage bank accounts in two countries is expensive. As such, anyone moving to a foriegn country should try to negotiate reimbursement from their company for the extra banking fees which can add up to hundereds of dallars per year (primairily for moving money between countries). Also, expect antiquated, cumbersome procedures, and difficulty with obtaining credit.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

I have not changed any of my invesments - they have all stayed in the US with my existing investment banks and funds. I manage them through the internet and E-mail.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

I reccieved no good advice - I could find very few resources geared for the individual and knowledgeable about expat finances. The only help I received was that from an Italian reloaction company to help me open an Italian bank account.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

My employer handles my taxes through an outside accouting firm. This firm has in-turn hired a local tax firm in Italy. It is complicated and time consuming in any event.

What advice could you offer others about doing your taxes as an expat?

Definitely get help, and make sure that if you are negotiating an expat package with your company, ask for tax equilization which means you are protected from paying higher foriegn taxes.