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EMPLOYMENT

Here’s how to apply for Italy’s 600-euro emergency bonus payment

What you need to know if you've applied, or are planning to apply for, Italy's 600-euro payment for the self-employed.

Published: 23 April 2020 13:24 CEST
Here's how to apply for Italy's 600-euro emergency bonus payment
A sign on the door of a shop in Lombardy announces it has closed due to the government shutdown. Photo: AFP

With many busnesses closed and people out of work due to the nationwide quarantine measures in Italy, the government announced financial relief measures, as part of its “Cura Italia” decree signed in March, including the one-off payment payment available to self-employed workers.

Freelancers and other self-employed workers, as well as seasonal workers, can apply for the 600-euro payment to help with the cost of living.

READ ALSO: The financial help available for those hit by Italy's lockdown

This payment is intended to help to cover lost earnings in the month of March, and can be accessed by self-employed workers with a partiva IVA (VAT number), who can prove they've lost some or all of their income due to the shutdown.

What are the requirements?

The application must be made via the INPS (Italian social security office) website here. Individuals can apply after 4pm or on weekends. Before 4pm, the site is reserved for business applications, a measure intended to help INPS manage the large number of applications.

While the decree stated that applicants must show tax records from 2018, the Italian Labour Ministry clarified on April 21st that those who registered in 2019 or even 2020 can also apply.

Applications are open to those who had an active VAT number on or before 23 February 2020.

According to the INPS application guide, applicants must have earned less than €50,000 in the most recent tax period and ether:
 
– closed their partita IVA between February 23rd and March 31st 2020.
 
– lost at least 33 percent of their income in the first quarter of 2020 (compared to that of the first quarter of 2019.)
 
The payment is not available to anyone who is receiving a pension or the citizens' income unemployment benefit.
 

How soon can the payments be made?

The government says most of the initital payments were made by April 17th. However many applicants have reported delays and other problems with the application process.

The application process is still open in April, and is set to be extended.

The government is widely expected to extend the policy to cover April and May in a forthcoming decree.

At least 300 thousand applications were rejected due to having input incorrect data. However, rejected applications can now be corrected and re-submitted through the INPS website.

 

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MONEY

The verdict: What are the best banks for foreigners in Italy?

Picking the right banking option in Italy can be hard, but The Local's readers have shared their experiences and advice to give you a head start.

Published: 14 February 2024 14:01 CET
Updated: 21 February 2024 10:42 CET
The verdict: What are the best banks for foreigners in Italy?

If you’re planning on moving to Italy, opening a bank account will be one of the very first things you’ll have to do in the country.

Overseas accounts (especially those from outside the eurozone) are unlikely to cut it for everyday tasks like paying bills and taxes, receiving an Italian salary and taking out insurance as many Italian authorities require an account with an Italian IBAN number for these purposes.

Italy has a large number of banks to choose from, ranging from traditional Italian institutions to international banks to a host of online-only operators that have grown in popularity in recent years.

But Italian-only online information, confusing paperwork and a swarm of different offers can make it hard to find the right option, which is why we asked readers of The Local to share some of their best insider tips in a recent survey.

Traditional v online banking

If you’re looking to open an account in Italy, one of the very first decisions you’ll be faced with will be whether to opt for a traditional institution or a digital banking platform. 

Overall, around four in ten respondents indicated an online banking platform as the best option for foreigners in the country, with many pointing to low account fees, advantageous currency exchange rates and a far greater degree of flexibility compared to traditional institutions. 

READ ALSO: Which documents do I need to open an Italian bank account?

The majority of respondents however selected a traditional Italian bank as the best option, citing greater levels of trust in traditional institutions, the advantage of dealing with people face to face and, in some cases, the availability of specific services and information for foreign nationals. 

Traditional banks

Italy’s biggest private bank, Intesa Sanpaolo, was recommended by multiple readers as the best option for foreign nationals in the country.

Intesa San Carlo, Italy

People walk past the headquarters of Italy’s Intesa Sanpaolo in Turin’s Piazza San Carlo in January 2017. Photo by Marco BERTORELLO / AFP

Iain Gosling, a UK national living in Pisa, Tuscany, highlighted the quality of their online services, saying: “The app is easy to use and it translates into English automatically. Online banking is easy. We maintain bank accounts in the UK and send funds to ISP, no problem.”

Another British national living in Pisa focused on the advantages of dealing with Italy’s largest bank, saying that “a lot of operations are done through ISP so the transaction fee is low” and the large number of branches across Italy makes it easy to “open an account quickly in person.”

Laura, a US-Italian citizen living in Ascoli Piceno, Marche, praised Intesa Sanpaolo for their customer service, saying staff were “patient and understanding” following a bad experience with another bank.

READ ALSO: What you need to know about opening a bank account in Italy

Besides Intesa Sanpaolo, UniCredit was also mentioned on multiple occasions within the survey, though opinions on Italy’s second-largest bank were mixed.

Stewart, an Australian national living in Umbria, said they “never had any problem paying bills or making transfers” even when out of the country, and the bank has “a pretty good website, including an English-language (sort of) option”.

But other readers had rather different experiences. Laura, from Ascoli Piceno, said her experience with UniCredit was “a nightmare” as “they couldn’t open the account correctly” and trying to solve the issue was “humiliating and impossible”. 

Cindy in Orte, Lazio, mentioned that UniCredit “arbitrarily raised checking account rates for foreigners who are not residents from 20€ annual to 120€ annual”, whilst another reader reported that “it took someone I know three months to open an account”.

Finally, two readers recommended BancoPosta – a branch of Italy’s Post Office offering basic financial services – based on low fees, presence in all major Italian towns, and easy sign-up procedures.

Online banking and transfer platforms

Wise (formerly TransferWise) was by far the most highly recommended digital platform within our survey.

A British reader in Tuscany hailed it for its “speedy transfers, good exchange rates, and prompt problem resolution”, highlighting the contrast with “slow, expensive and paper intensive” traditional banks.

Revolut

A close-up detail of a card from digital bank Revolut. Photo by JUSTIN TALLIS / AFP

Jenny Lantschner, a British-Italian national in Lucca, also pointed out Wise services’ speed, saying that it’s “very easy to use on a smartphone and will send funds within minutes”.

Besides Wise, several readers recommended Italian online bank Fineco, which they praised for easy account-opening procedures, efficient online operations and low fees. 

Lithuania-based Revolut was also recommended by some readers on the basis of “low cost, convenience, and near spot-market rates for currency exchange”, though others mentioned having problems with money transfers. 

For instance, Bob, an American national in Siracusa, Sicily said that “English, American, and Italian banks all refused to fund” his account.

Finally, Steve in Lombardy advised against opening accounts with Germany-based N26 as they “have been closing accounts in Italy and not giving back the money to customers”.

Though N26 is an active digital bank in Italy, it has been operating in a limited capacity for nearly two years following on-site inspections in late 2021 that revealed shortcomings in terms of security legislation and weaknesses in anti-laundering measures. 

Readers of The Local have recently reported having their accounts shut and being locked out of their funds for no apparent reason.

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