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Non Resident Bank Account.

Discussion in 'Legal, Utility And Property' started by ptahm22, Jan 29, 2017.

  1. I've asked this question and everyone seems to be giving me a different answer. A friend of mine wants to buy a house near Lucca, he is British but he works and lives in Asia. Is it true that he has to open an Italian bank account before the purchase is done? Can't he just transfer the money from UK through a currency exchange company? Some people are telling him that a bank account is a must others say it's not necessary.
    Any ideas please.
  2. I did not really take much time to try and figure this out, just because we were not over there for an extended period of time where we would have needed it, but it is certainly something to look into if you will be there for a bit.
  3. #3 Gabe, Jan 31, 2017
    Last edited: Jan 31, 2017
    As the transaction is done in Euros, he is best off having a Euro account and then making a transfer that way. It's really about currency exchanges, and previously I have used currency exchanges companies when I have bought property abroad in different currencies. It's much easier as they lock the rate, and have better exchange rates too.

    He shouldn't have a problem opening a Euro account if he has a British bank account, but it may depend on where he is in Asia which is why they may prefer a local bank account. We can't really advise you with such vague information to be honest.

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