Italy
Profile
ING was established in Milan in 1992 and offers a full range of banking services. The main business is distribution of investment and corporate banking.
As a client if ING Milan, we can give you the best of both worlds: local market expertise combined with the global capital markets and investment management expertise of our network.
ING Milan provides the following financial services: account opening, reporting, documentary trade, treasury-, payments & cash management- and corporate finance products.
General information
| Currency | Euro € EUR |
| Time zone | Greenwich Mean Time + 1 hour, Eastern Standard Time + 6 hours |
| Language | Italian. English is spoken. |
Means of payment
The most important payment method is the credit transfer. The RiBa (‘Ricevuta Bancaria’) is a typical Italian instrument, which is similar to an electronic draft: it is a bank receipt issued by the creditor (supplier), on the basis of an invoice, and sent to the debtor (customer) for approval. Nowadays, all the RiBas are handled electronically. The use of cheques is declining very slowly but it still remains an important means of payment. Obtaining the IBAN is highly recommended in order to perform a bank transfer.
Payments and Cash Management Services
| ACCOUNT OPENING | |
|---|---|
| Non-resident account | • |
| Resident account | • |
| PAYMENTS & CASH | |
| Cash facilities (limited amount and under agreement) | • |
| Cheque Processing Services | • |
| Credit Card facilities | |
| Cross-border transfers | • |
| Domestic transfers | • |
| Direct Debits (RID) | • |
| Electronic Banking | • |
| Local Cash Pooling | • |
| Repatriation of funds | • |
| Standing orders | • |
| REPORTING | |
| Electronic end of day reporting | • |
| Electronic intra day reporting | • |
| Paper account statements | • |