Italy is one of the top ten countries for digital nomads in 2024. With its historical cities and culture, Italy hosts modern nomads looking to enjoy a flexible work-life balance from different countries. If you have yet to decide, this is your cue to get an Italian digital nomad visa (one of the easiest to process) and explore the lifestyle.
Handling Finance as a Digital Nomad in Italy
Your financial state is crucial to your stay in Italy. Whether you are visiting for a short time or intend to live in Italy for longer, having your finances sorted ensures you have a comfortable stay and can explore the various attractions of Il Belpaese. From planning your budgets to converting foreign currencies to the Euro or investing in multiple markets, you’ll need the right financial tools to get started. Here, we explore eight of these tools.
Trading and Investment Tools
Modern technologies ensure equal access to financial markets globally; you can trade and invest from anywhere with an internet connection using Metatrader 5 (MT5) and other platforms. MT5 is widely used thanks to the multifunctional features and diversity it offers investors. The app is available in different languages and supports customer services everywhere.
The essential features to you as a digital nomad are the simple charting and analysis tools and the automated trading advisors that make it easier to find profitable investments and execute trades without spending so much time. You can use MT5 on mobile devices and your computers while you work or travel around Italy.
Fun fact? About 3% of MT5 users are from Italy, according to an old post from 2012 on the Metatrader forum. This number has probably grown since then given the return to the nomadic lifestyle in recent years.
Money Transfer Tools
If you need to send or receive money from other countries, you may have to get a money transfer tool that makes the process easier than traditional banks; Wise (formerly TransferWise), a Money Services Business (MSB) provider, is probably your best option.
Wise processes local and global payments, ensuring clients receive funds quickly and with little paperwork. You can use the online web app or download the mobile application from your device’s store. Wise is available in 170 countries and allows you to send and receive over 50 currencies from one account. Perhaps the best part of Wise is that you can hold multiple currencies from your account at low fees and maintain access whenever you want.
Bookkeeping Tools
Tracking your financial expenses as a nomad in Italy helps you understand your personal and business financial status and plan accordingly. Proper bookkeeping is just as important as earning your income from local or foreign jobs, and that’s why having a tool like QuickBooks is necessary.
QuickBooks is a cloud-based platform that helps users track expenses, manage invoices, generate financial reports, and access information from anywhere. With QuickBooks, you can manage your finances effectively and maximize your income. You may also consider local accounting firms if you have a business and can’t keep up with the paperwork.
International Debit Cards and Mobile Banking
International debit cards allow users to make payments and transactions globally at lower fees. You might need an international card while visiting Italy. Visa and MasterCard are clear favorites, but Revolut, Chime, and CapitalOne also offer debit cards and free international withdrawals from specific ATMs across Europe and America.
You could get a debit card from your local bank and ask for international payments to be initiated before leaving for Italy. Many local banks allow customers to withdraw from partner foreign ATMs at little to no charge.
Mobile banking apps are also gaining popularity globally, especially among younger people. Neobanks leverage existing banking frameworks and modern technologies to offer faster and more satisfactory banking services and products than traditional banks. As a digital nomad in Italy, you could benefit from having mobile banking apps and perform all your personal banking activities in one place.
Password Managers
Password managers are increasingly crucial to the financial sector as users adopt more software. Managing several passwords may be difficult, especially for sensitive financial software. A password manager removes that issue by securing all your passwords in one place; you only have to remember one password to access the manager. As a nomad in Italy, you may need to get a Google password manager or iCloud Keychain, which is popular. Other options are NordPass, Bitwarden, and Keeper Security.
Tax Tools
Yes, tax! Italy’s tax rules mean you are liable to pay some taxes on your income as a digital nomad living in Italy. You might also be liable to pay taxes to your home country, so bear that in mind. MyExpatTaxes, TurboTax, and KryptoSkatt are Italy’s best tools for preparing and filing tax returns.
Fun fact: Italy has a 7% tax rule for foreign income taxes. This makes Italy one of Europe’s countries with the lowest tax rates. Are you still dragging your feet?
