From July, Italian retirees living in Europe will no longer receive their pension payments via bank checks. Instead, they will be asked to provide their bank details to Citibank in order to receive future payments. This change aims to simplify the process and ensure faster and more efficient payment transactions for retirees living abroad.
The new measure, announced by INPS (National Institute for Social Security) and the Ministry of Foreign Affairs, will be implemented starting from July 2024. Therefore, retirees have until June 15, 2024, to fill out and return the form sent by Citibank.
The decision to switch from bank checks to direct bank transfers was made in response to an increasing number of complaints from Italian retirees living abroad who experienced long delays and difficulties in cashing their checks. The new system will not only speed up the process but also eliminate the need for retirees to physically go to a bank to cash their checks.
This change will also benefit retirees financially, as the cost of issuing and mailing bank checks will be eliminated. For those who have their retirement funds deposited into non-EU banks, this change will also eliminate currency exchange fees and possible fluctuations.
Italian retirees living in Europe have been receiving their pension payments through bank checks for many years. However, with the advancement of technology and the evolution of the banking system, it has become necessary to modernize the process. This change is also in line with the European Union’s Single Euro Payments Area (SEPA) initiative, which aims to create a faster and more efficient payment system across all EU member states.
The online form provided by Citibank is user-friendly and will only take a few minutes to complete. Retirees will need to provide their personal information, bank account details, and proof of their residency in Europe. Once the form is submitted and processed, the retiree’s pension payments will be transferred directly to their bank account.
This new measure is not only more convenient for retirees but also reduces the risk of check fraud and ensures the security of their pension funds. Additionally, with the rise of digital banking, this change will make it easier for retirees to manage their finances and access their pension payments.
Overall, the shift from bank checks to direct bank transfers is a positive change for Italian retirees living in Europe. It not only simplifies the process but also brings it in line with modern banking practices. The new measure will save retirees time and money, and ensure a more secure and efficient transfer of their pension payments. So, retirees living in Europe, make sure to keep an eye out for the form from Citibank and complete it by June 15, 2024, to continue receiving your pension payments without any interruptions.
