Hi community - So I own real estate in Sicily and I have tenants. I am based in Canada and in the past my family member has been collecting the rent… Now I need to set up a better way…
Two issues… One is what online or virtual bank does anyone recommend so that I can access my funds from anywhere and second it must be easy enough for my tenants that are not sophisticated beyond having a credit card . I am an Italian citizen but not a residant.
An easy option would be to open an account with Revolut. You will get a EUR IBAN that your tenants can then send monthly SEPA payments to.
Thank you I will look into it… The issue is that my permanent tenant claims to be not tech electronic banking savvy…
Revolut is still in beta in Canada and isn’t publicly available yet. Also Canadian Revolut customers get a Canadian banking details for direct deposits but no EUR IBAN account number AFAIK. So to get an EUR IBAN from them you’d have to open a Revolut EU account which requires either EU citizenship or proof of EU residency.
I suggest Transferwise, it’s available in Canada and provides an EUR IBAN that your tenant can simply transfer money to. You can then convert to CAD at their very reasonable rate and transfer to a Canadian bank account for a small fee.
I have that I am a Italian Citizen so that works for me