Local IBAN – FAQs

We are launching local IBANs through our Italian branch soon and we’re currently migrating all our existing customers with Austrian accounts to an account held by the Italian branch.

After this migration, you’ll have a new IBAN number beginning with the country code IT.

A local IBAN account offers more freedom with domestic transactions such as:

• Accessible local payments.
• Setting up direct debits for rent or utilities.
• Receiving your salary or pension directly into your Western Union banking account.

Starting from [date of 1st comm], we’ll migrate your account to our Italian branch in 2 months at the earliest. This could take a bit longer, so we’ll let you know the exact date in advance.

Your new IBAN will be available on the day of the migration. We do not have an exact date yet, but we’ll inform you in advance.

Not at this point, we’ll let you know in advance if we need any additional information from you.

After you receive your new IBAN details, you can do the following:

1. Review your regular incoming payments (salary, benefits, regular transfers from friends and family, etc.) and outgoing payments (direct debits, bills payments, etc.)
2. Share or update your new account details for all those recurrent payments.
3. Share your new bank details with your employer to get your salary directly into your Western Union banking account.

No, your physical debit card number will remain the same.

No, the Customer Care support number will remain the same. You can also contact us via our app.

No, all your deposits will continue to be protected up to 100 000 EUR by the Austrian Deposit Protection Scheme.

No, only local IBANs will be available for Italy customers after the migration happens.

If you do not want to be migrated to our Italian branch, you can close your account at any time without any cost.

Log into your Western Union Digital Banking app, go to Money and select Show details in My primary account.

As a financial institution, we need to collect your tax information for these requirements:

1. Identity verification:

For tax purposes, applicable laws require us to verify your identity by collecting the information listed below:

• Name and surname
• Date and place of birth
• Nationality
• Residence address
• Country of tax residence
• Tax identification number (TIN)

2. Reporting to tax administration:

We must regularly report your tax information to the tax administration related to your IBAN. In this case, it’s Italy.

Your Tax Identification Number (TIN) is a unique number issued by the tax authority after you register with them in the country where you are a taxpayer.

If you’re a resident in Italy, then a TIN or Codice fiscale (consists of 16 characters) is only valid if registered in the Italian Tax Register managed by the Italian Revenue Agency (Agenzia delle Entrate).

Important:

You need to have a TIN before you can open a Western Union bank account. If you do not have it, you need to submit a request to any Office of the Italian Revenue Agency.

You can find your TIN on the following documents:

• Your personal health card (tessera sanitaria)
• Your TIN card.
• The back of your Italian electronic identity card (carta di identità elettronica, CIE) if you’re an Italian citizen.
• Your residence permit (permesso di soggiorno) if you’re non-EU resident in Italy.

Learn more about how to locate and request a TIN.

The interest tax for the deposit account is 26%. If applicable, we’ll collect it from your account monthly.

The Stamp Duty is a tax of 34.20 EUR imposed by the Italian law on accounts with an annual average balance exceeding 5000 EUR. If applicable, we’ll collect it from your account monthly.