Banks in San Marino

The four currently listed operating banks in San Marino are Banca Agricola Commerciale Istituto Bancario Sammarinese S.p.A. (BAC), Banca di San Marino S.p.A. (BSM), Banca Sammarinese di Investimento S.p.A. (BSI) and Cassa di Risparmio della Repubblica di San Marino S.p.A. (CRSM, also called Carisp). They offer different combinations of current accounts, savings deposits, fixed-term certificates of deposit, payment services, cards and online banking. A conto corrente is a current account used for transfers, direct debits, cards, cash withdrawals, standing orders and other everyday payments. A deposito a risparmio is a savings deposit, while a certificato di deposito normally fixes money for an agreed term and may use a fixed or variable interest rate with periodic coupons depending on the product. The Banca Centrale della Repubblica di San Marino (BCSM) supervises banks and other parts of the financial sector, manages and oversees the national payment system and performs crisis and liquidation supervision. Banking activity requires authorization under San Marino's financial-services framework, including Law No. 96/2005 and Law No. 165/2005, known as the LISF. The BCSM also operates the deposit-protection framework. San Marino uses the euro under the Monetary Agreement with the European Union dated 27 March 2012. For a private account, BSM lists a minimum age of 18, valid photo identification and additional identification information. Residents of San Marino provide a Codice ISS; residents of the European Union provide a tax identification number or CIF, and non-EU residents provide a passport and TIN or CIF. Banks perform customer and anti-money-laundering checks, including verification of tax status and, where relevant, the beneficial owner. A company account commonly requires the articles or statutes, the latest approved financial statements, a corporate resolution, and identification documents for the legal representative, authorized signatories and beneficial owners. A San Marino company may also need a Certificato di Vigenza and licence; an EU company may provide a Visura Camerale or equivalent, while a non-EU company normally provides a comparable register extract. Documents not in Italian or English may require translation by a San Marino professional. BAC's online onboarding is geared toward San Marino residents, while BSM documents access for EU and non-EU residents; the final decision remains bank- and product-specific. Deposits at participating banks are protected by the Fondo di Garanzia dei Depositanti (FGD), the deposit-guarantee scheme. The protection limit is EUR 100,000 per depositor per bank, with all deposits held by that depositor at the same bank aggregated. A joint account is protected separately for each account holder, and certain temporarily high balances may receive additional statutory protection. If a bank enters liquidation, payment is automatic on the basis of the liquidation records and does not require a separate application; the standard information states a maximum of seven working days. Amounts below EUR 100 and balances with no movement for 24 months are not reimbursable under the stated scheme rules. San Marino's payment system supports euro transfers and direct debits through participation in SEPA, the Single Euro Payments Area. An IBAN identifies the payment account for these transactions. Banks and other authorized payment-service providers can offer transfers, standing orders, direct debits, card issuance, merchant card acceptance, remittances and, where authorized, account-information or payment-initiation services. The BCSM register also lists providers such as Klirway S.p.A., PayPal (Europe) S.à r.l. & Cie, MoneyGram International S.A. and The 3rooks Money S.p.A. The state prepaid debit and electronic-money card SMaC is issued through the Ufficio SMAC and is also used with the pagoPA public-payment portal, including SMAC one-time passwords and the card. San Marino payment-service providers are not currently included in the European Payments Council's Verification of Payee scheme, so an automatic name-to-IBAN match should not be assumed. Local card products may use BANCOMAT or PagoBANCOMAT together with Visa, Mastercard, Maestro or Cirrus, depending on the card. Features can include cash withdrawals in San Marino, Italy and other countries, point-of-sale and online payments, contactless payments and Fast Pay. Withdrawal, payment and transfer limits depend on the bank and card. Digital services also differ: BSM Web Basic is informational, while BSM Web Home is transactional; BSM Mobile and PlainPay support functions such as transfers, internal account transfers, direct debits, taxes, mobile-phone payments, pagoPA and card blocking. BAC Mobile, Welly or WellyApp, and Klirway's application provide mobile functions such as limits, channel controls and card blocking. BSM states that its internet banking service is free, but transaction and account charges depend on the product and applicable price sheet. Banks use strong customer authentication and two-factor authentication, 3-D Secure, chip-and-PIN controls and SMS or push alerts. Never disclose credentials or a PIN in response to a call or message. Report an unauthorized transaction and immediately block a lost or stolen card or access credential through the bank or card service, and report theft to the authorities where appropriate. BCSM and banks warn about phishing and vishing, in which criminals imitate a bank by email, message or telephone. A customer should first contact the bank, its customer-care service or a branch. A written complaint normally receives a response within 60 calendar days for banking and financial services, and within 15 working days for payment services; an exceptional payment-services case may require a final response within 35 working days. A customer can also make a Segnalazione to the BCSM where there may be a breach of the LISF or another rule, harm to the customer's legal or consumer interests, or an error in the Centrale dei Rischi. The bank must provide transparent information, treat customers correctly and apply suitable payment and security procedures. Customers must provide accurate identity, tax-status and beneficial-owner information, protect access credentials, report unauthorized activity promptly and review the contract and price sheet.