Italy is a stunning nation comprised of numerous distinct regions, each of which offers visitors and expatriates something unique to appreciate. It will not be difficult to locate a suitable location in Italy, whether you’re considering relocating for gastronomy, the fashion industry, the Mediterranean littoral, wine, or any other reason.
Nevertheless, urban centers such as Florence, Milan, and Rome can have a relatively high cost of living. For instance, in Amalfi and Tuscany, smaller communities are typically more affordable, and many people regard them as the “real Italy” regardless. In addition to the fresh air, you may also appreciate the countryside, given that 69% of Italy’s population resides in urban areas. Italy is a paradise for those in search of extraordinary cuisine, vibrant entertainment, and the dolce vita, irrespective of their place of residence.
However, there are several factors to consider when financing your journey to Italy, with opening a bank account being the most crucial. This comprehensive guide will elucidate the requisite details for initiating the process, encompassing the location and methodology of banking.
What documents are needed to open a bank account in Italy
There are a multitude of bank account categories available to residents and citizens of Italy. While traditional Italian banks may have fewer options for non-Italian citizens, certain digital banks and specialized providers may be able to assist you in opening euro-denominated accounts from outside the Eurozone.
After establishing your local address and tax status in Italy, the subsequent documents are required to create a bank account:
- Identification such as a passport or national identification card
- Documentation attesting to legal domicile and address in Italy Codice fiscale
- Evidence of enrollment or employment, contingent upon the account you choose.
Open a bank account in Italy
As previously stated, a number of Italian institutions do permit online account opening. Nevertheless, digital opening options may be restricted to account products intended exclusively for in-app and online use. For alternative accounts or if you lack the required identification and proof of residency, you may be required to visit a branch in person in order to establish an Italian bank account.
After obtaining a complete set of Italian documents and establishing yourself in the country, you will have the opportunity to select from a variety of bank account categories, which comprise the subsequent:
Non-Resident
Certain Italian banks do provide options for non-resident accounts, which could prove to be advantageous for individuals who do not reside in Italy on a permanent basis. A cautionary account type is the conto corrente non-residents, which is frequently offered by specialized institutions catering to individuals who commute across international borders.
As an illustration, Civibank³ provides non-resident account alternatives, catering to individuals who commute from north-eastern Italy to the Balkans. To cater to the requirements of its clientele, the bank offers services in Slovenian, Croatian, and Serbian.
An additional option is to select a financial institution that offers euro-holding accounts without mandating an Italian address. Customers residing in the United Kingdom or Europe may find Starling Bank or N26 to be viable alternatives, albeit with potentially inferior service provisions compared to those accessible through a full Italian resident account.
Student
Numerous Italian institutions offer student accounts consisting of account products designed for individuals under the age of 18 and pursuing further education. There are also frequently preferential terms with erased fees and reduced transaction costs for individuals under the age of 30 (regardless of whether they are students or not).
Resident
The major Italian banks offer Italian citizens a respectable variety of account categories. In addition to traditional current accounts, it is frequently possible to establish digital-only accounts with a variety of packages to suit the requirements of individual customers. The majority of financial institutions offer a range of products and services, from transaction fees for required services but no monthly fees for basic banking packages (for instance) to a higher fee structure that guarantees a minimum number of fee-free transactions per month for more complex account products.
Savings
Numerous prominent Italian institutions offer savings accounts in addition to investment and retirement products.
Can I open an online bank account in Italy from abroad?
In order to initiate an account, conventional Italian banks typically require local evidence of address and tax code. This may make opening an account in Italy from outside the country difficult.
You may wish to contemplate a number of alternatives in this situation. To begin with, some Italian institutions may provide non-residents with specialized bank accounts. Nevertheless, these frequently entail more stringent stipulations and might not provide access to the complete array of services that are accessible through alternative accounts.
Alternatively, one could seek out a particular digital bank. Certain digital challenger banks in the United Kingdom and Europe at large are able to open euro accounts for individuals who can provide confirmation of address from the United Kingdom or the European Union. For instance, in the United Kingdom, visit Starling Bank³; if you are already in Europe, visit N26².
Which Italian Bank is best for foreigners?
Although there is no definitive best bank in Italy for foreigners, it is advisable to select a significant bank for your account in order to have access to a wide network of branch locations and ATMs. Utilizing a branch of one of the larger banking groups may also facilitate your search for an English-speaking bank employee.
Consider the following prominent Italian institutions as you search for your next account.
BancoPosta
- Bank Branches: More than 12,000 post office branches offer a variety of services.
- Current accounts, prepaid cards, and accounts catering to younger individuals, sole proprietors, and pensioners are among the products provided.
- Monthly fees may apply to certain accounts, although their reduction is contingent upon account usage. Additionally, transfer and transaction fees may be incurred.
Deutsche Bank Italia
- Branches of banks: 200+
- Accounts and credit cards, savings and investments, insurance and annuities, loans, and mortgages are the products offered. In addition to private wealth management, commercial banking services are also offered.
- Fees to consider: Depending on the account type, each account includes its own set of features and associated fees.
BNP Paribas BNL D’Italia
- Branch Banks: One thousand products Accounts, credit cards, mortgages, loans, insurance, and more are provided. Additionally, business and corporate services are offered.
- Costs to contemplate: Although there are no monthly fee accounts available, transaction fees continue to apply to other account products whose fees may be waived depending on your personal circumstances.
CheBanca
- Over 200 bank branches, including financial advice offices for clients with more complex product needs and standard branches.
- Accounts, cards, mortgages, investments, retirement products, and loans are the products offered.
- Costs to contemplate: While monthly fees are customary for accounts, they do encompass certain complimentary services each month.
Intesa San Paolo
- Bank Branch Inventory: 3,700 Items Presently Offered: Investments, savings accounts, mortgages, loans, and retirement programs are among the accounts offered.
- Costs to contemplate: Monthly fee-free accounts for customers who conduct business through the bank’s app, in addition to fee-free accounts designed for minors. While additional account products might impose monthly charges, service and transaction fees remain applicable in all circumstances.
Banking in Italy
The banking system in Italy is contemporary, and the majority of Italian institutions provide some or all of their services via the Internet, mobile applications, and branch locations. While conducting business in a branch, it may be advantageous to bring along a companion who speaks Italian, as it may not always be possible to locate staff members who are proficient in the language.
Likewise, bank websites and applications are typically only available in Italian; therefore, prior to subscribing to any products or services, devote some time to reviewing the account terms and conditions thoroughly, preferably with the assistance of a translator.
The precise branch you choose may have varying business hours. Branches are frequently accessible from approximately 8:30 am to 4:30 pm, with a brief closure of one hour during luncheon. Banks will observe a weekend closure and, depending on the branch’s location, may operate with varying hours of operation on Patron Saints’ days.
Banking Fees in Italy
It is mandatory for Italian banks to present transparency documents that detail product and commission information. These are available at branches or through online inquiries. However, they will be written exclusively in Italian, so you will need to thoroughly review them to ensure that you have a complete understanding of the applicable fees. Be mindful of the following:
- Account opening fee—this could be approximately 15 EUR if you open in person, but it may be waived if you open online.
- The monthly maintenance fee can exhibit significant variation, spanning from complimentary accounts to products that impose substantial monthly or annual charges. Certain account expenses may be waived for those who meet the eligibility criteria.
- Card fees, which include the cost of obtaining a credit or debit card as well as conducting withdrawals, exhibit considerable variation.
- SEPA transfer fees are subject to change depending on the payment method configured. While they are generally inexpensive for online transactions, they can reach approximately 6 EUR if banking in person.
- The cost of international transfers can be quite expensive. More later on that.
ATM fees
Withdrawing funds from machines affiliated with your home bank is strongly recommended; otherwise, you may incur a charge ranging from €1 to €3, and in densely populated tourist areas, up to €6.
What fees are there if I just use my card from my home country?
Although the temptation may be great to use foreign debit and credit cards while living in Italy, doing so can incur exorbitant fees. If you choose to proceed in this manner, it is advisable to utilize your debit card at automated teller machines (ATMs) and remit payment in currency at individual merchants. This is because banks generally offer the most favorable exchange rates. Your card may not impose foreign transaction fees, particularly if it is a credit card. It may be prudent to obtain a new, fee-free card prior to your relocation.
It is important to note that though your bank may impose reduced daily withdrawal limits in a foreign country, foreign withdrawal fees will continue to apply when using an ATM.