Bank Account in Italy

Requirements for opening a bank account in Italy

Your first decision in this process should be whether you need a resident or non-resident account. If you plan on living in Italy only part of the year-for example, if you’re only looking for a property that you will rent out there-a non-resident account may suffice.

How to open an account in the Bank of Italy if a foreigner is a resident of the country (has permanent residence)

In case a foreigner has a residence permit in Italy, he can open an account in accordance with the general case, which is applied to all Italian citizens. It is enough just to provide a valid residence permit, one identity document, and an identification code at the bank. Sometimes additional documents are requested from a foreigner’s workplace or documents confirming entrepreneurial activity.

How to Open a Bank Account in Case the Foreigner Is Not a Resident of the Country (with Permanent Residence outside the Italian Territory)

In this case, the only special kind of bank account that a non-resident foreigner can open in an Italian bank is known as a conto estero or conto internazionale. Maintaining such an account is more expensive compared to a resident’s bank account. The main currency is also the foreigner’s country of residence, and so, in order to perform transactions with euros, you need to make a previous currency exchange.

You will first have to submit an application to open an account, which may be mailed to you, or which you may obtain in person. As banks in Italy often have very short opening hours, it is advisable to consider opening your bank account close to your residence or work.

First, of course, try to compare the fees of various banks, especially regarding international transfers; they can be outrageously high. Second, one should know that Italian banks tend to be quite expensive for their customers; in fact, Italians who live in the countryside seldom have a bank account, which is something quite unusual for other European countries.

Banking Options in Italy

Today, Italy, just like most European countries, has many different types of banks. From small local banks to large international banks, one can find a wide range of options when living in Italy. Among the most popular are the following:

• Deutsche Bank Italia
• CheBanca
• BNP Paribas BNL D’Italia
• BancoPosta
• Intesa SanPaolo

Deutsche Bank Italia

In this bank, whose roots are in Germany, Italy is the largest European market after Germany. This branch offers a host of products and services ranging from individual customers to commercial banks. It holds approximately 550 branches and more than 1,550 financial advisors, hence it is considered the number one bank in the country for commercial and investment banking.

• Mobile and online banking
• Current account
• Debit cards
• Credit Cards
• Current accounts
• Loans and mortgages
• Pensions and pension planning
• Investment insurance
• Cash management

CheBanca

CheBanca is one of the more famous banks in Italy. The bank was founded in 2008 as a retail bank of the Mediobanca Group. One of the main services is a business deposit account. This bank is headquartered in Milan, with branches all over Italy, offering customer service by phone. Generally, the units open from 9:30 to 19:00 and on Saturday morning up to 13:00.

• Current accounts
• Income Wallet: top-up prepaid card
• Interest in advance deposit account
• Business deposit account
• Securities account
• Individual insurance: housing, life and accident

BNP Paribas BNL D’Italia

BNP is one of the leading banking groups in Italy having about 2.5 million retail consumers and about 1,000 branches across the country. This bank offers various accounts for businesses, institutions, individuals, and investors. What is new at BNP is that they adhere to high standards of corporate social responsibility. Since its founding as BNP Paribas in 2000, BNP has been committed to philanthropy to the community and has supported positive social development throughout the world.

• Financial and insurance services
• Savings and investments
• Personal Bank
• Mortgage
• Consumer credit and electronic banking services

BancoPosta

BancoPosta was established in 1999 and is also a parallel postal service that performs banking. BancoPosta offers a variety of financial services – from prepaid cards to the sale and brokerage of foreign exchange.

• Current and savings account
• Prepaid bank cards
• Payment services
• Foreign exchange trading
• Loans
• Investment services
• Insurance

Intesa Sanpaolo

The second big Italian bank is Intesa Sanpaolo. It has powerful partner systems and provides products for children, students, businesses, and families.

The conditions for opening a bank account for non-residents, procedures, etc. vary from bank to bank, and sometimes even in different branches of the same bank. For the best possible avoidance of obstacles, call the local branch well in advance of your visit to ensure that its agents are used to dealing with non-resident accounts and check in advance the specific conditions and policies that they may have.

Some banks usually work with expats, and some even have special offers for non-residents.

To be able to open an account, you need to have valid identification. Basically, to successfully open an account, Italian banks require:

• A valid identity card for each person opening the account, in case it is a joint account.
• Italian tax code of each account holder (codice fiscale).
• Confirmation of address.
• Certificate of residence, in some banks that have internal regulations.
• Anti-Money Laundering (AML) requirements.

You can get your tax code from almost any tax office of any major city in Italy.

Pros:

• No initial minimum deposit, something quite rare.
• A minimum quantity of documents in order to open an account with a foreign bank.
• All the banks within the EU accept the account.
• The bank account is working either straight away or in a few hours.
• Multicurrency.
• Fast international transfers.

Strong Points:

• High fees of the international transfer.
• Too much mythology, which can mislead one.

The Italian bank account opening might be subject to different procedures than usual; upon your request, we will be delighted to serve you regarding such an affair in Italy, with the help of our team here at Regulated United Europe. We have gained already eight years of experience in opening bank accounts for clients throughout Europe. For the best solutions at affordable prices which enhance operation and functioning, we draw on our extensive network of well-established and trusted partners in the European financial services community to offer the best solutions at affordable prices that enhance the operation and functioning of the businesses we help.

Business Bank Account in Italy

The opening of a corporate bank account in Italy is an important step for those companies that wish to operate in this country, full of rich history and culture. Various business opportunities are found in Italy, its highly professional and innovative banking system. Let’s examine the main issues and advantages of opening a corporate bank account in Italy:

Opening a Corporate Bank Account in Italy Benefits

• Stable Banking System: The banking system is stable, dependably safe and hence a secure place to park finances and conduct transactions.
• Diversified Financial Services: Banks in Italy have a diversified number of financial products and services on offer for their corporate clients, including loans, deposits, export accounts, and international payments.
• Innovative Solutions: Italian banks are very active in the adoption of innovative financial technologies for access to modern means of managing finance.
• Professional Service: The banks in Italy have a high level of customer orientation; each business is served with an individual approach.

Stages of Opening of Corporate Bank Account in Italy

Opening a corporate bank account in Italy would avail companies with various ranges of financial services that would help them manage their financial operations efficiently in a dynamic and developed economy. Reputation of the bank, terms of service, and services offered are some of the factors to be considered while choosing.

Opening a Personal Bank Account in Italy

Opening a personal bank account in Italy is one of the main stages towards attaining financial stability and managing your finances accordingly. Essentially, there is a variety of banking services and tools that may allow you to achieve your set financial goals. We take a look at some major steps in opening a personal bank account and the benefits accrued from such an account in the country.

Advantages of Opening a Personal Bank Account in Italy

• Security and Reliability: It is considered that Italian banks have a very high reliability rating, able to provide a high level of security with regard to their clients’ personal financial information; this means safeguarding your money against any sort of fraud threats or other possible ways of malignant intrusion.
• Wide range of services: Banks in Italy offer a wide range of services, including different types of accounts, credit and debit cards, internet banking and much more, allowing you to choose the best solutions for your needs.
• Ease of Using: Modern technologies and convenient applications of banking let people control their personal finances easily and comfortably. You are free to perform your transactions at any time and from any place in the world.
• Professional Service: Bank consultants provide professional personalized services in Italy to help their clients face different financial problems.

Stages of Opening a Personal Bank Account in Italy

Opening a personal bank account in Italy opens wide possibilities for using any kind and type of banking services and financial tools effectively. When choosing, attention should be paid to such aspects as reputation, conditions of service, and technological capabilities in order to make the right choice that will meet your financial needs and aims.