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 to live in Italy only part of the year – for example, if you are only looking for a property that you are going to rent there – a non-resident account may be enough.

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

If a foreigner has a residence permit in Italy, he can open an account according to the standard procedure that applies to all Italian citizens. It is enough to present a valid residence permit, an identity document and an identification code (codice fiscale) at the bank. In some cases, a foreigner may be required to provide additional documents from his place of work or documents confirming his entrepreneurial activity.

How to open a bank account if a foreigner is not a resident of the country (with permanent residence outside the Italian territory)

In this case, a non-resident foreigner can open only a special type of bank account in an Italian bank – conto estero or conto internazionale. Such an account is more expensive to maintain, compared to a resident’s bank account. In addition, the main currency is the currency of the foreigner’s country of residence and in order to carry out transactions in euros, you will first need to make a currency exchange.

First, you will need to fill out an application for opening a bank account, which can be sent by mail or provided in person. Since the opening hours of banks in Italy can be very short (they are usually open from early morning until 13:00, and then only for an hour or so in the afternoon), it is recommended to consider opening a bank account close to your home or work.

Be sure to analyse the rates of various banks, especially on international money transfers, which can be incredibly high. It is also important to know that Italian banks are quite expensive for customers. In fact, Italians living in rural areas often do not have a bank account at all – a phenomenon that rarely happens in other European countries.

Today, Italy, like most European countries, offers a wide range of banks. Living in Italy offers a wide range of banking opportunities, from small local banks to large international banks. Some of the most popular banks in the country:

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

Deutsche Bank Italia

For this bank, originally based in Germany, Italy is the largest European market after Germany. The branch offers a wide range of products and services for both individuals and commercial banks. It has about 550 branches and more than 1,550 financial advisors, which makes it the leading bank in the country in the field of commercial and investment banking.

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

CheBanca

CheBanca is another well-known bank in Italy. It was founded in 2008 as a retail bank of Mediobanca Group. One of the main services is a business deposit account. This bank, headquartered in Milan, has branches throughout the country and provides customer service by phone. Usually the units are open from 9:30 to 19:00 and on Saturday morning until 13:00.

• Current accounts
• Income Wallet: a top-up prepaid card
• Deposit accounts with interest in advance
• Deposit accounts for businesses
• Securities accounts
• Individual insurance: housing, life and accident insurance

BNP Paribas BNL D’Italia

BNP is one of the leading banking groups in Italy, with about 2.5 million retail consumers and about 1,000 branches throughout 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. BNP has been dedicated to philanthropy to the community and has supported positive social development worldwide since its founding as BNP Paribas in 2000.

Financial and insurance services

• Savings and investments
• Penis Products
• Personal Bank
• Mortgage
• Consumer credit and electronic banking services

BancoPosta

BancoPosta, founded in 1999, is also a postal service that also offers banking services. BancoPosta provides a wide range of financial services, including prepaid cards and exchange brokerage services.

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

Intesa Sanpaolo

Intesa Sanpaolo is another major Italian bank. It has powerful partner systems and offers products for children, students, businesses and families.

The rules for opening a bank account for non-residents, conditions, procedures, etc. vary from bank to bank, and sometimes even in branches of the same bank. In order to avoid obstacles, it is recommended to contact the local branch before your visit to make sure that local agents are familiar with non-resident bank accounts, and check the conditions and special policies in advance.

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

To open an account, you must have a valid ID. Basically, in order to successfully open an account, Italian banks require:

• A valid identity card for each person opening an account (in the case of a joint account)
• Italian tax code of each account holder (codice fiscale) *
• Address confirmation
• Certificate of residence (for some banks with internal regulations)
• Compliance with Anti-Money Laundering (AML) requirements

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

Pros:

• There is no minimum initial deposit, which is rare.
• Minimum documents required to open an account with a foreign bank.
• All EU banks accept the account.
• The bank account works immediately or within a few hours
• Multicurrency
• Fast international transfers

Cons:

• High fees for international transfers.
• There are many myths that can be misleading.

If you wish to open a bank account in Italy, our team here at Regulated United Europe  will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.