How to open a bank account in Italy?

If you plan to study or work in Italy, you will probably need to open an account with a local bank. The good news is that the country has implemented several regulations in order to make this process more flexible for both Italians and foreigners. Find out now how to open a bank account in Italy.

  • Countryaah: See population statistics by city and age about the country of Italy, including density, growth rates, pyramid, etc.

Can a foreigner open a bank account in Italy?

Yes, all legal foreigners can open a non-resident account in the country. However, it is important to note that this type of account usually has higher interest rates. Foreigners with Italian nationality can open both types of accounts: for residents and for non-residents.

What is the best student bank in Italy?

There are several banks in Italy that offer special student accounts and additional resources. One bank in particular that has a great reputation for providing various types of student accounts (Italian and foreign) is Intesa Sanpaolo, which is also one of the only Italian banks to offer online services. Learn more about this and other banks below.

How to open a bank account in Italy

Is it possible to open an account with an Italian bank before traveling to Italy?

Yes! Some Italian banks offer the possibility of opening an account remotely (online). However, this task can be a little complicated for those who do not have Italian documents. So the easiest and simplest way is to open an account in person as soon as you arrive in the country.

However, if you need to open your account before leaving Brazil, you will need to start the process by obtaining an application form on the website of the bank of interest. But remember that not all banks offer this option, mainly due to language barriers, so research is needed.

And remember that if you are able to open your account online, it can only be used after you arrive in Italy and appear at a physical branch of the bank, for reasons of account protection and security.

What documents are needed to open a bank account in Italy?

The required documents are the same for Italian and foreign citizens. Check out:

  • Passport
  • Tax Code: the Italian tax code
  • Tax Code Assignment Certificate: the respective document you receive when you obtain your tax code
  • Employment contract / Proof of enrollment at an Italian educational institution
  • Proof of residence

To get your tax code you need to go to a tax office in any major Italian city.

Types of bank accounts in Italy

Checking accounts (current account) are the most popular types of bank account in Italy, ideal for those who want to have an account for paying daily expenses and managing monthly services. Joint accounts (current account cointestato), which offer these same services, are also popular. Savings accounts (conto di risparmio) can only be opened by residents.

Bank charges

When opening an account in Italy, bank employees are required to inform customers of the interest rates charged and the monthly fees, if any. Most Italian banks charge a monthly service fee and some charge a fee for withdrawals (and the amount usually increases over time).

Card payments in Italy

In Italy, credit, debit and charge cards are commonly called “credit cards”. The most common flags are Mastercard, Visa and CartaSì (a local option). The charges made will depend on each card. It is also possible to find credit cards with extra benefits, such as airline miles, insurance, etc.

What are the best banks in Italy?

Check out some of the largest and most popular banks in the country among foreign citizens now. To decide the most suitable for you, it is essential to do your research and identify which best suits your needs.

Unicredit

The Unicredit is one of the banks with the best reputation within Italy. It is especially known for its popularity among foreigners and is the bank with the largest number of ATMs in Italy.

Deutsche Bank Italia

Although Deutsche Bank was originally founded in Germany, Italy is its second largest market. The affiliate offers a variety of products and services related to business. Some of these features include checking / savings accounts, insurance investment, online / digital banking, loans, mortgages and pension and retirement plans.

Italian Post

The Italian Post Office is a post office which operates simultaneously as a bank throughout Italy. A special facility offered by this bank is the possibility of opening family accounts, in which it is possible for more than one person in the family to receive a debit card from the same account.

Banca Nazionale del Lavoro

The BNL is very popular especially among the Italians, being ranked as the second best bank in the country. The most notable feature is the loyalty rewards program, in which the customer receives cash back for the purchase of certain products. There are numerous branches and ATMs scattered throughout the Italian territory.

CheBanca

The CheBanca is a digital bank offering particularly commercial deposit accounts, as well as home insurance, life and accident insurance. It also offers basic checking and savings accounts, loans and investment services.

Intesa Sanpaolo

The Intesa Sanpaolo is another very powerful bank in Italy, with strong partner networks. It also has a large number of physical branches and ATMs and its best selling resource are the various accounts it offers, including specific accounts for children, students, companies and families. It also provides financial commodities such as mortgages, insurance and investments, and recently also launched a fully digital system.

Intesa Sanpaolo

Other information

  1. To open a bank account in Italy, an account holder is normally required to make an initial deposit. And the minimum amount of this deposit varies from bank to bank.

2.Before signing any contract with any bank in Italy, ask for a list of fees that are charged for routine account services, such as money transfers and withdrawals, for example. Keep in mind that it is quite common among banks in the country to charge a monthly fee for services.

  1. It is also important to check the fees charged for sending money abroad (or for receiving money from foreign banks). The amounts, mainly for transfers made with banks outside the European Union, are usually high.
  2. Italy’s bank branches are usually open from 8 am to 1:30 pm and from 3 pm to 4 pm, Monday to Friday. Some of the biggest banks open on Saturdays, but usually only in the main cities and between 9 am and 12 pm.