Foreigners opening a bank account in Italy

Opening your bank account in Italy

An Italian bank account is essential for those who decide to live and work in Italy.

Opening a bank account in Italy, whether you are an Italian resident or a foreign national, involves a series of steps and requirements. Having to choose from the many available banks (Italian branches of international banks and also regional or local providers) and being proposed all the paperwork related to each bank’s terms and conditions can be confusing and challenging, especially when the foreigner is not in Italy and there is also a language barrier.

What are the basic requirements to open a bank account in Italy?

1. Being 18 years old or above

2. Having a valid identity document (passport or identity card for EU citizens)

3. Having an Italian Codice fiscale (tax code see https://www.agenziaentrate.gov.it/portale/web/english/nse/glossary )

4. Proof of address, such as a utility bill or rental agreement.

5. Proof of income or employment, which may include pay stubs, employment contracts, or other financial documents.

6. Residence permit or visa for non-EU citizens, if applicable.

7. Additional documentation depending on the bank’s policies and your account type (e.g., for joint accounts or business accounts).

Each bank has their own terms and conditions, some may ask for a minimum amount of money to be deposited to open the account.

What if I am not resident in Italy yet?

It is possible to open a bank account as non- resident – “conto corrente estero”- for those who are not registered at an Italian address with an Italian Comune and are not spending 183 days/year or more in Italy. However, not all banks allow this, some banks only allow limited services and operations for non-resident bank accounts. The documents requirements to open a non-resident account are the same as the resident account, nevertheless the bank may request additional financial documents to perform their due diligence.

When choosing a bank, it is also important to consider:

• The kind of bank account you are interested in (conto corrente “checking account”, conto di risparmio “savings account”, conto cointestato “joint account”, conto di deposito “deposit account”)

• The fees and monthly limits in transactions and ATM withdrawals

• The services offered (e.g. mortgages, renter’s guarantees, high interest savings accounts

• The availability of physical branches in the area you plan to relocate to

• Account closing terms and conditions.

It is advisable to ask an expert to check which bank suits best your needs, also depending on your purposes of stay in Italy, e.g. if you are retired, working or if you are an investor.

Check out our series of 10 articles about “Navigating the Investor Visa for Italy”

• Part 1: Top Tips for Success

• Part 2: Obtaining a Digital Signature for your Investor Visa Application in Italy

• Part 3: Filing the online application

• Part 4: Applying for the Investor Visa at the Italian Consulate

• Part 5: Italian Investor Visa holders and Visa Options for the Family Members (coming soon)

• Part 6: Italian Investor Visa and the things you should take into account before entering Italy (coming soon)

• Part 7: Foreigners opening a bank account in Italy

• Part 8: Italian Investor Visa and the Italian Permit of Stay for Investors (coming soon)

• Part 9: Italian Investor Visa and establishing the Residency in Italy (coming soon)

• Part 10: Extending your permit of stay for investor visa (coming soon)