How to Open a Bank Account in Italy as a Foreigner

Setting up a bank account in Italy is a crucial step for anyone planning to live, work, or invest in this European country. While the process is accessible to both Italian citizens and foreigners, it involves fulfilling specific requirements that can sometimes be challenging, especially if there’s a language barrier or the applicant is not physically present in Italy.

Essential requirements for opening a bank account in Italy

The documents and conditions may vary slightly between banks, but the basic requirements typically include:

1. being at least 18 years old
2. providing valid identification, such as a passport or, for EU citizens, an identity card
3. possessing an Italian Codice Fiscale, the equivalent of a tax identification number
4. proof of address, such as a rental agreement or utility bill
5. evidence of income, which can include employment contracts, pay slips, or other financial documents
6. for non-EU citizens, a residence permit or visa is required
7. additional documentation based on the bank’s policies and the type of account you wish to open. Some banks may require a minimum deposit

What if you’re not a resident in Italy?

Opening a non-resident account, known as a conto corrente estero, is an option for those without a registered address in an Italian municipality or who spend less than 183 days per year in the country. However, this option may come with limitations, as not all banks offer full services for non-resident accounts. In such cases, financial institutions may require additional information to complete a compliance review (Due Diligence).

Key factors to consider when choosing a Bank

Before opening an account, it’s essential to evaluate factors such as:

• the type of account you need: current account (conto corrente), savings account (conto di risparmio), joint account (conto cointestato), or deposit account (conto di deposito)
• applicable fees and transaction or ATM withdrawal limits
• additional services like mortgages, rental guarantees, or high-interest savings accounts
• the availability of physical branches near your place of residence (if it is not an online Bank)
• conditions for account closure

Where to start?

Consulting an expert can simplify the process of selecting the bank that best suits your needs. Factors such as the length of your stay in Italy and the purpose of your visit (work, retirement, or investment) play a significant role in making this decision.

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The content of this article is intended to provide general guidance on the subject matter. It is necessary to seek specialist advice in relation to your specific situation.