Opening a bank account in Italy as an expat

Moving to Italy often means dealing with a series of practical matters, ranging from choosing accommodation to managing tax and administrative issues. Among these, opening an Italian bank account can be a particularly important step, especially for those intending to live and work in the country for an extended period.

Although, as a general rule, having an Italian current account is not always mandatory in order to live in Italy, having one can make many everyday transactions considerably easier: from receiving salary payments to paying utility bills, from setting up direct debits to managing certain local expenses and, in some cases, paying taxes and fulfilling other obligations. Furthermore, for those interested in obtaining an Investor Visa, depending on the type of investment selected, opening a current account with an Italian banking institution may be mandatory for the purposes of the application procedure.

However, the procedures for opening an account can vary considerably depending on whether the expat is already resident in Italy or still resides abroad.

An Italian bank account for those arriving from abroad

A foreign national may open a bank account in Italy, but the bank will normally first need to establish the customer's status with regard to residence and taxation.

For someone who has just moved to Italy, this means that the bank may request information concerning their registered residence, their residential address, their Italian tax identification number (codice fiscale) and, for non-EU citizens, the lawfulness of their stay in the country.

The codice fiscale plays a central role in Italian administrative life and is generally also required to open a current account. Depending on the bank and the individual's circumstances, the following may also be required: a valid identity document, proof of address in Italy, and documentation relating to the individual's professional activity or source of income.

For example, an employee may be asked to provide information or documentation relating to their employment relationship. A student may instead need to prove their university status, while a professional or entrepreneur may be required to provide different information about their business activities and the origin of their funds.

These checks form part of the procedures through which banking institutions identify their customers and verify the origin and destination of funds, in accordance with the applicable banking and anti-money laundering legislation.

Is it possible to open an account without being resident in Italy?

The answer depends on the type of account and the individual bank's policy.

A person who still lives abroad may, under certain circumstances, apply to open a current account for non-residents. This type of account is intended for people who have economic or personal ties to Italy while maintaining their tax residence or registered residence in another country.

However, the terms and conditions may be less favourable than those offered to residents. Some institutions may provide a more limited range of services, apply different fees or require more extensive verification procedures. Foreign citizenship alone is therefore not sufficient to automatically qualify for an Italian bank account: the bank will assess the individual's circumstances and may request an explanation of the purpose of the banking relationship with Italy.

The foreign residential address, any Italian tax identification number already obtained, and documentation concerning the individual's financial circumstances may also be relevant during the application process.

What changes when you become resident in Italy?

For an expat moving to Italy on a permanent basis, registering their residence with the local municipality (Comune) may also be significant in their dealings with the bank.

Once their status in Italy has been established, opening an ordinary current account may be more straightforward than applying for an account intended for non-residents. The documentation normally includes a valid identity document, the Italian tax identification number, and proof of address and residence in Italy. Citizens of non-EU countries may also need to present a residence permit or documentation demonstrating that their stay in Italy is lawful.

The bank may request further information about the customer's profession, employer, income or the origin of the funds that will pass through the account. There is no single procedure that is identical across all institutions: each bank establishes its own operating procedures, verification checks and any applicable fees or financial terms.

For this reason, before choosing an account, it is advisable to check not only the documents required to open it, but also the account maintenance fees and the services actually included.

The role of a current account in the Investor Visa application process

For some non-EU citizens, opening an Italian bank account may form part of a broader plan to relocate to Italy.

One example is an individual intending to apply for the Investor Visa, an Italian programme aimed at citizens of countries outside the European Union who intend to make certain types of investment in Italy.

In this context, it is important to distinguish between two matters: holding or applying for a visa or residence permit, and opening a banking relationship are separate procedures. The bank will still conduct its own checks and may request documentation concerning the customer's identity, residence, the origin of their funds and the nature of the transactions envisaged.

For those beginning the visa application process through an investment in Italy, therefore, establishing a relationship with an Italian bank may become part of the broader financial and administrative planning process. This is because, for certain types of investment—for example, investments in shares of companies listed in Italy—or at the request of the Investors Committee, opening a current account may be necessary to complete the Investor Visa application procedure.

Current accounts, deposit accounts and banking services

Once a solution compatible with their circumstances has been identified, the next step is to choose the banking product that best meets their needs.

A current account is the instrument normally used to manage everyday transactions. Depending on the contractual terms, it allows account holders to receive their salary or other payments, make bank transfers, pay utility bills, use a debit card and access online banking services.

A deposit account, by contrast, is primarily intended for savings management. It is not designed as an instrument for ordinary day-to-day transactions, and the possibilities for transferring or withdrawing funds may be more limited than those available with a current account.

For an expat starting a new life in Italy, the choice will therefore depend primarily on how they intend to use the banking relationship: managing everyday expenses, receiving income, saving, investing, or combining these needs.

Opening a bank account online

In recent years, the Italian banking sector has significantly expanded its digital banking services. Some institutions allow customers to initiate or complete the account-opening process remotely through online identity verification procedures.

This option may be particularly attractive to those who are still abroad or prefer to manage their banking affairs without visiting a branch in person. However, the availability of a fully online account-opening process depends on the bank and the customer's profile.

In particular, a foreign national or a non-resident may face additional requirements compared with those applicable to a resident customer. Some banks may require an Italian address, while others may accept certain categories of non-resident customers. Identity verification procedures may also vary.

Digital services are not necessarily exclusive to online banks. Many traditional banking institutions now offer applications and online banking platforms through which customers can make transfers, check their balances, pay certain utility bills and manage numerous transactions without visiting a branch.

A useful step for those relocating to Italy

Opening a bank account is not necessarily the first administrative requirement to address when moving to Italy, but it can quickly become one of the most useful tools for organising one's financial life in the country.

The procedure will differ depending on whether the applicant is a resident or non-resident, an EU or non-EU citizen and, in the latter case, the type of residence permit held. An expat who already has an Italian tax identification number, an address in Italy and documentation relating to their status can generally navigate the application process more easily, although it remains necessary to verify the specific requirements of the chosen bank.

For those planning a more structured relocation, perhaps through employment, a business venture or an application for an Investor Visa, it is advisable to consider opening a bank account as part of the overall relocation process, coordinating it with the tax, immigration and financial aspects of their circumstances.

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The content of this article is intended to provide general information on the topic. For doubts or specific cases, it is advisable to seek specialized legal advice tailored to your particular situation.

 
Article written by Alessia Ajelli, Managing Associate of LCA Studio Legale, Italian lawyer specialized on Italian immigration and citizenship law.