How to Create a Bank Account
Why You Need an Italian Bank Account
Living in Italy without a local (or at least, EU) bank account can be challenging. Although it's not mandatory, having an Italian bank account is highly recommended. Here's why and how you can open one.
The Necessity of a Bank Account
Whether you’re a student, self-employed, or an employee, having a bank account is essential for receiving funds from parents, scholarships, clients, or employers. Using a foreign bank account for rent or business payments can be costly. With an Italian bank account, you can make SEPA transfers to EU countries and several others (Iceland, Norway, Switzerland, the UK, Liechtenstein, Andorra, Monaco, San Marino, Vatican City) almost instantly and often for free or a minimal fee. Additionally, a local debit card will simplify your daily transactions.
What You Need
To open a bank account in Italy, you'll generally need the following documents:
- Passport
- Codice Fiscale (tax code)
- Permesso di Soggiorno (residence permit)*
- Proof of Residence (for certain account types)
- University or work documentation (optional, but helpful)
*Some banks may allow you to open an account without a Permesso di Soggiorno, but having it can prevent delays and complications.
The Process
The most straightforward way to open an Italian bank account is by visiting a bank branch in person with your documents. Scheduling an appointment in advance can save you time. During your appointment, the bank representative will verify your identity and collect your personal information to comply with Anti Money Laundering (AML) regulations. You will be asked to provide your passport and sign several documents, typically in Italian. Once your information is processed, your account will be active immediately or within a few hours.
Types of Bank Accounts
Italian banks offer various account types, each with different features and fees. For non-EU citizens, the "conto corrente per i non-residenti" (non-resident bank account) is common. This account type allows you to handle foreign currencies and import euros without commissions or interest on deposits, but it might incur higher fees than resident accounts. Appointing an Italian domicile can sometimes provide access to more comprehensive banking services and lower fees.
Important Considerations
- A debit card linked to your account is different from a credit card. To obtain a credit card, you typically need to provide proof of income.
- Banking requirements can change due to political events and regulatory updates, varying by country of citizenship. Always verify the latest requirements before proceeding.
Final Tips
Italian banks do not require legal assistance for opening an account. Requirements include a codice fiscale, a valid ID, a Permesso di Soggiorno (for certain accounts), and an in-person visit. Policies and conditions can differ between banks and branches, so contact your local branch beforehand to confirm their procedures and any additional requirements.
If you have further questions, feel free to reach out to us.