What You'll Learn on This Page
- • How Italian banking differs from other countries
- • Why the codice fiscale is essential for banking
- • Types of accounts available and when each applies
- • What documentation banks typically require
- • Common problems that delay account opening
How Italy Differs
The codice fiscale is the foundation of Italian banking. Every bank requires it before opening an account. Unlike some countries where tax registration happens after you're established, Italy expects you to have this identifier from the start. The good news: you can obtain it at an Italian consulate before arriving.
Italian banks can be bureaucratic and slow compared to other European countries. Account opening often requires in-person appointments, multiple documents, and patience. Some banks are more welcoming to foreigners than others, and branch-level decisions can vary.
Italy uses the euro and is part of SEPA, so transfers within Europe are standard. Italian IBANs work throughout the EU. However, some landlords or employers may specifically request an Italian bank account, and utility direct debits are easier with local banks.
What tends to work well
- SEPA transfers throughout Europe
- Codice fiscale can be obtained before arrival
- Online banking is generally functional
- Cards widely accepted in cities
What tends to be challenging
- In-person appointments often required
- Document requirements can be extensive
- Staff may not speak English
- Processes can be slow
Account Types
Several types of accounts are available in Italy. Your situation determines which options are accessible.
Conto Corrente (Current Account)
The standard account for daily banking. Receives salary deposits, handles direct debits (domiciliazione), and comes with a debit card. Most people need this as their primary account.
What it provides
- Italian IBAN for transactions
- Debit card (Bancomat)
- Online and mobile banking
- Direct debit capability
- ATM access throughout Italy
What to consider
- Monthly fees vary (€0-15/month)
- Some banks charge per-transaction fees
- Minimum balance requirements exist at some banks
- Imposta di bollo (stamp duty) applies to accounts over €5,000 average
Conto per Non Residenti
An account for people without Italian residency. Some banks offer these for property purchases or managing affairs before relocation.
When it may apply
- Property purchase before relocating
- Managing rental income from abroad
- Preparatory setup before moving
- Business dealings in Italy
What to consider
- Still requires codice fiscale
- May require in-person visit to Italy
- Not all banks offer this
- May have restrictions or higher fees
Digital/Neobank Accounts
Digital banks like N26, Revolut, and Wise offer accounts that work in Italy. These can provide immediate banking access while you work on opening a traditional Italian account.
What works well
- Fast account opening
- No Italian residency required initially
- Multi-currency capabilities
- Good for international transfers
What to consider
- Some landlords prefer Italian bank accounts
- May not support all Italian direct debits
- N26 has Italian IBANs; others may not
- Customer service may not be in Italian
What Banks Typically Ask For
Documentation requirements vary by bank, but certain documents are commonly requested.
Codice Fiscale
Mandatory for all banks. Obtain this at an Italian consulate before traveling or at the Agenzia delle Entrate after arrival. Without it, no bank will open an account.
Identity Document
A valid passport is standard. EU citizens may use national ID cards. Banks take copies and verify the original.
Proof of Address
Banks want to verify where you live. What's accepted varies:
- Utility bill in your name
- Rental contract registered with Agenzia delle Entrate
- Certificate of residency from the comune
- For non-residents: foreign address documentation may be accepted
Permesso di Soggiorno (for non-EU citizens)
Many banks require a valid permesso di soggiorno or at least the ricevuta showing you've applied. Some banks may open accounts with just the ricevuta; others wait for the actual permit.
Proof of Income or Employment
Some banks ask for income verification:
- Employment contract
- Recent pay slips
- For self-employed: business documentation
- For retirees: pension statements
What Varies by Region
While major banks operate nationally, experiences can differ by location.
Milan and Northern Italy
More international banking experience. Some branches have English-speaking staff. Generally faster processing. Higher cost of living reflected in some banking products.
Rome
Mixed experiences depending on branch. Some branches in expat areas are more accustomed to foreigners. Can be slower than Milan. Larger selection of banks.
Florence and Tuscany
Moderate experience with foreign clients. Some tourism-related English capability. Standard Italian banking timelines apply.
Southern Italy
Less experience with foreign account holders. Italian language essential. Processes may be slower. Fewer branches of some national banks.
Common Friction Points
These issues frequently cause delays or frustration when opening accounts in Italy.
Not having codice fiscale before approaching banks
Without a codice fiscale, banks cannot proceed. Getting one at the consulate before traveling is straightforward and saves significant time after arrival.
Chicken-and-egg with proof of address
Banks may want proof of address, but getting a registered rental contract may require a bank account for deposits. Temporary solutions include using a hotel address initially or finding banks with more flexible requirements.
Waiting for permesso di soggiorno
Some banks won't open accounts until you have the actual permesso, not just the ricevuta. This can mean waiting months. Ask specifically about each bank's policy before committing.
Branch-level discretion
Individual branches may have different interpretations of requirements. If one branch refuses, another branch of the same bank or a different bank may approve the same application.
Language barriers
Account contracts are in Italian. Staff may not speak English. Understanding terms, fees, and conditions requires Italian ability or a translator.
Slow processing times
Italian banks can take weeks to fully activate accounts, issue cards, and set up online banking. Plan for this delay and maintain alternative payment methods.
Where to Go Next
Banking connects to other aspects of setting up life in Italy. Consider these related topics.
Visas in Italy
Your visa status affects banking options
Healthcare in Italy
You'll need payment methods for private healthcare
Cost of Living
Understand what expenses your account will handle
Italy Overview
Return to the country hub for a complete setup checklist
Banking Hub
General banking concepts for expats
Opening Accounts Abroad
General guide to the account opening process
Explore Cities in Italy
Banking options are similar nationally, but staff experience with foreigners varies by location.
Sources Consulted
Regulatory Bodies
- Banca d'Italia – bancaditalia.it – Central bank
- ABI – abi.it – Italian Banking Association
Consumer Information
- Consob – consob.it – Financial markets authority