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Finance

Opening a Bank Account Italy

You can open an account in Italy whether you are a non resident or resident however only foreign currency or imported Euros can be paid into a non-resident account.

  • Italian Bank Account

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    Requirements to open an Italian bank account:

    Passport;
    Italian tax code (codice fiscale)*;
    Anti Money Laundry (AML) compliance.

    The smoothest way to open an Italian bank account typically is to go to an Italian bank in person with your passport and tax code (codice fiscale). The bank representative shall check your identity to comply with the Italian regulations against money laundry (AML). The bank representative shall therefore ask for your personal information and passport, ask you to sign many documents which are often in Italian.

    The bank account works immediately or within a few hours after the bank representative has completed entering all needed information into the bank system.

    Some Italian banks have branches in other countries or have strong business relationship with banks in other countries so that they are able to perform AML compliance formalities abroad. If you are abroad and you want to open an Italian bank account without going to Italy, you need to find a bank that can screen you for Italian AML purposes and then pass your information onto the Italian bank representatives for them to open an Italian bank account.

    Formalities, terms and conditions, policies, etc. might vary depending on the bank and local branch. In order to avoid delay, it might be advisable to contact the local branch prior to your visit, to make sure the local representatives are familiar with non-resident bank accounts and to check in advance the requirements under their own policies.

    Several banks regularly operate with foreigners and some even have specific packages designed for non-residents. Some Italian banks offer a full range of services equivalent to those offered to Italian residents and/or European Union citizens. These typically include: on-line banking, cheque books, automatic utility bill payment, debit card and credit card. Other banks only offer a basic service for the bank account to those who are not residents. Local branches, especially in small villages, could refuse to supply their standard services to non-Italian residents just because they are unaware that their head office has provided for this scenario. Sometimes it can be opportune, though not always necessary, to appoint an Italian domicile to benefit from more complete services or better conditions. Italian banks do not require the assistance of an Italian lawyer or Italian solicitor and foreigners can communicate directly with bank representatives, providing there are no language barriers. The basic requirement is to have an Italian Tax Code (Codice Fiscale) and valid ID