For foreigners planning to live, work, or study in Italy, opening a local bank account is a key step in integrating into daily life. Whether it's receiving a salary, paying rent, or handling cross-border financial transactions, a suitable account can make financial management more efficient. This article will detail core questions about foreigners opening bank accounts in Italy, including account types, required documents, procedures, and recommendations for popular banks, helping you quickly complete the account opening process.

I. What Types of Bank Accounts Are Available in Italy?

Italy offers a variety of bank account types, which can be chosen based on your status and needs:

• Current Account (Conto Corrente): The most basic daily account, supporting deposits, withdrawals, transfers, and bill payments. It usually comes with a debit card and online banking functions, suitable for daily transactions for all groups.
• Savings Account (Conto di Risparmio): Focuses on interest income, with possible restrictions on the number of withdrawals. Suitable for those who want to store funds long-term and pursue stable growth.
• Basic Account (Conto di Base): Provides basic services for low-income groups or vulnerable populations, with low fees and simple functions, suitable for users with simple needs.
• Non-Resident Account (Conto Estero): Designed for foreigners without Italian residency, with relatively limited functions. It is mainly used for cross-border financial transactions, such as international transfers and overseas investments.

II. What Documents Are Needed to Open an Account?

Foreigners opening an account in Italy need to prepare the following core documents. Different banks may have additional requirements, so it is recommended to consult in advance:

• Valid ID: Such as a passport (for non-EU citizens) or EU ID card (for EU citizens);
• Italian Tax Code (Codice Fiscale): A mandatory code for handling various affairs (including opening an account);
• Proof of residence: Such as a rental contract, utility bill, etc., which must match the actual address;
• Proof of income or enrollment: Employed individuals provide payslips, students provide enrollment certificates, depending on the account type requirements.

III. Can Foreigners Open a Bank Account in Italy?

Yes! Even without an Italian residence permit, you can apply for a non-resident account (Conto Estero), though its functions may be simpler (e.g., restrictions on local payment frequency). Requirements vary by bank: some traditional banks only require a passport and tax code; major banks like UniCredit offer dedicated services for foreigners; digital banks such as Revolut and N26 support online account opening, with a simpler process, especially suitable for non-residents.

IV. What Is the Account Opening Process?

The process may vary slightly depending on the bank type (traditional/digital) and status (resident/non-resident), with the following general steps:

1. Choose a bank and account: Select the appropriate bank and account product based on your needs (e.g., fees, cross-border services, digital functions);

2. Prepare documents: Gather ID, tax code, proof of address, and other documents;

3. Submit application: Traditional banks allow booking an in-branch appointment, while digital banks accept direct online applications;

4. Identity verification: Digital banks often verify identity via video, while traditional banks may require on-site verification;

5. Receive account information: Upon approval, you will receive a bank card (mostly a debit card), IBAN code, and online banking login credentials;

6. Activate and use: Activate the debit card, log in to online banking to set a password, and then you can transfer funds and make payments.

The entire process usually takes 1-5 working days, with digital banks potentially being faster.

V. Which Banks Are Suitable for Foreigners?

Major Italian banks are foreigner-friendly with extensive service coverage. Here are popular choices for expats and their featured accounts:

1. Intesa Sanpaolo

Italy's largest banking group, with numerous branches, mature services, and strong support for cross-border needs.

• XME Account: Monthly fee of €5-8.5 (cheaper for online opening), offers monthly fee discounts for salary/pension deposits, with 24/7 online banking services, suitable for employed individuals;
• XME Conto UP!: Free before the age of 18, parents can set spending limits to cultivate children's financial habits, suitable for families with resident children;
• Basic Account: Annual fee of €30 (waivable for eligible users), provides basic transfers and deposits/withdrawals, suitable for users with simple needs looking to control costs.

2. UniCredit

A pan-European commercial bank with an extensive international network and strengths in cross-border services.

• Genius Current Account: Monthly fee of €2.9, includes free transfers within the eurozone and ATM withdrawals, cost-effective for daily use;
• Basic Current Account: Monthly fee of €4 (waivable for eligible users), supports salary deposits and basic payments, suitable for low-income or retired individuals;
• Genius Care Account: Monthly fee of €4.9-8.9, with fee waivers for meeting investment targets, includes international debit cards and family insurance discounts, suitable for those with investment needs.

3. Banco BPM

Italy's third-largest bank, focusing on localized services with affordable fees.

• Standard Current Account: Monthly fee of €3 (waivable for eligible users), free withdrawals at Banco BPM ATMs, supports automatic utility bill deductions, suitable for basic needs;
• You Account: Monthly fee of €4 (reduced to €3 for users under 35 or with salary deposits), free transfers within the eurozone, includes credit card discounts, suitable for young people;
• Premiaconto Account: Monthly fee of €8, integrates investment functions (funds, ETFs, etc.), suitable for users wanting to combine financial management.

4. Monte dei Paschi di Siena (MPS)

The oldest bank in the world, combining traditional services with digital functions.

• MPS Mio Account: Monthly fee of €6.85-14.85, with customizable additional services (e.g., credit cards, online banking), discounts for users under 30 or with salary deposits, suitable for those seeking personalized services;
• Italian Deposit Account: Minimum deposit of €1,000, with interest rates varying by account type and term, principal can be withdrawn early, suitable for stable savings.

Summary

It is completely feasible for foreigners to open a bank account in Italy. Simply prepare core documents such as a passport, tax code (Codice Fiscale), and proof of address in advance, and choose the account type based on your "resident/non-resident" status. For low costs, UniCredit's Genius Account is a good choice; for cross-border needs, Intesa Sanpaolo or digital banks are more suitable. Compare monthly fees, transfer costs, and the convenience of digital services before opening an account to make financial management easier.