What Americans need to know about opening a bank account in Italy

If you’re planning to move from the US to Italy, opening an Italian bank account will be one of the first things you’ll need to do upon arrival.

Non-EU accounts (especially from outside the eurozone) are unlikely to cut it for everyday tasks like paying bills and taxes, receiving an Italian salary (or invoicing as a freelancer), and taking out insurance, as many Italian authorities require an account with an Italian IBAN (routing number) for these purposes.

You’ve got many banks to choose from, ranging from traditional Italian institutions to a host of online-only operators, but scarce online information on the required documentation and a swarm of different offers can make it hard to find the right option.

And what if you’re not a full-time resident of Italy – at least, not yet? Non-residents can also open an Italian bank account, though the options are more limited.

Here’s how to go about opening a bank account in Italy as an American and choosing the right place to stash your cash.

Step one: Decide on a bank

Italy has a dizzying number of banks. The most popular are Intesa Sanpaolo, Unicredit, and Banco BPM, but there are hundreds of national and regional banking institutions.

Choosing the best bank is about more than knowing if it has a branch in your area. As you settle into life in Italy, mortgage offerings, insurance and high-interest savings accounts may become more important to you.

Online banks – like Wise (formerly TransferWise), N26 and Revolut – have become a popular option in recent years due to their very low fees.

If you’re not a resident of Italy, your options are somewhat limited. Most traditional Italian banks require residency.

However, some Italian banks allow non-residents to open bank accounts. BPER, Intesa San Paolo and Unicredit, to name a few, do not require residency to open an account. Fineco, an investment bank similar to Charles Schwab, also has a non-resident account option.

There are two caveats. One, as a non-resident, you must open a bank account in person at a branch (as opposed to online). Also, the type of account you can have and the services you can access are limited. For example, you may not be able to have a credit card, get a loan, or deposit money at the ATM.

Many non-residents in Italy opt for online-only banks such as Wise, Revolut and N26.

But keep in mind that not all online accounts provide an Italian IBAN. You’ll need an Italian IBAN for paying bills and taxes and receiving your salary; it’s also necessary for establishing a business or setting yourself up as a freelancer.

Instead, these online banks may provide a European IBAN, which is the case with Wise accounts. As of late 2024, Revolut does provide its customers with Italian IBANs.

If you only have one or two bills that require an Italian IBAN, you may not find it worth it to open an Italian bank account, which incurs hefty fees (more on that below). You can always pay your bills at the post office or tabacchi, which only costs a couple of euros in service fees.

When it comes to banking in Italy (or anywhere else outside the US), being an American citizen creates an added layer of complexity.

That’s because of the US FATCA law, which makes it harder for Americans to access bank accounts and loan services overseas.

The 2010 law was introduced to combat tax evasion and money laundering by US citizens abroad. FATCA imposes onerous reporting requirements on banks regarding their US-citizen customers, leading many European banks to be reluctant to deal with Americans due to the extra paperwork.

Once you find a bank to accept you, be prepared to fill out endless papers about all of your foreign assets, supposedly on a yearly basis (though Italian banks don’t always adhere to this as strictly as the IRS would like).

Step two: Decide what kind of account you need

The most common account type is a conto corrente, which is a checking account. These accounts are designed for daily transactions, so there are often opportunities to save on fees by maintaining a minimum deposit or balance.

You can place your savings in a conto di risparmio (savings account), which offers fewer transfers and transactions in exchange for higher interest.

There is also the conto di deposito, which is very similar to a Certificate of Deposit (CD) in the US. It’s a higher-interest savings account designed for parking your money just to earn.

There are also conti correnti esteri (foreign accounts), which can offer deals on wire transfers or allow you to use your home currency and save on exchange fees. These accounts don’t require you to be an Italian resident, making them a good choice for people residing abroad.

Step three: Compare costs

There’s a reason some of Italy’s nicest buildings belong to banks – Italy has notoriously high banking fees.

Most banks won’t charge a setup fee but will likely charge a monthly maintenance fee (called canone), which ranges dramatically depending on the type of account. Annual canone at traditional Italian banks often cost upwards of €100 per year, according to Facile.it, an Italian price comparison tool.

You may also have to pay for your first debit or credit card. Other services, like checks, wire transfers and even ATM withdrawals above a monthly limit, are likely to be met with other fees.

This resource from the Bank of Italy provides a helpful guide to banking fees.

Italy’s leading financial newspaper, Il Sole 24 Ore, has an online tool to help you compare bank offers.

Make sure to read the fine print — some ‘free’ accounts are promotional offers and expire after a year or so, leaving you paying hefty fees. Others look expensive, but are free if you maintain a low minimum balance or make monthly deposits of just a few hundred euros.

Step four: Visit a branch or sign up online

Now that you know the account type and bank you’re looking for, you can dive into the paperwork.

For a variety of reasons, it’s generally best to wait until you are in Italy to open your account – even in the case of online accounts. For starters, you will need an Italian tax code (codice fiscale) to open a bank account. Also, banks will need your permanent address in Italy for both mailing and tax purposes.

The process of opening an account at an Italian bank can be quite extensive, involving a lot of fine print in Italian. If your language skills are poor, consider bringing a friend who can help you review your contracts, or select a bank that you know offers services in English.

For online accounts like Wise and Revolut, paperwork is often minimal, requiring only a few online forms and a valid ID.

To open an Italian bank account, you’ll need the following documents:

ID card or passport;
Codice fiscale;
Residency permit if you’re a non-EU resident (if you’re a non-resident, proof of address like a bill or piece of certified mail);
For some accounts, proof of employment income (i.e., a contract or tax return).
Businesses will also need to provide the company’s registration certificate, a certificate of good standing, and statements of the financial status of all shareholders with a 20 percent or greater stake in the company.

Take these to your local branch to get started. Make sure to check your local bank’s opening hours first: Italian banks are known for taking long lunches and closing early in the afternoon.

Closing an account

If you’ve decided it’s time to say goodbye to your bank, it’s unfortunately not quite as simple as visiting a branch.

In some cases, you may need to send a registered letter or raccomandata to your local branch before you show up in person, including signatures from everyone on the account.

And as usual, make sure to read your contract carefully. Some banks charge a fee to close your account.

What Americans need to know about opening a bank account in Italy

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