All about banks in Italy: where and how best to open an account

When you are planning an extended stay or business in Italy, one of the key steps is to open a bank account. Italian banks offer a wide range of services, but how can you choose the most suitable option? In this article we will tell you about the best banks in Italy, the peculiarities of their work and the procedure of opening an account. Whether it is a local bank or an international network, you will learn which options will suit your needs and what to look out for to avoid complications.

What is a non-resident account

A non-resident account is a banking option for those who do not have tax residency status in Italy. This means that the person has not been registered in the country's resident register for 183 days, has not lived in Italy for more than six months and has no permanent residence there. Opening such an account is usually more costly than regular accounts, as banks may charge higher fees. In addition, if the account holder lives outside the Eurozone, additional costs may arise due to exchange rate differences.

Who can open a bank account in Italy

Both residents and non-residents can open a bank account in Italy. The process may differ depending on your status, but in general, access to banking services is possible for everyone who provides the necessary documents. It is important to choose the right bank that offers the right conditions for your financial situation, whether for personal use or business.

Can you open an account without residency in Italy

To open a bank account in Italy without residency, you will need to choose a suitable bank that offers this service. You will then need to provide general information, proof of identity, proof of age and an Italian address to receive correspondence. You can open an account by filling out a special form, which can be obtained at any branch of the bank.

If you want to open an account remotely, you will need to send an application to the bank, attaching a notarized signature or certification from a lawyer, a copy of your passport (if available) and a document proving payment in euros.

Types of accounts that can be opened at the bank

Current account, or conto corrente residenti

A current account is a standard bank account that is suitable for everyday financial transactions. It allows you to receive and send payments, use debit and credit cards, and manage your funds through online banking. This type of account is especially convenient for those who make regular transactions and need flexibility in managing their finances.

Joint account, or conto corrente joint

A joint account is designed to be used by two or more people. It is a great option for families, partners or business associates who need to manage finances together. All account holders have equal rights to manage the funds and access to the account balance. If the account is closed, the amount is divided equally among all account holders.

Savings account, or conto di risparmio

A savings account is a banking product that is designed to accumulate funds and earn interest on deposits. The depositor can transfer money from this account to a current or personal account, but other transactions using savings account funds are limited.

There is an initial mandatory deposit of 25 €, which remains in the account until it is closed. Deposits can be made in any amount and at any time. Deposits up to 100,000 € are insured by the Italian insurance fund. If the client has several accounts in the same bank, the amounts on them are summed up to calculate the protection.

If the account is opened for several persons, the deposit amount is divided equally among the holders and is protected up to 100,000 € for each holder. Savings accounts are opened for a term of 1 to 12 months, with a maximum interest rate of 2.25%.

Deposit Account

A deposit account is designed for those who want to deposit their funds for a fixed period of time and receive a guaranteed income in the form of fixed interest. This type of account generally offers higher interest rates than a regular savings account, but the funds deposited cannot be used until the end of the contract term.

The basic terms and conditions include a fixed minimum deposit term, which can range from a few months to several years. Interest is accrued depending on the amount of the deposit and the selected period of keeping the funds. It is important to note that if the client decides to withdraw money before the end of the term, it may result in penalties or loss of part of the accrued interest.

A deposit account is ideal for those who want to keep their savings and receive a stable income without using these funds in everyday life.

List of banks for non-residents

• Fineco Bank. Fineco currently offers some of the most favorable conditions for opening a current account for foreigners. This bank is popular among non-residents due to the convenience of account management via online banking and low fees.
• Banca Mediolanum. Banca Mediolanum provides a wide range of financial services, including accounts for non-residents. This bank is known for its flexible service conditions and professional advisory support for clients.
• UBI Banca. UBI Banca offers a variety of banking products and services for non-residents, including favorable terms for current and deposit accounts. Their online banking system makes it easy to manage funds from abroad.
• Banca Popolare Etica. Banca Popolare Etica attracts non-residents with its ethical investment policy. The bank offers accounts focused on socially responsible projects and sustainable development, which may be of interest to foreign clients.
• Banca di Credito Cooperativo. This group of cooperative banks provides personalized banking solutions for non-residents. They are focused on supporting local communities and often offer favorable terms for small businesses.
• BNL (Banca Nazionale del Lavoro). BNL is one of the largest banks in Italy and offers a full range of banking services for non-residents. Clients can expect stable service conditions and access to international financial products.
• ING. ING provides competitive terms and conditions for non-residents, including easy account opening and funds management via internet banking. This bank is popular for its low fees and user-friendly interface.

How to transfer money from a foreign account to an Italian bank account

Transferring money from a foreign account to an Italian account is easy enough, but it is important to consider the possible tax implications. The only way to do this is through a standard bank transfer.

The money arrives in the Italian account within a few days, but depending on the source of the funds, the bank is required to withhold 20% tax if the funds come from capital gains or the sale of assets. If the transfer relates to wages, gifts or personal savings, no tax is charged.

It is the recipient's responsibility to confirm that the funds are tax-free. To do this, you must provide the bank with a self-certification (autocertificazione) stating that the funds are not subject to tax.

Sometimes the bank may require additional documents, such as a tax return, to verify the source of the income. If tax was withheld before the documents were submitted, you can request a refund through the bank within a certain time limit. If the deadline has passed, the request must be sent to the tax agency.

Otherwise, the transfer process follows standard bank transfer procedures, subject to the bank's terms and conditions.