Do I need to open a bank account in Italy? Yes if you want to buy a house in Italy.
Once you have obtained your own codice fiscale, you can go on with the second step and get a little bit closer to your dream home in the sun. Having an Italian bank account is an essential requirement and opening it it’s easier than you think.
Which Italian bank account should I choose?
It depends whether you are a resident or not.
You’re entitled to open a non-resident account – called conto non residenti or conto estero – if you are not enrolled in the Register of Residents that means you don’t reside in Italy for more than 183 days, or you have not lived or you have been resident in Italy for more than six months.
The disadvantage of this kind of account is its higher costs. Also only basic transactions are allowed.
Otherwise you can open a resident bank account.
How can I choose the right bank in Italy?
There are many kind of banks to choose among. But how can you find the best one? Compare rates from different banks and ask for feedback from friends, locals or other expats. For instance you can ask to our Facebook group members, there are many non-Italians ready to share their experience about that with you.
Also note that most banks charge you extra fees if you have to withdraw cash from an ATM belonging to a different bank. So taking a look around the area where you live or are going to move could be a good idea before taking your decision.
What’s more, bigger banks probably have more experience with non-resident accounts and hopefully have an English-speaking employee.
Opening a bank account is easy, but it is best for you to go in person to the office. In any case you can also do it remotely. If you go in person brings someone who speaks Italian with you, in case you need translation.
Documents required to open your Italian bank account:
– valid ID, such as passport
– codice fiscale (Italian tax code)
– proof of address
– residence card or evidence of employment/study in the county (for residents only)
You will fill in an application form and you will be asked for an initial deposit that can vary from bank to bank.
Remember to ask for a list of fees to your banking agent. For example it is really common for Italian banks to ask for a monthly service fee, charged for having the account.
In addition, if you’re planning to send money abroad, remember to check how much each bank charge you for it.
Finally banks in Italy are open only few hours a day that generally are 8 am – 1.30 pm and 2 pm – 4.30 pm Monday to Friday.