Banking in Italy for Expats (2026 Guide)
Italy has a unique banking culture that catches many expats off guard.
Banking Overview in Italy
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | Yes |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Italy
Foreigners can open bank accounts in Italy. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Italy. While you may be able to send money to Italy, full local account features may not be available. Check their website for the latest on Italy-specific services.
N26
N26 is not currently available in Italy. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Italy, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Italy is approximately €2,102 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Open your account early: Visit a bank branch within your first week. Having a local account speeds up everything from rent to mobile contracts.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Keep your home bank account: Maintain an account in your home country for at least the first year, in case you need to transfer funds back.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Get a local phone number first: Most banks require a local mobile number for SMS verification. Set this up before visiting the branch.
Additional Practical Information
Key Institutions and Services
Based on current expat reports, the following organisations and services are relevant for newcomers to Italy:
- Italian Post Office
Additional Data Points
Recent reports and expat sources provide these additional figures for Italy:
- As a non-resident, you are allowed to open "conto estero" (non-resident) bank account in Italy . The basic requirements are that the new client must be over 18 years of age, must never have received a formal notice for non-payment, and must never have been declared bankrupt.
- You can deposit foreign currency or euros into this account but you will need to prove that the money deposited is not subject to tax and that it is not capital income. This can be done by submitting a self-certification to the bank. On the other hand, according to the Agenzia delle Entrate, the Italian tax agency, the bank will levy a 20% tax on the amount transferred if it is capital income or sales income .
- In order to open a bank account in Italy, you must be 18 years of age or older. In addition, depending on the banking institution you choose, you will need to provide the following documents:
- BancoPosta, Unicredit, Deutsche Bank Italia, BNL (of BNP Paribas), Monte dei Paschi di Siena, Ubi Banca, Fineco, Banca Mediolanum, and Banca Popolare di Milano are among the most popular banks. Intesa Sanpaolo is another popular bank, especially among expatriates, as it has over 3,700 branches and a multilingual contact center. You can find out more in a study by Mediobanca in 2022 that includes a list of the top 20 Italian banks .
- Banks do not usually charge a fee for opening a current account. The price of transactions and account management will then depend on the type of account chosen by the customer. According to a study by the Bank of Italy in 2021, a standard bank account costs an average of €90 per year, but depending on the credit institution and the type of account, this amount could reach €170.
- Regarding cash withdrawals (Bancomat), it's worth noting that Italy has a vast network of ATMs. In most of them, the daily withdrawal limit goes from €250 to €1,000, depending on the bank that issued your card.
- If you are planning to move to Italy , you may need to open a bank account. Often this is even required by the employer to pay your salary if you sign an employment contract. It can also be useful for paying your bills. In this article, we tell you how to open a bank account in Italy, whether you are a resident or a non-resident, and what documents you need to provide in order to do so.
- As a non-resident, you are allowed to open "conto estero" (non-resident) bank account in Italy . The basic requirements are that the new client must be over 18 years of age, must never have received a formal notice for non-payment, and must never have been declared bankrupt.
- In general, to open a bank account in Italy, you are required to have a residential address in the country. In some cases, however, expatriates living abroad for study or work reasons or foreigners who are not residents of Italy and who need a bank account can apply under the following conditions:
- Please note that the fees for opening a non-resident current account are generally higher than those for ordinary accounts. This is mainly due to higher fees that may be affected by exchange rate fluctuations if the holder is from outside the eurozone. In addition, Italian banks are required to apply anti-money laundering regulations.
- Some of the banks offering the possibility of opening a non-resident current account are Fineco, Banca Mediolanum, UBI Banca, Banca Popolare Etica, Banca di Credito Cooperativo, Banca Popolare di Milano, Intesa Sanpaolo, BNL and ING.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
What are the best banks for expats in Italy?
For expats in Italy, options depend on your needs. Codice Fiscale needed. Intesa and Unicredit accept foreigners. We recommend comparing traditional banks with digital alternatives based on your transaction patterns and whether you need international transfers.
How long does it take to open a bank account in Italy?
Opening a bank account in Italy typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
Are there any fees for maintaining a bank account in Italy?
Many banks in Italy charge monthly maintenance fees ranging from €2 to €15. Some offer free accounts if you maintain a minimum balance or receive a regular salary.
Can I get a credit card as an expat in Italy?
Credit card availability for expats in Italy depends on your income history and residency status. Some banks require 6-12 months of salary deposits before offering credit. Start with a debit card and apply for credit later.
Is mobile banking widely available in Italy?
Yes, most major banks in Italy offer mobile banking apps with features like transfers, bill payments, and balance checks. Local banks are increasingly investing in mobile technology.
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