Welcome to Italy, the land of beauty, culture, and opportunity. Whether you’re here for work, study, retirement, or simply exploring, opening a bank account is a key step in your new adventure. The right bank can make managing your finances easy, especially as you adjust to life in Italy.
Here’s a guide to four top Italian banks that are especially accommodating to newcomers:
1. UniCredit
- Headquarters: Milan, with branches across Italy and Europe.
- Why Choose UniCredit?: UniCredit is one of Italy’s largest banks, offering a wide network of branches, ATMs, and services both locally and internationally. It provides current and savings accounts, as well as Visa or Mastercard-branded debit and credit cards, to fit various banking needs.
Features for New Arrivals:
- English-speaking staff in many branches.
- A robust online banking system that is user-friendly.
- Flexible options for international money transfers.
What Makes It Stand Out?
If you’re an expat, UniCredit’s multilingual support and straightforward account setup process will help you feel at ease from day one.
2. Intesa Sanpaolo
- Headquarters: Turin, with branches in major cities, including Rome and Milan.
- Why Choose Intesa Sanpaolo?: Known for its customer service and competitive rates, Intesa Sanpaolo provides a secure and reliable banking experience. This bank is particularly suited for expats due to its welcoming approach to international clients.
Features for New Arrivals:
- Support for English and other languages in many locations.
- International banking options for transactions and transfers.
- A reputation for offering favorable interest rates on savings accounts.
Added Perks:
Intesa Sanpaolo offers online and mobile banking solutions, making it easy to manage your finances on the go.
3. Banca Nazionale del Lavoro (BNL)
- Headquarters: Rome, with branches across Italy.
- Why Choose BNL?: BNL, part of the global BNP Paribas Group, is known for its expat-friendly policies. They provide tailored banking services for non-residents and residents alike, making it a practical option for newcomers.
Features for New Arrivals:
- “Conto corrente non residenti” (current account for non-residents), tailored for foreign nationals.
- Multilingual customer support, including English.
- A wide network of ATMs, especially in urban areas.
Great For Non-Residents:
BNL allows individuals without Italian residency to open accounts, making it a great choice if you’re in the process of settling down.
4. Banco BPM
- Headquarters: Milan, formed from the merger of Banca Popolare di Milano and Banco Popolare.
- Why Choose Banco BPM?: This is a highly adaptable bank for new arrivals, especially those without a codice fiscale (Italian tax code). Banco BPM understands the challenges international clients face and offers supportive services to meet their needs.
Features for New Arrivals:
- Visa credit and debit cards available.
- Banking services for individuals without immediate tax codes.
- Multilingual support, including English for expats.
Unique Advantage:
Banco BPM is particularly accommodating when setting up accounts for students and professionals who might not initially meet all Italian regulatory requirements.
How to Open a Bank Account in Italy
Required Documents:
To open an account with any of these banks, you’ll need the following documents:
- Codice Fiscale: Your Italian tax code. You can obtain this from the local Agenzia delle Entrate office or Italian consulate.
- Proof of Address: A rental agreement or recent utility bill.
- Valid ID: Passport or an EU ID card. Non-EU residents must bring their visa or residency permit documents.
Tip: If you’re an EU citizen, the process is typically streamlined. However, non-EU members may need extra documentation.
Managing International Money Transfers
For new arrivals, transferring money from your home country might be necessary, whether it’s to fund your Italian account or pay bills. Many banks, including those listed, offer money transfer services. However, digital options like Remitly or Wise often provide lower fees and better exchange rates.
What to Look For
- Exchange Rate: Check the rates offered by your bank or chosen platform, as these significantly impact the amount your recipient receives.
- Transfer Fees: Banks may charge higher fees compared to online services. Always compare options.
Overview of the Italian Banking Sector
Banking in Italy is regulated by Banca d’Italia, the Italian central bank. This institution ensures all banks operate under EU financial regulations, providing security and transparency. International banks like Deutsche Bank also operate in Italy, offering additional options for expats.
Essential Tips for Newcomers
- If possible, select a bank that offers English-language assistance.
- Online banking is widely available and can simplify bill payments, transfers, and account management.
- Consider whether you’ll need access to ATMs in rural areas, as some banks have better coverage than others.
FAQ Section
What documents do I need to open a bank account in Italy as a non-resident?
You’ll need a passport, proof of address, and a codice fiscale. Some banks, like Banco BPM, may allow you to open an account without having a tax code initially.
Can I send money internationally through Italian banks?
Yes, most Italian banks offer international money transfer services. However, you might find better rates and lower fees using online transfer services like Remitly or Wise.
Do I need to speak Italian to open a bank account in Italy?
Not necessarily. Many banks, such as UniCredit and Intesa Sanpaolo, offer English-language support.
What is a codice fiscale, and why do I need it?
A codice fiscale is an Italian tax code required for financial activities such as opening a bank account, signing a lease, or receiving employment income.
Are online banking options reliable in Italy?
Yes, most banks in Italy provide robust online and mobile banking platforms. They’re secure, convenient, and easy to use.