How to Open a Bank Account in Italy — Complete Guide 2026

Opening a bank account in Italy requires one document above all others: your Codice Fiscale. Without this Italian tax code, no bank—traditional or digital—will accept your application. Get this first, then tackle the banking.

This guide walks through the complete process, compares Italy's best banks for expats, and explains the fees and taxes you'll actually pay.

Why You Need an Italian Bank Account

An Italian IBAN (starting with "IT") is essential for:

• Property purchases — Notaries require Italian bank transfers for real estate transactions
• Rent payments — Most landlords expect domestic bank transfers
• Utility contracts — Electricity, gas, and water companies often require Italian IBANs for direct debit
• Employment — Italian employers typically pay salaries to domestic accounts
• Residency applications — Proof of financial means often requires Italian banking

Digital banks like N26 or Revolut provide IBANs, but these are German (DE) or Lithuanian (LT)—not Italian. Many Italian institutions, particularly for mortgages and property transactions, may not accept non-Italian IBANs.

If you're buying property in Italy, start your bank account process 4-6 weeks before you need to make payments. Italian bureaucracy moves slowly, and you don't want delays at the notary.

Requirements by Residency Status

EU Citizens

EU citizens have the smoothest path. Some digital banks like Fineco allow remote account opening with just your passport, Codice Fiscale, and an Italian address.

Non-EU Citizens

Non-EU citizens face additional scrutiny. Some banks require your permesso di soggiorno to be valid for at least 6 months. Others accept the cedolino (receipt) showing you've applied for a permit.

Critical: Get your Codice Fiscale before attempting to open any bank account. This is non-negotiable—every Italian bank requires it, no exceptions.

Best Banks for Expats in Italy

Bank Comparison Table

Fineco — Best Digital Option

Fineco is Italy's leading digital bank (formerly a UniCredit subsidiary, now independent since 2019). It offers genuinely free banking for under-30s and competitive rates for everyone else.

Pros:

• €0 monthly fee (under 30) or €3.95 (30+, waived with €5K+ balance or salary deposit)
• Free debit card with competitive FX rates
• Full online account opening for EU citizens
• English-language app available (website primarily Italian)
• Free SEPA transfers, competitive international transfers
• Investment platform included

Cons:

• Branch visits difficult (limited physical presence)
• Customer service can be slow
• Non-EU citizens may need to visit a branch

Best for: EU citizens comfortable with online banking who want low fees and a proper Italian IBAN.

ING Italia — Strong Runner-Up

ING's Italian operation offers solid digital banking with occasional fee-free promotions.

Pros:

• €0 monthly fee with salary deposit or €5K balance (otherwise €5/month)
• Free ATM withdrawals across Italy
• Good English support
• Online account opening available

Cons:

• Fewer features than Fineco
• Limited branch network
• Stricter income requirements for some products

Best for: Expats who want a simple, low-fee account with a recognized international brand.

Intesa Sanpaolo — Traditional Powerhouse

Italy's largest bank by assets. Essential if you need a mortgage or complex financial products.

Pros:

• Extensive branch network (4,600+ locations)
• Full range of products: mortgages, investments, insurance
• Established relationships with notaries and real estate agents
• Most likely to approve mortgage applications for foreigners

Cons:

• Higher fees (€4-8/month typical)
• Must open account in branch
• English support varies by branch
• Aggressive cross-selling of insurance and investments

Best for: Property buyers who'll need a mortgage, or anyone who values in-person banking.

UniCredit — International Reach

Italy's most international bank, with strong connections across Europe.

Pros:

• Good for international transfers
• Branches in multiple European countries
• English-speaking staff in major cities
• Solid digital banking platform

Cons:

• Higher fees than digital alternatives
• Complex fee structure
• Branch-only account opening

Best for: Expats who maintain financial ties across multiple European countries.

Fees and Taxes You'll Pay

The Imposta di Bollo — Government Account Tax

This catches every expat off guard: €34.20 per year on any account with an average balance above €5,000.

The Imposta di Bollo (stamp duty) is a government tax, not a bank fee. Every Italian bank must collect it—there's no avoiding it.

Important: The €5,000 threshold applies to your combined balance across ALL Italian bank accounts, not per-account. Italian tax law considers your total holdings when calculating whether you exceed the threshold.

Strategy: If your total balance hovers near €5,000, consider keeping it just below to avoid the tax. Splitting funds between multiple Italian accounts won't help—the threshold is cumulative.

Interest Tax — 26% on Earnings

Italy taxes interest earned on bank accounts at a flat 26%. This is deducted automatically by your bank before crediting interest to your account.

Exception: Italian government bonds (BTP, BOT, CCT) are taxed at a preferential 12.5% rate—half the standard rate. If you're considering Italian investments through your bank account, this makes government bonds relatively tax-efficient.

With current interest rates on Italian savings accounts ranging from 0.5-2%, this tax reduces already modest returns. Most expats shouldn't expect meaningful interest income from Italian bank accounts.

Standard Account Fees

How to Open an Account — Step by Step

Step 1: Get Your Codice Fiscale

Before anything else. Visit your nearest Agenzia delle Entrate office with your passport. Processing takes 10-15 minutes and is free. See our complete Codice Fiscale guide.

Step 2: Gather Your Documents

EU Citizens:

• Passport or EU ID card
• Codice Fiscale
• Italian address (rental contract, hotel booking, or accommodation letter)
• Phone number (Italian preferred but not essential)

Non-EU Citizens:

• Passport
• Codice Fiscale
• Permesso di soggiorno (or cedolino receipt)
• Proof of address
• Proof of income (employment contract, bank statements, pension documentation)

Step 3: Choose Your Bank

For most expats, we recommend:

• Fineco if you're an EU citizen comfortable with digital banking
• Intesa Sanpaolo if you're buying property or need a mortgage
• ING Italia as a middle ground

Step 4: Apply

For digital banks (Fineco, ING):

1. Start application online
2. Upload documents
3. Video verification call (5-10 minutes)
4. Wait for approval (1-7 days)
5. Receive debit card by post (5-10 days)

For traditional banks:

1. Book appointment at branch (essential—walk-ins often refused)
2. Bring all documents
3. Complete paperwork in branch (45-90 minutes)
4. Return to collect debit card (often 1-2 weeks later)

Step 5: Activate Your Account

Once approved, you'll receive:

• Your IBAN (IT + 25 characters)
• Online banking credentials
• Debit card and PIN (separately by post)

Activate your card at an ATM or through the app. Set up the mobile app for day-to-day banking.

Common Problems and Solutions

"We need more documents"

Italian banks often request additional paperwork mid-process. Stay patient. Provide what they ask promptly to avoid restarting the process.

Common additional requests:

• Proof of income source (even for EU citizens)
• Bank reference letter from your home country
• Utility bill at your Italian address
• Employment contract or pension statement

Language Barriers

Even in major cities, branch staff may have limited English. Options:

• Choose Fineco or ING (better English support)
• Bring an Italian-speaking friend
• Use Google Translate for forms
• Request English documentation where available

Slow Processing

Account opening can take 2-4 weeks at traditional banks. Digital banks are faster (1-7 days) but may still experience delays.

If you're buying property: Start 6 weeks before your expected closing date. This gives time for delays without jeopardizing your purchase.

Cross-Selling

Traditional banks—especially Intesa Sanpaolo—will push insurance products, investment accounts, and credit cards. You're not obligated to accept. A firm "no grazie" works, though you may need to repeat it.

Digital Banks: N26 and Revolut

N26 and Revolut are popular among expats for their easy signup and English-language apps. However, they come with a critical limitation: neither provides an Italian IBAN.

• N26 issues German IBANs (DE...)
• Revolut issues Lithuanian IBANs (LT...)

These work fine for:

• Day-to-day spending
• Online purchases
• Receiving transfers from abroad

They don't work for:

• Property purchases (notaries require Italian IBANs)
• Most mortgage applications
• Some utility direct debits
• Certain government payments

Recommendation: Use N26 or Revolut as a secondary account for daily spending, but maintain an Italian bank account (Fineco, ING, or a traditional bank) for anything requiring an Italian IBAN.

For Property Buyers

If you're buying property in Italy, your banking setup matters more than most situations.

Requirements:

• Italian IBAN essential for the final transfer to the notary
• Large transfers may trigger additional verification
• The funds' origin must be documented (anti-money laundering rules)

Timeline:

• Open account: 6 weeks before closing
• Transfer funds: 2 weeks before closing (allows time for verification)
• Final payment: At notary appointment

Bank choice: Intesa Sanpaolo or UniCredit have the most experience with property purchases. If you need a mortgage, these are also your most likely approval sources.