Banking in Italy

Opening an Italian account is simple once you have a codice fiscale — the real decision is whether to bother with a traditional bank at all, given fees that run well above the EU average.

Opening an account

To open a conto corrente (current account) at an Italian bank you need your codice fiscale, a valid ID or passport, proof of address (a lease or the iscrizione anagrafica certificate), and — for non-EU nationals — your permesso di soggiorno or at least the postal receipt showing it is pending. Major branch networks like Intesa Sanpaolo, UniCredit, and BNL (BNP Paribas) will open accounts for newly arrived residents, though some branches are stricter about wanting a completed permesso before finalizing anything beyond a basic account. Appointments are often required and English-speaking staff are hit-or-miss outside major cities.

Traditional banks vs. digital-first options

Italian retail banking has a reputation for cost that the data backs up: a typical conto corrente carries a canone (maintenance fee) plus per-transaction charges that together often land in the €100–300 per year range even for modest usage, well above what many EU neighbors charge for comparable accounts. That has pushed a large share of expats and younger Italians toward digital challengers — N26 and Revolut both offer free or low-cost IBANs to EU/EEA residents (Revolut also serves many non-EU residents once ID verification clears), with no maintenance fee, strong multi-currency support, and instant account opening entirely from a phone. The trade-off: some Italian landlords, utility providers, and payroll departments still prefer — or insist on — an account at a recognized domestic bank, particularly for direct-debit utility payments (domiciliazione bancaria) or mortgage applications, so many residents end up running both a digital account for daily spending and a local bank account for that fixed infrastructure.

Building Italian credit

There is no automatic transfer of a foreign credit history into Italy’s system. Italian lenders check the CRIF and Centrale Rischi credit bureaus, which only start populating once you have Italian financial products — utility contracts paid on time, a local credit card, a phone plan. Most banks want to see roughly three years or more of steady income and, for a mortgage, an open-ended employment contract (contratto a tempo indeterminato) before lending to a newcomer; freelancers and recent arrivals typically need a larger down payment (often 30–50%) to compensate. Getting a local credit card early — even a low-limit one tied to your conto corrente — is the fastest way to start building a track record.

Moving money in and out

SEPA transfers within the euro area are typically free or near-free at any Italian bank and settle within a day. Moving larger sums from outside the EU is where costs bite: traditional banks often charge €15–40 per incoming international wire plus an unfavorable exchange margin, so many newcomers route a first deposit — a rental deposit, a home purchase, or initial living funds — through a low-margin transfer service (Wise, Revolut) rather than a bank-to-bank SWIFT transfer. Keep records of large incoming transfers; Italian anti-money-laundering rules mean banks can and do ask for a paper trail on anything unusual in size or origin.