Under Italian law all those who are interested – therefore including foreigners (individuals and legal entities) residing or even not residing in Italy – have the right to open a bank account with an Italian bank. Foreigners residing in Italy can open a bank account just like Italian citizens residing in the territory. Foreigners not residing in the country can only open a “non-resident account” (“conto non residenti” or “conto estero”). Foreigners can open a bank account in Italy by going to the bank branch of interest or simply by asking for assistance from agencies specialized in providing services to immigrants (in this case the customer is usually asked to pay a fee). The customer can usually withdraw from the contract at any time, without penalty and without costs of closing the account, by sending a registered letter (raccomandata a/r) to the branch of the bank where he has his bank account.
If you want to (personally, and quickly) write and send a (professional) registered letter to your bank requesting the closure of your bank account, please fill out the following form and we will send you a quote for the assistance
1) Currency residence (“residenza valutaria”)
In order to know how foreigners can open and close a bank account in Italy, considering that foreigners residing in Italy can open a bank account just like Italian citizens residing in the territory while foreigners not residing in the country can only open a “non-resident account” (“conto non residenti” or “conto estero”), it is important to understand when a citizen/foreigner can be considered a resident.
In this case, we should refer to the so-called ”currency residence” (“residenza valutaria”), which is based on a simple qualification that is recognized in favor of the interested party in presence of certain factual conditions, and is not to be confused with a registered residence (“residenza anagrafica”).
The currency residence is in fact based on the “usual abode” (individuals) / “real seat” (legal entities) or on the place of “production of income” other than occasionally. According to D.p.R. 148/1988, art. 1, par. 2, the following are therefore considered residents:
1) Italian citizens whose usual abode may be in Italy or abroad, but whose employment, self-employment or entrepreneurial activities are carried out in Italy “other than occasionally”;
2) foreign citizens whose usual abode is in Italy, but exclusively as regards employment, self-employment or entrepreneurial activities are carried out in Italy “other than occasionally”;
3) legal entities, associations and organizations without legal personality with effective seat in Italy;
4) legal entities and other entities that do not have legal personality established abroad and with a secondary seat in Italy, but exclusively for the activities carried out in Italy with a permanent establishment.
All other individuals and legal entities that are not included in the above list cannot be considered as “currency residents”.
The interested party can produce a simple statement declaring his residence and he can prove his abode with any proper document, a copy of the lease or loan for use of the property in which he abides or a document that proves the person belongs to the family of the tenant. Furthermore, it can also be proven by a certificate of registration into the AIRE – Anagrafe Italiani Residenti all’Estero (only Italian citizens).
The “usual abode” is presumed when two years have passed since its beginning, otherwise it can also be demonstrated by a statement from an employer (if applicable).
“Non-occasional activity” can be proven by a statement from the employer or, for the self-employed and entrepreneurs by means of fiscal records of the company or other certificates or statements issued by the tax authorities.
“Permanent establishment” can be proven through tax documents issued by Italian authorities or any other documents that demonstrate the actual carrying out of activities in Italy, such as, for instance, the registration of the secondary seat of the company at the Chamber of Commerce.
The interested parties shall notify all other parties of any changes in currency residence.
2) Foreigners and Italian bank accounts in general
First of all, it should be understood that access to banking services is not automatic but is subject to evaluation by the bank of the requirements for the granting of said contract and, however, in any case, requires the finalization of the contract.
With regard to foreigners, they can open a bank account in Italy (regular or non-resident bank account) by going to the bank branch of interest or simply by asking for assistance from agencies specialized in providing services to immigrants (in this case the customer is usually asked to pay a fee). It is possible to open an account while abroad, for instance by mail (in this case the customer will usually need to fill in a form provided by the bank of interest, send a reference from his bank, copy of his identification document, tax code, certificate of his signature, euro draft or whatever else the bank requests). Banks rarely allow customers to open non-resident accounts online.
Each bank sets its own regulations regarding fees, commissions, fixed costs, interests, operations, checkbooks, bank drafts, credit/debit cards (ATM), (foreign) wire transfers, possible orders of payment of utilities, periodic payments, internet banking, mobile banking, online statements (it is recommended because it generally avoids the payment of a few Euros compared to the paper format), telephone recharges, communications of the bank via email, etc..
Moreover, some accounts also offer insurance solutions in addition to the cost of the account (information support for certificates, documents, and other paperwork, payment of travel expenses to return to the country of origin in case of death of a family member, etc.).
Since there are many banks that offer several different types of accounts, when the customer wishes to open a bank account, he must be aware of what specific operations can be performed with that type of account, what operations can/should be performed at the counter and what online (home banking).
Opening a bank account is usually, but not always, free. The costs of the account are generally partly fixed and partly variable, in addition to stamp duties required by law. With reference to bank accounts, the stamp duty is due, on an annual basis, at the fixed rate of € 34.20 for individuals and € 100 for legal entities*. However, the stamp duty is not due if in the account there is an amount of less than € 5,000.
Under Legislative Decree 231/2007 (Anti-Money Laundering Regulation) the bank, at the time of the opening of the account, shall ask the customer to fill in a form which is intended to identify the customer’s “profile” (financial identification of the applicant). The customer must also “register” his signature at the bank so that later the same bank will be able to check the provenance of the orders (if it is a joint account contract, pursuant to art. 1854 of the Italian Civil Code (“c.c.”) all co-holders must register their signatures at the bank). However, nowadays the so-called “internet/home banking” is becoming more and more widespread. Through this, the holder of a bank account, after registering on the website of the bank, will be able to perform bank operations through internet (a.e. bank transfer, payment of bills, etc.), without any need to physically enter into the bank to issue an order.
When the customer opens the account, although it is not mandatory, in most cases the bank recommends depositing a minimum initial amount.
It is very important to read all the conditions specified in the contract, even the small printed ones, and the ones contained in the Information Sheet (“Foglio Informativo”). The customer should also ask the bank for any necessary clarifications before signing the contract. If it is difficult for the customer to fully understand the terms and conditions, he may ask the bank to provide documentation in English or to translate/explain it.
Italian banks still tend to be a little bit distrustful of foreigners, probably for reasons related to the greater difficulty of ascertaining their solvency and the eventual recovery of debts. Therefore, it could be difficult for foreigners to access bank loans or overdrafts**.
As the services offered and the costs thereof vary from bank to bank, it is very important for customers to carry out in-depth research and carefully evaluate all the contractual conditions before going to a bank to open an account. In this regard, it is possible to compare bank accounts over the internet (e.g. www.altroconsumo.it/conti-correnti or http://www.confrontaconti.it) or to turn to an expert who can provide assistance.
We suggest opening online bank accounts which generally have lower costs for operations, are easy to use and allow customers to perform all operations while at home, at the office, or even abroad. In this case, cash and checks can be deposited into the account through the appropriate ATMs of the bank of interest displaying the word “deposits”.
3) Foreigners residing in Italy
As mentioned above, foreigners “residing” in Italy can open a bank account just like Italian citizens residing in the territory.
In addition to the above information regarding proof of currency residence, the documents required to open a bank account are the following:
1) identity document (identity card/passport/Visa);
2) tax code (codice fiscale);
3) residence permit (or any other official document that is proof of residence);
4) banks often demand a proof of employment or self-employment status (employment contract, income tax return etc.).
4) Foreigners residing abroad
Foreigners who are in Italy but reside abroad, nevertheless have the possibility of opening an Italian bank account which is called a “non-resident account” (“conto non residenti” or “conto estero”). This kind of account is reserved exclusively to non-residents in accordance with the aforementioned law on currency residence.
The following documents are required to open a non-resident bank account:
1) identity document (passport);
2) tax code (codice fiscale);
3) Italian address (often, to prove the Italian address, a paid utility bill such as water, energy, gas etc. is required);
4) banker’s draft (not always).
Banks generally propose “Package” accounts to non-resident foreigners, which are essentially accounts that provide, in exchange for the payment of a fee, the possibility of performing a certain number of banking and non-banking operations. The package accounts are distinguished as either the accounts “with franchise”, in which the fee includes a limited number of transactions, or accounts “with no franchise”, in which the fee includes an unlimited number of transactions.
Generally, the kinds of accounts offered to foreign customers are similar to those offered to Italians with some small difference in costs and services. The commission costs, for example, may be higher, but, on the other hand, some banks include in the cost of the contract, in addition to usual services, some other “free” services such as, for example, a number of bank transfers to foreign countries.
The non-resident account can be both in Euros and in a foreign currency among the main ones. Generally, but not always, the non-resident account is opened in the currency of the country of origin because currency exchange commissions are always very high.
Banks usually allow, in case the needs of the customer change, to switch to a different type of account.
5) Examples of non-resident bank accounts
- Package di Conto Corrente, Conto Genius One Non Residenti, Unicredit;
- Conto corrente Start non residenti, Banca Nazionale del Lavoro S.P.A. (BNL)
- Conto corrente non residenti in euro di Credito Valtellinese;
- Conto International, Banco Popolare;
- Conto corrente per non residenti in divisa e in euro, Banca Popolare di Milano;
- Conto corrente non residenti in euro, Cassa Rurale di Rovereto Bcc;
- Conto corrente non residenti in euro, Cassa di Risparmio di Fano;
- Conto Corrente Libero non residenti, Veneto Banca;
- Conto Corrente ExtraPiù non residenti, Extrabanca;
- Conto Corrente residenti estero, Banca Sella;
- Conto non residenti in euro, Credito Cooperativo di Brescia.
Please note that the list above contains just a few bank accounts to be intended as examples.
6) Withdrawal and closure of the bank account contract
If a specific duration has been planned, the bank account contract expires at the end of the period agreed upon. If the contract has been stipulated for an indefinite period, either party may terminate the contract at any account closure (deadlines that are set to determine the balance), by giving notice at least ten days in advance.*** In accordance with the banks’ information sheets, the customer can usually withdraw from the contract at any time, without penalty and without costs of closing the account. The contract also ceases in the case of death, interdiction or bankruptcy of the account holder.
To close the bank account the customer must send a registered letter (raccomandata a/r) to the branch of the bank where he/she has his/her bank account.
If the account is a joint account with joint signatures, the closure request must be undersigned by all holders of the account. If the signatures are disjointed, it is then sufficient that only one holder signs the request.
If the customer is holding a securities deposit he/she must ask for the closure of this account as well.
The customer should return all debit/credit cards cut in two and any unused checks which must be canceled. Before sending the request for closure it is advisable to contact the bank to be sure of their specific closing procedure.
If the account holder is deceased, in order to close the account the heirs will have to go to the bank and deposit a declaration in which they claim to be heirs (“dichiarazione sotitutiva di atto di notorietà”), and fill in a form provided by the bank where they indicate their intention to close the account. Subsequently, they can transfer any remaining sums to a bank account of their choice.
The maximum time required for closing the account usually varies from 6 to 30 working days.
If you need assistance in writing the registered letter to close your bank account, send an email to assistance@vademecumitalia.com or fill in the Contact us form.
7) Complaints and legal actions
If a customer wishes to file a complaint, this should be sent by registered letter (raccomandata a/r) or email to the Claims Office of the bank which must respond within 30 days of receipt. If the customer is not satisfied or has not received a response within the period of 30 days he can contact the Banking and Financial Arbitrator – ABF (www.arbitrobancariofinanziario.it).
According to Legislative Decree 28/2010, art. 5, par. 1 bis, whoever intends to proceed with a legal action in relation to a dispute concerning banking and financial contracts shall, assisted by a lawyer, prior to addressing the Court, make an attempt to mediate by addressing, either:
1) the Bank Conciliator (www.conciliatorebancario.it) or
2) one of the other mediation bodies specialized in banking and financial matters, registered at the Ministry of Justice, or
3) the Banking and Financial Arbitrator.
The mediation process must be undertaken, otherwise legal action before an Italian court will not be admissible.
8) The bank account contract under Italian law: brief notions.
It should be firstly noted that the bank account is a real “atypical” contract (art. 1322 of the Italian Civil Code)**** stipulated under Italian law between the customer and the bank and, therefore, is governed by the specific provisions contained in the contract and, as far as possible, by the Italian Civil Code (art. 1852 c.c. and following). The bank account contract, in fact, has no specific regulation in the Civil Code. However, certain provisions of the Civil Code, and in particular articles 1852-1857 c.c., that regulate banking operations, and articles 1826 (Costs and rights of commissions), 1829 (Credits from third parties), 1832 (Approval of the account) apply to this atypical contract. Further regulation can be found in the Legislative Decree 385/1993, also known as the Consolidated Banking Act – (T.U.B.).
A bank account is, therefore, a contract under which the bank agrees to perform direct/indirect debit/credit operations (custody of money, crediting of amounts, payments, cash withdrawals, bank checks, bank transfers) on the customer’s direct/indirect orders, in exchange for a fee.
The customer creates a fund at the bank (current account) through which all incoming and outgoing requests are performed. These cash transactions are recorded by the bank in debiting or crediting entries (detailing movements – deposits and withdrawals) with a final indication of the (positive or negative) balance.***** The fund is generally made up by depositing money into the account (art. 1834 c.c.), but can also derive, for example, from a credit transfer (art.1842 c.c.) or from other sources.
With the bank account, the account holder can dispose of the sums at his disposition at any time, subject to compliance of the notice period as may be agreed upon (art. 1852 c.c.).
The bank account also may be held jointly with the right for the co-holders to carry out operations separately. In this case, pursuant to art. 1854 c.c., the co-holders are considered joint creditors or debtors of the balance of the account.
Under Legislative Decree 231/2007 (Anti-Money Laundering Regulation) the bank, at the time of the opening of the account, shall ask the customer to fill in a form which is intended to identify the customer’s “profile” (financial identification of the applicant). The customer must also “register” his signature at the bank so that later the same bank will be able to check the provenance of the orders (if it is a joint account contract, pursuant to art. 1854 c.c. all co-holders must register their signatures at the bank).
The bank is responsible according to the rules of the contract of “mandate” for the execution of orders received from the depositor or other customers (art. 1856 c.c.).******
The account statement is sent to the customer on an annual basis or, at the option of the customer, semiannually, quarterly or monthly. In the absence of a written objection by the customer, account statements and other periodical communications to customers (including changes to the current account) are considered approved after sixty days from receipt.*******
[avatar user=”David” size=”thumbnail” align=”left”]David[/avatar]
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I was fortunate enough to find VademecumItalia on the internet. I cannot begin to describe how helpful they have been!! From my initial email for help right to the end result, VI have worked with quiet determination to resolve my issue. They always responded to my queries quickly and demonstrated an immense amount of knowledge about Italian bank accounts. What had taken me months to try and sort…to no resolve I might add, they successfully did in 2 weeks! It was amazing how well they managed to help me…so fast and with such professionalism! If you require any assistance with Italian banking and its laws, these are the people you need. They do everything for you from start to finish….even liaising with the bank and writing complicated letters in Italian. Their cost is very reasonable and well worth it. I HIGHLY recommend this service. A++ Grazie VI, I will be recommending you to everyone that I know!
Dear Nadia, we understand that for foreigners not living in Italy it can be frustrating to deal with Italian banks. For this reason, we suggest to ask for professional assistance. We are glad that you appreciated our assistance, because for us there is nothing better than a satisfied customer!!! Thank you very much for your wonderful comment! VI
Hi, This post is very helpful for me,i like it very much,thanks!Since i don’t speak Italian, would you guys write the closing letter for me?
Dear Tommy, thanks for your nice comment. If you want to close your Italian bank account send us an email (assistance@vademecumitalia.com) or fill in the Contact Us form. As soon as you send us all the relevant information we can help you closing your bank account in a few days! We are looking forward to hearing from you! VI
Buongiorno, ma vale la stessa cosa anche per le poste? Io devo chiudere un conto corrente Bancoposta. Mi sapete dire come devo fare?posso scrivere una raccomandata?cosa ci devo scrivere?grazie. L.
Leonardo, innanzitutto ti ringraziamo per aver contattato VI. Non è vietato inviare una raccomandata predisposta liberamente dall’interessato, tuttavia si consiglia di utilizzare lo specifico modulo delle poste che si può trovare in tutti gli uffici postali o anche online per esempio cliccando qui. Il modulo, debitamente compilato, può essere consegnato in un qualunque Ufficio Postale o inviato, in originale e tramite raccomandata AR, alla Casella Postale 5000 – 10137 Torino oppure all’ufficio postale dove si trova il conto. Va in ogni caso allegata tutta la documentazione necessaria (indicata nel modulo) e copia di un documento d’identità del richiedente, ovviamente in corso di validità. La chiusura del conto determina l’estinzione di tutti i rapporti collegati al conto stesso. La chiusura non prevede costi. Qualora sia tutto in ordine, le Poste dovrebbero chiudere il conto e trasferire il saldo positivo sul conto corrente indicato dall’interessato tramite bonifico (è anche possibile chiedere un assegno) entro 15 giorni da quando le Poste ricevono tutta la corretta documentazione. In caso avessi necessità di assistenza professionale per la chiusura del tuo conto bancoposta puoi scriverci al seguente indirizzo: assistance@vademecumitalia.com. Grazie. VI.
Hi there,
Great Advice above, I was wondering if you help with one query.
I’m currently living in Italy as EU Citizen from UK and in process of obtaining permission to stay more than 3 months but as being self reliant rather than on study or work. However in order to obtain Residence I need to show sufficient funds in an Italian Bank Account but in order to get an Italian bank account I need a Residence permit. :S
Am I right in saying that I would be best to open a Non Resident Bank Account even though I’m already living in Italy?
Thanks
Martin
Dear Martin, thank you for your interest in VI!
We have to admit that we did not fully understand your question. However, as you know, that fact that you are currently “living” in Italy does not mean that you can open an Italian Bank account. According to what you wrote it seems that you could open a non-resident account, provided that you have the following documents: 1) identity document (passport); 2) Italian tax code (codice fiscale); 3) Italian address (often, to prove the Italian address, a paid utility bill such as water, energy, gas etc. is required); 4) banker’s draft (not always). You could switch to an Italian bank account later, if you need to, which has lower costs. However, we suggest to ask the interested Italian authority if a non-resident account is fine in order to demonstrate that you have “sufficient funds”, before you open it. If you need more information or specific assistance please send an email to assistance@vademecumitalia.com. Thank you. VI.
In my opinion you are right because you have no chose…
Hi.
I live in the UK. I am not resident in Italy and do not have a permanent address here.
I spend a lot of time in Italy on my sailing boat.
I do have a codice fiscale from when I bought the boat in Italy.
I would like to have an Italian bank account to use for paying for my daily living expenses and to be able to use the ATM machines without needing my UK bank card.
Is this possible for me and is this something you can help with?
JD
Dear JD,
Thank you for your interest in VI.
You should be able to open a non-resident bank account. However, you have to consider that Italian banks have different rules regarding documents required to open a non-resident account. Therefore, if you let us know what bank you are interest in (you can find a list here How foreigners can open and close a bank account in Italy) we can get in touch with a branch here in Rome and gather all the relevant information.
In any case, you should consider that the Italian bank that you choose may request a valid Italian address. In this case, if you are not able to provide one, we could ask the bank to accept that your address (domicile) is at Vademecum Italia’s office here in Rome (for which you would have to pay us a small fee).
Please consider that in order to open the account the bank requires you to go personally to the agency to sign the papers. If you decide to open a bank account here in Rome, one of our lawyers could provide the professional assistance you need.
Please let us know if there is anything else that we can do for you.
We look forward to your kind reply.
Sincerely,
VI.
Hi, my name is Cristian, I am a Romanian citizen, now living in Romania, and a few years ago while I traveled through Europe with my music band, I stayed in Italy for a couple of months. And I was advised by someone there to open a Banco Posta account for easier money transfer within the country. What I did not know it was that it’s easy to open an account but it it seemingly difficult to close it. After so many years, I still find myself in the incertitude if I have to close that account by a request to the bank where I opened it, or if the account it has been closed by not using it for so long.
I mention that it was opened in a small town near Bologna
I found on the internet an article where I got this email address from specifying that you can give me a correct information about how I might be able to make sure that bank account will be dismissed for good.
I also specify that I have not knowledge about the credit card they gave me back then. I searched for it but it seems I’ve lost it. I really hope it will not be a problem this, or if it is I am interested in how it will be possible to officially declare it lost, and null, for not to be needed to remake another one just for a closure.
Thank you so much for any help, or advice.
Dear Cristian,
they only way for us to give you a proper answer is to verify with the Italian Post Office. Therefore, if you provide us with the information listed below we can get in touch with Poste Italiane for you and verify if your account is still open and in case what you will need to do to close it for good.
We need to know:
1) account number;
2) account balance;
3) account holder/s’ full name, date and place of birth, Italian tax code (codice fiscale) if there is one, current residency address.
Please consider that there is no possibility for us to operate directly on your account with the above information, and that all the information that you will provide us will be treated in accordance with D. Lgs. 196/2003.
Sincerely,
VI.
We would like to close our Unicredit non-resident Genius account which is in joint names but only requires one signature to write cheques etc. Is it possible to do this without going into the bank? I see that a raccomandata can be sent. Is this sufficient or do we need to get a form / modulo da compilare from the bank.
Thanks for your help.
Best wishes
Dear Pam,
in order to close the account it is usually sufficient to send a raccomandata A/R (written in Italian) to the branch of interest, enclosing all the required attachments.
If the account is a joint account with disjoint signatures it is sufficient that only one holder signs the request (although it might be better that both holders sign it, if possible).
It should take more or less 15-30 working days for Unicredit to close the account.
If you need help, Vademecum Italia is pleased to provide the assistance you need in in writing the letter to Unicredit, and verifying that the Bank actually closes the account and transfers the balance to your bank account. In this case, our (small) professional fee will vary depending on the activity that we will have to carry out.
We look forward to hearing from you.
VI.
HI,
I have just moved to Sardinia from the UK for at least the summer months and need to open an Italian bank account in order to purchase a Vodafone contract (I tried using my UK bank account, but this was unsuccessful). I have a codice fiscale, UK passport and information of my UK employment. But I do not have proof of address. I am living at my partners summer home, and I have no bills in my name. Is it still possible to open an Italian bank account? I have thought about using either UnitCreidt or Banco di Sardegna. Would this be possible without proof of Italian address? If so, how can I go about this?
Many thanks,
Paul
Dear Paul,
Thank you for your question.
In order to open an account banks usually ask for an Italian address. This is true. However, considering that you live with someone that can guarantee for you, if you talk personally with the bank they might allow you to open the account regardless of a formal proof of an address. If you you like, we could get in touch for you with the branch of the bank you are interested in and ask them what documents they could accept in your specific case.
However, please consider that the bank account is required with the “abbonamento” (contract) only, which is binding for not less than 12 months (if you are interest in getting a smartphone for at least 24 months). It is more or less the same for the other phone companies.
On the contrary, if for example you like vodafone, you could go to a vodafone store and ask for a “ricaricabile” (rechargeable sim), for which you need a codice fiscale and passport only (that you have already). You will pay € 35 circa, and they will give you the sim right away that you can recharge when you need to. The sim will expire automatically after 12 months from your last “ricarica” (the last time you recharge it).
You also need to consider that opening a bank account has costs, that at a certain point you will need to close it, and that you have a clear position with the Italian revenue agency.
Therefore, we suggest the “ricaricabile”.
Please let us know if there is anything that we can do for you.
Thank you,
VI
Dear Sir:
My best regards to you.
My name is Adli Taher Elbusairi from Tripoli,Libya.
I would like to find information about bank accounts that belongs to my dead father. I will supply your with more information If you are able to help me with this matter, or you might be able to direct me to the right place where I can get such information.
Thank you for your kind attention
Adli Taher Elbusairi
Dear Adli,
Thank you for your interest in Vademecum Italia.
In order to protect your own privacy we will get back to you via email.
VI.
Here are two interesting tools that allow you to compare Italian (resident) bank accounts:
1) http://confrontaconti.ilsole24ore.com/conti-correnti/confronto-preventivi-conti-correnti.aspx?refresh_ce=1
2) http://www.facile.it/conti-correnti.html#
You need to understand just a few Italian words (e.g. “saldo medio = average balance; intensità utilizzo = average number of transactions in a year; canale di utilizzo = online/in-branch channel; accredito stipendio = crediting of the salary to the account; anno di nascita = year of birth: apertura online/filiale = online or in-branch opening of the account”; fido = loan).
Here is a recent article from the Corriere della Sera regarding the cost of Italian bank accounts: https://www.google.it/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=corriere%20della%20sera%2Bconti%20correnti
Hi, I wonder if you can help or show us an easier path to take with this problem.
We are a married couple resident in the UK and have purchased a property in Italy with the intention of once building work has been completed having it as our main residence.
We wish to open an Italian Bank account and the most economic option was the online Hello bank. However they have stated that we need documents on paper that we have an Italian residence, they wont accept our act of rogito and we need photo I.D issued by the comune to prove we have the property.
Is the only option open to us going in person to the comune to attempt to get this ‘I.D.’ then go in person to the Hello bank in Italy with this?
Are non residents accounts still in operation and what are the average costs?
All we need an account for in these early days is to be able to give the account number to the utility company’s so we can register with them.
Thanks in advance
Dear Bill,
as you can see from the Home page of Hello Bank , in order to open that bank account you need to prove your Italian residence, besides the fact that you need an Italian sim card (phone number). The fact that you own a property is not considered “enough”. Hello Bank is an online bank account, that you open online, therefore I would not suggest going to their offices to try to open the account, especially without the required documents. What we suggest is opening a non-resident bank account. Major banks offer non-resident bank accounts that you could use for the purpose you mentioned or other purposes (for example, you can bank wire money or receive wire transfers). The monthly cost is more or less of € 1/3. Once you will be living (or working) in Italy, you will be able to switch your non-resident into a resident account. In that case you could open the Italian bank account you prefer, including the Hello Bank one. Thank you Bill. VI.
Hi. Fascinating article- thanks David & team.
I have been living in Italy for a couple of months and have just secured a full-time job on an indeterminato contract, which I start on 9th January. Before I get paid for this job I need an Italian current account (resident account). However, I’ve been turned away from my local bank (Unicredit) as I don’t yet have Italian residency (ie: a carta identita), and I can’t obtain residency until I have received my first pay check- paid into a bank account. Catch-22!
Is there a chance that Unicredit are mistaken and I need to (politely) remind them of the law to allow me to open an account? Or possibly their own policies/regulations are that applicants for new current-accounts are required to have their carta identita before they can open them, and I should try another bank?
Thanks again. Keep up the good work.
Luke
A couple of things to add to this… I’m a citizen of the UK and have a signed, registered copy of my apartment rental contract.
Dear Luke,
Unicredit, as the other banks, is a private company (S.p.A.) which does not have any kind of obligation to sign a bank account contract with a potential customer. However, you could go to Unicredit and ask them to open in your name a non-resident account, where your employer will be able to pay you regularly. In order to receive bank transfers (which we imagine will be the means of payment) a non-resident account is sufficient (please consider that Unicredit requires an Italian phone number to open a non-resident account). Once you obtain your residence you will be able to go back to Unicredit and switch to a resident account.
Unicredit, as the other banks, cannot open a resident account if you are not currently (formally) residing in Italy (“residenza valutaria”).
Moreover, what you’re telling us, with reference to the need to receive a payment in order to obtain residence, does not seem correct. The municipalities usually require a statement of availability of funds. Basically, you will need to declare that you have sufficient financial resources not to become a burden on the Italian social assistance system. In addition to the above, usually the municipalities also ask for proof (eg bank reference, which must have a branch in Italy, where you have the funds). In view of the above, we think that you could open a non-resident account, deposit at least the minimum amount required by the Municipality of interest, and then ask for residence (verifying all the required documents). During this time, your employer will be able to pay you regularly by bank transfer on your non-resident account. As mentioned above, once you obtain your registered residence you can ask for a resident bank account.
Please let us know if you need professional assistance.
Thank you for contacting VI.
I am a US citizen and I want to buy a home in Italy to retire. My goal is to buy a home and use as a b&b/ argritorisim and that would be my form of self employment. Would it be best for me to keep my American bank account for the purchase and then when settled after getting residency opening an Italian account or should I open a non resident account first and then wire the money to the Italian bank?
Dear Juana,
It is not that simple to give you a satisfactory answer to your question. There are several things you need to consider, among which the exchange rate at the time of payment. You could also consider opening an Italian account in US dollars (that will have to be in your name). However, we will be able to give you better advice right before your purchase. Please consider that it is not very easy to deal with Italian laws and bureaucracy. In this sense, for example, you need to consider that there is a big difference between buying the house from a private citizen than from a Company. Also, it is one thing if you purchase the property and then decide to rent the house occasionally, a very different thing if you intend to carry out a professional activity (in this case you will need a Partita Iva, authorizations, meet specific requirements, etc.). Moreover, B&B/agriturismo/affittacamere etc. are different one from the other. The Italian Parliament is currently assessing a specific law for B&B’s and the like. We will be glad to assist you with your purchase. Please send an email to assistance@vademecumitalia.com. Thank you for your question. VI.
Hi,
I am in a basically identical situation to Luke above. The problem for me is that I do have any existing foreign address. I have proof of my current Italian address, I have my passport and my code fiscale, but if trying to temporarily open a non-resident account, I presume they are going to want proof of a foreign address which I do not have. I could give the address of a foreign blood relative but I could not prove the address provided in any way (and besides it would not really be my address, but that of a relative).
If you have any suggestions on what I could do here, it would be greatly appreciated.
Currently I am living off cash and minimal funds deposited in a partner’s account. They fall far below the amount required by the registrationn office to “prove you are not a burden on the state in any way” (which I am not as I have only put money into Italy).
And, while the following is probably misinformation (please correct me if so), I noticed many sites online saying that a non-resident account is only able to receive foreign sent funds. If that was the case it would be useless for Luke above, who says he has found work within Italy from an Italian employer.
Many thanks,
Stephen
Dear Stephen,
in your case it seems that that you might have another problem. As a matter of fact, usually banks do not ask foreigners to provide an “existing foreign address”, which in case could be your last address, that you should be able to provide (but if they do, the address of your relative could also be sufficient), while they certainly ask for a letter of reference from your current (foreign) bank. This means that your foreign bank should send a SWIFT message to the Italian bank that proves you are a client who has a solid economic situation, etc.. It is highly probable that the Italian bank refuses to open the account in case you do not have a foreign bank account. On the contrary, once you open a non-resident account, with the proof of Italian residence you can then ask the bank to switch from a non-resident to a resident bank account.
The proof of sufficient financial resources not to become a burden on the Italian social assistance system, refers to the request of residency (“residenza anagrafica”) to the Municipality, not to a bank account (where you need to prove your “residenza valutaria”).
With reference to the above, if you need further assistance send an email to assistance@vademecumitalia.com.
Regarding the third part of your comment, we can tell you that a bank like Unicredit, for example, allows account holders to receive on their non-resident bank accounts wire transfers (including salaries) from Italy, Europe, and other countries. The only thing is that probably the employer could have to do a “SEPA” bank transfer instead of a “SEPA Italia” bank transfer (but this is something very simple to do either online or at the bank).
Please let us know if you need further assistance.
Thank you for contacting VI.
Really interesting points. I wanted to ask why the poste office in Italy can not perform transactions to another country electronically? If you have an account it shouldn’t be a problem to transfer funds to and from the account surely? I am not resident but I go often to Italy.
Dear Rosie,
If you need to make payments, especially if the beneficiary resides abroad, we suggest opening a bank account. If you need assistance please send an email to assistance@vademecumitalia.com or fill in the Contact Us form.
Thank you,
VI.
Dear VI.
I would like to say thank you also in this way for your professional lead you provided to us on the starting steps to open a non-resident bank account in Italy. Your quick reply with all the important and exact infos were a great help for us in understanding the best process we should follow. It was also a surprise to learn how wide is the palette of your services from the banking guidance through legal advices to a full support in official and public authority matters. We will definitely come back to you when similar issues appear in the future.
I live in Italy as a foreiy researcher on an EUro project how can I access loans and an overdraft from my bank?
Sorry for my typos, my keyboard is acting up! I meant “foreigner” and “EU”
Dear Ize,
Thank you for your comment.
Considering that in order to answer your question we will need to know your personal information, we will send you an email to protect your privacy.
Regards,
VI.
Hi, I am a foreigner working in Italy. I will need to close my account before I return to my country. Will the bank give me the amount of money in my account in cash, and am I allowed to bring it out of Italy? (I understand currently the limit is 10,000 Euros per person, and I am looking at around 60,000 Euros).
Thank you.
Dear Rin,
Actually, it is possible to withdraw the money from your account (it will take several days) and to transport it out of Italy. As you can read in the Guide Limit to the transport of cash to Italy “anyone entering or leaving Italy and carrying cash of an amount equal to or greater than € 10,000 shall declare that sum of money to the Italian Customs Agency. There is no distinction between EU and non-EU countries.
The Declaration for the transfer of cash equal to or exceeding the equivalent of € 10,000 can be either transmitted electronically, before crossing the border, according to the terms and specifications published on the website of the Customs Agency, or delivered in writing at the time of crossing the border, at the border customs offices.”
However, you should consider that you can close your Italian bank account simply by sending a registered mail (raccomandata A/R). The balance will be transferred to your foreign account and you will not need to carry around a big amount of cash. It takes 15/30 days for the bank to close the account. You can send the registered mail before or even after you leave Italy.
You can download the registered letter here. Otherwise, if you send an email to assistance@vademecumitalia.com with all your personal and bank details, we can write the letter for you.
Thank you for your query.
We look forward to hearing from you.
VI.
Dear VI,
Thank you so much for taking time to reply and providing such detailed advice that is very useful for me. I will look into the information you have provided. Thank you very much.
Regards,
Rin
I’m so glad I found Vademecumitalia. Now I know where I’ll go for assistance when ready to open an Italian bank account or navigate Italian residence bureaucracy. I’m Kenyan and next year, I’ll be taking a sabbatical from my job to move to Italy to study for a masters degree and maybe a language course. I will be in Italy for 12-18 months depending on how long it’ll take to complete my studies. I don’t expect to need the account when I return home. My stay will be funded by my own savings, though the university requires that I take an internship or gain a few months of work experience in a preselected Italian company where they’ll place me.
My question for now is – what kind of bank account would you typically recommend for someone like me? Resident or nonresident?
Thanks and hope to see you next year.
Dear Nick,
We really appreciate nice comments from our readers.
Based on what you said, it seems to us that you will only be able to open a non-resident account when you first arrive. Later on, if you will be eligible as a resident according to Italian laws, you will be able to switch to a resident account.
You might want to keep in mind that some banks offer a rechargeable card with Iban, which might suit your needs.
Please feel free to get back to us a few weeks before your departure. We will be glad to assist you with this or any other service you may need.
Thank you,
VI.
Hi, I live in Argentina, I was born here, but I have Italian citizenship. What is the possibility of opening an account in a bank in Italy? . I work in the American stock market and from the Argentine banks there are many problems to be able to work with the brokers of the foreign country. Thank you
Hi Martin,
Thank you for contacting Vademecum Italia.
I will get back to you via email as soon as possible.
Regards,
David.
Hi
We have a house in Italy but are non resident as our main residence is in the UK. We have a bank account which was with Banca Marche which has since been taken over by UBI. We no longer have a bancomat card, nor online banking so that we cannot see statements. Initially we thought that we could not use direct debits but we have now been told that we can. Although we were given lots of information re: the initial Banca Marche account, we have had no information on the new ubi account. We are finding it very difficult to find out anything and the account does not meet our needs as it is. We get no response to emails sent to our contact at the bank. Our Italian is not yet great so we try to avoid phone calls etc.
Would it be best to close this account and try to find a more suitable one that meets our needs?
Regards
Hi Helen,
Thank you for contacting Vademecum Italia.
We will get back to you via email as soon as possible.
Regards,
David.
Ciao – I purchased an apartment in a small town in Umbria in Sept 2017. I do not have an elective residency visa and will only be visiting a few times a year. I would like to open a bank account in my town (there is 1 bank) to pay utilities and taxes online, and will need to transfer funds from my bank in the states to that account. My friend has been paying these for me and I will reimburse her. I will be there for 2 weeks in April and hope to get this accomplished then. Will anything be required other than passport, codice fiscale, property deed and social security number? I appreciate any info on what I should be aware of.
Thank you for your assistance! BTW, I love your newsletter – has been very helpful!
Dear Sandra,
Thank you for contacting Vademecum Italia.
We sent you a detailed response via email last Wednesday.
Please let us know if everything is clear and if you need further assistance.
Thank you,
David.
Hi Mr David
If a person worked in Rome Italy before and when his/her employment contract expired and return to his country anywhere. Is it still possible to keep an account active as saving and do online banking to transfer/withdraw money?
Thanks
Hi Fele,
Thank you for your query.
It depends on how long you are going to stay abroad, what kind of bank account you have, on the bank itself and the kind of bank contracts they offer. In some cases, you can keep your bank account active and use it even if you are living abroad. However, you should contact your bank to inform them of your specific situation.
Regards,
David.
Hi,
I am an Indian Citizen traveling to Italy and will be there for about a month. during this month, I want to get codice fiscale & open a bank account. preferably with zero or minimum balance.
what documents would be needed? this would be my first visit to Italy. my requirement is that this bank account will be used to transfer funds from outside Italy for property purchases.
Hi Savin,
Thank you for your query.
We will send you an email with all the information you need as soon as possible.
David.
Hi,
My mother is a Italian citizen, living in Italy. I am a UK citizen resident in UK. For inheritence (not yet hopefully!), how would I receive the funds from her bank accounts in Italy. Is it a good idea to open a bank account in Italy for myself? Or is it better that the Italin bank pay it to my UK bank? An Italin bank might be handy for other expenses if I keep the Italian property going. I dont have proof of address for Italy, other than my mother’s house, but no bill in my name. How do I proceed.
Hi Emma,
Thank you for contacting Vademecum Italia.
Unfortunately, things are not that easy. After your mother’s death, you will need to open an “inheritance case” here in Italy. You will need to submit several documents, prove that you are her heir, list the goods she owned etc.
In general, should you have a valid reason that justifies the request, you could open a non-resident account here in Italy.
We will send you an email with more information shortly.
Thank you,
David.
Hello
Like many others, I live in the UK & want to purchase a property in Italy, specifically Sicily.
The Real Estate Agent has advised that I need a Sicilian Bank Account (With Cheque Book) & a Codice Fiscale to make the purchase. I need to write a cheque with deposit amount, and pass this to the agent, once our purchase offer is accepted by the vendor.
So, I downloaded the form AA4/8 & completed with my UK address.
Then visited the Agenzia Della Entrate, whilst on holiday. However, they have their own version of the form, which I had to complete. Took it to the guy, who required an address in Sicily. He would not accept our holiday address. After much arguing he noticed my wife’s birth date was only 4-days different to his. So now he helpfully fabricated an artificial address for the town we were staying in – ‘Via Gorgonzola 15’ (You couldn’t make this up!). He gave us a printed copy of the certificate & told us to apply for a new card once we have a local address.
So the common problem – can’t get an address without a Bank account, can’t get a bank account without a codice fiscal card, can’t get a codice fiscal card without an address!
I have now been offered a mailing address in sicily by an italian friend.
So, questions to resolve this:-
Can I apply for a duplicate copy of the codice fiscale card by Post?
How long does it take for the Codice Fiscale Card to be issued?
Is it possible to get a new card sent to our UK Address?
Can I Purchase a property without an Italian Bank account?
Can I open an Italian Bank account from the UK without visiting the Branch in person?
Any other suggestions would be helpful.
Thanks for all the info posted on your site.
Best Regards
Mark
Hi Mark,
Thank you for contacting VI.
I will get back to you as soon as possible.
Thank you,
David.
Hello,
Glad I found such a useful website. I would appreciate prompt answer cause my time is running.
I’m a Croatian citizen, been working in Italy for the last two years. Now the company is closing/changing and we’re waiting for October to start job again. Company told us to send the request to INPS but they expect me to open a bank account in Italy. Until now I didn’t need one. So, I tried to open it in BancoPosta (non-resident of course) but they asked address in Italy as well as permesso di lavora. I do have codici fiscale, valid passport, I was registred on the address in Rome (from my last contratto indeterminato) but I don’t have any bill or slt to prove it. Also, I don’t know anything about my work permission, my Employer did everything needed. So, I went to try to Monte dei Paschi but they asked permesso di soggiorno? In both cases they told me the system wont accept opening a bank account without these
So, what shall I do? Of course I dont know if I’m still registred on that address, since during this pause, I’m not living in Italy. Everything regarding this administration thing was upon my Employer to do. My colleagues are not in the same possition (most of them) cause they opened non-resident account earlier but they’re not able to tell me what was the difference cause they also couldn’t prove the address.
Thank You very much for your kind help.
Greetings,
I need an information. I will stay in Italy for 3 months for a training. Can I open a temporary bank account in any Italian Bank, without having an EU passport nor a residence permit, but just a visa? How much will that cost, the opening of the account, the card maintenance fee, and the closer after 3 months?
Also, what are the costs of withdrawing money (EUR) from an Italian ATM or directly or the Cash desk, when you have a foreign account?
Hi Anisa,
I sent you an email a few minutes ago.
Please let me know if there is anything else that I can do for you.
Thank you,
David.
Hello
I opened an account with unicredit Iseo Lombardy in 2015.
Used up my deposit by debit card during the next year
Now I have a bill for closure of 245 euros
Could I ask to what extent I am liable
I’m very grateful to Vademecum for their advice and assistance in opening a non-resident bank account in Italy in readiness for purchasing a house. They were particularly helpful in identifying a suitable bank in Bologna, and arranging an appointment with an advisor who could speak sufficient English to make the process easier for us – and all this during the peak holiday season in Italy. It was also helpful to have guidance in advance on the documentation we might have to supply, and the extent of the documents we would need to sign – mostly done electronically now. One thing to note – Italian banks may very well require you to have an Italian telephone number to which they can send some validation messages, to which they will need responses. So it would be very sensible to arrange that before starting the process.
Hi, thanks for the useful information. I’m looking to buy property in the Rome area (and moving forward split my time between London/Rome), and therefore would be opening a bank account there/get the tax code. However, I will not have an Italian address before buying a place there. How is it best to proceed and in what order?
Dear VM,
The first thing you need is a codice fiscale. Then, with your codice fiscale and some other documents, you can open a bank account.
Please consider that I can assist you with the request for a codice fiscale, with the opening of a bank account, and also with the purchase and management of your Italian property.
In order to protect your privacy, please send an email to assistance@vademecumitalia.com and I will tell you more about what I could do for you.
I look forward to hearing from you.
Thank you,
David.
Hi I’m a medical doctor from Sri Lanka. Currently I’m in Milan university for my post graduate studies for one year. I need a bank account to get funds from my country. I visited almost all banks in Milan. They need “Permesso di soggiorno” to open an account. It’s very difficult to get and not useful for my one-year stay. I’m having valid passport, visa , tax cord, and letter from my university.i will be grateful to you; if you could help me open an account in Milan.
Thanks.
I can only repeat those compliments written by many satisfied customers of Vademecum Italia.
Your service is really outstanding in view of giving unbelievably exact infos covering several aspects of the official Italian procedures. At the same time you provide the most personalized solutions for every individuals who are even in special situations.
We could smoothly settle down in Italy during a reasonable time, we just followed your great assistance.
Thank you so much again.
Steve
Dear Steve,
Thank you for your nice comment and your fantastic email that we will read carefully because it contains lots of useful suggestions. We really appreciate.
All the best,
David.
I was lucky enough to find Vademecum by chance on the Internet.
I wanted to close my Italian bank account and it seemed very daunting.
But David made it really easy for me and I immediately had confidence in his service, he was very quick
and very efficient.
With his expertise he made the whole experience very simple and I cannot thank him enough.
I would recommend his services to anyone needing help.
Thank You
David Moyes
Dear David,
Thank you for your nice comment.
All the best,
D.
I had been given some “Buoni Fruttiferi Postale” by my parents many years ago. While searching on the internet information on how I could redeem them and transfer the money to New Zealand,where I live, I found David. I contacted him and he responded immediately and was very willing to help even though this was a new area of expertise for him. After many calls and trips to the Post office and the banks by David I eventually met him in Rome and together we went to a Post Office where my BFP’s were converted into a cheque that I could bring to New Zealand and deposit. In my interactions with David I always found him to be very friendly, professional and very efficient. I am very grateful for his help and can happily recommend him to anyone needing his help. I also would not think twice about asking him to help me with anything else I may need help with in the future.
Thank you David
Anna Taylor
I used David to close a bank account, and he was brilliant, very knowledgeable, quick and easy to use. I would recommend he to anyone
Hi
This is Giovanni, I live in California and do my banking with Bank Of America, I heard that my bank came from Italia
I travel to Italy every year (for a min of two months), and wonder if it is financially a good idea to open an Italian bank account and get an ATM so that when ever I travel to Italia I can avoid the bank fees.
Regards
Dear Juan,
It is not possible for me to give you a definitive answer. Please consider that non-resident bank accounts have monthly costs, which vary from bank to bank, and from time to time. Therefore, it probably depends on how high your fees are.
If you would like to know more about a non-resident bank account in Italy, please send me an email.
Regards,
David.
David did outstanding work to get our Italian bank account closed after we left Italy. As with any Italian administrative process, there are many steps and contacts required to get everything done. We could never have done this without David’s expert help. I cannot recommend David highly enough! You can trust him to get the job done and get it done to your satisfaction. Thank you, David!!
Thank you!!
I am Cuban resident with a valid Italian passport and with a fiscal Italian number,I was born in Italy and married with a Cuban. I was refused by an Italian bank for a non-residence account for being a Cuban residence, because Cuba is in the black list.
Could you please suggest some Italian banks that would have relation with Cuba.
I would appreciate your suggestions. Thank `you
Dear Livio,
Sorry, it can be difficult to open a bank account in your case.
I will let you know if I have any news.
Thank you,
D.
David has been extremely helpful in helping me to find which branch would open an account for non resident. David went above and beyond by visiting personally many branches until he could find a suitable one. He took an appointment for the account opening, made sure I had all the right paperwork and even offered to come to the appointment to translate everything and make sure I knew what I was signing. I am quite blown away by how nice and professional he is.
I would certainly recommend him to anyone! Thank you
Dear Team,
I am an Indian Citizen staying in Italy and holding a bank account. Is it possible to close bank account from India, or should i ask Bank to specify the time till then my account will be active ?
Any suggestions on Banks who provide closer service from India ?
Thanks
Tushar
You can close your bank account from India with my assistance.
Please send me an email.
Thank you,
D.
Hi Davide
I am Non EU citizen, working in Italy with permesso di soggiorno lavoro subordinato
I will move to Germany for work next month
My bank said the account will be active but I am curious about transferring money inside EU countries
Can you point me to laws and rules that explain about limits of money that can be transferred between two banks in Europe by a private citizen?
another questions, if i leave Italy should inform someone to cancel my permesso di soggiorno ?
Dear Rebeic,
We will send you an email shortly.
Regards
I am living in Azerbaijan, I wanna open an Italian Iban, personal account. DO I have such an option to get Italian IBAN?
I want to open a non-resident account. I recently got the Codice Fiscale when I went to Rome the last month. How can I open a bank account if I’m out of Italy? I will travel the following year, but I need to receive payments for my consulting works.
Hi Fernando,
We will send you an email as soon as possible.
Thank you
Ciao David, I am a US citizen and I own a house in Italy, with a mortgage and monthly bills (electric, gas, etc). I currently have an account with ING bank Italia. My personal document needs to be updated with them (because the old one expired) and I have sent a copy of my new (US) passport numerous times, but they are not updating my account information and are now threatening to freeze my account. They accepted my US passport to open the account more than than years ago. Do you know if there is anything I can do? I have a permanent address in Italy, as well as codice fiscale.
Sorry, it should say I have had an account with them more than ten years.
Hello!
As a Romanian resident, can I open a foreign non-resident account at Unicredit in Torino/Como just with passport/identity card and codice fiscale? Or would you recommend me another bank for this? Thank you!