Source: https://vademecumitalia.com/how-foreigners-can-open-and-close-a-bank-account-in-italy/
Timestamp: 2018-02-18 18:14:36
Document Index: 30846865

Matched Legal Cases: ['art. 1', 'art. 1854', 'art. 5', 'art. 1322', 'art. 1852', 'art. 1834', 'art.1842', 'art. 1852', 'art. 1854', 'art. 1854', 'art. 1856', 'Art. 13', 'Art. 1833', 'art. 1322', 'art. 1703', 'Art. 119']

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). It is also possible to open an account while abroad, for instance by mail. 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, you just have to download and fill in the form
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);
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 cancelled. 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.).
The 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.*******
*Art. 13, par. 2-bis, of the “Tariffa”, Part I, attached to the D.p.R. no. 1972/642, as subsequently amended.
**In Italian an overdraft is called a “Fido” which is a commitment made by a bank to make bank credit available to the customer as a sum of money or to guarantee an obligation on his behalf. The customer does not necessarily need to use the entire sum made available by the bank and, therefore, besides the borrowed amount, the interests that the customer will have to pay back to the bank will be calculated only on the amount actually used.
***Art. 1833 of the Italian Civil Code.
****According to art. 1322 of the Italian Civil Code, a contract is “atypical” when it does not belong to the types having a particular discipline in the Code. Parties may enter into “atypical” contracts provided they are intended to achieve interests that deserve to be protected by the Italian legal system.
*****The balance always consists of the “ledger balance” entry which is the sum of the operations of deposits and withdrawals recorded on the account at a given time, and the “available balance” which consists of what can actually be used by the customer. The latter can be different from the ledger balance because it can take into account certain transactions not yet recorded.
******Under art. 1703 c.c. the mandate is a contract by which one party undertakes to carry out one or more legal acts on behalf of the other.
*******Art. 119, par. 2-3, of the Consolidated Banking Act (T.U.B.).
By David on March 12, 2017 / Living in Italy / 41 Comments
12:42 am on June 22, 2015
may come back in the foreseeable future. I want to encourage you to definitely continue your
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!
5:30 pm on November 24, 2015
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
1:17 am on December 9, 2015
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?
12:43 pm on December 10, 2015
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
2:12 pm on December 18, 2015
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.
8:38 pm on February 5, 2016
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.
8:13 pm on February 4, 2016
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?
8:12 pm on February 5, 2016
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.
8:21 am on June 13, 2016
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?
9:08 am on June 13, 2016
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.
5:53 pm on June 14, 2016
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.
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.
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.
12:28 pm on June 27, 2016
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.
3:11 pm on June 27, 2016
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.
12:16 pm on August 4, 2016
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?
1:34 pm on August 5, 2016
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”.
5:39 pm on August 12, 2016
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.
Adli Taher Elbusairi
7:26 am on August 13, 2016
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.
12:42 pm on September 22, 2016
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
5:27 pm on October 24, 2016
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.
7:17 pm on October 24, 2016
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.
3:35 pm on December 13, 2016
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?
3:49 pm on December 13, 2016
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.
1:45 pm on December 16, 2016
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.
2:41 pm on December 16, 2016
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.
9:35 pm on February 16, 2017
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?
1:03 pm on February 18, 2017
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.
1:26 pm on February 23, 2017
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.
5:50 pm on February 24, 2017
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).
9:40 am on April 29, 2017
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.
5:06 pm on May 3, 2017
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.
10:36 pm on May 30, 2017
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.
6:49 am on July 18, 2017
I live in Italy as a foreiy researcher on an EUro project how can I access loans and an overdraft from my bank?
6:50 am on July 18, 2017
Sorry for my typos, my keyboard is acting up! I meant “foreigner” and “EU”
4:52 pm on July 18, 2017
Dear Ize,
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.
12:24 pm on August 31, 2017
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).
4:48 pm on August 31, 2017
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.
7:40 pm on September 7, 2017
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.
4:38 pm on November 10, 2017
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?
6:19 pm on November 10, 2017
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.