Opening a bank account in Italy may seem straightforward. However, for those unfamiliar with the system, it can quickly become a frustrating experience. Whether you are relocating, investing, or setting up a business, understanding the most common pitfalls will save you time, money, and stress.
Here are the three biggest mistakes foreign companies and individuals make, and how to avoid them.
1. Assuming All Banks Are the Same
In Italy, banks can vary greatly in the services they provide, the fees they charge, and how digital they actually are. Some remain highly traditional and may require multiple in-person visits for even the simplest operations.
What to do instead:
– Compare both digital and traditional institutions, as well as local branches versus national ones.
– If you are not fluent in Italian, look for branches with English-speaking staff and try to establish a personal contact.
– Make sure you understand the full cost of maintaining an account, including ATM withdrawals, transfers, and currency exchange fees.
2. Not Having the Right Documents Ready
Italian banks are strict when it comes to documentation. Arriving with only your passport will not be enough. If you are not yet a resident, your choices may be more limited.
What to do instead:
– Prepare a complete file including your passport, your codice fiscale (tax code), proof of address, and, where relevant, your residence permit or employment contract.
– If you are opening an account for a business, you will also need corporate documents, the company tax code, and the identification of the legal representative.
– Contact the branch in advance, as requirements can vary even between offices of the same bank.
While residency is not strictly required, it is often helpful. Renting a property does not automatically make you a resident. You must move in, register with the local authorities, and pass their checks to confirm that the property meets living standards and that you are actually living there.
3. Expecting It to Be Quick and Fully Online
Some banks promote online account opening, but many still require you to visit a branch, sign documents in person, and wait while the process is finalised. Even if a bank offers a mobile app, onboarding can still be heavily paper-based.
What to do instead:
– Plan for the process to take several days or even weeks, particularly if you are not yet resident.
– Engage a lawyer or relocation advisor to identify the most suitable banks for your circumstances and coordinate the necessary steps.
– Avoid making the bank account your very first task. It is better to obtain your codice fiscale and proof of address first.
Final Thoughts: How to Open a Bank Account in Italy Smoothly
Opening a bank account in Italy is perfectly achievable, but it is far from a one-click process. Choosing the right bank, arriving with the proper documents, and understanding the local procedures will allow you to avoid unnecessary delays and complications.
At SCAI Legal, we help foreign individuals and companies select the most appropriate bank, prepare compliant documentation, and manage the process from start to finish. We are happy to provide an initial orientation at no cost, giving you the clarity you need to move forward with confidence.
Contact us to begin your banking process in Italy the right way.
