Italian Bank Account
Q Question:Can I open an Italian bank account asanon-Italian citizen and non-Italian resident? What are therequirementsand what is theprocess?
AAnswer: Non-Italian residents are entitled to open non-resident bank accounts (“conto corrente non residenti“), regardless of their citizenship or immigration status. One initial in person visit at the bank is normally required unless the bank offers remote personal identification. Here is more information about requirements and process:
Requirements to open an Italian bank account:
- Valid ID (e.g., Passport);
- Italian tax code (codice fiscale)*;
- Anti MoneyLaundering (AML) compliance.
* checkrequirementsandprocesstoapply forandobtainanItalian tax code.
Process to open an Italian bank account:
a) Open a bank account in Italy:
One way to open anItalian bank account is to go to an Italian bankin personwith yourpassportand Italian tax code (codice fiscale). The bank representative shall check your identity and go through your personal profile information to comply with theItalian regulations regarding Anti Money Laundering (AML). The bank representative shall therefore ask for your personal informationandpassport, and ask you to sign a few documents which often are offered only in Italian.
The bank account works immediately or within a few hoursafter the bank representative has identified you and has completed entering all needed information into the bank system.
b) Open an Italian bank account remotely (i.e., not being in Italy)
SomeItalian banks have branches in other countriesor have strong business relationship with banks in other countries so that they are able toperform AML compliance formalities abroad. If you are abroad and you want to open an Italian bank account without going to Italy, you need tofind a bank that can screen you for Italian AML purposesand then pass your information onto the Italian bank representatives for them toopen an Italian bank account.
Some other banksare able to perform AML checks remotely. For example, asidentityproof they askfor the firstdeposit to be done via money transfer froma bank account in your name that you have with another bank and then they arrange a video interview through the internet.
For this purpose, you can usea phone or computer camera, without the need to ever go to the bank or to Italy.
Non-residents Italian bank account terms and conditions:
Non-resident bank account opening formalities, terms and conditions, policies, etc. vary from bank to bank, and sometimes even between branches of the same bank. In order to avoid delays, it is advisable to contact the local branch prior to your visit, to make sure the local representatives are familiar with non-resident bank accounts and to check in advance requirements andspecificpolicies.
Some banks Several banks regularly operate with foreigners and some even have specific packages designed for non-residents.
Italian banks offer a full range of services equivalent to those offered to Italian residents and/or European Union citizens. These typically include: online banking, cheque books (check books), automatic utility bill payment, debit card and credit card. Other banks only offer a basic service for the bank account to those who are not residents. Local branches, especially in small villages, could refuse to supply their standard services to non-Italian residents just because they are unaware that their head office has provided for this scenario.
However, a non-resident bank account implies, for the bank, a number of time consuming formalities and compliance requirements. Therefore, most banks will not open a non-resident bank account unless it is instrumental to manage a more profitable (for the bank) financial service. For example, banks that issue mortgages to non-Italian residents willhave no problem opening a bank account for the non-resident mortgage borrower.
Sometimes it can be opportune, though not always necessary, to appoint an Italian domicile to benefit from more complete banking services or better conditions. Italian banks do not require the assistance of an Italian lawyer. As said above, basic requirements are just an Italian Tax Code (codice fiscale), a valid ID and in person visit at the bank.
Follow us on LinkedIn and Facebook for more on this topic.
*The information presented in the Studio Legale Metta web site has been written and reviewed by Italian lawyers. However, it should not be construed to be legal advice, nor promotion of the establishment of a relationship between lawyer and client. The case studies and answers contained in this web site pertain to the specific situation referenced and should not be understood to generally apply to other circumstances. Persons accessing this web site are encouraged to seek independent counsel for advice concerning their individual needs for legal assistance.
Copyright of Studio Legale Metta – Bari (Italy).
Can a US citizen have an Italian bank account? ›
You can open a bank account in Italy regardless of your citizenship or visa status. However, for expats, the process may not be the easiest, especially if they are outside the country. There isn't a standardized offer when it comes to banking products for foreigners—it largely depends on the bank.Do I need an Italian bank account to buy a house in Italy? ›
Do you need an italian bank account in order to buy an italian house? No. It is not necessary to have an Italian bank account to buy a house in Italy. Your notary can hold your funds in an escrow account and make payments to the seller as needed.What are 3 requirements for opening a bank account? ›
Checking account: A checking account can be opened individually or jointly, and you'll need your basic information, Social Security number, driver's license, and a minimum opening deposit amount. Most checking accounts come with checks, some don't - choose which you'll need.What are the requirements to open a bank account in Italy? ›
- A valid identification document (passport or identity card)
- Your codice fiscale.
- Proof of address.
- Proof of employment/ enrollment in an Italian education institution or a residence permit.
AAnswer: Non-Italian residents are entitled to open non-resident bank accounts (“conto corrente non residenti“), regardless of their citizenship or immigration status.Is it illegal for a US citizen to have a foreign bank account? ›
And, while it is absolutely legal to own a foreign bank account, there are some additional reporting and tax requirements that US persons should be aware of so that they can remain in IRS tax and reporting compliance and avoid unnecessary fines and penalties.Can an American finance a home in Italy? ›
The answer is YES! Non-Italian residents are legally entitled to obtain mortgages to buy a property in Italy.Can a US citizen own a house in Italy? ›
There is no limit on US citizens buying or selling properties in Italy thanks to something called mutual agreements. These apply between Italy and foreign citizens meaning that you don't need any special documents or pay higher taxation on property when compared to citizens from within the EU.Can I open a bank account in Italy without Codice Fiscale? ›
Documents needed to open a bank account in Italy
Identification, such as a valid passport, identity card, or driver's license. Italian tax code, called codice fiscale, as well as Certificato di Attribuzione del Codice Fiscale that comes with the tax code.
However, larger banks such as US Bank, TD Bank, Bank of America, Chase, and Wells Fargo will allow non-residents to set up a checking account and a savings account. Instead of your SSN, they'll ask for an Individual Taxpayer Identification Number (ITIN) and other documents.
What is mandatory for opening a bank account? ›
When opening a savings account, customers are required to submit their KYC documents - address and identity proof - for verification. Once the documents are verified by the bank, customers are eligible to open a savings account.How can I legally open a bank account? ›
To open a bank account you usually have to fill in an application form. Often, you can do this in a branch or online, and sometimes you can also do this over the phone. You will also have to provide proof of your identity including your full name, date of birth and address.How much bank balance is required for Italy? ›
The overall amount required for an Italy Schengen visa for stays up to 5 days for one person is EUR 269.60 (equivalent to INR 23,407.96)*, while for stays up to 10 days for one person, you'll need EUR 44.93 per day.Which US bank has branches in Italy? ›
Citi (Citigroup), JP Morgan Chase, and Bank of America, as well as numerous smaller, regional banks maintain offices in Italy.Can a non EU resident open a bank account? ›
As a rule, anyone 18 or over with a valid passport or other form of national ID is eligible to open a European bank account. Residents of a certain country can usually apply with just their passport and proof of address. Slovenia, for example, even lets tourists open a bank account without having official residency.How do I get a codice fiscale in USA? ›
To obtain a Codice Fiscale as a citizen of the United States, you will apply through your regional Italian Consulate. In order to apply you will need: A completed Italian Codice Fiscale form. A valid passport, which will not expire during the time you plan to stay or work in Italy.Which Italian bank can I open online? ›
You can apply for an account online if you have a passport from an EU or Schengen country and an Italian tax code. Basic Account: This account provides limited online banking services and full access to basic banking services, such as SEPA transfers, ATM withdrawals, and a debit card.
It's possible to open a bank account in Europe for many US citizens. However, providers, such as Wise offer multi-currency accounts in several different European currencies. You can also get a card that lets you spend like a local in over 170 countries.Can the IRS see my foreign bank account? ›
Yes, eventually the IRS will find your foreign bank account. When they do, hopefully your foreign bank accounts with balances over $10,000 have been reported annually to the IRS on a FBAR “foreign bank account report” (Form 114).What happens if I have more than $10000 in a foreign bank account? ›
Any U.S. citizen with foreign bank accounts totaling more than $10,000 must declare them to the IRS and the U.S. Treasury, both on income tax returns and on FinCEN Form 114.
Do I have to report foreign bank account to IRS? ›
More In File
Per the Bank Secrecy Act, every year you must report certain foreign financial accounts, such as bank accounts, brokerage accounts and mutual funds, to the Treasury Department and keep certain records of those accounts.
As a rule, anyone 18 or over with a valid passport or other form of national ID is eligible to open a European bank account. Residents of a certain country can usually apply with just their passport and proof of address.Can a US citizen have a European bank account? ›
It's possible to open a bank account in Europe for many US citizens. However, providers, such as Wise offer multi-currency accounts in several different European currencies. You can also get a card that lets you spend like a local in over 170 countries.How much money can a US citizen have in a foreign bank account? ›
If you exceed the $10,000 threshold, you must report all foreign accounts, not just any single account that exceeds $10,000.What US banks have branches in Italy? ›
Citi (Citigroup), JP Morgan Chase, and Bank of America, as well as numerous smaller, regional banks maintain offices in Italy.Can I open a bank account without residency? ›
Is It Possible to Open a US Bank Account Online as a Non-Resident? No. Most US banks will require non-residents to apply for an account in person. That means you have to travel to the US and walk into a bank branch to set up your account.Can you open a bank account in a country you don't live in? ›
We're here to help!
Fortunately, opening a bank account in a foreign country is totally possible — and totally legal, as long as you're not doing so for tax evasion purposes. However, it may take a few more steps than opening a domestic account would.
What is this? The good news is that, in some countries, like Lithuania, Poland and Bulgaria, you can easily open a bank account without being a resident. In some cases, all you need to provide is your passport. In other cases, you will need to provide a proof of residency from your country.Can a tourist open a bank account in Europe? ›
In most cases you won't be able to open a bank account with a regular bank in Europe with a tourist visa. You'll need a local proof of address, plus a valid residence permit to show legal status.Which country is the easiest to open a bank account? ›
Generally, Belize is considered one of the easiest countries to have a bank account. The reason behind the popularity of Belize is its stability.
What is a non resident bank account? ›
Non-resident means a person whose normal place of residence or domicile is outside of the CMA (Common Monetary Area). The Common Monetary Area consisits of Lesotho, Namibia, South Africa and Swaziland. If you have a valid work, study, retirement or spousal permit, you may qualify for a Temporary Resident Account.Can the IRS look at foreign bank accounts? ›
The U.S. government requires reporting of foreign financial accounts because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.Can I use my US ATM card in Italy? ›
In Italy, cash is still preferred in most restaurants, cafes and other establishments, although credit and debit cards are becoming more widely used throughout Italy and are an increasingly convenient way to pay for things. Visa and Mastercard are widely accepted, although American Express is not.Can I use my US bank card in Italy? ›
Yes. Cards issued by U.S. Bank can be used in most foreign countries for transactions.Can I withdraw money from Wells Fargo in Italy? ›
Yes. You'll be able to use your Wells Fargo card when you travel — just check the network your card is issued on — usually Visa or MasterCard — is accepted by the merchant or ATM you pick.