How to Open an Italian Bank Account
The Italian banking system is one of the oldest in the world, with Banco Monte dei Paschi di Siena being the oldest bank, founded in 1472. Although it is not necessary to open an Italian bank account as a resident, it can be more useful to manage expenses, avoid exchange rate fluctuations, handle bills, and receive an Italian salary. It is easier to take out loans and to transfer money as well, especially if your national currency is not the Euro.
Who can apply for an Italian bank account:
Anyone above the age of 18 can open an Italian bank account as a citizen resident or even non-resident although through the non-resident route they might encounter some complications as often the applications are made in person for most banks. If you are a foreign national with a permesso di soggiorno (residency permit), then you are eligible to open a resident bank account. According to the Italian banking system, you are a resident if you spend more than 183 days in Italy per year but this is just an estimation and can vary. You do not need to be an Italian taxpayer or earn Italian income to open an Italian bank account.
Types of accounts
Conto corrente, or current account, is the most common type of bank account and is used for daily spending and receiving salaries. Through these accounts, you can set up debit or credit cards, apply for loan schemes, and access an overdraft.
There are different subcategories for this type of conto corrente account
Conto studente: For students residing within Italy, to better manage their accounts, they usually waive fees and have lower transaction costs. This is also the case for unemployed people, those under 30, or those with low income.
Conto corrente cointestato: The joint account for multiple holders
Conto non-residente: Non-resident account
Conto di resparmio: The savings account. Through this, you can earn higher rates of interest, and you can withdraw anytime without advising beforehand.
Conto di deposito: This type of savings account also earns you a greater rate of interest but is more restrictive as you need to make a request for withdrawal during a given time period and cannot withdraw money at any time as there may be a penalty
Italian Banks
As an expat, you must visit your bank of choice and its branch in person.
Some major banks in Italy include
Documentation:
Before your visit, bring this documentation with you
-Photo ID (e.g., a passport or Italian ID card)
-Italian tax number (codice fiscale) for more information on that, click here.
for non residents equivelant of a codice fiscale for their country
-Proof of address bills, lease agreements, rental contracts, and university accommodation contracts.
-Valid residence permit
-Proof of employment work contract salary, etc.
For students
-Proof of enrolment acceptance letter student ID card, etc.
How to apply

At the meeting, the bankers will ask you some key information on the amount you would be tentatively spending each month, your average spending and bills based on what you spend,
whether you would like a credit card and your prior credit score. For students, it is highly unlikely that you will be able to apply for a credit card, but you will receive a debit card after setting up your account.
You must then set up your payments and the initial fee plan.
The banking fees vary from account to account; usually, an initial fee is charged. Figures are similar for most banks, followed by a maintenance fee, which can be monthly or annual depending on your income. Card fees are usually around €12 for debit and €30 for credit
Transfer fees for SEPA and international transfer fees, which would be higher in figure.
On top of those fees for cash withdrawals, remember to withdraw cash from your bank’s own machines to avoid being charged a withdrawal fee.
Once completed, your bank account will be ready, and you will have to wait for your card to be home delivered through postal services within a week.
If you get rejected from opening a bank account
You can be rejected if you fail credit checks, have a substantial criminal record, or have engaged in fraudulent monetary activity. If you are an EU or EFTA citizen, Italy cannot legally deny you a bank account and will most likely redirect you to open a basic bank account which offers rudimentary services, and you would most likely not be able to take out loans, arrange overdrafts, etc. Otherwise, you can always manage your finances by opening an account abroad, although a transfer fee and exchange rate commission fee will apply. Alternately, you can look into online bank accounts and mobile financing apps. If you think that you have been unjustly refused an account, you can always file a complaint at your chosen branch.
This article is written for informative purposes only, with the aim of providing a general overview of procedures. Please check the official website of local Italian authorities for up-to-date information