Italy – Banking

What are the main banks in Italy?

Intesa Sanpaolo holds the position of Italy’s largest bank by total assets, with €653.74 billion recorded as of 2024, equating to a 21.73% market share. With more than 2,700 branches across the country as of June 2024, it commands the most extensive branch network of any Italian bank, making it a natural choice for everyday retail customers throughout every region. Official website: www.intesasanpaolo.com.

UniCredit occupies second place among Italian banks by total assets, reporting €395.80 billion in 2024 and a 13.15% market share. As the head entity of the UniCredit Group — one of Europe’s largest banking organisations — it functions as a universal bank delivering a comprehensive portfolio of products across retail, business, corporate, and investment banking through a fully integrated multi-channel model. Official website: www.unicredit.it.

Banco BPM came into existence on 1 January 2017 following the merger of Banco Popolare and Banca Popolare di Milano. It serves private customers and small-to-medium enterprises through an expansive distribution network and multi-channel platform covering a broad suite of retail banking products and services. Official website: www.bancobpm.it.

Banca Monte dei Paschi di Siena, recognised as one of the world’s oldest banks, holds total assets of approximately $137.858 billion. Having undergone a partial government bailout in 2017, the institution has since been focused on restructuring its operations while continuing to deliver banking services across Italy. Official website: www.mps.it.

Banca Nazionale del Lavoro (BNL) was established in 1913 and has grown into one of Italy’s leading banks. Since becoming part of the BNP Paribas group in 2006, it has offered an extensive catalogue of banking and insurance products serving retail, private, corporate, and public administration segments. Official website: www.bnl.it.

BPER Banca represents another major force in the Italian financial landscape, designated as a domestically systemically important bank with total assets of roughly $149.315 billion. It delivers retail banking, corporate banking, and financial advisory services across its network. Official website: www.bper.it.

BancoPosta functions as a division of Poste Italiane, with total assets of approximately $101.746 billion. Its integration with Italy’s national postal network gives it exceptional geographic reach, extending financial services into both urban centres and more rural communities where traditional bank branches are scarce. Official website: www.poste.it.

For a complete and authoritative listing of all licensed banks operating in Italy, readers are directed to the Bank of Italy (Banca d’Italia), Italy’s national authority for banking supervision. Contact information for individual banks should always be verified through each institution’s official website, as details are subject to change.

Do any major international banks operate in Italy?

Italy’s membership of the European single market and the European banking union means its financial sector is more accessible to cross-border banking operations than systems outside the EU. Several well-known international banking groups maintain a presence in Italy, though the scope of that presence differs considerably from one institution to another.

HSBC is active in Italy principally through its corporate and investment banking divisions. It does not maintain a significant retail footprint in the Italian market; rather, its focus is on services such as trade finance, treasury solutions, and capital markets. This is reflected on HSBC’s own Italian website, which explicitly states: “HSBC in Italy does not offer personal banking services” and does not provide banking or investment services to retail customers (natural persons). HSBC Italy’s only office is located in Milan. Official website: www.hsbc.it.

Citibank N.A. and JPMorgan Chase Bank also maintain a presence in Italy, catering primarily to corporate and institutional clients rather than individual consumers. Bank of America, Morgan Stanley, and Standard Chartered similarly operate Milan-based offices.

Italy is home to subsidiaries of three other euro-area significant institutions: Deutsche Bank (operating through Deutsche Bank SpA), Santander, and Société Générale. Raiffeisen Bank is notable for its established regional presence in northern Italy, especially in South Tyrol, where it provides solid private and business banking services.

The international banking landscape is subject to frequent change — institutions may open, close, or restructure their Italian operations at any time. Always verify current service availability and contact details directly with the institution concerned, or consult the Bank of Italy’s official register of authorised institutions at www.bancaditalia.it.

Do banks in Italy offer accounts or services specifically for expats?

The range of accounts available to you in Italy depends largely on your residency status. Options include the conto corrente (standard current account), conto corrente cointestato (joint account), conto di risparmio (savings account), and various other products that individual banks make available. For those who have not yet established residency in Italy, dedicated non-resident account options exist.

A small number of banks permit non-residents to apply for an account before relocating, though such accounts typically come with more limited functionality and higher charges compared to standard resident accounts. Among the major Italian institutions, Fineco Bank is one that offers a dedicated non-resident account option. Certain banks also extend promotional incentives to newcomers, such as first-year fee waivers for those opening accounts in connection with a property purchase.

Anyone who qualifies as a low-income or vulnerable individual may open a conto di base (basic bank account) at any bank in Italy. This is a regulated account category designed to guarantee access to essential banking services for all, in a similar vein to basic account frameworks that operate in a number of other European countries.

Several leading Italian banks have developed digital-only sub-brands: UniCredit runs buddybank, a conversational banking application; Intesa Sanpaolo has introduced isybank as a fully digital subsidiary; Banco BPM offers Webank; and BPER Banca targets younger customers through its digital brand dots. These products may appeal to expats who prefer a lower-cost, app-centred approach to banking. Always verify current eligibility conditions, charges, and features directly with the relevant bank, as terms are liable to change.

What are typical bank opening hours in Italy?

Italian bank branches are generally closed on weekends and serve customers Monday through Friday, typically in two sessions: a morning period from around 08:30 to 13:30 and an afternoon slot from approximately 14:30 to 16:00. The midday closure is a consistent feature across most of the network, making advance planning essential for branch visits. These schedules are noticeably more restrictive than in many other countries where extended weekday hours and Saturday opening are commonplace.

Certain larger branches in major cities such as Milan and Rome may operate with slightly longer hours or limited Saturday morning sessions, but this remains the exception rather than the rule. Hours may also be curtailed around Italy’s fourteen national public holidays each year. It is always worth checking a specific branch’s schedule via the bank’s website or mobile app before making the journey.

All major Italian banks provide online banking platforms through which customers can manage accounts, review balances and transaction histories, execute SEPA transfers within Europe and international transfers beyond, and settle utility bills without visiting a branch. Telephone and mobile banking services are also broadly available, meaning that for everyday account management, branch visits are largely unnecessary once an account has been set up.

What do expats need to know about the banking system in Italy?

The Bank of Italy serves as the national competent authority for banking supervision in the country. Italy’s banking system functions within the European single market and European banking union framework, which makes it more receptive to cross-border banking operations than systems outside the EU — a meaningful benefit for those managing finances across multiple eurozone countries.

Deposit protection. Banks enrolled in Italy’s deposit guarantee scheme — the Fondo Interbancario di Tutela dei Depositi (FITD) — protect deposits up to €100,000 per bank per depositor. As of 2025, this figure aligns with the EU-wide standard established under the Deposit Guarantee Schemes Directive. By way of comparison, the UK’s Financial Services Compensation Scheme (FSCS) provides protection of up to £85,000, while the US FDIC covers up to $250,000 — though the Italian threshold operates on a per-institution, per-depositor basis. Always confirm current protection limits with the FITD or the Bank of Italy directly.

Currency. Italy uses the Euro (€), shared with other eurozone member states. No currency controls apply to eurozone transactions, and SEPA transfers within the eurozone are typically fast, low-cost, and governed by standardised rules.

Language barriers. Few Italian banks provide banking services formally in English, which can complicate matters for those without Italian language skills. Even within international banks, multilingual staff are not guaranteed at every branch. Using a translator app, bringing an Italian-speaking companion, or engaging a commercialista (accountant) to accompany you to appointments can all be helpful strategies.

Digital banking growth. Growing uptake of online banking has reduced reliance on physical branches, and newer entrants to the financial sector — including digital banks and fintech providers — have steadily captured a larger share of the customer base in recent years. That said, for high-value transactions such as property purchases, established traditional banks remain the standard requirement.

Bureaucracy and fees. Italian banks are generally known for applying more stringent requirements than counterparts elsewhere in Europe when it comes to opening accounts for non-residents. Monthly maintenance charges typically run to around €4 for a basic current account, rising to €8–€17 for packages that include cheques, overdraft facilities, and access to dedicated banking advisers (as of 2024/2025 — confirm current tariffs with individual banks). For authoritative guidance on consumer financial protections, refer to the Bank of Italy and Italy’s financial markets regulator, CONSOB.

How do I open a bank account in Italy as an expat?

Foreign nationals can open a bank account in Italy irrespective of citizenship or visa status, though the procedure may differ depending on the institution and your residency situation. If you have an Italian address and a valid residence permit, you are eligible to open a standard account at any bank in the country. The steps below describe the typical process for establishing a full-service account with one of Italy’s major banks.

1. Obtain your codice fiscale (Italian tax code). The codice fiscale is essential for any financial transaction in Italy. If you do not yet have one, you can apply at the nearest Agenzia delle Entrate (Italian Revenue Agency) office in Italy — a process that takes roughly 30 minutes — or through an Italian consulate abroad, which typically takes 6–8 weeks. Obtaining the code is free of charge.
2. Choose your bank and account type. Use this guide alongside the banks’ official websites to compare your options. Consider whether you require in-branch services, a fully digital account, or a non-resident account. Selecting one of the major banks will generally provide you with a broader choice of account types, an extensive ATM and branch network, and a greater likelihood of encountering multilingual staff.
3. Gather the required documents. The documents typically requested include: a valid identity document or passport, your Italian tax code (codice fiscale), a certificate of residence, and anti-money laundering compliance documentation. Proof of employment or self-employment may also be required, along with a reference from your bank in your home country. If you are employed, payslips, a work contract, or a letter from your employer are often accepted as evidence of income.
4. Visit a branch in person. The overwhelming majority of Italian banks require physical attendance for account opening. Walk-in visits are generally possible, though booking an appointment in advance is advisable — especially at busy city-centre branches. If your Italian is limited, consider bringing a bilingual companion or translator.
5. Complete identity verification and sign account documentation. Branch staff will check your documents and carry out anti-money laundering due diligence as required under Italian and EU law. You will be required to sign the account terms and conditions; if these are provided in Italian only, consider seeking assistance from a bilingual adviser or commercialista before putting pen to paper.
6. Make any required initial deposit. Initial deposit requirements vary from bank to bank; amounts range from €0 to €100 at most institutions. Confirm the specific requirement with your chosen bank prior to your appointment, as this figure differs between institutions and account types (as of 2024/2025 — verify current figures directly).
7. Receive your card and account details. Once your account has been approved, your debit card and PIN will ordinarily be posted to your Italian address. Online and mobile banking access is typically activated simultaneously or shortly thereafter.

Can I open an account before arriving in Italy? If you are located in a city where Intesa Sanpaolo or UniCredit maintains an international branch — such as New York, London, or Munich — it may be possible to initiate the process there and complete it once you arrive in Italy. Contact the branch in advance to confirm. If you need a euro-denominated account prior to relocating, providers such as Wise or Revolut offer accounts capable of holding, sending, spending, and receiving euros alongside other currencies. Always consult individual banks’ official guidance and, for regulatory questions, the Bank of Italy for up-to-date requirements.

What banking and payment apps are widely used in Italy?

The arrival of digital banks and fintech providers has drawn a growing number of customers in Italy in recent years. All major Italian banks maintain mobile banking applications, and digital-only alternatives have become genuine mainstream options for expats and younger residents alike.

Revolut holds a banking licence in Italy and is one of the most recognisable names in European fintech, operating not only across the EEA but also in Australia, Canada, Singapore, Switzerland, Japan, and the US, with a user base exceeding 12 million. Revolut provides a selection of monthly plans, including a free Standard tier, each featuring a debit card and core banking functionality, with progressively richer benefits available at higher pricing tiers. Note that in 2025, Revolut received a regulatory fine for anti-money laundering deficiencies in Europe — always verify the current regulatory standing of any fintech provider before entrusting it with significant funds.

Wise offers a multi-currency account, an international debit card, money transfer services, and a dedicated app for use in Italy. It specialises in cost-efficient currency conversion by applying the mid-market exchange rate without any markup. Wise is not a full bank but a regulated money services provider — and while Wise, N26, and Revolut are well-suited to everyday use, many Italian notaries will not accept payments from these platforms for major transactions such as property purchases, where a conventional Italian bank account remains the standard requirement.

UniCredit operates buddybank as a conversational banking app, while Intesa Sanpaolo has launched isybank as a fully digital banking subsidiary. PayPal is widely used in Italy for online retail purchases and peer-to-peer payments. N26, a fully digital bank holding a European banking licence, is another option that allows account opening without any branch visit.

All digital banking and fintech providers operating in Italy fall under the supervisory remit of the Bank of Italy and/or the European Central Bank. Regulatory status in the fintech space can shift — consult Banca d’Italia to verify the current authorisation of any provider you intend to use.

How can expats manage money between Italy and their home country?

Through online banking portals, customers can execute SEPA transfers within Europe as well as international transfers further afield. Most major Italian banks impose no fees, or only minimal ones, on transfers to and from other EU/EEA countries. For transfers to destinations outside the eurozone, fees and exchange rate margins can vary much more significantly between providers.

Moving money to and from Italy is possible via bank transfers, cash transfers, or online transfer services. Bank transfers are generally the most secure and dependable route, although they may involve higher fees and less favourable exchange rates. Cash transfers offer speed and convenience but can carry substantial charges and security risks. Online transfers tend to be the most affordable and straightforward option, though they may come with restrictions on amounts and destination countries.

Among the most widely used services for international transfers online are Western Union, Wise, and PayPal. For regular or larger-value cross-border movements, specialist transfer providers typically deliver more competitive exchange rates and lower overall costs than conventional high-street banks. When assessing value, always measure the mid-market exchange rate against the rate being quoted to understand the true cost of any currency conversion.

Reporting requirements. Italy participates in the EU’s common reporting standards framework, and like most developed economies it imposes legal obligations on residents regarding the disclosure of foreign financial assets. Italian residents who hold financial accounts or assets abroad are generally required to declare these to the Agenzia delle Entrate (Italian Revenue Agency) via the RW section of their annual personal income tax return (Form Redditi Persone Fisiche). Thresholds and rules are subject to change — consult the Agenzia delle Entrate or a qualified Italian tax adviser for current guidance.

When sending or receiving funds involving international parties, it is important to understand the impact of currency exchange costs. Italian banks generally offer competitive rates for currency conversion, but comparing providers before transacting is worthwhile. As of 2025, no general currency controls restrict personal transfers in or out of Italy for eurozone residents, though cash movements above €10,000 at the border must be declared under EU anti-money laundering regulations. Verify current thresholds and requirements with the Bank of Italy or the Agenzia delle Entrate.

Frequently Asked Questions

Can I open a bank account in Italy without being an Italian resident?

Yes — foreign nationals can open a bank account in Italy regardless of citizenship or visa status, though the exact process will depend on the bank and your residency situation. That said, Italian banks generally impose stricter conditions on non-residents than many of their European counterparts. Non-resident accounts often come with restricted functionality and higher fees. Digital banks such as Revolut and N26 tend to offer a more accessible path for those who have not yet established Italian residency.

What is a codice fiscale and why do I need one?

The codice fiscale is Italy’s tax identification number. It serves as an identifier with government agencies and a broad range of service providers including banks and utility companies. It is compulsory for virtually all financial dealings in Italy and is one of the first things you should arrange when planning to relocate. Obtaining a codice fiscale is free of charge; it can be done at an Italian consulate abroad or directly through a representative in Italy.

Are deposits in Italian banks protected?

Deposits held at banks participating in Italy’s guarantee scheme are covered up to €100,000 per bank per depositor. The scheme encompasses current accounts, cash accounts, and term deposits held by both individuals and legal entities. Member banks make regular contributions to the Interbank Deposit Protection Fund (FITD). Always confirm that a specific institution is a participant in the scheme — particularly if you are using a foreign branch or a fintech provider. Current details are available from the FITD or the Bank of Italy.

Do Italian banks offer services in languages other than Italian?

Officially, very few Italian banks provide services in languages other than Italian, which can pose real challenges for those who do not speak the language. Branches of major banks in internationally oriented cities such as Milan and Rome are more likely to have staff with language skills, particularly in districts that serve business and expat communities. Calling ahead to request a multilingual appointment, or bringing a bilingual companion or commercialista, is strongly advisable. Digital banks including N26, Revolut, and Wise all operate with fully multilingual interfaces.

What are the main fees associated with Italian bank accounts?

Account opening is generally free at Italian banks. Most institutions do not charge for a basic debit card, though some may levy a fee of around €30 for a credit card or approximately €12 for a debit card. Ongoing maintenance fees and charges for transfers and cash withdrawals will also apply. A basic current account typically costs around €4 per month, while full-service packages incorporating cheques, overdraft access, and dedicated account management can run from €8 to €17 per month (as of 2024/2025 — always confirm current fee schedules directly with your chosen bank).

Can I use Revolut or Wise as my main account in Italy?

Accounts with European IBANs offered by providers such as Wise or Revolut are well suited to everyday financial activity and multi-currency operations. However, for major transactions such as property purchases, many Italian notaries decline to accept payments from these platforms, making a traditional Italian bank account a practical necessity. For most expats, the most workable approach is to maintain a conventional Italian bank account for significant transactions while using a digital alternative for lower-cost daily spending.

Do I need to declare foreign bank accounts when living in Italy?

Yes. Italian residents are generally obliged to disclose foreign financial assets and accounts to the Agenzia delle Entrate (Italian Revenue Agency) through the RW section of the annual personal income tax return. Non-compliance can result in financial penalties. Reporting thresholds and rules may be updated from time to time, so it is advisable to consult a qualified Italian tax professional or refer to the official Agenzia delle Entrate website for current requirements.

What is the best way to transfer money internationally from Italy?

Most major Italian banks apply no fees, or very modest ones, to transfers with other EU/EEA countries. For destinations outside the eurozone, specialist transfer providers such as Wise typically apply the mid-market exchange rate with low, clearly disclosed fees, often making them considerably more cost-effective than traditional banks for non-euro currency conversions. When comparing options, always evaluate the total cost — incorporating both the stated fee and the exchange rate margin applied — rather than looking at the fee in isolation. For regular or large transfers, independent financial advice is worthwhile to ensure all reporting obligations are met.