You can now open a bank account in Italy online, whether you are a resident or a foreigner. The process of opening an Italian bank account online has also become easier and cheaper, thanks to recent changes in Italian law. This article offers an overview of banks that facilitate online bank account opening.
What Do I Need to Open a Bank Account in Italy?
Documents needed to open a bank account in Italy include the following:
- A valid ID document
- Your codice fiscale (Italian tax code)
- Proof of address
- Proof of employment or income
- A passport-sized photo
The specific documents required may vary from bank to bank, so it is always best to contact your chosen bank directly to inquire about the specific documentation requirements. Some banks may allow you to upload documents online, while others may require you to present them in person.
Best Online Bank in Italy
If you are looking forward to opening an online bank account in Italy, it is best that you consider virtual bank accounts. The following are some of the best online banks available in Italy you can consider opening.
N26 Bank in Italy
Please be aware that as of March 28, 2022, the Bank of Italy has temporarily suspended the onboarding of new customers for N26’s Italian branch. If you wish to open an account with N26 in Italy, you can join the waiting list and be notified when new account openings become available again.
Hype Bank in Italy
Hype is an online neobank that offers a range of financial products and services, including current accounts, savings accounts, business accounts, and debit cards. It also provides you with your own Italian IBAN. Unlike traditional banks, Hype does not charge monthly fees for its accounts. Moreover, Hype offers free ATM withdrawals in Italy and the Eurozone, along with attractive features like instant credit up to €1,000, cashback rewards on purchases, and access to a diverse range of investment products.
With Hype Bank, you can link your Hype Start card to your PayPal account to make payments online using your PayPal email and password. You can also top up your Hype card using funds from your PayPal account.
Hype is a good option if you are looking for a bank without monthly fees. However, it is important to note that Hype is not available to non-residents, and it has a limited ATM network outside of Italy.
Revolut in Italy
With Revolut, you have the option to open an online bank account in Italy. The account provides you with a Euro IBAN and offers a wide range of financial products, including current accounts, savings accounts, debit cards, travel insurance, and even cryptocurrency transactions. Revolut crypto banking service allows you to buy and sell cryptocurrency.
When you open a Revolut bank account, you’ll receive a physical prepaid card and a virtual prepaid card, providing you with flexibility for online payments and cash withdrawals globally. Additionally, Revolut offers open banking capabilities, allowing you to link your Revolut app to external Italian bank accounts like UniCredit, Poste Italiane, UBI Banca, Intesa Sanpaolo, and Banco BPM. This integration allows you to conveniently monitor your balances and transactions within the Revolut app.
Monese Bank in Italy
Monese is a digital bank available in Italy that offers online account opening. You can easily access their services from anywhere. With a Monese account, you’ll get an Italian IBAN for sending and receiving payments within Italy and internationally.
With Monese, you can easily manage your account, make payments, and track transactions through the mobile app. Monese offers support for multi-currency accounts, joint accounts, and business accounts.
Additionally, Monese provides useful features such as setting up direct debits and standing orders for recurring payments, as well as offering budgeting tools and spending insights to help you manage your finances effectively. Their customer support is available in multiple languages, including English and Italian. Whether you’re a resident or non-resident in Italy, Monese is a good bank to open online.
Bunq in Italy
Bunq is a Dutch mobile-only bank that is available in 19 countries, including Italy. Opening a bank account with Bunq is easy and can be done entirely online. With a Bunq account, you’ll receive EU IBAN, allowing you to send and receive payments within Italy and internationally. You can easily manage your finances, make transactions, and access various banking features through the Bunq app. The bank offers personal, joint account, and business accounts in Italy.
One of the advantages of Bunq is its budgeting and saving tools. You can set budgets, track your expenses, and work towards your savings goals directly within the app. Bunq also enables instant payments to other Bunq users. When it comes to money transfers, Bunq offers both domestic and international transfer options. You can easily send money to other bank accounts within Italy or abroad. Furthermore, Bunq supports multiple languages, allowing users to interact with the app in their preferred language.
Wittix in Italy
Wittix is an electronic money institution offering IBAN accounts to individuals and businesses across the European Economic Area (EEA). Wittix allows you to enjoy a wide range of features, including making payments, withdrawing cash, and transferring funds both within and outside the EEA via SEPA payments.
Wittix provides Lithuanian IBAN accounts instead of local Italian IBANs. It’s worth mentioning that the account can only be opened through their website, as Wittix does not offer a mobile app. Wittix accounts do not have monthly fees. Wittix accounts also provides you with multi-currency accounts in 75 different currencies including EUR, GBP, ZAR, JPY, CAD, and HKD. And you have the option to apply for virtual and debit cards for payments. You can also receive daily payouts from your Stripe or PayPal account directly to your Wittix account.
Bankera Bank in Italy
Bankera is another solutionif you want to open an online bank account in Italy for both personal and business. The accounts offer a multi-currency feature, instant SEPA, euro IBAN, and e-commerce tools to accept credit and debit card payments. Both physical and virtual cards are available, which can be linked to your personal or business account.
Moreover, Bankera offers business loans starting from €2,000 for companies. Bankera also provides tools that enable businesses to accept various currencies and settle payments in a currency of their choice via credit and debit card, whether it’s through their websites or physical stores.
Opening an Online Bank Account in Italy
To sum up, opening an online bank account in Italy allows accessing various services from anywhere, whether you’re a resident or non-resident. These banks offer features like Italian IBAN accounts, multi-currency options, and mobile apps. You can benefit from low or no fees, free ATM withdrawals, and fast transfers. It’s important to compare different options and consider factors like fees and customer reviews.
Can I open an Italian bank account online?
Yes, it is possible to open an Italian bank account online. Online banks such as N26, Revolut, Monese, bunq, Payoneer, and Dukascopy offer remote account opening options without the need for in-person verification.
Can foreigners open a bank account in Italy?
It is possible to open a bank account in Italy for foreigners. The process of opening an online bank account in Italy has been simplified and you can get start opening one while abroad. However, to open a physical bank account in Italy as a foreigner, you need to present a work permit, residence permit or student permit.
Can I open a bank account in Italy for students?
Yes, you can open a bank account in Italy for students. International students in Italy can open a bank account by fulfilling specific requirements. These include a valid passport, codice fiscale (Italian tax code), proof of address, and proof of enrollment in an Italian educational institution.
Documents needed to open a bank account in Italy
Generally, you will need a valid ID, codice fiscale, proof of address, proof of employment or income, and a passport-sized photo. Non-residents may require additional documentation.
Can I use a foreign IBAN in Italy?
Yes, you can use a foreign IBAN in Italy to receive money from abroad. It is against the law to be discriminated against because of having a foreign IBAN in Italy. However, you may need to pay a fee for the transaction, and the transfer may take longer than if you were using an Italian IBAN.