How to open an Italian current account?
To open a bank account you must be at least eighteen years of age, be in possession of a valid identity document and tax code, have been convicted of bankruptcy. You can not do this online, you must physically visit a branch.
Foreign citizens must declare whether they are resident in Italy at the time of opening the account. Foreign citizens are qualified as residents if they have habitual residence or domicile in Italy or are registered in the registry of the municipality of residence for at least 183 days a year. The terms and conditions relating to the bank account vary from bank to bank. Some banks may require a small deposit of money to open the account.
In any case, it is advisable to contact the banks directly to acquire the necessary information,
considering that each institution can offer different solutions. For students who come only temporarily to stay in Italy, there is certainly the possibility of opening a special current account, designed for non-residents in Italy. This tutorial will present you with all the practical information for opening an Italian current account for foreign students with the simple receipt of the residence permit.
What is a non-resident Italian bank account?
The current account for non-residents is a banking product intended for those who do not live or reside in Italy, but who under certain conditions can still open a position with an Italian bank.
Who is a current account for non-residents aimed at?
Basically, its for those who do not have tax residence in Italy. Current accounts for non-residents have the characteristic of allowing only basic operations such as salary crediting, deposits and withdrawals. For these accounts, the bank’s obligation to transparency does not cease: documentation, therefore, provided in a transparent and clear manner and containing all the detailed information relating to interest rates and bank commission costs. Main banks with current accounts for non-residents in Italy.
Since it is a specialist banking product, the current account for non-residents is not offered by all
banks and even today it is a service limited to some credit institutions. However, its demand is growing, so much so that already today there are many more banks offering this type of product compared to those that operated on the market just a few years ago. Due to the competition between credit institutions, the rates are also improved banking conditions for all those who want to use this product.
Among the banks that offer the possibility of using a current account for non-residents there are:
Is it possible to open a basic current account if you are waiting for a residence permit (permesso di soggiorno) to be issued?
Ownership of a current account constitutes a fundamental right since, in its absence, it is not
possible to be regularly employed and paid by an employer, as well as access the social
and welfare benefits introduced by the Italian State. The employer who pays workers
wages in cash is, in fact, punishable with an administrative fine of 1,000 to
5,000 euros. Under Italian law, anyone who wants to open a current account must present
their valid identity documents (or other identification document considered equivalent
under current legislation) and their tax code. Non-EU citizens are often also required
to possess a residence permit or a receipt certifying the submission of the residence permit
application
While waiting for the residence permit to be issued, it is possible to open a basic current
account at the post office or bank. To open a basic current account you do not
need a certificate of residence, as it is an institution also designed for the homeless.
In case of problems it is possible to submit, free of charge and without the assistance of a
lawyer, a complaint to the Bank of Italy through the “Online Services” platform.
Can an asylum seeker still waiting for a residence permit to open a basic bank account?
Yes, as clarified by the ABI Circular of 19 April 2019, even an asylum seeker can open a
basic current account at the post office or bank, the documents to be presented are:
■ the Italian tax code;
■ the residence permit for asylum seekers, or
■ the receipt of the submission of the request for international protection (which is given
when the application is recorded). This receipt must be “valid; bear the name and
date of birth of the applicant, have a photograph.
How do i open a bank account while waiting for my residence permit
Opening a bank account while waiting for your permesso di soggiorno, which can take anywhere from 2 to 8 months, is crucial yet often frustrating. Many banks in Italy advertise accounts for foreigners, but unless you have a work contract, our experience has shown that most either turn applicants away or get bogged down in bureaucratic procedures, often resulting in the dreaded “we will call you back” scenario. The only reliable solution in this situation is to go to the post office, which is legally required to open a basic bank account for those waiting for their permesso. Although you cannot access more advanced products like Postepay Evolution, you can always upgrade or open another bank account once you receive your actual permesso.
To open a basic bank account at the post office, you cannot simply walk into a branch; you need to make an appointment. Fortunately, this process is straightforward. You can visit the post office’s website, create an account, and use this link to schedule a post office appointment online, typically available within a week. To ensure a smooth process, you will need to bring the following documents: a copy of your passport or identity document, your tax code (codice fiscale), and the receipt of your permesso di soggiorno application.
- A copy of your passport or identity document.
- Permesso di Soggiorno or in the case of waiting, the receipt issued by the post office.
- A copy of the tax code from the Revenue Agency
- An Italian mobile number.
Over to you
In conclusion, opening a bank account while waiting for your residence permit in Italy is a challenging but manageable process. While many banks may present hurdles and delays, the Italian post office offers a reliable solution for obtaining a basic bank account during this interim period. By securing an appointment online and gathering the necessary documents, you can establish a foundational financial foothold that will serve you well until your permesso di soggiorno is granted. Remember, while the initial account may have limitations, it provides essential banking services and can be upgraded or supplemented with other accounts once your residence permit is in hand. Taking these steps ensures you can manage your finances effectively during your transition to life in Italy.
