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MONEY

The verdict: What are the best banks for foreigners in Italy?

Picking the right banking option in Italy can be hard, but The Local's readers have shared their experiences and advice to give you a head start.

Published: 14 February 2024 14:01 CET
Updated: 21 February 2024 10:42 CET
Pedestrians pass by a branch of Italy's Banca Nazionale del Lavoro in Rome
Pedestrians pass by a branch of Italy's Banca Nazionale del Lavoro in Rome in March 2005. Photo by DIMITAR DILKOFF / AFP

If you’re planning on moving to Italy, opening a bank account will be one of the very first things you’ll have to do in the country.

Overseas accounts (especially those from outside the eurozone) are unlikely to cut it for everyday tasks like paying bills and taxes, receiving an Italian salary and taking out insurance as many Italian authorities require an account with an Italian IBAN number for these purposes.

Italy has a large number of banks to choose from, ranging from traditional Italian institutions to international banks to a host of online-only operators that have grown in popularity in recent years.

But Italian-only online information, confusing paperwork and a swarm of different offers can make it hard to find the right option, which is why we asked readers of The Local to share some of their best insider tips in a recent survey.

Traditional v online banking

If you’re looking to open an account in Italy, one of the very first decisions you’ll be faced with will be whether to opt for a traditional institution or a digital banking platform. 

Overall, around four in ten respondents indicated an online banking platform as the best option for foreigners in the country, with many pointing to low account fees, advantageous currency exchange rates and a far greater degree of flexibility compared to traditional institutions. 

READ ALSO: Which documents do I need to open an Italian bank account?

The majority of respondents however selected a traditional Italian bank as the best option, citing greater levels of trust in traditional institutions, the advantage of dealing with people face to face and, in some cases, the availability of specific services and information for foreign nationals. 

Traditional banks

Italy’s biggest private bank, Intesa Sanpaolo, was recommended by multiple readers as the best option for foreign nationals in the country.

Intesa San Carlo, Italy

People walk past the headquarters of Italy’s Intesa Sanpaolo in Turin’s Piazza San Carlo in January 2017. Photo by Marco BERTORELLO / AFP

Iain Gosling, a UK national living in Pisa, Tuscany, highlighted the quality of their online services, saying: “The app is easy to use and it translates into English automatically. Online banking is easy. We maintain bank accounts in the UK and send funds to ISP, no problem.”

Another British national living in Pisa focused on the advantages of dealing with Italy’s largest bank, saying that “a lot of operations are done through ISP so the transaction fee is low” and the large number of branches across Italy makes it easy to “open an account quickly in person.”

Laura, a US-Italian citizen living in Ascoli Piceno, Marche, praised Intesa Sanpaolo for their customer service, saying staff were “patient and understanding” following a bad experience with another bank.

READ ALSO: What you need to know about opening a bank account in Italy

Besides Intesa Sanpaolo, UniCredit was also mentioned on multiple occasions within the survey, though opinions on Italy’s second-largest bank were mixed.

Stewart, an Australian national living in Umbria, said they “never had any problem paying bills or making transfers” even when out of the country, and the bank has “a pretty good website, including an English-language (sort of) option”.

But other readers had rather different experiences. Laura, from Ascoli Piceno, said her experience with UniCredit was “a nightmare” as “they couldn’t open the account correctly” and trying to solve the issue was “humiliating and impossible”. 

Cindy in Orte, Lazio, mentioned that UniCredit “arbitrarily raised checking account rates for foreigners who are not residents from 20€ annual to 120€ annual”, whilst another reader reported that “it took someone I know three months to open an account”.

Finally, two readers recommended BancoPosta – a branch of Italy’s Post Office offering basic financial services – based on low fees, presence in all major Italian towns, and easy sign-up procedures.

Online banking and transfer platforms

Wise (formerly TransferWise) was by far the most highly recommended digital platform within our survey.

A British reader in Tuscany hailed it for its “speedy transfers, good exchange rates, and prompt problem resolution”, highlighting the contrast with “slow, expensive and paper intensive” traditional banks.

Revolut

A close-up detail of a card from digital bank Revolut. Photo by JUSTIN TALLIS / AFP

Jenny Lantschner, a British-Italian national in Lucca, also pointed out Wise services’ speed, saying that it’s “very easy to use on a smartphone and will send funds within minutes”.

Besides Wise, several readers recommended Italian online bank Fineco, which they praised for easy account-opening procedures, efficient online operations and low fees. 

Lithuania-based Revolut was also recommended by some readers on the basis of “low cost, convenience, and near spot-market rates for currency exchange”, though others mentioned having problems with money transfers. 

For instance, Bob, an American national in Siracusa, Sicily said that “English, American, and Italian banks all refused to fund” his account.

Finally, Steve in Lombardy advised against opening accounts with Germany-based N26 as they “have been closing accounts in Italy and not giving back the money to customers”.

Though N26 is an active digital bank in Italy, it has been operating in a limited capacity for nearly two years following on-site inspections in late 2021 that revealed shortcomings in terms of security legislation and weaknesses in anti-laundering measures. 

Readers of The Local have recently reported having their accounts shut and being locked out of their funds for no apparent reason.

Member comments

  1. I would be interested if any American readers have been able to establish accounts with Italian banks. We have not been successful, largely because the banks don’t want to have to do all the reporting that US law calls for. We did manage to sset up an account with the Post Office, but only with the help of a good friend who is a native.

  2. Watch out with renting cars using online banks. I recently saw a couple walk away from a rental desk because the agency wouldn’t accept Wise credit cards. It doesn’t make sense to me, but they explained that the reason was because of an online bank.

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MOVING TO ITALY

Readers recommend: Eight books you must read to understand Italy

After we published our own recommendations of some of the best books to read for those considering a move to Italy, The Local's readers weighed in with suggestions of your own.

Published: 25 April 2024 17:24 CEST
Readers recommend: Eight books you must read to understand Italy

In our previous guide to some of the best books to read before moving to Italy, we asked our readers to get in touch with your recommendations.

A number of you responded with your favourite reads about Italy; here’s what you suggested:

Ciao Bella – Six Take Italy

An anonymous reader describes this as “a delightful book about an Australian radio presenter who takes her husband and four children Bologna for a year which turns into two years (one being Covid).”

Kate Langbroek’s comic memoir “had me laughing and crying,” they write.

A Small Place in Italy

An apt choice for those considering their own rural Italian renovation project, Sam Cross recommends this book by British writer Eric Newby about buying, remodelling and moving into a cottage in the Tuscan countryside.

Cross also recommends Newby’s earlier work, ‘Love and War in the Appennines’, about his time as a British prisoner of war captured in Italy by the Germans in WWII.

READ ALSO: Eight of the best books to read before moving to Italy

Here, the author tells of his escape assisted by local partisans, “including a girl, Wanda, who became his future wife. A beautiful story,” says Cross.

The Italians

The Italians is written by veteran Italy correspondent John Hooper, who formerly wrote for the Guardian and is now the Economist’s Italy and Vatican reporter.

From politics to family traditions and the Mafia, the book tackles a range of aspects of Italian history and culture without getting lost in the weeds.

Simone in Rome describes it as “the best single volume on Italian customs and culture there is”.

READ ALSO: Nine things to expect if you move to rural Italy

Venice

It may be more than six decades old, but Jan Morris’s Venice is still considered one of the definitive English-language works on the lagoon city.

Book, Venice, library

A woman reads a book in Venice’s famous Acqua Alta library. Photo by Clay Banks on Unsplash

Though a work of non-fiction, the book has been compared to Waugh’s Brideshead Revisited for its nostalgic, evocative tone.

“A personal view, beautifully written,” recommends reader Mary Austern.

Thin Paths

Described as a mix of travel book and memoir, Thin Paths is written by Julia Blackburn, who moved with her husband into a small house in the hills of Liguria in 1999.

Despite arriving with no Italian, over time she befriended her elderly neighbours, who took her into their confidence and shared stories of the village’s history under the control of a tyrannical landowner and the outbreak of World War II.

“Write it down for us,” they told her, “because otherwise it will all be lost.”

READ ALSO: Six things foreigners should expect if they live in Rome

In Other Words

If you’re currently learning Italian, consider Pulitzer Prize-winning author Jhumpa Lahiri’s In Other Words / In Altre Parole, which discusses the writer’s journey towards mastery of Italian through full immersion.

Reader Brett says, “The book is written in both Italian and English, presented on opposite pages, so it’s also a nice learning tool!”

Lahiri has since written Racconti Romani, or Roman Tales, a series of short stories set in and around Rome riffing off Alberto Moravia’s 1954 short story collection of the same name.

A Rosie Life in Italy

Ginger Hamilton says she would “highly recommend the ‘A Rosie Life in Italy’ series by Rosie Meleady.”

It’s “the delightfully written true story of an Irish couple’s move to Italy, purchase of a home, the process of rehabbing it, and their life near Lago di Trasimeno.”

The Dark Heart of Italy

Reader William describes The Dark Heart of Italy by Tobias Jones as an “excellent” book.

The product of a three-year journey across the Italy, Jones takes on the darker side of Italian culture, from organised crime to excessive bureaucracy.

Though it was published in 2003, Dark Heart stands the test of time: “twenty-odd years old but the essential truth of it hasn’t changed,” William writes.

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