Can you open a nonresident Italian bank account on line?

DrBillg New member

5POSTS

5 years ago

I was planning on looking for an apartment to buy in Italy. I’m not planning on giving up my residency in the US however because I’m still working.
I have a Codice Fiscale .
I was wondering if anybody knows in Italian bank that I can open up a nonresident account online?

2 members reacted to this post

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Pete.au Active member

29POSTS

5 years ago

I think you will find you need to have an Italian registered address to open an account. When I arrived I tried to open an account while waiting for my Permesso sogiorno, and was unable to do so at several banks until I had been registered at the anagrafa, and they would not do that until I had the physical PdS. (the receipt would not even be accepted). In the end I opened an online account with a bank who operates in Italy but is actually based in Germany. Probably won't really solve your problem though. Even using that I couldn't get a telepass because it wasn't "an italian bank".

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ginalouisa Member

10POSTS

5 years ago

Hello,

I am interested in this topic as well. I am looking to buy property in Italy as a nonresident. It would be very convenient if there was a way to open a bank account with an Italian bank online.

2 members reacted to this post

ginalouisa Member

10POSTS

5 years ago

Also, can anyone suggest an Italian bank that is best for expats or foreigners? Or the bank that is the most popular for expats?

Thank you.

1 member reacted to this post

M Hunt Contributor

114POSTS

5 years ago

It is very difficult to open a bank account anywhere in Europe without being present in person, it has to do with money laundering laws, and I believe you need an Italian address for the authorities. Also you need to understand banks in Italy do not have reciprocal agreements with each other unless part of the same group so it is impossible to pay a cheque from one bank into another for example unlike the UK or other countries.
Perhaps you could look into an online account with Santander or similar who are used to international dealings and do deal with many different organizations, they may also be ale to advise you on the best course of action to take as well.
Ciao Marguerite

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Davedebbie Member

1POSTS

5 years ago

We opened a non resident account with UBI. You do need to be there in person & have your passport & Codice Fiscale.

oliviaf Active member

26POSTS

5 years ago

I have experience of bank accounts in Italy UK and USA. I would avoid Italian banks- inefficient slow bureaucratic and expensive! The best are UK banks but you need a UK address. I suggest an online account of a bank that operates in Italy. UniCredit and Santander are fine. Good luck O

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ginalouisa Member

10POSTS

5 years ago

Thank you oliviaf

I will look into those banks.

Modicasa Serial expat

209POSTS

5 years ago

You cannot open a non resident account without being physically present.

Zig Zag Wanderer Member

17POSTS

5 years ago

#10

Pete.au wrote:
I think you will find you need to have an Italian registered address to open an account.

I don't think so. I have an address in Italy, but when I opened an account, in person) they used my UK drivers license address.

It seems very easy, but you do get charged a bit in ongoing fees.

1 member reacted to this post

Zig Zag Wanderer Member

17POSTS

5 years ago

#11

ginalouisa wrote:
Hello,

I am interested in this topic as well. I am looking to buy property in Italy as a nonresident. It would be very convenient if there was a way to open a bank account with an Italian bank online.

Italy mostly only allows EU citizens to buy property.

They do, however, let citizens of a few other countries that have reciprocal agreements on owning property. Australia is one. There is a list on the gov website I think.

1 member reacted to this post

Modicasa Serial expat

209POSTS

5 years ago

#12

Almost anybody from any country can buy property in Italy. Obviously if you're a drugdealer from a financially blacklisted country then its more difficult, but the reciprocity arrangements are almost universal.

2 members reacted to this post

Zig Zag Wanderer Member

17POSTS

5 years ago

#13

Modicasa wrote:
Almost anybody from any country can buy property in Italy. Obviously if you're a drugdealer from a financially blacklisted country then its more difficult, but the reciprocity arrangements are almost universal.

Not according to the law. For example UK citizens will not be able to buy property after brexit, unless there is an agreement to allow it. I specifically requested this of an Italian lawyer friend. Luckily as my children are Australian too, we don't have a problem.

That is the law, but as most of us know, the law may not count for much in Italy, especially as you go further south.

Modicasa Serial expat

209POSTS

5 years ago

#14

The law on reciprocity will allow it unless the british decide that italians cant buy property in the UK, in which case it becomes reciprocal. The law is reactive rather than proactive. For example an italian can only buy a certain amount of land in Switzerland, which reciprocally places limits on what a Swiss can buy in Italy.

1 member reacted to this post

Zig Zag Wanderer Member

17POSTS

5 years ago

#15

Modicasa wrote:
The law on reciprocity will allow it unless the british decide that italians cant buy property in the UK, in which case it becomes reciprocal. The law is reactive rather than proactive. For example an italian can only buy a certain amount of land in Switzerland, which reciprocally places limits on what a Swiss can buy in Italy.

That is interesting, thank you.

SimCityAT Expert

13796POSTS

5 years ago

#16

Modicasa wrote:
The law on reciprocity will allow it unless the british decide that italians cant buy property in the UK, in which case it becomes reciprocal. The law is reactive rather than proactive. For example an italian can only buy a certain amount of land in Switzerland, which reciprocally places limits on what a Swiss can buy in Italy.

Not 100% true, you will have check with the council. UK citizens could buy in Italy because they were EU citizens, as of 1/01/21 they will not be. In Austria, UK citizens will have to ask permission from the local council. This could be the same in Italy.

Zig Zag Wanderer Member

17POSTS

5 years ago

#17

SimCityAT wrote:
Modicasa wrote:
The law on reciprocity will allow it unless the british decide that italians cant buy property in the UK, in which case it becomes reciprocal. The law is reactive rather than proactive. For example an italian can only buy a certain amount of land in Switzerland, which reciprocally places limits on what a Swiss can buy in Italy.

Not 100% true, you will have check with the council. UK citizens could buy in Italy because they were EU citizens, as of 1/01/21 they will not be. In Austria, UK citizens will have to ask permission from the local council. This could be the same in Italy.

That is interesting.

My mother, born in Austria, but lived in the Uk from 18, had to apply for Austrian citizenship again in order to buy property there. That may be just because she was born there, but it seems to me that you need to be a citizen to buy property.

I forget if this was before Austria joined the EU, tbh, so perhaps that changed everything.

Modicasa Serial expat

209POSTS

5 years ago

#18

LOcal councils have no power to override national legislation.

1 member reacted to this post

Sparepony Member

15POSTS

5 years ago

#19

Ciao - I saw your post about banks in Italy and wondered if you'd tracked down any useful info about which might be the best (i.e. easiest, least expensive etc.) for foreigners to use? I've also been trying to sort this out and not having much luck getting reliable recommendations. Seems many use an online bank called REVOLUT, but (and I may be wrong) it seems you can be assigned an IBAN number from any of a number of countries and if you don't get an Italian one then you can have some difficulties for certain things... Thanks, Cairo

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refusenick Active member

36POSTS

5 years ago

#20

I'd like to know as well. My PDS is taking months to process thanks to the backlog caused by the pandemic and I couldn't open an account in any of the brick and mortar banks. So I went with N26 which was only giving German IBANs at the time but is now offering Italian IBANs for new accounts. I happen to be a non-EU citizen.

It would be nice to hear from other expats and what they'd recommend. Someone told me to avoid BMPS at all costs but didn't explain why. Another said that Intesa SanPaolo customer service accommodates English speakers but I've been unable to verify this for myself. I know, firsthand, the Unicredit mobile app will not work on iPhones with the AppStore set to another country. This is the kind of information that could be useful for expats hoping to open a bank account in Italy.

Can we just list the pros and cons for all of the major banks so we can decide for ourselves?

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wildcards100 Member

10POSTS

5 years ago

#21

Yes a non resident can open up a bank account but it will cost a ridiculous amount of money per month for service fees. Totally not worth it. If you have an Italian passport or you can get a carta identità you can open up a bank account no problem living abroad.

louloumura70 Active member

43POSTS

5 years ago

#22

It would be necessary to have an account in an Italian bank I think if you holiday or live in Italy part time. We had to arrange automatic payments for bills since we are only there 6 months of the year. If anyone has any experience with using UniCredit or Santander in this way, I'd like to hear about it. I know Italian banks have generally high fees.

louloumura70 Active member

43POSTS

5 years ago

#23

You must be in person with an Italian address to do this. You can't do it on line

Sparepony Member

15POSTS

5 years ago

#24

Hi Lou (it’s Cairo)
I was reading some reviews somewhere and they said UniCredit was really bad. I can’t recall if it was due to really high fees or terrible service but there were a few people suggesting to stay away from them. Keep me posted if you find out anything good!

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Ema18038 New member

3POSTS

5 years ago

#25

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louloumura70 Active member

43POSTS

5 years ago

#26

Well, just read one bad review, so can't rely on that. However, at contract signing, I plan on asking Davide to recommend a bank. He will be honest with us as he has tried hard to keep any fees from being much and we are super satisfied...actually all less than he had estimated at the beginning. I will let you know what he says so it should be after your closing I'll get back with you. Our feelings are, if we can do autopay with most or all of our bills through a UK bank (Salander or UniCredit) it might be cheaper as Italian bank fees are high. But if the only way we can do autopay is through an Italian bank, we will do that. Maybe we will be lucky that an ex-pat has had experience with this and we will read something soon about it. Good luck!

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refusenick Active member

36POSTS

5 years ago

#27

Yes, I heard the main problem with Monte dei Paschi di Siena (BMPS) was the high fees. I'm not sure how it compares with other banks in this area.

With UniCredit out of the running because of their limited and restrictive mobile app and bad customer service, I'm honing in on Intesa SanPaolo and BMPS (because they have a branch right on my street), but I'd like to hear about other options first.

Sparepony Member

15POSTS

5 years ago

#28

I'd also like to hear if anyone has experience with BNP Paribas? They were recommended to us but without any particular reason why and I also read they have an affiliation with Bank of America. No idea if that would or could make anything easier for expats from the States? Comments welcome!

GuestPoster2565 Guest

0POSTS

5 years ago

#29

Hi
Why do you need an Italian bank account ?

Italian People are using not traditional banks, at the moment we are opening internet bank accounts, they are cheapest for daily activities.
I.e N26 or webank or similar
As you know it is possible to open a bank account EUwide and choose the best you like.

If you need an Italian Bank opened also Saturday and offices everywhere try Poste Italiane Bank. They give you also internet banking in English language.

If you need a traditional back for loan, investments and similar, chose among the biggest Intesa Group, UniCredit, BNL, MPS

The service you will get will be according to the person you will meet not by the bank.

B

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Sparepony Member

15POSTS

5 years ago

#30

Everything I've been hearing and reading has led me to believe that we will need an Italian bank account to have utilities transferred to our names for our apartment and to be able to pay them either with autopay from that account or else receive bills via email and be able to pay them online (your suggestion for Poste Italiane sounds helpful since my Italian isn't yet good enough to navigate complicated websites). Any clarifications welcome. Thank you.

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louloumura70 Active member

43POSTS

5 years ago

#31

Were you required to give them a residence address in Italy?

GuestPoster2565 Guest

0POSTS

5 years ago

#32

About utilities you can choose the supplier and you do not need a bank account.

A lot of internet website will help you to find the best utility.
Example Facile.it (only in Italian)

About recurring (like a membership) payments you can use your credit card and every 2 months your card will be charged.

Remember missing payment for more than 90 days will have negative effect over you Italian credit history!

May be can be useful the Italian prepaid credit card with Iban (sepa) that you can charge through different ways.
Many of them can be subscribed also by not resident. See nexi international
About US citizens: remember the Italian banks require more documentation due to be complied t with US Gov FACTA.

Modicasa Serial expat

209POSTS

5 years ago

#33

tuomarrion isnt quite right. Using credit cards often requires domiciliazione in Italy before they will be accepted by the creditor. It can be a nightmare trying to get ENEL to accept a foreign Visa card.
As regards N26 - which is a valid option, unless you live in the UK where it is not available due to Brexit.
Facile .it is very poor. Visit the sites individually for better quotes.
As regards utilities - people will proclaim the huge difference between X and Y for electricity. On a house which uses NO electricity and has a 3 Kw supply you will pay 50 euros every two months. The actual electricity is a small part of your bill which includes loads of other taxes and imposte and tariffs which no company can cancel. So it makes very little difference in reality which company you choose.

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GuestPoster2565 Guest

0POSTS

5 years ago

#34

Thank you Modicasa,.

But May be it is better you check better the matter It seems you are not quite updated.

Let me suggest you the Italian credit cards for foreign travelers and similar.

Anyway Enel accepts :
All sepa credit cards not only Italian
Pay Pal

From Enel website/
“ can be activated on:
1 Italian or foreign bank account in the SEPA area (SDD);
2 postal current account (SDD);
3 payment card with PAN (16-digit code) managed by Visa, MasterCard, Maestro, American Express, diners, issued in Italy and throughout the SEPA area;
4 PayPal account.”

Enjoy

Modicasa Serial expat

209POSTS

5 years ago

#35

Obviously I wasnt very clear. I was talking about direct debits for paying ENEL bills as opposed to paying a bill when it arrives.

refusenick Active member

36POSTS

5 years ago

#36

This blog recommends 8 banks to choose from. Can anyone shed light on CheBanca?

[link under review]

louloumura70 Active member

43POSTS

5 years ago

#37

There are many U.S. citizens who own property in Italy. My husband and me for example. Anyone can buy property there. Not sure why you are assuming you can't. Best not to give advice if you haven't researched it.

louloumura70 Active member

43POSTS

5 years ago

#38

To Zig Zag Wanderer. Anyone can buy property in Italy. We are U.S. citizens and we have. Not sure why you would say that. Best not to give advice unless you know for sure.

Zig Zag Wanderer Member

17POSTS

5 years ago

#39

Not anyone can buy real estate in Italy. You need to be a citizen of Italy, or another country that allows Italian citizens to buy property in that country. For example, UK citizens cannot buy property in Italy any more, since brexit.

As Australian citizens, my family and I can.