Opening a bank account in a foreign country is often daunting; this article will provide you with some useful information in order to open a bank account in Italy.
Required documents: you should provide the Italian bank with your passport, your Italian Tax Code (Codice Fiscale) and proof of employment (or proof that you are a student).
How to open a bank account in Italy: The easiest way to open a bank account is to go to an Italian bank in person. As per Italian law requirements, a clerk will check your identity and will ask you personal information. You will also be asked to provide a statement issued by the bank in your home country which states that you are a reliable costumer. Banks have a communication system in place so your bank in your home country will contact the bank in Italy via SWIFT messages. In addition, you will be required to sign several documents (please note that in most cases these documents are in Italian). After registering with the bank your account will be set up and you will be able to use it almost immediately.
How to open a bank account remotely: If you are not in Italy you can open a bank account remotely. The first step is to find a bank that can evaluate your profile for Italian Anti – Money Laundering policies and that can send your information to the Italian bank you have chosen. Terms and conditions depend on the bank’s policy. It is advisable to contact the Italian bank in order to verify that they have experience with foreign citizens who want to open a bank account. This is important because some Italian banks offer non- Italian residents specific services and packages which are worth learning about prior to opening a bank account. Furthermore, banks in small municipalities, for instance, might be unfamiliar with some procedures for non-Italian residents.
Fees: When you decide to open a bank account you have to take into consideration that you might see different fees. For example:
- Fixed fees: these fees can be charged every month;
- Transaction fees: the bank might charge you a small amount of money for each transaction;
- International transfer fees: these fees can vary.
Please note that you can open a bank account in Italy regardless of whether you are an Italian resident.
If you need further information about opening a bank account to purchase Real Estate in Italy do not hesitate to contact us at info@italianrealestatelawyers.com. It will be our pleasure to help you!
