# Opening a bank account in Italy from overseas



## Troz

Hello. Planning on travelling to Italy this year to purchase a property. Obviously there is lots to do, but my specific question refers to opening a bank account in Italy.

Is it possible (and sensible) to attempt to do so from overseas (Australia in my case), or should one wait until arrival?

thanks.


----------



## NickZ

I'd wait. It's relatively quick and easy from here. If you'll have residence you will want a resident account.

The thing I'd look at is finding an Australian account with low cost electronic transfers.


----------



## GeordieBorn

Nick might well be right about waiting, but knowing Australia has a large number of Italians I would reckon there is a good chance you have a large number of Italian banks in Oz? If so it might be worth at least finding out what kind of account you could get there and how esy it is to do. Waiting of course until you know you have a house to buy. Regards the transfer of money, if it is expensive in Australia you might want to look for a money transfer company, either an FX company or something like CurrencyFair or Transferwise.


----------



## JMN57

Do you have a codice fiscale? I'm guessing not and, if so, you pretty much have to wait. Personally, I'd wait and then open one with a bank that makes sense for where you are in Italy. The bank I have an account would never have been on my radar screen before we found our place in Italy.


----------



## Troz

Yes, we have been allocated _codici fiscali._ And yes, we are planning to use a specialist transfer company to reduce costs.

However it sounds like the consensus is to wait. Thanks all.


----------



## Italia-Mx

You have to wait because even with a codice fiscali, you cannot open an Italian bank account if you don't have residence in Italy. I'm an Italian citizen and I could not open one myself until I arrived. Likewise, I'm also an American citizen and I cannot open a bank account in USA without being a resident. For Geordie Born, there are not a lot of Italian banks in Australia and there are also not a lot of Italian banks in USA. Italian-Americans use American banks and I would assume Italian-Australians use Australian banks.


----------



## JMN57

Italia-Mx said:


> You have to wait because even with a codice fiscali, you cannot open an Italian bank account if you don't have residence in Italy. I'm an Italian citizen and I could not open one myself until I arrived. Likewise, I'm also an American citizen and I cannot open a bank account in USA without being a resident. For Geordie Born, there are not a lot of Italian banks in Australia and there are also not a lot of Italian banks in USA. Italian-Americans use American banks and I would assume Italian-Australians use Australian banks.


I think there is a type of account that you can open as a non-resident. I opened an account 2-3 months before purchasing a home and without having a residence in Italy. I used the account as a landing place for money to pay transaction fees and, ultimately, the purchase. I know in my bank my account runs in a separate system from regular Italian accounts. I am not applying for a residence visa (yet). 

I now own a home (happen to be in it right now) and am in Italy for a couple of weeks to get some remodeling done. Just checked in with the Comune, got my TARI/TASI/IMU payments automatically paid from the bank, etc.


----------



## Troz

JMN57 said:


> I think there is a type of account that you can open as a non-resident.


Thanks JMN57. Yes, I was pretty sure that it is possible to open a bank account from abroad - I have fairly detailed instructions in how to do so from a couple of sources. What I was looking for was views on the relative merits of the two approaches.

I must say that opening an account from abroad sounds a bit painful - much paperwork including letters of reference from one's own bank, and so forth. On the other hand I was attracted to having the money already available in Italy when we started inspecting properties.


----------



## NickZ

Opening a non resident account wouldn't be difficult. BUT it's expensive. No point paying a few hundred € a year for something you won't be using. OTOH there are free or more or less free online accounts that residents can get.


----------



## JMN57

NickZ said:


> Opening a non resident account wouldn't be difficult. BUT it's expensive. No point paying a few hundred € a year for something you won't be using. OTOH there are free or more or less free online accounts that residents can get.


I think I'm paying 80€ or so a year. But I have to say the service I am getting is invaluable. They lady at the local branch has spent a lot of time with me and explained a lot. She's told me what to do so that I can authorize the bank to pay my utilities (gas, electric so far) as well as various taxes (TARI/TASI/IMU)> Those are more-or-less automated at this point which is great. She actually went with me to the Comune to get me setup with the TARI, get keys/card, etc. Service is well worth it (although I don't think this is part of the cost but having a good relationship with a bank in a smaller - 8000 person - town is easier with a local account.

Once the house goes online this summer (we're starting some remodeling right now), I'll setup internet/phone (I think fiber is coming online in the next few months at my house) and I can set up automated payments via online banking.


----------



## NickZ

Most of those things you do once. I can understand it's easier for you but if the OP doesn't need the help one of the online accounts might be a better choice.

Having said that I know Italians who can't manage the online accounts  and are better off going to the post office. Personally I appreciate paying my bills while still in bed


----------



## JMN57

I like paying bills online (and when in bed too). I've got Internet banking both in US and Italy and that makes things a lot easier. 

If one wants to economize, certainly find a free account. For me, the cost of the account is relatively small. I'm more concerned with FX transaction cost as 100 basis points on a $100,000 wire is a couple of nice dinners?


----------



## NickZ

Most people don't need to do that very often. OTOH all those €2 bill payments end up adding up over time. I admit it's not a huge thing in the greater scheme of things but it is constant. Account fee. Bill payment fee. Plus whatever else they can think of.


----------



## GeordieBorn

Think the OP is right to think about the need to move money for buying, number of people we know were caught out with the need to have to move large(r) sums of money with a fluctuating currency market. We used a well-known FX company for a deposit and opened a UK specific € account once we knew we were buying. The time between the deposit and the final act was over 5 months, so it allowed us to "play" with rates and build up the € a/c. At least then we knew what the final cost was going to be. Slight problem was the larger amounts we wanted to move and the banker's draft that they wanted against an Italian bank (which our bank sorted). The cost of the account was positive as they were paying a better rate than the UK GBP at the time. I think it is personal preference regard to on-line banking or not, we too prefer it, but know others that don't. A number of people have said how much the like the good service of a local bank and in the scheme of things it is probably not a lot per year. If you have them pre-load FX cards are a good way to deal with smaller amounts ( circa under €10,000). Some are better for cash and others for use as a credit card regards their cost.


----------



## Troz

Completing my own thread to say that we went into a bank branch in the town in which we planned to buy and opened a non-resident account in person. Some observations:

- Given the amount of bureaucracy and paperwork involved, I would not recommend trying to do it from overseas. Just filling out all the forms took four hours on the first day, then I had to return on the next two days for an hour each time to clear up details.
- We decided to open a joint account - this proved to be more complicated and if doing it again we would have done it in one of our names only.
- Bring lots of copies of all documentation that might seem even remotely relevant - birth certificates, marriage certificates, passports, codici fiscali, and also something official-looking that identifies you in your home taxation system - that's a Tax File Number for Australians and a Social Security Number for Americans. It doesn't seem to matter if these are not certified/notarised copies.
- The staff we were dealing with spoke little or no English so we were forced to rely on our Italian. An hour the night before revising banking-related vocabulary was a good investment.
- At various points the bank would send an SMS to us with a code which we had to acknowledge, or enter into their computer. This didn't work with overseas numbers but fortunately we had an Italian SIM card we could use.
- It turned out that one of the conditions on a non-resident account was that we were unable to make deposits locally, by cash or by an overseas card in their bancomat. The only way to deposit funds was by international transfer.
- We used a specialist FX company and by my estimation saved a couple of thousand Euros due to the better rates.

Happy to answer questions from anyone contemplating something similar.


----------



## NickZ

You don't say which bank. Some of the smaller banks are less used to some things.

Couldn't you make an ATM deposit with your local card?


----------



## Troz

NickZ said:


> You don't say which bank. Some of the smaller banks are less used to some things.


I've had references to particular companies removed before so not sure if that would breach forum rules. But anyway, it was UniCredit which I chose because it has a national presence and because the website was of sufficient quality for me to hope that the online banking would meet my needs (it does). 

Doubtless some of the complications were due to our being in a small provincial branch where the staff were not familiar with our circumstances, so there was much consulting of instructions and sometimes calls to the regional office for guidance. I'm sure that a branch in Milan, Turin or Rome which was used to dealing with expats might have a more knowledgeable staff but on the plus side, these people were very friendly and helpful and persistent in trying to find a way through. Within a couple of days we were on first name terms!



NickZ said:


> Couldn't you make an ATM deposit with your local card?


No. I went to the ATM with a staff member and we tried various things but it always ended with a message to the effect that this transaction was not possible on this account. Other banks might be different.


----------



## GeordieBorn

Good of you to get back so others can benefit from the information. Someone we know had a joint account (as we do) and very unfortuntely their partner died. Thinking UK style they informed the bank immediately and woe and behold they stopped the account and they could NOT get any money out for quite some time after the event.


----------



## Italia-Mx

Joint bank account? That has got to be the dumbest thing ever invented. If the parties concerned have half a brain, each should be able to manipulate their own account. I have never believed in ANYTHING joint account and have never had any problems with personal finance. In Italy the online banking system is more functional than what is offered in the USA and definitely safer. A polite bank official might even invite you for a coffee at the bar next door. I love the Italian way. Will never live in the USA again.


----------



## GeordieBorn

There is a surprise, I wonder why?


----------

