Personal accounts: Italy

Updated 6 October 2026

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A personal account at an Italian bank is needed by people moving to Italy, buying property or earning income there. Banks are supervised by the Bank of Italy and European banking supervision. The key document for a foreigner is the Italian tax code (codice fiscale): without it no bank will open an account, and sellers, employers and utilities will not sign contracts.

The tax code

The Italian Revenue Agency assigns a tax code to a foreigner on application with a passport. The first time it is issued only in person at an agency office by appointment, because staff must verify identity. Abroad it can be requested through an Italian consulate. Both residents and non-residents need it, so get it before the deal or move.

The right to a basic account

Anyone legally resident in the EU has the right to open a basic account in Italy, including people without a fixed home and asylum seekers. A bank may not refuse just because the client has a provisional tax code or a residence application receipt instead of the permit itself. A basic account offers deposits, payments, transfers and a card, but no credit.

Deposit protection

Deposits in Italian banks, as across the EU, are protected up to EUR 100,000, about $112,040, per depositor per bank at the European Central Bank rate of 5 October 2026.

What an account needs

• a passport or other identity document;
• the tax code;
• a residence permit or application receipt, for residents;
• proof of address and income, and for large amounts the source of funds.

Why applications are refused

• no tax code;
• a non-resident with no clear purpose;
• an unverified source of funds;
• links to sanctioned countries.

Stamp duty on the account

Individuals in Italy pay stamp duty of EUR 34.20 a year, about $39, on a current account if the average balance at the bank over the year exceeds EUR 5,000, about $5,602. It is charged in quarterly instalments. Below that balance no duty is due, so plan the balance in advance.

Cash and large payments

Italy prohibits cash payments of EUR 5,000, about $5,602, or more, and splitting one payment to stay under the threshold is also forbidden. Rent, property, car or large service payments go by transfer or card, so an Italian account is needed almost immediately after moving.

A non-resident account

An Italian bank will open an account for a non-resident with a passport and tax code if the purpose is clear: buying a home, paying its costs or studying. The bank will ask for proof of income and source of funds.

What we do

We help obtain the tax code, choose a bank, prepare documents and handle the account opening. If a company needs an account, see business account in Italy. A manager will calculate the cost in the chat.

What we do

• Personal account - opening assistance

See also

Company formation · Business account · Investment property · Country taxes · All country programs

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