The 6 Best Banks in Italy for Foreigners in 2024

When moving or investing in Italy, it’s important to understand how banks work. The Italian banking system consists of several financial institutions, including commercial banks, savings banks, cooperative banks, and digital banks.

This comprehensive guide will explain in detail how the banking sector works in Italy and cover the following topics:

• Top banks in Italy
• Online Banking in Italy
• How to open a bank account in Italy
• Currency in Italy
• Bank work hours

What is the European Central Bank?

The European Central Bank (ECB) is the central bank for the eurozone, which includes Italy as one of its member states. The main purpose of the European Central Bank is to maintain price stability within the eurozone (financial stability board) and oversee monetary policy for the 20 European Union countries that use the Euro as their currency. Naturally, the European Central Bank has a strong impact on banks in Italy, namely on interest rates, inflation control, and banking stability.

The 6 Top Banks in Italy

Here are the six top banks in Italy:

1. Intesa Sanpaolo

With over 3,300 branches, Intesa Sanpaolo is one of the largest banks in Italy and Europe. It’s well-known for offering financial stability and security for its customers. Individuals who are Italian citizens and residents usually opt for this bank because it has a range of different services, including retail banking, corporate banking, private banking, insurance services, and investment banking.

Intesa Sanpaolo also has a mobile banking app that allows clients to make digital payments.

2. UniCredit

UniCredit is an international bank operating in Italy, Germany, and Central and Eastern Europe. In addition to offering a range of financial products and services like personal banking, business banking, and investment solutions, UniCredit simplifies international transfers through SEPA transfers within the European Economic Area (EEA). This allows customers to make cross-border transfers in euros with the same convenience as domestic transfers, typically with lower fees and faster processing times.

3. Banco BPM

Created after the merging of Banco Popolare and Banca Popolare di Milano, Banco BPM is one of the leading banks in Italy. What differentiates Banco BPM from the others is its focus on customer service and the tailored financial solutions offered for both individuals and businesses.

BPM has current and deposit accounts that meet clients’ different needs to allow them to better manage their cash and electronic money.

They also have a mobile app, the YouApp, that allows clients to access their personal or business accounts conveniently. Voice commands, fingerprints, and facial recognition make accessing and operating the system easy and fast.

Another unique feature of BPM is its trading platform, T3, which allows users to achieve high-level performance and quickly access global financial markets.

4. Cassa Depositi e Prestiti (CDP)

CDP is a state-owned bank that plays a crucial role in financing Italy’s infrastructure and economic development. It is primarily involved in funding public projects and providing loans to local governments, contributing significantly to the overall stability of the Italian economy.

This bank heavily focuses on public investments in infrastructure, utilities, and social services. It’s also actively participating in financing initiatives for economic development. So, if you’re interested in large-scale investments and projects, this will be your bank.

CDP has an online platform that offers an overview of financing opticians. You can also submit funding requests and manage projects online. They will soon launch a mobile app as well.

5. BPER Banca

BPER Banca is a regional bank that emphasizes community engagement and customer service. It offers a variety of financial products such as savings accounts, loans, and investment services.

This is a cooperative bank that is very focused on community involvement and social responsibility. Moreover, BPER Banca offers personalized assistance and finance advise for their customers.

Another great reason to join this bank is the online platforms through which you can manage accounts and make fast and easy transactions.

6. Mediobanca

Mediobanca is one of the leading banks in Italy for corporate finance, asset management, and investment advisory services. It primarily serves large corporations and high-net-worth individuals.

If joining this bank, you’ll receive high-quality advisory services for mergers and acquisitions (M&A), capital market transactions, restructuring, and corporate finance. Wealthy individuals also opt for Mediobanca since it is helpful with its research capabilities and global reach for investments.

Mediobanca also has a mobile banking app that clients can use to access accounts, manage transactions and investments, and view financial reports.

Online Banking in Italy

Online banking has become increasingly popular among Italians, allowing them to manage their accounts and money from the comfort of their homes.

Most major Italian banks have online banking platforms, which allow customers to do the following: 

• Account management: Users can check balances, view transaction history, and manage savings accounts.
• Fund transfer: Through online banking, clients can do SEPA transfers within Europe and even international transfers.
• Paying bills: It’s possible to pay utility bills and other expenses directly from the account by scanning the code and approving the transaction.

5 Top Online Banks in Italy

1. Revolut

Revolut is one of the most popular online banks in Italy and worldwide. Through the official app, you can manage your bank account online.

The bank has different account types and tiers. While the standard plan is free, paid plans grant higher limits for fee-free withdrawals, more advanced spending analytics, and access to global travel insurance.

Revolut is also well-known for supporting international transfers and currency exchange. Besides that, you can have and exchange different currencies with interbank exchange rates.

Revolut’s main feature is the ability to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum. It’s also possible to invest in stocks through Revolut.

2. HYPE

HYPE is a popular Italian digital dank primarily operating through a mobile app. Like Revolut, HYPE offers different account types, namely HYPE, HYPE Next, and HYPE Premium. The first tier is free, and it’s ideal for basic banking needs, but if you need travel insurance and free ATM withdrawals worldwide, better options would be paid subscriptions.

HYPE is a great option for instant payments, and expense tracking, as it helps set up savings goals, apart from offering a free virtual card for online shopping. This app is focused on security, and it has features like two-factor authentication and temporarily freezing or blocking cards in case of theft or similar issues.

3. N26

Even though N26 is a digital bank based in Germany, it’s one of the more popular digital banking options in Italy. It also has several account options, with only the standard edition being free. Each account option has bonus perks, like foreign currency withdrawals and the ability to withdraw cash freely in the Eurozone.

N26 is partnered with Wise, making it a great app for affordable international money transfers between 30 countries.

4. Illimity Bank

Illimity Bank is based in Italy and is best known for its high-yield savings accounts and automatic savings features. Savings accounts in Illimity Bank have high interest rates, especially compared to regular banks in Italy. You can choose between flexible savings plans or fixed-term deposits.

This bank is also a great option for those looking for personal loans and mortgages, and you can manage them both through the online platform. Additionally, Illimity Bank has financing options for smaller businesses, like credits for entrepreneurs and self-employed individuals .

5. Bunq

Established in the Netherlands, Bunq is a digital bank operating in Italy. Its main goal is to provide a fully customized banking experience, which is why it has different types of accounts: Bunq Easy Savings, Bunq Easy Bank, Bunq Easy Money, and Bunq Easy Green.

Bunq supports a wide range of currencies and has great exchange rates, which is amazing for those who love to travel. You can also get Bunq’s travel card, which helps you use reservation services for cars and hotels without traditional credit card requirements.

This bank is also popular among freelancers and small businesses thanks to its business accounts which allow multiple business IBANs and come with expense management tools.

5 Top International Banks in Italy

Here are the top international banks in Italy:

1. BNP Paribas (France): BNP Paribas is one of the largest banks in Europe and has a significant presence in Italy. In Italy, BNP Paribas operates through its subsidiary, BNL (Banca Nazionale del Lavoro).
2. Deutsche Bank (Germany): The most popular German bank, Deutsche Bank, is dominant in Italy. It offers various services, from private banking and wealth management to corporate and investment banking.
3. Crédit Agricole (France): Crédit Agricole is a bank from Frane that has a significant impact in Italy through various subsidiaries, including Crédit Agricole Italia. This bank has a variety of retail banking services, as well as corporate and investment banking.
4. ING Bank (Netherlands): This bank is well-known for its digital banking platform and online savings accounts. Its straightforward, digital-first approach makes it best for those who prefer managing their finances online .
5. HSBC (United Kingdom): HSBC operates in Italy mainly through its corporate and investment banking divisions. While it doesn’t have a large retail presence in the Italian market, you can still choose services like trade finance, treasury, and capital markets solutions.

How to Open a Bank Account in Italy

Opening an Italian bank account is straightforward, but it’s essential to understand the requirements and steps. This is particularly helpful if you’re applying for an Italy Golden Visa or Italy citizenship by investment.

Here’s a guide on how to open a bank account in Italy:

1. Choose a bank

The first step is to research and compare various banks to find one that suits your needs. It’s important to consider factors such as fees and services offered. Customer reviews can help you find the best deal.

2. Gather required documents

After you’ve found the bank that fits your needs the best, you’ll need to gather and deliver the following documents to open a bank account in Italy:

• Valid passport: A copy of passport or national ID card.
• Codice Fiscale: This is an Italian tax identification number, which can be obtained at the Agenzia delle Entrate (Revenue Agency). It is important for further tax payments in Italy.
• Proof of residence: You need to provide an official document that clearly outlines your address in Italy.
• Employment or student proof: Some banks require proof of employment or student status when applying for specific account types.

3. Visit one of the bank branches

Even though you can open an account online, visiting one of the branches can be helpful since you can ask any questions. A bank representative will guide you through the application process.

4. Complete the application

Then, you have to fill out the account application form with the necessary information. A bank representative might ask you about your financial needs and banking preferences.

5. Make an initial deposit

Most banks ask you to make an initial deposit to activate your account. This amount can vary depending on the bank and type of account but is typically a small sum of money.

6. Receive your bank details

You will receive your account number, debit card, and online banking credentials via letter in post.

Bank Fees in Italy

Here is the table summarizing common bank fees in Italy, with the last column removed:

Currency in Italy

The official currency in Italy is the Euro (€), which is also used by other countries in the Eurozone. However, if you’re sending or receiving funds from international entities, it’s important to understand currency exchange charges. Italian banks generally offer competitive rates for currency exchange, making it easy to convert currencies for travel or transactions.

Bank Work Hours in Italy

Most banks in Italy operate from 9:00 AM to 1:30 PM and 3:00 PM to 4:30 PM on weekdays, with some branches open on Saturdays until noon. Many banks close during the lunch hour, making it essential to plan visits accordingly.

Frequently Asked Questions About Banks In Ital

Which bank is the best in Italy?

The best banks in Italy are: 

• Intesa Sanpaolo
• UniCredit
• Banco BPM
• Cassa Depositi e Prestiti (CDP)
• BPER Banca
• Mediobanca

What US banks have branches in Italy?

US banks which have branches in Italy are:

• Citibank
• Bank of America
• JPMorgan Chase
• Goldman Sachs
• Wells Fargo
• Morgan Stanley

How do foreigners open a bank account in Italy?

Foreigners can open a bank in Italy by collecting and submitting the correct paperwork to the bank of their choice. If the application is approved, they will receive account details delivered to their home address.

What documents are required for Americans to open a bank account in Italy?

Americans opening a bank account in Italy need to provide the following documents:

• Valid passport
• Codice Fiscale
• Proof of residence
• Employment or student proof