Opening a bank account in Italy

There is the traditional current account in a bank branch, the cheaper online accounts, digital banks without branches, and the BancoPosta post account common among the elderly and new residents for ease of opening and the spread of its offices, and the prepaid Postepay Evolution card with an IBAN.

• And for those with low income the conto di base at a low or free annual cost according to ISEE, and it includes a set number of operations, and banks and the post are bound by it. When choosing look at the monthly fee, the stamp duty (bollo), card fees, transfers and withdrawals from other banks, the size of the network and support in English or Arabic.
• And compare via websites and apps before opening, and do not commit to the first offer.

To open you need a valid passport or ID, the codice fiscale, a residence permit or proof of your right to reside, and sometimes a residence certificate (residenza), a rental contract or a work contract.

• An asylum seeker and a protection holder can open an account.
• You book an appointment at the branch or open via the app by photographing the ID and a video for verification.
• You sign the contract and the banking documents (the agreement and basic information) and get an IBAN and a debit card.
• Read the Foglio informativo (information sheet) on the costs before signing.
• And you may be asked for income or work, but banks are obliged to open the basic account for those meeting the legal residence conditions.
• Do not pay any intermediary for opening the account.

A current account has a monthly fee ranging between zero and fifteen euros depending on the type, and an annual stamp duty (imposta di bollo) of 34.20 euros for individuals if your average balance exceeds five thousand euros (exempt below it). And no notable interest is usually paid on current accounts.

• Take note of credit and debit card fees, SEPA transfers, cash withdrawals from other banks' machines, and fees for withdrawing abroad.
• And some digital accounts may be free or nearly free.
• Always ask for the ICC (overall cost indicator) that clarifies the account's annual cost according to your usage pattern.
• And if the conditions do not suit you you can close or move the account free of charge under the account portability rule.

You get a PagoBANCOMAT, Visa Debit or Mastercard card for withdrawal and payment, usually accepted in shops and petrol stations and accepts contactless and phone payment.

• For paying bills and taxes direct debit is used (SDD, addebito diretto), PagoPA and the bollettino postale.
• For transfers abroad SEPA is used within Europe at low cost and fast, and for transfers to Arab countries services such as Wise, Western Union, Remitly and MoneyGram are preferred, so compare the exchange rate and fees.
• And when sending large sums you may be asked to state the source of the money under anti-money-laundering rules.
• Keep the transfer receipt.
• And for big amounts in cash there is a legal limit on cash use, so avoid it.

Beware of phishing emails or text messages in your bank's name asking for your data or an OTP code, since the bank never asks for your code.

• Do not give the card number and PIN to anyone, and enable alerts and two-factor authentication.
• If you find an unauthorised operation block the card at once via the app or the bank's toll-free number and file a report with the police, and inform the bank within the deadline (usually 13 months) to recover the amount under the European payment rules PSD2.
• To complain submit a written complaint to the bank (reclamo), then if unsuccessful submit it to the Arbitro Bancario Finanziario (ABF) of the Bank of Italy, which is free and open to every customer.
• And consumer associations help.

What is a conto di base?