Opening a bank account in Rome: what Italian banks want from Australians

Australian banking is all apps and instant transfers. Italian banking still runs on paperwork, branch appointments and a yearly stamp duty. Here's how to get an account without wasting a week.

The short version

• Every bank will ask for your passport and codice fiscale. Most also want proof of address and your permesso di soggiorno or its receipt.
• Anyone legally living in Italy has the right to a basic account, the conto di base, and a bank can only refuse it for set reasons [1].
• Current accounts pay a €34.20 a year stamp duty (imposta di bollo) once your average balance is above €5,000 [2].
• You'll pay rent, fines, TARI and most government bills through pagoPA, so pick a bank whose app supports it [3].
• Keep your Australian account open. You'll need it for super, tax refunds and money going home.

What the bank will ask for

Italian anti-money-laundering rules make banks check who you are, where you live and where your money comes from. Expect a questionnaire about your job and income, even for a plain current account.

Resident or non-resident account?

If you've registered your residenza at the Rome Anagrafe, you open a normal resident account. If you haven't, some banks offer a conto per non residenti, but it's often pricier and comes with more questions. Most people in Rome open a basic online account to get started, then switch to a resident account once residenza and the permesso come through.

The conto di base: your legal right to an account

The Bank of Italy describes the conto di base as a right. Anyone legally residing in Italy or another EU country can open one, including people without a fixed address [1]. It includes transfers in and out, salary or pension payments and a debit card for shops and ATMs, but no overdraft or chequebook [1].

It's free, with no stamp duty, for people with an ISEE (Italy's means-test figure) below €11,600, and otherwise has a low annual fee [1]. A bank can refuse only if you don't meet the requirements or it suspects illegal use, and it must give you reasons within ten working days. You can then complain to the bank, the Bank of Italy or the Arbitro Bancario Finanziario, the banking ombudsman [1].

You can't open a conto di base if you already have an Italian current account, or for business use [1].

What it costs: fees and the imposta di bollo

Unlike Australia, where many everyday accounts have no monthly fee, Italian branch accounts often charge a canone (monthly fee), plus extras for cards, transfers and statements. Online accounts are usually cheaper or free.

The cost everyone pays is the imposta di bollo, a government stamp duty:

• €34.20 a year on current accounts held by individuals [2].
• Not charged if the average balance across your accounts at that bank is €5,000 or less [2].
• Charged in instalments that match your statement period, monthly, quarterly or yearly [2].

A savings account or term deposit (conto deposito) pays a different stamp duty, calculated as a percentage of the balance.

Your Australian accounts count too

Once you're an Italian tax resident, accounts you hold abroad, including your Australian ones, must be declared on your Italian tax return, and Italy charges a wealth tax (IVAFE) on them. For bank accounts it's a fixed amount similar to the stamp duty. Super is a separate question, and our Rome income tax guide covers it.

Branch banks vs online banks

Will a foreign IBAN do?

EU payment rules say a business or public body accepting euro transfers or direct debits in the SEPA area can't refuse an IBAN just because it was issued in another EU country. That means an IBAN starting with LT, BE or DE should work for your salary, rent and utilities. In practice, some employers and landlords still push back. An Italian IBAN (starting IT) saves arguments.

A mortgage or a car loan is different. Italian lenders look at your Italian credit history, so a long-standing Italian account helps.

Paying bills the Italian way: pagoPA

pagoPA is the national system for paying anything owed to the government: TARI rubbish tax, parking fines, school fees, health ticket co-payments and many official fees. You'll get a notice (avviso) with a QR code [3].

How to pay [3]:

1. The IO app. The government's app sends notices and lets you pay with a saved card. You log in with SPID or your electronic ID card.
2. Home banking. Find the pagoPA or CBILL menu in your bank app and scan or type the notice code.
3. In person. At post offices, participating bank branches and ATMs, and at tabaccherie, pharmacies and supermarkets showing the pagoPA logo.

Each provider sets its own commission. The IO app lets you compare them before you pay [3].

For private bills like electricity and phone, Italians use domiciliazione bancaria (direct debit through SEPA), which you set up with the supplier using your IBAN.

Moving money from Australia to Italy

Most Australians fund their first months in Rome from home. A few things to know:

• Use a specialist transfer service or a multi-currency account. Australian banks' standard international transfers often have a weaker exchange rate. Compare the rate against the mid-market rate, not just the fee.
• Send bigger, fewer transfers. Fixed fees hurt on small amounts.
• Keep records. Your Italian bank may ask where large sums came from. Keep Australian statements, sale contracts or payslips.
• Cash at the border. You must declare cash over €10,000 when travelling between Italy and a non-EU country, and you can be fined if you don't [4].
• Card fraud. Smartraveller warns that ATM and card skimming happens in Italy [4]. Use machines inside bank branches.

Keep your Australian account

Don't close it. You'll need it for super contributions, ATO refunds, Centrelink if it ever applies, and the odd Australian direct debit. Tell your bank you've moved overseas and update your tax residency details. Our guide to keeping Australian accounts while abroad covers what changes.

A one-week plan for your first account

1. Before you fly: get your codice fiscale through the Italian consulate in Australia and open a multi-currency account.
2. Day 1–2: buy an Italian SIM. Banks send security codes by text.
3. Day 2–3: open an online account with your passport, codice fiscale and short-stay address so you can get paid and pay a deposit.
4. After residenza: book an appointment at a traditional bank if you want a mortgage, a local branch or a loan later.
5. Set up pagoPA and SPID: once you have SPID, link the IO app so government bills come to your phone.

Want to know which bank Aussies in Rome have found easiest this year? Join Cooee Italy, our Facebook group for Australians in Italy, and ask. Join the community.

Sources

1. The basic account (conto di base) – Banca d'Italia, Economia per tutti
2. L'imposta di bollo sul conto corrente: costi e calcolo – Intesa Sanpaolo
3. Dove pagare – pagoPA
4. Italy travel advice – Smartraveller

Keep reading

• Freelancing in Rome: the partita IVA and the flat-tax regime
• Codice fiscale and residenza in Rome: the paperwork chain
• Renting in Rome as an Australian
• Sending money home