Best Bank for Expat Moving to Italy
Italy's banking system is traditional and often paper-heavy. Most local banks require a codice fiscale (tax code) and proof of Italian address. Digital banks cut through the bureaucracy entirely.
Top picks
Revolut
Open from anywhere, no codice fiscale needed. Works immediately at contactless terminals across Italy.
Wise
Best for salary receipt and international transfers without Italian documentation. Belgian IBAN accepted by Italian employers.
N26
Full EU digital bank available in Italy. Open once you have a codice fiscale and Italian address. Free Standard plan.
Finom
The codice fiscale challenge
The codice fiscale is Italy's tax identification code — a 16-character alphanumeric string based on your name, date of birth and birthplace. Most Italian banks — Intesa Sanpaolo, UniCredit, Banca Monte dei Paschi — will not open an account without it. Getting a codice fiscale requires an appointment at the Agenzia delle Entrate (tax office) or an Italian consulate in your home country.
The good news: the codice fiscale is actually fairly easy to obtain. It can often be done at an Italian consulate before you arrive, and the algorithm is deterministic (there are online calculators). However, many expats don't know this and arrive underprepared. Digital banks solve the interim period completely.
Italian banking reality
Italian banking is notoriously traditional. Even with a codice fiscale and local address, opening a current account at an Italian bank often involves multiple in-person visits, extensive documentation, and waiting periods of 1–2 weeks. For an expat arriving in Milan, Rome, or Florence and needing to function from day one, this is impractical.
Digital banks handle identity verification entirely online, usually within minutes.
Top picks for Italy
1. Revolut — Open from anywhere before you fly. Free Standard plan works immediately across Italy — contactless at bars, restaurants, supermarkets, public transport. No codice fiscale required.
2. Wise — Belgian IBAN, real exchange rates. If your employer, landlord or clients need a European IBAN, Wise provides one instantly without Italian documentation. Essential for freelancers invoicing in EUR.
3. N26 — Available in Italy. Once you have your codice fiscale and a registered Italian address, N26 provides a free full-featured digital bank account with Italian SEPA capability.
4. Finom — If you are a freelancer or self-employed professional, Finom is available in Italy and offers a free business account with invoicing. Ideal for the many expats who work independently in Italy.
Step-by-step approach for Italy
- Before arriving: Open Revolut and/or Wise. If you know your codice fiscale algorithm, calculate yours and bring printed proof to your Italian consulate before departure.
- At an Italian consulate (or online): Apply for your codice fiscale. This is straightforward and usually processed within a few days.
- Arrive in Italy: Use Revolut for daily spending from day one. Register your address at the local comune (municipality) within 8 days of arrival (legally required for EU citizens).
- Once settled: Open N26 with your codice fiscale and Italian address, or maintain Revolut as your primary account long-term — many expats in Italy do just this.