28 Aug | How to open a bank account if you are a resident in Italy
Foreigners who reside in Italy can open a bank account in the country.
Applicants must:
- be 18 years of age or older;
- not be listed on the Insolvency Register;
- not be under bankruptcy proceedings.
The following documents are required to open a bank account:
- Tax Code
- ID.
If these prerequisites are met, a contract is signed and a signature is filed at the selected bank. The bank account becomes effective only after all contract documentation has been duly signed.
There are several types of current account:
- Single account holder: a single holder has the authority to carry out transactions on that account;
- More than one account holder with power to sign independently: two or more account holders with authorization to independently carry out transactions on that account. (One of the account holders does not need the approval/authorization of the others listed on the account in order to carry out transactions);
- More than one account holder required to sign jointly: two or more account holders with authorization to carry out transactions on that account. (All account holders must authorize transactions carried out on that account);
- Single account holder with power of attorney: in addition to the single holder, a previously designated third party can also be authorized to carry out transactions on that account.
The bank is required to periodically send to all account holders, at least once a year, a summary document containing updated terms and conditions (rates, commissions, charges, currencies, etc.), and contract clauses. Generally, the summary is provided with the annual bank statement, which contains: list of transactions, balance and fees assessed during a given period (interest, costs, and maximum overdraft fees).