Banks and post offices offer current, savings accounts, and joint accounts for couples (conto corrente cointestato). Banking services are also provided online, special conditions or accounts may be offered for students.
In general no fees are charged when you withdraw cash from your own bank's ATM as well as when paying in shops.
Current accounts for non-residents cost more in terms of fees. A cheaper solution might be other online products such as prepaid or account card with IBAN.
Ask the bank/post office about the possible options and, before deciding, always verify the conditions (i.e fees for operations, etc.).
How to open a bank/post online or standard current account?
Residents and non-residents aged over 18 can open a bank/post account, also online. You may be asked to provide one or more of the following documents:
- passport or valid ID;
- tax Identitification number (Codice Fiscale);
- recent utility bill (as proof of address);
- Italian mobile phone number;
- residence certificate or valid permit of stay and proof of your condition (work contract or payslip/fellowship/etc.).
Prepaid cards with IBAN
Prepaid cards with an IBAN usually have lower monthly fees than traditional current accounts.
Having an IBAN means that the card can be used to:
- send and receive credit transfers
- receive direct debits
- shop online
- automatically pay your utility bills
- withdraw money from a bank or an ATM
Prepaid cards can be reloaded by the owner or by another person somewhere else. If the card is lost or stolen, only the remaining balance is at risk if there is any unauthorized use.
The main costs of a prepaid card are:
- an annual fee
- a card purchase fee
- ATM withdrawal and reloading fees
- foreign currency transaction fees.