Italienske bankkonti til expats: Wise, Revolut og traditionelle banker

Moving to Italien as an expat or retiree is exciting – until you face the infamous Italian bureaucracy, especially in banking. Opening a local bank account can feel daunting, but today there are low-friction fintech options som Wise og Revolut that make managing your money in Italy much easier.

I have a lot of experience in international payments. In fact, I spent years at one of Northern Europe’s largest banks and I have the utmost respect for what Wise and Revolut have achieved: an almost completely paperless bank, with low fees and sleek user interfaces. Traditional banks have still much to learn from them.

In this guide, we’ll walk through how to open a bank account or fintech account in Italy, dispel myths about moving money here, and compare traditional banks to new services – all in plain language.

Do Expats Need an Italian Bank Account?

If you’re an American retiree or other foreigner settling in Italy, you might wonder why you even need an Italian account. The truth is, you technically don’t need a local bank if you have a Euro-denominated account elsewhere in Europe, thanks to something called SEPA. SEPA stands for the Single Euro Payments Area, an EU-wide system that treats cross-border euro transfers like local ones. In practice, this means a bank account from any SEPA country can be used to pay Italian bills or set up direct debits for utilities just as if it were an Italian account.

However, many expats still choose to open an Italian account or a Euro account with fintech services for convenience. Having a local (or locally usable) account helps with things like:

• Paying rent, utility bills, or phone bills via bonifico (bank transfer) or direct debit.
• Receiving income locally, such as an Italian pension or salary, directly into a Euro account.
• Avoiding foreign transaction fees when shopping or withdrawing cash in Italy.
• Building a local financial history (useful if you later seek services like a mortgage).

Thanks to EU regulations, Italian companies cannot refuse an EU-based IBAN (International Bank Account Number) for payments – this practice of refusing non-Italian IBANs is called IBAN discrimination and it’s illegal in the EU. All SEPA direct debits and transfers should work no matter if your Euro account’s IBAN starts with IT (Italy), BE (Belgium), LT (Lithuania), etc.

So, even if you don’t open a traditional Italian bank account, you can absolutely live in Italy and use a European Wise or Revolut account to handle most daily finances. In the past, some businesses were hesitant about foreign IBANs, but this is becoming rarer and is against the law. The European Commission even encourages consumers to report any company that refuses a valid EU IBAN.

Traditional Italian Banks vs. Fintech Accounts

Traditional banks in Italy (like UniCredit, Intesa Sanpaolo, Banco BPM, etc.) offer full-service accounts with branch access, Italian IBANs, and services like mortgages or safe deposit boxes. They often have monthly fees but provide in-person support and a wide ATM network. For example, UniCredit – one of Italy’s largest banks – has an account package tailored for expats (the “My Genius” account) and offers English-language support at many branches.

Big banks are used to foreign customers; UniCredit and others have multilingual staff and even special services for non-residents (at larger branches). The downside is that opening an account with a traditional bank can require bureaukrati – usually an in-person visit, a Skattekodeks (Italian tax code – note, strictly speaking, the bank should accept any EU tax identifier), proof of address, and sometimes a residency card or visa status. Also, not all local bank staff speak fluent English, especially outside big cities. On the plus side, under EU law, local banks cannot refuse you if you want to open a basic bank account if you are a legal resident of any EU country.

By contrast, fintech “neobanks” som Wise, Revolut, eller N26 are largely app-based and can be opened online in minutes. These services are popular among expats and travelers for their ease of use and low fees. Key benefits of fintech accounts include:

• Fast, paperless signup: You can often open the account online with just your passport and a selfie, no Italian address needed initially.
• Low or no monthly fees: Basic accounts are free or very low cost.
• Multi-currency support: Services like Wise and Revolut let you hold multiple currencies and exchange at very competitive rates.
• Great for international transfers: These apps give much better exchange rates and lower fees than traditional banks for sending money abroad or converting USD to EUR.
• English-friendly interface: The apps are in English (and many other languages), so you don’t struggle with Italian banking terminology.

Faktisk, Wise and Revolut have become so capable that they can function as your primary Euro account in Italy. Both provide you with a European IBAN and a debit card. Wise (formerly TransferWise) provides personal EU IBAN details through its Belgian entity – meaning your Euro account IBAN will begin with “BE” (Belgium). Revolut historically issued Lithuanian (“LT”) IBANs, but as of late 2024 Revolut launched an Italian IBAN for customers in Italy. New Revolut accounts for Italian residents now come with an IBAN starting with “IT”, thanks to Revolut setting up a branch in Milan.

This change was big news, because it eliminates even the minor annoyances some Italians faced using a foreign IBAN – with an Italian IBAN, alle businesses and public offices immediately recognize it as local. Revolut’s move to Italian IBANs was specifically to simplify things like receiving salaries, paying utilities via direct debit, and avoiding any extra paperwork that a foreign IBAN might have occasionally triggered.

Wise vs. Revolut vs. Traditional Italian Bank comparison table

På bundlinjen: A fintech account is usually sufficient for everyday banking as an expat. You’ll get an IBAN you can use to send/receive euro transfers and set up domiciliation (direct debits) for bills. For instance, you can pay your ENEL electricity bill or TIM mobile phone via SEPA direct debit from your Wise (Belgian IBAN) or Revolut account – Italian utilities must accept any SEPA IBAN for euro payments. In our own experience, things like rent, condo fees, and digital subscriptions work fine with these accounts, and many expats use them exclusively.

Traditional banks might still be useful if you value face-to-face service or need certain products. For example, if you plan to buy a home in Italy and need a mortgage, having a relationship with a local bank is important – fintechs don’t offer Italian mortgages. Some banks (word on the street says UniCredit) are a bit more open to offering mortgages to foreigners and non-residents. Generally, large banks in northern Italy or major cities are more accustomed to dealing with international clients. Additionally, traditional banks can offer joint accounts, which fintechs have historically lacked. If you want a joint account with a spouse, a bank like Fineco or UniCredit can do that, whereas Wise does not support joint accounts and Revolut’s joint account feature is only just rolling out in some countries.

Spotlight on Wise & Revolut for Expats in Italy

Let’s look a bit closer at Wise og Revolut, since these two are most popular among expats and retirees moving to Italy:

• Wise (formerly known as TransferWise) – Wise gives you a Euro IBAN (in Belgium) and balances in multiple currencies. You can convert, say, US Dollars to Euros at near the real exchange rate for a tiny fee, which is fantastic for moving your retirement funds or savings to Italy. Wise accounts are not full banks (Wise is an Electronic Money Institution), but they safeguard your funds and are highly trusted.

  With Wise, you get a debit Mastercard you can use in Italy for purchases or ATM withdrawals. The Belgian IBAN provided by Wise works throughout Europe – for example, one expat reported no issues paying French utility bills and rent from a Wise Belgian account, and it works for Italian payments too. Just be aware, Wise doesn’t offer extras like credit cards or loans, and you cannot currently open a joint Wise account. It’s purely a convenient online account for payments and transfers.

  I personally prefer Wise to Revolut. The interface is cleaner, there’s less of a “compliance overload” (more about that below), and most of the extra bits and bobs in Revolut (trading crypto, travel insurance) you are unlikely to ever use.

• Revolut – Revolut is often dubbed a “financial super-app.” It started as a prepaid card and currency exchange app, but now with an EU banking license, Revolut offers full bank accounts in Europe. If you sign up for Revolut from Italy today, you will receive an Italian IBAN for your Euro account. Revolut’s app is very slick and entirely in English, with features like budgeting, stock and crypto trading (if you’re into that), and disposable virtual cards for online shopping. For expats, Revolut shines in multi-currency support and easy international transfers, similar to Wise.

  You can hold USD, GBP, EUR, etc., and exchange money with low fees (up to a certain amount free each month on the standard plan). Revolut also now functions as an actual Bank in the EU, which means deposits in your Revolut Euro account are protected by the European deposit guarantee (up to €100,000, via the Lithuanian banking system). This deposit insurance is a reassurance that your money has similar protections to an Italian bank account (although it’s backed by Lithuania’s scheme since Revolut Bank UAB is Lithuanian-licensed).

  One drawback: Revolut’s free account has some limits (for example, a cap on how much you can exchange for free each month, and a fee for high ATM usage), but there are paid tiers that give higher limits and perks. Like Wise, Revolut accounts are single-holder (one person’s name); Revolut has begun introducing joint accounts for partners, but it may not yet be fully available in Italy.

  Revolut’s weakness is, frankly, in the amount of compliance you occasionally have to undergo when making or receiving a large transfer. The amount of documents required is sometimes daunting, and response times from Revolut are less than ideal. This is a rare occurrence. What will happen quite often is that you have to take selfies to add a new payee. Or to pay an existing payee. Get ready to take many, many, selfies.

Using Fintech Accounts Vs. Traditional Bank Accounts in Italy

With either Wise or Revolut, you can set up SEPA direct debits to pay recurring bills. For instance, you can authorize your Italian electricity provider or internet company to pull monthly payments from your Wise/Revolut Euro balance – the same as they would from any Italian bank. Both services support SEPA Direct Debit in euros.

Keep in mind that certain Italian-specific payment forms, like the F24 tax form, aren’t directly supported within these apps. The F24 is the form used to pay taxes and fees (everything from property tax to fines). Italian banks let you pay F24 online through their banking portal, but Wise/Revolut don’t have an “F24” feature. Also, one of the big advantages in having a traditional Italian bank account is that your accountant can, with your permission, debit tax directly from your account.

However, don’t worry: if you owe a tax and you’re abroad, you can still pay by wire transfer to the tax authority’s IBAN. Den Italian tax agency provides IBANs specifically to receive payments from foreign accounts – you send a SEPA transfer with the tax identifiers in the notes, and it counts just like an F24 payment. Many expats do this for property taxes (IMU) or other taxes when they only have foreign accounts. It’s an extra step (and you might need help from your accountant to get the details right), but it works. Top tip: if you’re paying your IMU from abroad, email the Komune first to doublecheck the account details. We know from experience that the list from the Italian taxman isn’t always 100% accurate.

Dispelling Myths: Capital Controls and Transfer Taxes in Italy

Let’s address a common worry: “Will Italy tax the money I bring in, or are there capital controls?” You might have stumbled on old information online about a 20% tax on wire transfers to Italy – rest assured, that is outdated. Italy does ikke impose any special tax on incoming personal transfers of your own money. The 20% withholding on inbound transfers was a short-lived policy in 2014 that was suspended before it ever took effect as it went against EU law.

Today, there is free movement of capital in and out of Italy as in any EU country. You can transfer your savings or income into an Italian account without incurring Italian taxes or limits. The only caveat is that if you become an Italian tax resident, you should properly declare your foreign assets/income as required (Italy has an annual asset declaration for foreign accounts if you hold significant money abroad, and interest earned in Italy is taxable, etc.). But simply moving your already-taxed savings or pension into Italy does not trigger any tax.

Also, Italy doesn’t have “capital controls” preventing you from moving money out. You’re free to repatriate money back to the US or elsewhere when you need to. Naturally, large transfers might prompt your bank (or Wise/Revolut) to ask for a justification due to anti-money-laundering rules – for example, if you sell a house in the US and wire €300,000 to Italy, the bank may ask for a document to show it’s from a property sale – but this is standard everywhere and not a tax issue, just compliance.

For at opsummere, no, Italy isn’t going to slap a special tax on your incoming wire transfers. That’s a myth from a scrapped law. As long as you comply with normal tax reporting (e.g. if the money later earns interest, that interest is taxable), you can move your funds freely.

Other Considerations: Fineco, English-Friendly Banking, and Mortgages

What about other options? A popular bank among expats in Italy is FinecoBank. Fineco is an Italian bank that’s often praised for its online banking platform and English-language support. In fact, Fineco has been at the forefront of Italian fintech – it’s known for a very user-friendly online interface and even offers multi-currency accounts and investing services. The Fineco app and website are available in English, and you can do everything from opening the account to managing investments online without needing to visit a branch (Fineco has few physical branches by design).

If you prefer a traditional bank account with an IT IBAN but want a modern, English experience, Fineco is a strong contender. Just note that Fineco, like most Italian banks, may charge certain fees (for example, a small fee for ATM withdrawals under €100, or for urgent transfers). But many under-30 or “no fee if you meet conditions” deals exist.

For expats thinking about home ownership in Italy: as mentioned, mortgages for non-citizens are available (legally there’s no prohibition), but banks approach them cautiously. Often, banks will lend at most 50-60% of the property value to non-residents. 

UniCredit has a dedicated “Mutui per non residenti” (Mortgages for Non-Residents) program and is known to work with foreign buyers. Intesa Sanpaolo and others have financed foreign buyers too. Generally, if a mortgage is needed, start building a relationship with a major bank in the area of your property. Showing you have an account and history with the bank can help. This is one scenario where having a local bank (not just Wise/Revolut) is useful. But if you’re a retiree planning to buy in cash or already have financing sorted, you may not need a mortgage at all – in which case a fintech account plus maybe a basic local account for convenience will suffice.

Italy is Powered By Bank Transfers

One more note – particularly for our American readers. In Europe, and in Italy too, cheques are a relic of the past. Payments are done by card or wire transfer, the latter being especially common. They are free or almost free, and often instant. I’ve had money appear in the recipient’s account before the “transfer confirmed” popup on my own smartphone screen. Therefore, while Wise and Revolut don’t offer cheques or cash them, this is largely unimportant.

When making large payments (like buying a house or car), it’s common in Italy to do a bank transfer (bonifico) for the transaction. Even if your money is in Wise or Revolut, you can absolutely use those to send a large SEPA transfer to, say, a notary’s escrow account for a home purchase. Some old-school notaries or real estate agents might blink if they see a foreign IBAN on the transfer receipt, but legally they cannot refuse it. If anyone questions it, you can politely remind them of the EU law – or even seek advice from the EU’s Your Europe portal which provides free guidance to EU consumers facing IBAN discrimination. In practice, many expats have successfully used their foreign-IBAN accounts to pay for cars, rentals, and home purchases without issues.

Conclusion: Having a Bank Account in Italy is Easy

Opening a bank account in Italy doesn’t have to be painful. For a general expat audience – especially retirees coming from outside Europe – the key is understanding that European banking has its quirks (hello, IBANs and F24 forms!) but also its conveniences (SEPA makes life easy across countries). Wise and Revolut are excellent low-friction options to hit the ground running: you can set them up before you even land in Italy, and you’ll have a Euro IBAN and card ready to use upon arrival. They help dispense with myths about Italian banking – you won’t be trapped by capital controls, and your money can flow in and out freely.

That said, it’s worth keeping an open mind about Italian banks too. Many expats maintain two accounts: one with a fintech (for international flexibility and low fees) and one local bank account (for local needs like a mortgage or just peace of mind). With new developments like Revolut’s Italian branch bringing local IBANs, the gap between fintechs and traditional banks is narrower than ever. In fact, Revolut and Wise are now nearly equal to a bank account in what they let you do day-to-day, without the Italian red tape.

So, whether you’re sipping espresso in a Tuscan hill town or enjoying retirement on the Sicilian coast, you can manage your money in Italy with ease. Set up that account, transfer your funds without fear, and focus on la dolce vita – your banking is (finally) one of the easier parts of the adventure!