How to Open a Business Bank Account in Italy

Written by Zhaomimg Fan

Introduction：Italy is located in the southern part of Europe, shaped like a boot, bordered by the Alps to the north and surrounded by the Mediterranean Sea, with a diverse geography from snow-capped peaks to sunny coastlines. Italy has a rich history and culture, is one of the founding members of the European Union and the Eurozone, and has a dynamic economy. Among them, Italy has a thriving banking industry that caters to different groups, including nationals, residents, and non-residents. Italian banks, such as UniCredit, Intesa Sanpaolo, and Monte dei Paschi di Siena, are known for their strong financial services and accessibility. These institutions cater to different categories of customers: Italian nationals or permanent residents, international students studying in Italy, and foreign non-residents seeking banking services in Italy.

How To Choose Bank In Italy

There are many banks in Italy, offering a wide range of financial solutions to both domestic and international clients. I list 5 popular banks in Italy and to help you choose that best suits your needs.

1, UniCredit Group

UniCredit is one of Italy’s largest and most prominent banks, with a strong international presence in Europe and beyond. Known for offering a comprehensive range of services, it caters to individuals, businesses, and institutional clients. Its modern banking solutions include online banking and innovative financial products.

2, Intesa Sanpaolo

Intesa Sanpaolo is a leading Italian bank recognized for its extensive branch network and customer-focused approach. It provides services ranging from personal banking and wealth management to corporate finance. It is also committed to sustainability and innovation in its operations.

3, Monte dei Paschi di Siena (MPS)

Monte dei Paschi di Siena, founded in 1472, is the world’s oldest bank still in operation. Based in Siena, it has a historic legacy but also offers modern banking solutions. MPS focuses on retail, small and medium enterprises (SMEs), and corporate banking services.

4, Banco BPM

Formed through the merger of Banco Popolare and Banca Popolare di Milano, Banco BPM is among the top banking groups in Italy. It serves individuals and businesses, offering diverse financial services, including investment and insurance products.

5, BPER Banca

BPER Banca is known for its regional banking presence and customer-centered services. It caters to individuals, families, and small businesses, with an emphasis on building long-term relationships. It has expanded its digital offerings in recent years to meet modern banking demands.

I Recommend UniCredit Bank

UniCredit has a wide range of business areas in Europe, providing services in Italy, Germany, Central and Eastern Europe. As of October 31, 2024, it had 32,057 employees in Italy, 11,213 in Germany and 5,294 in Romania (see UniCredit for more employee data), serving more than 15 million customers. UniCredit provides integrated services, including retail and private banking, corporate and investment banking, and asset management. This diversified portfolio meets the needs of individuals, businesses and institutions, enhancing its attractiveness.

In recent years, UniCredit has been very stable financially. Record results have been achieved in recent quarters. For example, in the third quarter of 2024, the bank reported a net profit of 2.5 billion euros, achieving profit growth for the 15th consecutive quarter. (more detail: finance report). In addition, the management has done a very good job. Under the leadership of CEO Andrea Orcel, UniCredit has taken strategic initiatives, including potential mergers and acquisitions, to strengthen its market position. The bank’s intention to acquire a stake in Commerzbank reflects its expansion strategy. UniCredit emphasizes digital transformation and customer-centric services, aiming to enhance customer experience and operational efficiency. This focus on innovation has made it popular among customers seeking modern banking solutions.

These factors together have contributed to UniCredit’s excellent reputation and popularity in the banking industry, as I recommend UniCredit bank

How To Open A Bank Account In UniCredit Group

General Guild:

Step1: Choose the Appropriate Account Type

- Current Accounts: Ideal for daily transactions, receiving salaries, and managing expenses.

- Savings Accounts: Designed for saving funds with potential interest earnings.

- Student Accounts: Tailored for students, often with benefits like reduced fees.

Step2: Gather Required Documentation

- Identification: A valid passport or national ID card.

- Proof of Address: Utility bills or rental agreements.

- Tax Identification Number: Depending on your country of residence.

- Proof of Income or Employment: Such as a recent payslip or employment contract.

Step3: Visit a UniCredit Branch or Apply Online

- In-Person Application: Visit a local UniCredit branch with your documents. A bank representative will assist you through the application process.

- Online Application: UniCredit offers online account opening services in certain countries. For instance, in Italy, you can open a “Conto Genius” account online. You’ll need a valid ID, a webcam or smartphone for identity verification, and an active email address.

Step4: Complete the Application Process:

- Fill Out the Application Form: Provide personal details, contact information, and select your desired account type.

- Identity Verification: This may involve a video call or submitting scanned copies of your documents.

- Sign the Agreement: Review and sign the account agreement, either digitally or in person.

Step5: Account Activation

- Once approved, you’ll receive your account details and any associated cards.

For Nationals or Permanent Residents Requirements:

Document need prepare:

1. Valid identification (e.g., passport or national ID card).

2. Italian tax code (Codice Fiscale).

3. Proof of residence in Italy.

Account opening way

- Online

- Visiting a local bank

For Students Requirements:

Document need prepare:

1. Valid identification.

2. Italian tax code.

3. Proof of enrollment in an Italian educational institution.

4. Proof of residence in Italy

Account opening way

- Online

- visiting a local bank

For Foreigners Not Residing in Italy (Non-Residents):

Document need prepare:

1. Valid identification.

2. Italian tax code.

3. Proof of address in the home country.

4. Additional documentation as required by the bank

Account opening way

- Only visiting a local bank

Key Differences:

- Documentation: Non-residents may need to provide additional documents, such as proof of address in their home country.

- Account Features: Non-resident accounts might have limitations compared to resident accounts, such as restrictions on certain services or higher fees.

- Application Process: Non-residents often need to apply in person, whereas residents and students may have the option to apply online.

Additional Considerations:

- Language Support: UniCredit provides services in multiple languages, but it’s beneficial to confirm language support during the application.

- Fees and Charges: Be aware of any account maintenance fees, transaction charges, or currency conversion fees that may apply.

- Local Regulations: Banking regulations can vary by country. Ensure you understand any local requirements or restrictions.

Easy To Settings Up Mobile Bank

Step1: downland

- For iOS Users: Visit the App Store and search for “Mobile Banking UniCredit.”

- For Android Users: Go to the Google Play Store and search for “Mobile Banking UniCredit.”

Step2: Activate the App

· Via Smartphone:

- Open the app and tap “Activate.”

- Enter your Banca Multicanale Codice di Adesione and PIN.

- Follow the on-screen instructions to complete the activation.

· Via Internet Banking:

- Log in to your Banca via Internet account.

- Navigate to “Settings” > “Mobile” > “Smartphone Application.”

- Follow the prompts to activate the app.

Step3: Set Up Security Features:

- Create a secure PIN or face ID for app access.

Explore App Features:

- Home Page: View your accounts, cards, mortgages, loans, securities portfolio, and investments.

- Accounts Section: Check account balances, view transaction history, and share your IBAN details.

- Cards Section: Manage all your UniCredit cards, including credit, debit, and prepaid cards.

- Payments Section: Initiate SEPA transfers, top-ups, and pay bills.

- Personal Financial Manager: Organize and monitor your expenses effectively

Additional Features:

- Prelievo Smart: Set up cash withdrawals from UniCredit ATMs without using your card.

- Branch and ATM Locator: Find the nearest branches and ATMs with directions.

- Mobile Token: Generate one-time passwords for secure transactions.

- UBook: Schedule appointments at your local branch.

Security Tips:

- Always keep your app updated to the latest version.

- Use strong, unique passwords and change them regularly.

- Enable biometric authentication if available.

- Be cautious of phishing attempts; UniCredit will never ask for your PIN or password via email or SMS.

There are a few special features that make UniCredit’s unique program stand out:

1. UniCredit Graduate Program: The main goal of the UniCredit Graduate Program is to foster early responsibility and professional growth. It is a 12-month program designed specifically for fresh graduates to experience internships, international support and work opportunities. Participants in this program have the opportunity to experience different work content in different positions, receive a dedicated learning and development plan, and gain an international perspective within the UniCredit Bank’s extensive network.

2. Client Solutions Graduate Program: The Client Solutions Graduate Program is designed to help candidates with excellent academic performance, relevant work or internship experience, and fluency in English. It is a 12-month professional development program focused on UniCredit’s product and service platforms. It offers a unique onboarding experience, on-the-job training, and international job rotations to prepare participants for an international career at the bank.

3. Commitment to Financial Literacy: this progress is committed to empowering communities through education and fostering financial awareness among younger generations. UniCredit collaborates with initiatives such as the Young Factor project, which aims to increase economic and financial literacy among Italian high school students. This initiative reflects UniCredit’s commitment to financial literacy.

These projects demonstrate UniCredit’s commitment to professional development, international career opportunities and community engagement, helping UniCredit stand out among financial institutions.

Finally:

I hope this instruction will be helpful to you when opening a Bank account at UniCredit Bank. For more information, please refer to the official website：https://www.unicreditgroup.eu/en.html

This story was written by a graduate student at NYU. Read stories about other 50 countries here