Open a business bank account in Italy as a non-resident
Communication Team
Communication Team

November 21, 2022

Share

Open a business bank account in Italy as a non-resident

Banks are a very important part of the Italian financial system. In fact, there are about 3,200 banks operating in Italy. There are two types of banks in Italy: private and public. The private ones are mostly owned by individuals or families, while public ones are controlled by the government.

Why do you need a business bank account?

For most small businesses, it's important to have a business bank account.

You may need one of these accounts if you:

  • Pay taxes or other government fees on time
  • Pay suppliers and contractors who are based in Italy
  • Pay employees who work in Italy (or pay them as freelancers)

How to open a business bank account in Italy

The first step to opening a business bank account in Italy is finding a bank that works with non-residents. Once you’ve found a bank that provides services for non-residents, it’s time to apply for an account. Here are some tips:

  • Ask for a business account with a debit card – this will make it easier for you to access funds from outside Italy
  • Provide your tax number if possible – this can help speed up the application process
  • Open an Italian bank account in person – sending documents via email won't work!

Required documents to open a bank account in Italy

When opening a bank account in Italy, you'll need to provide the following documents:

  • passport or identity card
  • residence permit (if applicable)
  • full banking details of the business (including address and telephone number)
  • business registration certificate

An easier way to open a business account in Italy as a non-resident

If you have established a company in Italy and are non-resident, it could prove a bit trickier to open a business bank account with one of the local Italian banks. This is where alternative options provided by fintech companies like wamo come in very handy.

Through wamo, it’s possible to apply for a business account in 10 minutes, and in general the turnaround time for processing and approving your account is just 24 hours. In this way you are able to easily open a business account without having to go to a bank, or even to Italy for that matter. wamo offers all the services that traditional banks offer plus a whole ot more. Enjoy faster local and international transactions, team accounts and cars and personalised customer service when you need it.

To sum up

Now that you know how to open a business bank account in Italy as a non-resident, let's look at why you should do it. The main reason is that many Italian businesses use the Poste Italiane network. This means that if you want to make payments or receive payments from an Italian company, it's easier if both of your accounts are with the same bank.

Another reason is that some banks will offer special discounts for new customers who open an account with them. For example, Banca March and UniCredit offer discounts on international fees when using their ATMs abroad with your card. So if this was something important to me—like going on holiday—I'd definitely consider opening an account with one of those two banks just so I could get those benefits. We hope that our guide has helped you understand the process better and now you will be able to follow all these steps without any problems when opening an account for your company in Italy!

Wamo.Io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. Wamo.Io LTD (Firm Reference Number 922901) is an EMD agent of PayrNet Ltd which is an Electronic Money Institution authorised by the FCA under the Electronic Money Regulations 2011 (EMR’s) with Firm Reference Number 900594.

Wamo Solutions Ltd is registered under the Laws of Malta with company registration number C97355 and registered office at Dragonara Business Centre, 5th Floor, Dragonara Road, St. Julians STJ 3141, Malta. Wamo Solutions Ltd is an EMD agent of UAB “PAYRNET” which is authorised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions (authorization code LB001994, license reference 72).

The wamo card is issued pursuant to licence from Visa. UK issuance is conducted by PayrNet Ltd and EU issuance is conducted by UAB PayrNet. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be safeguarded in one or more segregated bank accounts with a regulated third party credit institution and not lent out, which gives you protection against insolvency, in accordance with the provisions of the Electronic Money Regulations 2011.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner