The best banks in Italy share many of the same characteristics, providing reliable financial services to customers and convenient online banking as well. Expats and students looking to open a new bank in Italy can find some great options as a result, with the top banks often providing tailored services to foreigners.
This article will explore the key differences between some of the best banks in Italy for foreigners, highlighting core offerings for students and expats and comparing each bank’s perks.
List of the best banks in Italy for expats and students:
UniCredit
Intesa Sanpaolo
Banca Nazionale del Lavoro
Monte dei Paschi di Siena
Fineco
Banca Sella
What are the main factors to consider for expats and students opening a new bank account in Italy?
Expats and students should look out for banks that provide multilingual customer support, especially if they’re still learning how to speak Italian with any level of fluency. Luckily, there are many banking options in Italy that provide multilingual customer service in addition to tailored banking services for different kinds of customers.
Expats may also want to consider the cost of international financial services, including remittance fees and foreign exchange rates. On the other hand, students can often access discounted interest rates through tailored credit products while they’re in university, which could be a key consideration here.
Other important things to consider are:
Multi-currency capabilities
Online banking support
Accessible network of branches and ATMs within Italy
The 6 best banks in Italy for expats
This section will compare and contrast some of the best banking options for students and expats in Italy. The best Italian banks for foreigners often provide tailored services and convenient ways to open an account, including, at times, remote applications through online banking.
1. UniCredit
UniCredit is one of the largest banks in Italy, and it offers a range of services tailored to meet the needs of various customer bases including expats and students. UniCredit offers Genius-branded bank accounts, including the Genius Account and Genius Teen, that offer low-cost options for students and expats alike.
For expats, UniCredit offers multilingual support and international transfers at a competitive rate. Overall, the bank’s international money transfers enable financial management across borders, and it allows for remote account opening prior to arriving in Italy.
For students, UniCredit has a fee-free structure that includes zero maintenance fees and reduced interest rates on overdraft allowances. Additionally, the bank hosts workshops and seminars that are designed to educate people about financial management, which has proven popular among students.
Key takeaways
Specialized low-cost accounts under the Genius branding
Robust digital platforms with multilingual support
Tailored loan products for students
2. Intesa Sanpaolo
Intesa Sanpaolo provides a range of financial services tailored to expats and students. The XME Conto account is a flexible current account that has been found to be particularly beneficial for students, while the Conto Corrente Base is a low-fee current account that offers a no-frills banking service for expats.
The Sanpaolo mobile banking application provides a convenient method for non-residents to open a bank account in Italy, and it also supports various financial services after the fact including international money transfers and integrated bill payments.
Overall, Intesa Sanpaolo’s robust digital banking services, multilingual support, and extensive branch network make it a popular pick for foreigners seeking a banking option in Italy.
Key takeaways
Tailored loan products
Remote banking applications
Investment services available to expats
3. Banca Nazionale del Lavoro
Banca Nazionale del Lavoro (BNL) is one of the major banks in Italy. It provides a range of account types, with BNL Conto Pratico being popular for foreigners as a convenient and versatile option. Another top pick is BNL’s Conto Smart, which is specifically targeted at students via low-cost money transfers and no maintenance fees.
Expats will find that BNL provides multilingual support to its customers through the mobile banking application, competitive rates for international money transfers, and a simple process for opening accounts that supports remote applications.
Students, meanwhile, can benefit from student-specific offerings that provide zero-fee banking with no maintenance fees, and BNL has partnered with various universities across the country to provide discounts on essential services such as transport and groceries.
Key takeaways
Flexible banking options for expats
Student-specific accounts available
Multilingual customer support
4. Monte dei Paschi di Siena
While Banca Monte dei Paschi di Siena (MPS) is one of the oldest banks in the world, it has fully modern banking amenities available for expats and students who are looking to move to Italy.
The Conto Italiano Giovani is aimed specifically at young people and students, offering no maintenance fees and low-cost borrowing options. Credit lines can include student loans and arranged overdrafts, with MPS’ student account proving popular for this reason.
Alternatively, expats may prefer to open Conto Italiano Expat. This account is specifically designed for expats and offers key features such as lower fees on international transfers and multilingual customer support. Additionally, Conto Italiano Expat allows foreigners to access a variety of investment products once they land in Italy.
Key takeaways
Low fees and convenient banking solutions for foreigners
Extensive branch network
Multilingual customer support
5. Fineco
FinecoBank is a leading Italian bank that provides tailored services to students, as well as favorable remote banking for expats traveling to Italy. Fineco offers customer service in multiple languages, making it easier for expats to manage their banking, and the process for opening an account can be done online.
The Fineco Current Account is a versatile account that offers low fees, a fully digital experience, and a wide range of banking services. It’s suitable for both expats and students since it’s both affordable and easy to use. Another option is Fineco Young, which is aimed specifically at younger customers and students. This account offers reduced fees and benefits that cater to students.
Key takeaways
Flexible banking options for expats
Multilingual customer support
Fee-free accounts for students
6. Banca Sella
Banca Sella offers a variety of current accounts with different features and benefits, international transfers at an affordable cost basis with competitive exchange rates as well. Expats can open a bank quite easily via the digital banking application, and students receive a variety of perks, including fee-free accounts and discounts on educational resources.
Expats can access Banca Sella’s investment products after moving to Italy, which might appeal to expats who are interested in stocks, bonds, mutual funds and other key investment products. Students get discounted credit options through Banca Sella, including favorable interest rates on overdrafts and student loans.
Key takeaways
Flexible banking options
Digital banking available
Comprehensive suite of financial services
The bottom line
Expats and students looking for the best bank in Italy have a lot of great options available. Each bank on this list provides favorable rates for students and flexible accounts for expats.
If you’re a student or expat looking to travel abroad, you can also check out our article on the best banks in Germany.
If you are regularly trading crypto and living in Italy, check our guide on Italian crypto taxes.