Banking and financial services in Italy: Major banks include Intesa Sanpaolo, UniCredit, and Banco BPM. Bank accounts require tax code and ID for opening. ATMs widely available, especially in urban areas. Credit and debit cards are commonly accepted. Bureaucratic procedures may be slow. Online banking is increasingly popular. Currency: Euro (EUR). Banking hours often limited, especially afternoons. Taxes are relatively high. Financial advisers typically speak English.
Major banks include Intesa Sanpaolo, UniCredit, and Banco BPM.
In Italy, the major banks include Intesa Sanpaolo, UniCredit, and Banco BPM, with Intesa Sanpaolo currently being the largest by assets, followed by UniCredit, and Banco BPM as the third largest. A potential merger between UniCredit and Banco BPM could see UniCredit reclaim its position as the largest bank in Italy, with combined assets of EUR998.94 billion.
Bank accounts require tax code and ID for opening.
To open a bank account in Italy, you must be at least 18 years old, have a valid identity document, and an Italian tax code, known as "Codice Fiscale." It's important for foreign citizens to be aware that they also need to declare their residency status, which may involve providing additional documentation such as a residency permit and proof of address. For a comprehensive guide on this process, visit the Tutorial PDF provided by the University of Florence's School of Political Science.
ATMs widely available, especially in urban areas.
Italy boasts a robust ATM network with a staggering presence of over 47,000 machines. These ATMs are widely available throughout urban areas, major airports, bustling markets, tourist streets, malls, and banks, ensuring convenient access for both locals and visitors. The convenience afforded by these machines is a significant aspect of the country's infrastructure. However, in remote areas and small towns away from the main streets, these cash dispensers may be harder to find. For further insights into ATM accessibility and services in Italy, the ATM Fee Saver website provides valuable information to help you navigate your cash exchange needs smoothly.
Credit and debit cards are commonly accepted.
Credit and debit cards are widely accepted in Italy, with almost all shops, businesses, hotels, and restaurants accepting payments from major global providers like Visa and Mastercard. However, the acceptance may vary for less common card types. For more detailed guidance and up-to-date information, you can visit the Monito website, which provides insights into using credit cards across different locations in Italy.
Bureaucratic procedures may be slow.
In Italy, the bureaucratic procedures for banking and financial services supervision, managed by the Bank of Italy, involve complex regulatory frameworks and multiple layers of oversight, including on- and off-site inspections, administrative measures, and compliance with international, EU, and national laws, which can contribute to the slowness of these procedures. The Bank of Italy's supervisory activities are integrated within the Single Supervisory Mechanism, adding to the complexity and potentially the time required for these processes.
Online banking is increasingly popular.
Online banking in Italy has seen significant growth, with online banking penetration increasing steadily and mobile banking becoming the most popular method for processing banking affairs, used by 52% of bank account holders as of 2024. Despite traditional banks maintaining financial dominance, the adoption of digital banking services is on the rise, driven by convenience and efficiency. For more detailed insights, you can refer to the comprehensive analysis provided by Statista, which offers valuable data on this evolving trend.
Currency: Euro (€).
In Italy, the Bank of Italy serves as the central bank tasked with the production and circulation of euro notes, adhering to EU policy. It also undertakes essential roles such as credit, financial, and market supervision. The bank plays a prominent part in euro-zone economic policy making, with the European Central Bank overseeing significant banks within the country.
Banking hours often limited, especially afternoons.
Banking hours in Italy are generally limited, typically from 8:30 a.m. to 1:30 p.m., with some branches open for an additional hour and a half in the afternoon between 2:30-4:40. Banks are usually closed on weekends and holidays, and may close early on days preceding holidays. For more detailed information on the Banking System in Italy, it's essential to consider local variations and check with individual banks regarding their specific opening hours.
Taxes are relatively high.
In Italy, taxes on banking and financial services are relatively high, as evidenced by the recently approved Italian Windfall Tax for Banks, which imposes a 40% tax rate on the increased interest margin realized by banks in 2023. Notably, this tax is not deductible against Italian direct taxes, such as corporate income tax (IRES) and regional tax (IRAP), impacting the overall tax burden significantly for financial institutions.
Financial advisers typically speak English.
Financial advisers in Italy, particularly those catering to expats, often speak English to provide services such as Investment Management, tax planning, and wealth management, ensuring they can communicate effectively with international clients.