Banking in Italy as a Brit

You'll want an Italian account sooner than you think: landlords, utility firms and employers all expect an Italian IBAN. Getting one is mostly a paperwork exercise, and if you're legally resident you have a legal right to a basic account.

The short version

You'll need your passport and a codice fiscale (Italian tax code), and usually proof of address and your residence status [3].
Every bank and Poste Italiane must offer a basic account (conto di base) to anyone legally resident in Italy or another EU country who doesn't already have an Italian account [1].
Italian accounts carry stamp duty (imposta di bollo) of EUR 34.20 (about £28.50) a year once the average balance passes EUR 5,000 [1][2].
Cash payments of EUR 5,000 (about £4,170) or more between people are banned; the limit hasn't changed for 2026 [4].
Keep a UK account if you can, but declare it each year in the quadro RW on your Italian tax return [2][5].

Pound conversions use the Bank of England spot rate of 5 November 2026 (£1 = EUR 1.2002).

What Italian banks ask for

Italian banks run strict anti-money-laundering checks, so the account-opening meeting can feel more like a job interview than a trip to the Halifax. Expect the bank to ask for:

Your passport (a UK driving licence won't do as ID).
Your codice fiscale. Nothing in Italy happens without it, bank accounts included. The Agenzia delle Entrate issues it as the standard ID number for foreign citizens dealing with Italian authorities [3], and Italian consulates can also arrange one before you move. See codice fiscale, residenza and the permesso di soggiorno.
Proof of address, usually your lease, and once you have it, your registration at the anagrafe (the town hall register of residents).
Your residence status: your permesso di soggiorno, its postal receipt while you wait for the card, or, if you lived in Italy before 2021, your Withdrawal Agreement carta di soggiorno, which the FCDO strongly recommends getting [5].
Something about your income, such as an Italian work contract, a pension statement or a payslip. The bank must ask where your money comes from.

Not yet resident? Some banks offer accounts for non-residents (conti per non residenti), but they tend to cost more and offer less. Many Brits open one, then switch to a resident account once they have their permesso and residenza.

The conto di base: your right to an account

The Bank of Italy is clear on this. Banks, Poste Italiane and other payment providers are legally required to offer a basic account to anyone legally residing in Italy or another EU member state [1]. The rules come from the EU Payment Accounts Directive (2014/92/EU) and the Italian Consolidated Banking Law [1].

What you get [1]:

incoming and outgoing transfers, your salary or pension paid in, and a debit card (the bancomat) for shops and cash machines
a low annual fee covering a set number of transactions, with charges if you go over
no overdraft, chequebook or linked investment account

When it's free [1]:

Who	Annual fee	Stamp duty (EUR 34.20)
ISEE (household means test) under EUR 11,600 (about £9,665)	Free	Exempt
Pensioner with gross annual income under EUR 18,000 (about £15,000)	Free	Still charged
Everyone else	Low fee	Charged if average balance is over EUR 5,000

A bank can refuse only if you don't meet the rules (for instance, you already have an Italian account) or it has well-grounded suspicion of illegal use. It must tell you why within ten working days, and you can complain to the bank, report it to the Bank of Italy or go to the Arbitro Bancario Finanziario, the banking ombudsman [1].

A UK State Pensioner whose only income is the pension will usually be under the EUR 18,000 line for a free basic account: the full new State Pension is £241.30 a week in 2026/27 [6], about EUR 15,060 a year.

Choosing a bank in Rome

You'll see three broad types on Via del Corso and online:

High-street banks such as Intesa Sanpaolo, UniCredit and BNL, with branches all over Rome. Good if you want a mortgage later or someone to talk to.
Poste Italiane, whose BancoPosta account you can open at the post office. Queues are legendary, but there's a branch in nearly every neighbourhood and it's familiar to Italian landlords.
Online banks with an Italian IBAN, cheaper and in English, though some services (and some landlords) still prefer a traditional bank.

Compare the foglio informativo, the standard fact sheet every bank must publish for each account, which sets out the fees in a fixed format. The Bank of Italy's consumer site explains how to read one [1].

What it costs: stamp duty and fees

Italian accounts aren't free in the way a UK current account is. Expect a monthly fee (canone) on most standard accounts, plus stamp duty:

Imposta di bollo on Italian accounts: EUR 34.20 a year for individuals, charged when the average balance is over EUR 5,000 [1][2].
The same charge on UK accounts. Italy applies an identical EUR 34.20 per foreign current or savings account through IVAFE, again only if the average balance with that bank is over EUR 5,000 [2]. Foreign investments, including ISAs, pay IVAFE at 0.2% a year [2].

Both are declared on your Italian return. Our guide to Italian taxes for Brits explains the quadro RW.

Cash: the EUR 5,000 limit

Romans still like cash more than Londoners, but there's a firm legal cap. Payments in cash between different people of EUR 5,000 or more are banned, and that limit, set in 2023, stays in place for 2026: a proposal in the 2026 budget to raise it to EUR 10,000 was withdrawn [4]. Paying a deposit on a flat or a builder in a bundle of notes is not just unwise, it's illegal above the limit. Use a bank transfer (bonifico) and keep the receipt.

Keeping your UK account

Keep at least one UK current account if your bank will let you: it's where your UK pension, rent or refunds from HMRC land, and it keeps your UK credit history ticking over.

Some UK banks close or restrict accounts of customers who move abroad. Tell your bank you've moved before it finds out, and ask what it allows. See keeping a UK bank account when you live abroad.
Keep a UK mobile number for security codes; see keeping a UK mobile number and address.
Declare it in Italy. The FCDO warns that penalties for not filing the overseas assets declaration (quadro RW), or getting it wrong, are severe [5].

Moving money from the UK

Compare the exchange rate, not just the fee. UK high-street banks often add a margin to the rate; specialist transfer services and multi-currency accounts are usually cheaper. We don't recommend any particular firm.
Large sums need paperwork. Moving a house deposit? Expect both banks to ask where the money came from, so keep sale completion statements and pension paperwork to hand.
Use a bonifico for rent and big purchases, so there's a record for the cash rules and for the tax office.

Our guide to sending money between the UK and abroad goes into margins and large transfers.

For the inside track on which Roman branches actually speak English, ask in our community group for Brits in Italy.

Banking in Italy as a Brit: opening an account in Rome and keeping your UK one