Aprire e Gestire un Conto Corrente Personale in Italia

In recent years I have learned that, to live and work in Italy, having an Italian current account is fundamental — even though, in theory, the European Union has the “free circulation of goods and capital”.
In practice, however, companies and individuals often do not want or are unable to pay into foreign accounts, even if they are other EU countries.

Many Italian banking systems and platforms:

• do not correctly recognize IBANs with country codes other than “IT”

• reject transfers to Lithuania, Germany or other EU countries for technical, regulatory or simply distrust reasons

• apply stricter anti-money laundering procedures, which lead to rejecting transfers or requesting additional documents

In short, on paper it's all free, but in reality there is a “practical” block that is not negligible.

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A recent novelty: free accounts for everyone

From 2024 onwards, and more widely in 2025, it has become possible to open in Italy free personal current accounts, even for those who in the past had difficulties with traditional banks.

This thanks to the EU Directive 2014/92/UE (implemented in Italy with D.Lgs. 37/2017), which has obliged institutions to offer:

• a free basic account for those with a low ISEE (under approximately €11,600), without fees or stamp duty

• zero or reduced fee accounts for all others

In parallel, several Italian fintech operators — such as Hype, Illimity, Banca Widiba and others — have introduced fully online current accounts, without a monthly fee and with simplified opening.

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Immediate remote opening

Today, opening an online current account in Italy is simple and fast:

• ✅ Italian or EU identity document

• ✅ Tax Code

• ✅ Registration via app and video-selfie

Everything happens without needing to go to a branch.
The procedure is not always perfect — for example with Hype I encountered some technical errors during registration — but it is still fully manageable remotely.

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Why I didn't move my Revolut to Italy immediately

At first I thought of transferring my Revolut account from Lithuania (IBAN LT) to an Italian IBAN. I opened Revolut when it operated only from Vilnius, so my IBAN remained Lithuanian.

Then I preferred opening an Hype account, keeping the following active:

• my N26 German account 🇩🇪

• my Revolut Lithuanian 🇱🇹

Why I chose Hype

• It's free at opening and in routine management

• It receives Italian transfers without problems

• It's quick to open, at least on paper

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The “average balance” and the stamp duty of 34.20 € over 5,000 €

There's an important detail to know: if during the year the average balance of your current account exceeds 5,000 €;, the Italian State applies an annual stamp duty of 34.20 €; (DPR 642/1972).

Average balance = daily sum of balances / 365

Simple example:
If you keep 5,000 € fixed from January 1st to December 31st, the average balance will be 5,000 €. → You pay 34.20 €.

But if you deposit 5,000 € for just one day and move it the next day, the average balance will be:

5000365×1≈13.70 €\frac{5000}{365} \times 1 \approx 13.70 \,€3655000​×1≈13,70€

and you won't pay anything.

The bank communicates the average balance at the beginning of the following year, but by then it's too late to intervene. Therefore, it's advisable to manage this threshold during the year, especially if you expect significant income.

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Why do I continue to use Revolut and N26

I have been using Revolut and N26 for years — they are the only ones that:

• They have never given me any problems (Belarus excluded for Revolut)

• They offer technological services twenty years ahead of many Italian banks

• They do not apply any Italian stamp duty, because they are not within the Italian jurisdiction

Their cards work perfectly in Italy, exactly like the cards issued by Italian banks.

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My strategy: Italian “bridge” account + fintech

The best solution, in my case, is:

1. Receive the funds on an Italian account, to avoid blocks in internal payments.

2. Move them immediately to Revolut or N26.

3. Use fintech accounts for daily management, without issues related to average balance.

In this way:

• I receive payments from Italian companies and public administrations without any issues

• I avoid paying the stamp duty

• I maintain my fintech tools, which are much more flexible and fast

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Conclusion

Opening an account in Italy today is easier and more accessible than ever, but it needs to be managed intelligently to avoid unnecessary taxes and restrictions.
An Italian account is useful for integrating into local systems and receiving payments without issues.
For daily management and operational freedom, Revolut and N26 remain unbeatable.

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Quick summary

• Open a free basic account, even if you have had bank rejections

• Be careful with the average balance: over 5,000 € → 34.20 € stamp duty;

• Move funds quickly to Revolut/N26 to avoid taxes

• Foreign cards work perfectly in Italy

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Legality & tax compliance (read carefully)

The described strategy is legal: in the EU the free movement of capital applies and you can use EU accounts (IT, LT, DE, etc.) as you prefer.

But beware: it's not a way to evade taxes.

• European banks comply with the automatic exchange of information (CRS/AEOI): foreign account data is shared with the tax agency of the country of residence.

• You are still required to comply with Italian tax obligations (declarations, monitoring of any foreign accounts, taxes due).

• Do not use this strategy to hide income or assets: you would almost certainly face problems (sanctions and audits).

This setup is only for reducing legitimate banking costs and overcoming practical obstacles in payments, not to evade the law.