American banks in Italy: branches and more

Planning a long stay in Italy or making the move permanent? You'll need a bank account to pay rent, set up utilities, receive your salary, and handle everyday expenses.

You might hope to find familiar American banks in Italy where you can open an account just like you would back home. Unfortunately, that's not how it works.

You might see recognizable names like Bank of America in Italian cities, but these branches only handle corporate banking and other services for institutions or high-net-worth individuals.

They won't serve you as a regular customer who needs a checking or savings account.

To access banking services in Italy, you'll need to open an account at a local Italian bank or use an alternative. Here’s what you need to know.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

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Which US banks have branches in Italy?

A few major American banks have operations in Italy. However, they won't serve you as an everyday customer, even if you're a US citizen. They handle activities like commercial lending, mergers and acquisitions, and portfolio management for companies.

That said, you might still be wondering, "What American banks are in Italy?". Here's what they are and where you can find them:

If you're only visiting Italy for a few weeks, you probably don't need an Italian bank account at all. You can use your US credit or debit card for most purchases and withdraw EUR from ATMs as needed (although this often comes with high fees).

But if you're staying long-term for work or study, a bank account becomes very necessary. You'll need it to receive your Italian salary, pay recurring bills like phone and internet, and set up direct debits for rent and utilities.

You'll also want to avoid the high fees that come with constantly using foreign cards.

Wise: a low-cost, flexible international bank alternative

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.

Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.

This way to easy
international payments

*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://payout-surge.live/ for details.

Can Americans open a bank account in Italy?

Americans can open bank accounts in Italy, but they may face some hurdles.

Most Italian banks require you to be a resident or live in Italy long-term on a valid visa. Typically, you can't open an account as a tourist. Even with a visa or residency, banks often ask for extensive documentation.

The application process can take quite a long time, and you'll likely need to visit a branch in person multiple times. It's unlikely that you'll be able to open an Italian bank account online.

Which bank in Italy is best for Americans?

If you have Italian residency or a long-term visa, most Italian banks can work for US citizens. Generally speaking, larger national banks tend to have more experience with foreign customers.

Here are some Italian banks you can try for opening an account:

• UniCredit
• Intesa Sanpaolo
• BNL (Banca Nazionale del Lavoro)
• Banca Monte dei Paschi di Siena

Before committing to any bank, check their monthly fees, which can be quite expensive. Some banks waive fees if you maintain a minimum balance, but those requirements can be quite high, too.

Tips on banking in Italy

Once you open a bank account in Italy, you'll want to have a good understanding of how the local system works. Keep these important things in mind:

• Italian banks charge monthly account maintenance fees: You'll likely need to pay anywhere from 5 EUR to 20 EUR per month just to keep your account open, unless you meet minimum deposit requirements

• Currency exchange markups are standard on international transfers: When you send or receive money from the US, Italian banks usually add a hidden markup to the exchange rate on top of any transfer fees they charge

• ATM withdrawals from other banks cost extra: Using an ATM that doesn't belong to your bank typically comes with higher fees

• English support varies widely: Bank employees may not speak English, which can complicate opening accounts or resolving issues

Overall, take the time to compare fee schedules between banks before opening an account. Doing research beforehand can save you a lot of money over time, especially if you plan on sending money between the US and Italy.

As a US citizen, you're also required to report your foreign bank accounts to the IRS. If your Italian accounts hold more than 10,000 USD total at any point during the year, you must file an FBAR (Foreign Bank Account Report) by the annual deadline.⁵

Unfortunately, you won't find US banks in Italy that offer consumer services to individual customers, so you'll need to open an Italian bank account for your everyday banking needs. To do that, you'll typically need to be living in Italy with proper documents and a codice fiscale.

Just like US banks, Italian banks come with costs, such as monthly maintenance fees, transaction charges, and currency exchange rate markups. All of these can take a significant bite out of your funds, especially when it comes to international transfers.

*Eligibility is subject to verification of customers' identity.

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Sources

1. Bank of America - Bank of America in Italy
2. J.P. Morgan - J.P. Morgan in Italy
3. Citi - Citi Italy
4. Morgan Stanley - Office Locations in Italy
5. IRS - Report of Foreign Bank and Financial Accounts (FBAR)