Personal finance in Italy

Opening a bank account

For expats, the most convenient accounts are often from online banks or neobanks.

Required documents

Main banks

• Traditional: Intesa Sanpaolo, UniCredit, BNL
• Online: Fineco, Webank, CheBanca!
• Neobanks: N26, Revolut, Hype

Taxes to pay

Besides IRPEF on income, expats and residents should consider:

• IMU: property tax (owners only, not tenants)
• TARI: waste tax
• IMI/IVIE: taxes on property abroad
• IVA: 22% on goods and services (4% and 10% reduced rates for some categories)

International transfers

To send or receive money from abroad:

• Wise: low fees, real exchange rates
• Revolut: free up to a monthly limit
• SEPA transfer: free within the EU in euros
• SWIFT: for non-EU transfers (costly and slow)

Savings and investments

Main options for expats:

• Post office savings bonds: safe, guaranteed rate
• Deposit accounts: immediate liquidity, modest interest
• ETFs and funds: diversification, more risk but higher potential
• PAC: gradual capital accumulation plan

Current account and protection

Traditional: branch, often account fee (sometimes free under 26 or with salary credit). Online / neobank: fast onboarding, low fees. Before choosing: monthly fee, ATM withdrawals Italy/abroad, transfers, branch network. There is a basic bank account (ISEE — see Banca d’Italia).

IBAN, SEPA, and instant transfers

Italian IBAN: 27 characters (IT + CIN + ABI + CAB + account). SEPA euro transfers are usually cheap or free; instant transfers often €0.50–1.00 depending on bank.

Taxation of savings and investments (indicative)

• Account/deposit interest: 26% withholding (verify exceptions); stamp duty on deposit balances
• Financial capital gains: often 26% under administered/declarative regime
• Italian government bonds: favourable 12.5% on interest (verify bond type)
• Crypto: gains above threshold (indicative €2,000 per year from 2023 — always verify rules and circulars)

Right to study and mobility

Regional grants (ER.GO, EDISU, DiSCo…) based on ISEE universitario; annual calls. Erasmus+ via the national agency.

Impatriati regime

Return after at least 2 years abroad: historically relief taxing about 50% of income for 5 years (rules changed in 2024 — verify requirements and decrees in force).

Insurance (summary)

Motor and home

RC Auto is mandatory; heavy penalties without cover. Compare quotes; check legal liability caps. Home: often not mandatory but useful (third-party liability, weather events, etc.).

Supplementary health and students

Supplementary policies and CCNL funds; INAIL for accidents on internships properly reported.

Digital apps and services

IO app and pagoPA

IO: public notices, pagoPA payments, transport and culture bonuses. pagoPA: pay university fees, taxes, fines via notice or QR.

PEC and ANPR

PEC: certified email with legal value (mandatory for companies/professionals). ANPR: civil registry certificates online with SPID/CIE.

Bonuses and benefits (overview)

Measures change with the Budget Law: always verify INPS / paying bodies.

• Assegno Unico: child support — INPS
• Carta Cultura / Merito: tools for under-18s — official site
• Transport bonus: contribution up to ~€60 — bonustrasporti.lavoro.gov.it
• Inclusion allowance: — INPS
• Renovation / ecobonus: — AdE, ENEA

Pets (summary)

Dogs: microchip and canine registry; leash in public; pick up waste. EU pet passport for travel with dog/cat/ferret. Veterinary expense deduction 19% above deductible (max spend €550/year — verify).

Pre-departure checklist

If you arrive in Italy (EU)

If you arrive in Italy (non-EU)

First university year