It is possible to travel and even live in Italy. Plenty of real estate options exist like villas in Tuscany should you wish to live and work in Florence, Siena, or other areas of the Tuscan region. If you intend on staying for a long time or living in Italy for the rest of your life there are certain things you will need. You will need a home. You will need work and you will need a bank account to pay bills and manage your money. Non-residents or foreigner workers in Italy are able to open a bank account. There are two very important things you need: a fiscal code and money. Unlike your regular banking system you will find that an Italian non-resident bank account is going to be expensive.
Details of Banking in Italy
If you are a foreigner trying to open a bank account in Italy you should understand that no withholding tax is going to be earned on any interest your bank account might offer on deposits.
You do have the option of being considered a resident depending on your situation. First you must live or work in Italy on a fairly permanent basis meaning you call Italy your home and have decided to change your residency status to Italy. The bank is going to look at how long you have been in Italy and if you have a residence permit or a job in Italy that ensures you are in Italy more often than not.
You should go directly to the bank when you open an account rather than opening one while you are abroad. It is best to assess the different banks, the fees, and network a little before choosing one particular bank. You will need to provide proof of your identity like a passport, your Italian address, and the fiscal code.
Do You Need a Bank Account in Italy?
For convenience, a bank account in Italy is certainly wise. If your home is going to be permanently based in Italy and you can get a resident account then there are several good reasons to open one. However, if you are only temporarily going to be in Italy perhaps for six months or a few years you may decide it is better to use other methods of payment for your villa, bills, and other expenses.
Traveller's cheques, credit cards, and exchanging your home cash into Euros are all options. The one reason most open a non-resident account is to cash cheques they receive for working in Italy, although with proper ID, address, and banking information you can cash your pay cheques without an account.