In Brief (TL;DR)
For a foreigner living in Italy, choosing a bank account is a crucial step. This article analyzes and compares the solutions offered by Intesa Sanpaolo and UniCredit to help you find the most advantageous option.
We analyze their offerings in detail, from specific products to multilingual support, to understand which one best suits the needs of an international client.
We evaluate products, costs, multilingual support, and accessibility in detail to guide you in choosing the most suitable account.
The devil is in the details. 👇 Keep reading to discover the critical steps and practical tips to avoid mistakes.
Moving to Italy, whether for study, work, or as a lifestyle choice, involves a series of essential bureaucratic steps. Among these, opening a checking account is one of the first necessities for managing daily finances, receiving a salary, or making payments. Choosing the right bank is a crucial decision, especially in a market as rich with options as Italy’s. Two of the main players in the national banking landscape, Intesa Sanpaolo and UniCredit, offer specific solutions that deserve a thorough analysis, especially for those arriving from abroad and facing a new cultural and financial reality.
The choice depends not only on costs but also on ease of access, multilingual support, and the bank’s ability to combine the solidity of tradition with the efficiency of digital innovation. For a foreign citizen, whether a resident or non-resident, navigating the various proposals can be complex. This article offers a detailed comparison between the offerings of Intesa Sanpaolo and UniCredit, analyzing products, services, and their approach to international clients, to help you make an informed choice suited to your needs.
Opening an Account in Italy: A Crossroads Between Tradition and Innovation
Italy, with its welcoming Mediterranean culture and a solid banking tradition, has a system where the physical presence of branches still plays an important role. For many, especially at the beginning, being able to speak with an advisor in person is an invaluable asset. Both Intesa Sanpaolo and UniCredit boast an extensive network of branches throughout the country, ensuring a physical point of contact. This aspect is fundamental for those not yet familiar with the language or who prefer a more traditional approach to money management.
At the same time, both banks have invested heavily in digitalization, offering advanced mobile banking apps and comprehensive online services. This duality between physical and digital is a great advantage for foreign customers. You can benefit from the convenience of managing your account from a smartphone for everyday operations, like transfers and payments, while also relying on branch support for more complex issues or simply for the need for human contact. The challenge for a newcomer is to figure out which of the two institutions best balances these two worlds.
Accounts for Foreigners: Intesa Sanpaolo’s Offerings
Intesa Sanpaolo, the Italian market leader, focuses on a layered and customizable offering, with a special focus on young people and those who operate primarily online.
The flagship product for retail customers is XME Conto, a modular checking account that can be adapted to your needs. For foreign citizens residing in Italy, opening an XME Conto follows standard procedures, requiring a valid ID and an Italian tax code (codice fiscale). The main advantage of this account is its flexibility: the fee can be reduced or waived through promotions, especially for younger people (often free for those under 35), or by having your salary deposited. The associated digital services, via the Intesa Sanpaolo Mobile app, are advanced and allow for almost complete remote management of the banking relationship.
For those with more basic needs or who are non-residents, Intesa Sanpaolo offers the Conto di Base (Basic Account). This product, required by law, provides access to a defined number of essential transactions for a fixed annual fee of 30 euros, which can be waived for socially disadvantaged groups with an ISEE under 11,600 euros. Although limited in services (it does not include, for example, credit cards or checkbooks), it represents a fundamental gateway to the banking system for those legally residing in the European Union. Opening it requires an ID and a tax code and can also be done through the app for single account holders.
UniCredit’s Solutions for International Clients
UniCredit responds with an equally solid offering, combining versatile checking accounts with a strong inclination for innovation, as demonstrated by its digital offerings and focus on sustainability.
UniCredit’s main proposal is the My Genius account, characterized by a low monthly fee (currently €1.90) that can be waived by depositing a salary or pension. This account includes an international debit card and full access to multi-channel banking services. UniCredit also offers the option to open the account online, even as a joint account, making the process accessible and fast. For those who need more services, My Genius is modular with add-on packages, such as the one for unlimited online SEPA transfers. Recently, the My Genius Green version was also introduced, designed for the environmentally conscious, with cards made from eco-friendly materials and almost exclusively digital operations to reduce paper use.
UniCredit also offers the Conto di Base (Basic Account), dedicated to those with limited operational needs who are legally residing in the European Union. With a monthly fee of 4 euros, it includes an unlimited number of debit card transactions and an annual package of operations like withdrawals and transfers. As with Intesa, the fee is waived for socially disadvantaged groups and for pension holders with a gross income up to 18,000 euros. It is an essential and compliant solution, designed to ensure financial inclusion. For more detailed information on the necessary documents, it is useful to consult a complete guide on the documents for opening an account for foreigners.
Direct Comparison: Costs, Services, and Accessibility
Comparing the two offerings, significant differences and similarities emerge. In terms of costs, both banks have competitive structures. Intesa Sanpaolo’s XME Conto and UniCredit’s My Genius have base fees that can be easily waived, making them very convenient for employees and young people. However, it is essential to analyze the costs of transactions not included in the fee, such as withdrawals at other banks or international transfers, which can affect the final expense. It is always advisable to carefully read the information sheets to avoid costs the bank doesn’t explicitly mention.
Regarding services, the offerings are very similar. Both provide state-of-the-art mobile banking apps, international debit cards, and the option to apply for credit cards. A strength of UniCredit is the clarity of its add-on modules for the My Genius account, like the unlimited transfers package, which allows for easy customization. Intesa Sanpaolo, on the other hand, stands out for its frequent promotions on XME Conto, especially for those under 35, which often include waiving the stamp duty (imposta di bollo). The extensive branch network is a strong point for both, but the quality of in-branch service can vary significantly.
In terms of accessibility for foreigners, the procedure for residents is now standardized and always requires an ID and a tax code. For non-residents, opening a specific account is possible with both banks, but it often requires a visit to a branch and may involve higher costs and more limited operations. UniCredit is mentioned among the banks that offer accounts for non-residents, but the process may require specific consultation. The real difference may lie in multilingual support: although both banks have an international presence, the availability of consultants who speak English or other languages in local branches is not always guaranteed and may depend on the individual branch.
Tradition and Innovation: The Two Banks’ Approach
Intesa Sanpaolo presents itself as an institution that has successfully integrated digital innovation into a traditionally solid structure. Its mobile app is among the most appreciated, and the 24/7 digital assistant, Ellis, attests to the investment in customer service automation. However, the bank maintains a strong connection to the local territory through its vast network of branches, which remain a reference point for personalized advice. This balance makes it a safe choice for those seeking both digital efficiency and a human touch.
UniCredit, for its part, pursues a strategy that is perhaps even more geared towards a ‘bank of the future’ model, as suggested by its ‘UniCredit Unlocked’ vision. The introduction of accounts like My Genius Green and the promotion of the digital bank Buddybank (a separate service but part of the group) indicate a clear direction towards sustainability and innovation. Although its physical presence is slightly less extensive than Intesa Sanpaolo’s, UniCredit positions itself as a dynamic bank projected towards European financial integration. A practical example of this drive for innovation is the UniCredit instant transfer, a now well-established and appreciated service.
Conclusions
The choice between Intesa Sanpaolo and UniCredit for a foreign citizen in Italy depends strictly on individual needs. Both banks offer valid and competitive products, rooted in a solid tradition but with a strong drive towards digital innovation. There is no single answer as to which is definitively the best.
Intesa Sanpaolo could be the ideal choice for those looking for an extremely widespread bank with a complete digital offering and specific advantages for young people. Its model appears solid, reliable, and well-balanced between physical and digital. UniCredit, on the other hand, might attract those who are more digitally oriented, appreciate the modularity of the offering, and the push towards innovation and sustainability. The clarity of its packages and its European vision can be an added value.
The final advice is to carefully evaluate the information sheets, consider the proximity of branches to your home or workplace, and, if possible, visit in person to test the availability of support and advice. The right decision will be the one that best suits your lifestyle, financial habits, and level of familiarity with the Italian banking system.
Frequently Asked Questions
To open a checking account in Italy, a foreign citizen is generally required to provide a valid ID, such as a passport, and an Italian tax code (codice fiscale). Some banks may also require a residence permit for non-EU citizens and a document proving their address or domicile, such as a rental agreement or a utility bill.
Opening a non-resident account usually requires being physically present at a branch. Intesa Sanpaolo allows Italian citizens living abroad to open an XME Conto only by visiting a branch. UniCredit offers a service called Cross Border Account Opening for businesses, but for individuals, online opening is generally reserved for those residing in Italy. It is always advisable to check the most up-to-date procedures directly with the bank.
Yes, both Intesa Sanpaolo and UniCredit, like other major banks, provide solutions for those who are not tax residents in Italy. These accounts, called ‘non-resident accounts,’ are designed to manage basic transactions like receiving and making payments. The costs and conditions may differ from those for resident accounts, often with higher fees.
Both banks offer multilingual services. Intesa Sanpaolo has English versions of its website and provides translated documentation. UniCredit also has a customer service line reachable from abroad and informational materials in English, especially for online and corporate services. The quality of support can vary at the individual branch level, but both banks have a structure in place to assist international clientele.
The costs for non-resident accounts are generally higher than for resident accounts due to greater management burdens and anti-money laundering regulations. Fixed costs include a monthly or annual fee, stamp duty (imposta di bollo) if the average balance exceeds 5,000 euros, and fees for specific transactions like non-SEPA transfers. It is essential to consult the information sheets for specific products like UniCredit’s ‘Conto di Base’ or the various options for Intesa Sanpaolo’s XME Conto to get a clear picture of the costs.
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