Banking and financial procedures for Erasmus students in Italy (2025)

Why is money management important in the Erasmus program?

One of the most frequently asked questions among Erasmus students traveling to Italy concerns opening a bank account, transferring money, and conducting everyday financial transactions . While Turkish debit cards are useful for short-term use, opening a local bank account for longer stays reduces costs and simplifies official transactions.

Should you open a bank account in Italy?

• For short-term (1-3 months) Erasmus or internship programs → international cards from Turkish banks (Wise, Revolut, Papara, Ziraat Bank, İş Bank Eurocard) are usually sufficient.

• For long-term Erasmus programs (6-12 months), opening a bank account in Italy is almost essential. Because:

  • The Erasmus scholarship can be paid directly into the Italian account.

  • The landlord/agency can request rent payments through the local account.

  • You are exempt from foreign currency deductions on daily expenses.

    
    

Cheap banks for students in Italy

There are many large banks in Italy, but students generally choose these options:

• UniCredit Bank: One of Italy's largest banks offers special account types for students.

• Intesa Sanpaolo: Extensive branch network and low-commission account options available for students.

• Banca Monte dei Paschi di Siena: A historic bank that may offer attractive special offers for Erasmus students.

• Poste Italiane (Postepay): Card and mobile banking solutions for students who do not want to open a bank account.

• Online banks (N26, Revolut, Wise): Fast setup, low costs, multi-currency support.

👉 N26 and Revolut are especially popular with students because an account can be opened in minutes and the physical card is sent to your address.

Documents required to open a bank account

To open a bank account in Italy, the following documents are required:

• passport

• Codice Fiscale (tax number)

• Certificate of study / Erasmus admission letter

• Proof of address (dormitory contract, rental agreement or temporary hotel registration)

👉 Some banks may not allow you to open an account until you have received a residence permit (Permesso di Soggiorno) .

Daily financial transactions

• Using ATMs: ATMs in Italy typically charge a fee of €2–3. Choose ATMs that have a partnership with your bank.

• Card use: Cash use is declining; cards are accepted almost everywhere. However, cash may be required in small cafes or at train stations.

• Money transfer: Apps like Wise and Revolut are much cheaper than bank transfers.

  
  

Suggestions for students

• Pay your Erasmus scholarship directly into your Italian account and avoid losses due to the TL/€ exchange rate difference.

• For longer stays you can choose UniCredit or Intesa Sanpaolo .

• For those looking for a more practical solution, N26 or Revolut are fast and student-friendly.

• Always carry some cash with you. Cards may not be accepted everywhere, especially in smaller towns.

• When opening a bank account, be sure to ask whether there are any account maintenance fees .

  
  

Frequently Asked Questions

• Is a euro account opened in Turkey sufficient? → Yes, for short-term Erasmus stays, but for longer stays, a local account is more advantageous.

• Is opening a bank account mandatory? → No, but it is recommended for your Erasmus grant and rent payments.

• Can I open a bank account without a fiscal code? → Most banks require it, but some online banks (like N26) can process transactions without it.

  
  

Managing your finances as an Erasmus student in Italy can seem complicated at first. However, choosing the right bank or applying online makes things much easier. International cards are the best solution for short stays , while a local bank account is recommended for longer stays.