Bank account in Italy for Russian citizens

How a Russian or Belarusian citizen opens an Italian bank account under sanctions: the conto di base right, documents, refusals and e-money IBANs.

Opening a bank account in Italy as a citizen of Russia or Belarus under sanctions is realistic, but it is a separate story with its own nuances, and it differs from an ordinary account opening by a foreigner. What matters here is the right to a basic account (conto di base), the EU sanctions restrictions, and how the specific branch treats a "red passport". This is not legal advice but an overview based on members' experience; banks' terms, sanctions packages and the availability of services change, so always verify the final details with the bank itself and on official sites. We cover the general mechanics of opening an account and handling cash separately in bank account and money transfers - this piece is the sanctions angle.

In brief: community data

Sanctions do not ban a basic account: per the community, for a Russian citizen legally residing in the EU the right to a conto di base is enshrined in the Testo Unico Bancario, and the restrictions concern other operations and categories.
Paper works where conversation does not: on a verbal refusal, members submit a written request for a conto di base referencing the law and noting a complaint to Banca d'Italia; a refusal on AML grounds the bank must issue in a reasoned and written form (per the community around ten days).
Code 135 versus 154: per the community the codice fiscale encodes the country of birth (135 is the former USSR, 154 is Russia), and with the old code some services reject the application; people correct it at the Agenzia delle Entrate before applying.
Before the permesso - e-money with an Italian IBAN: per the community such services accept a D visa and a codice fiscale (a Russian passport alone - usually not), and an Italian IBAN is needed for utilities and a contract with a provider.
Keep a spare account: compliance checks the source of funds and can break down even on a clean history - do not forge documents, answer briefly and to the point.

What you can realistically open as a citizen of Russia under sanctions

According to the community, after 2022 the picture is this: walking into a bank with only a Russian passport and opening an account is practically impossible. But with a Carta d'Identita and a valid Permesso di Soggiorno the doors of some banks open - not all, but they open. Roughly, the options fall into two types:

classic branch-based retail banks - there you can deposit cash through an ATM, take credit products and a mortgage, but opening is harder and depends on the specific manager and branch director;
e-money and online services with an Italian IBAN - the application is simpler and often remote, the basic plans are frequently free, but this is an electronic wallet without a cash ATM and without a mortgage.

According to the community, many people end up holding several accounts at once: one online for everyday payments and one branch-based one for cash and credit products. It is also insurance in case one account gets blocked for sanctions or compliance reasons. Which banks actually open accounts in the community's experience, including without residenza, is in the comparison which bank will open an account.

The main thing to understand about sanctions and an account: there is no ban on opening a basic account for a Russian who resides legally, the restrictions concern other things. So I take the client not to where they will "definitely refuse", but to a branch where we have already succeeded, and right away with the correct set of documents. Half the success is not running into a manager who confuses sanctions with citizenship.

immigration consultantpersonal opinion

The right to a basic account (conto di base)

This is the key argument that many people do not know about. According to the community, the right to a conto di base (a basic payment account in euro with a limited set of operations) is enshrined in the Italian banking code, the Testo Unico Bancario: banks and Poste Italiane are obliged to offer such an account to consumers who reside legally in the EU. Russian citizenship by itself does not strip you of this right.

In practice members use it like this: if the branch refuses verbally and cites sanctions, they submit a written request to open a conto di base (often by registered letter, raccomandata A/R) referencing the relevant articles of the TUB. Such a request usually:

states that you are a consumer legally residing in Italy (attaching a copy of the residence permit or the submission receipt);
declares that you are not on EU sanctions lists (in particular, that you do not appear on the list of personal sanctions) and are not subject to the restrictions that concern large deposits and certain categories;
indicates that the account is needed for basic needs (food, rent, medicine and treatment, taxes, insurance contributions, utility payments);
reserves the right to file a complaint (esposto) with Banca d'Italia in the event of an unjustified refusal.

The mere existence of such a letter often changes the tone of the conversation. Check the exact features of the basic account, its tariff "basket" and the complaint procedure on the regulator's site - they get updated.

The conto di base is a basic payment account with a limited set of operations; the rules of access to it in the EU are regulated separately, and the regulator publishes its features and conditions. Check the specific requirements for the client and the procedure for filing a complaint on the official site.

Banca d'Italia, conto di base(source)

I was refused verbally twice, supposedly because of sanctions. The third time I did not argue at the counter but handed in a written application for a conto di base referencing the law, with a note about a complaint to the regulator. The application was accepted and a couple of weeks later the account was opened. The paper works where talking does not help.

Denis, communitypersonal opinion

Another detail members spotted in the banking code itself: according to the community, by the rules the bank cannot just refuse to open a current account for an applicant, and if it refuses on anti-money-laundering (AML) grounds, it must issue a reasoned written refusal within a set short period (around ten days, according to the community). In practice it is precisely the written refusal that is hard to extract at the counter: people complain that they are told "no" verbally but are not given the paper. So members explicitly ask for a refusal in writing stating the reason - often at this stage the tone already changes, because refusing silently is easier than on the record. Verify the exact wording and deadlines on bancaditalia.it - this is not legal advice.

A piece of advice that saves weeks: do not leave the bank with a verbal "no". Ask for a refusal on paper with a reference to the reason - by the rules the bank is obliged to issue it if it is about compliance. In nine cases out of ten, the moment a person utters the words "written refusal", the manager suddenly finds a way to accept the application. And if you are refused officially, that same paper becomes grounds for a complaint to the regulator.

Italy consultantpersonal opinion

Which documents to prepare in advance

The set is the same as for any foreigner: a Permesso (or a visa D), a Carta d'Identita, a codice fiscale identical across all papers, a tessera sanitaria, sometimes CIE/SPID and last year's tax return - the full checklist and application tips are in bank account and money transfers. The one detail specific to the sanctions topic is the country-of-birth code in the codice fiscale, covered below.

Code 135 versus 154: the codice fiscale pitfall

This is a very sanctions-specific trap that many people complain about. The codice fiscale encodes the country of birth. According to the community:

code 135 corresponds to the former USSR (URSS), code 154 to the Russian Federation (Federazione Russa);
with code 135 some e-money services and online forms simply will not let you complete registration;
the "wrong" code drags problems into other agencies too - from residenza to medical care and insurance.

So members first correct the code to 154 at the Agenzia delle Entrate and only then apply to the bank or e-money. If you have an old codice fiscale issued long ago, it makes sense to check what country code is in it even before submitting the application. Check the correction procedure and the required documents on the tax service's site - it is a free procedure, but it requires a visit or a request.

For half a day I could not understand why a service with an Italian IBAN kept rejecting my registration with no explanation. It turned out my codice fiscale had the USSR code in it. I changed it to the Russian one at the tax office - and the application went through on the first try. Check your code in advance, it saves your nerves.

Artem, communitypersonal opinion

If the bank refuses because of citizenship

The typical reasons for refusals ("red passports", a system error, made-up requirements about the permit's track record) and the basic tactics - another branch, another bank, an online application - are covered in bank account and money transfers. The sanctions specifics, according to the community: applications from Russian citizens even at loyal banks often go to separate review at head office, and the branch director does not always know what his bank's sanctions restrictions look like - it makes sense to explicitly ask him to contact head office, and with a residence permit to lean on the right to a conto di base and submit a written request (see above). Do not forge documents - see red flags and fraud.

E-money and an Italian IBAN before the permesso

While the permesso is not yet in hand, an ordinary bank is, according to the community, very hard to open. For the first while, e-money services with an Italian IBAN come to the rescue:

some of them accept a long-stay visa D as the main document; a Russian passport as the only document - usually not;
you will need a codice fiscale and a real Italian address of residence (residenza is sometimes asked for formally, but not always checked);
according to the community, the card is sent to your mailbox in about a week and a half to two weeks (the timeframe is approximate, verify the current details);
e-money usually has limits on the balance and operations and fees for topping up - read the terms of the specific service.

A few practical details that members complain about:

prepaid cards with an IBAN, which used to be issued from the app literally with a codice fiscale and an address, periodically stop accepting new applications by order of the regulator, according to the community - what opened yesterday may be paused today, verify the current details;
as a rule you cannot deposit cash directly onto such a wallet - only by transfer or through a tabaccheria for a small fee, and there is usually a per-operation limit on ATM withdrawals;
some online services require a photo of the physical tessera sanitaria at registration, not just a generated codice fiscale number - without the plastic card the application does not go through;
an important nuance with F24: according to the community, through some e-money with an Italian IBAN you cannot pay the F24 tax slip, and then for taxes you still need an account at a bank from the list on the tax service's site - this is another argument for getting an actual bank account, not just a wallet.

Why do you specifically need an Italian IBAN rather than a European wallet from another EU country? According to the community, with an Italian IBAN it is easier with utility payments and a contract with a local internet provider - some providers will not sign a contract without an account with Italian details. So many people keep an Italian e-money specifically for "local" payments, even if their main account is with another service.

Important: e-money is convenient for rent and everyday payments, but during compliance checks it is less predictable than a bank. After receiving a residence permit it makes sense to also move to an ordinary bank, and at the same time file the postal KIT and the basic steps after arrival.

Compliance and the source of funds: what to prepare for

The sanctions theme means heightened attention to money, especially with any connection to the CIS countries. According to the community, e-money and banks actively check the source of funds (provenienza dei fondi), and a request may come even on a clean history. What members advise if a request arrives:

do not ignore it and do not delay your answer;
do not forge documents - PDF metadata and re-scans are visible, this only harms you;
answer briefly and to the point (for example, "a personal gift from a loved one" or "personal savings"), without unnecessary essays;
provide exactly what was requested, and do not bring extra papers;
save a screenshot of your answer and copies of all the documents you sent.

And the key safety rule according to the community: keep a backup account, because compliance can fall through even on a transparent history. More on proving the source of money during transfers is in how to transfer money from Russia under sanctions, and we cover the tax side of foreign receipts in forfettario and taxes.

Common myths about an account under sanctions

"A citizen of Russia under sanctions cannot open an account in principle" - according to the community, no; the ban concerns not the opening of an account for someone residing legally, but certain operations and categories.
"Without local documents they will open one on a Russian passport" - according to the community, almost never; you need a residence permit or at least a visa D for e-money.
"The right to a conto di base is a guarantee that they will open any account" - no; it is an argument and grounds for a complaint, not automatic approval of any product.
"E-money will replace a bank forever" - according to the community it is convenient for payments, but less predictable during checks; with the permesso it is worth getting an ordinary bank too.
"Code 135 in the codice fiscale is a trifle" - according to the community it really does break registration at some services, better to correct it to 154 in advance.

Bank account and money transfers to Italy - general mechanics, documents, cash, blocks.
Which bank will open an account for a Russian - a comparison of specific banks and maintenance costs.
How to transfer money from Russia under sanctions - channels and proof of source.
Moving money out of Russia: CBR limits and cash - what the Bank of Russia allows in 2026 and the tax-service account notice.
Forfettario and taxes in Italy - foreign income and declaration.
Codice fiscale, residenza and tessera sanitaria - the base for an account.
Red flags and fraud - how not to run into "fixers" and forgeries.

Official sources

bancaditalia.it - Banca d'Italia: the basic account (conto di base), consumer rights and the complaint (esposto) procedure.
agenziaentrate.gov.it - Italy's tax service: codice fiscale, correction of the country code, tax residency.
poste.it - Italy's postal service: BancoPosta / PostePay accounts and payment cards, which are also obliged to offer a conto di base.
salute.gov.it - Ministry of Health: the tessera sanitaria, which is often part of the set of documents for the bank.
spid.gov.it - SPID: digital identity for online applications to a bank.

Frequently asked questions

Does a citizen of Russia under sanctions have the right to a basic account (conto di base)?

According to the community, yes: the right to a basic payment account is enshrined in the Testo Unico Bancario, and banks, including Poste Italiane, are obliged to offer a conto di base to consumers legally residing in the EU. In practice the branch may still drag its feet or cite sanctions, and then members submit a written request referencing the law. This is not legal advice; verify the current rules and the account's features on bancaditalia.it.

Which documents does a citizen of Russia or Belarus need to open an account?

According to the community, the basic set is a valid Permesso di Soggiorno (or a long-stay visa D), a Carta d'Identita, a codice fiscale and a tessera sanitaria, a real Italian address of residence, and sometimes active CIE or SPID for the online application. The set differs from bank to bank, and one of the frequent reasons the system rejects an application is a mismatch in the codice fiscale across documents. This is not legal advice; check the requirements with the specific bank.

Why does the bank refuse, citing citizenship, and what to do?

According to the community, some banks have introduced internal rules and will not open accounts for 'red passports', or the system returns an error because of Russian citizenship even where the manager has no objection. A working tactic members use is to try another branch or another bank (often online), and when insisting on the right to a conto di base, to submit a written request with a note about a complaint to Banca d'Italia. This is not legal advice; check the procedure on bancaditalia.it.

What are codes 135 and 154 in the codice fiscale, and what does the bank have to do with it?

According to the community, the codice fiscale encodes the country of birth: 135 is the former USSR (URSS), 154 is the Russian Federation. With code 135 some services and e-money simply will not let you complete registration, and along with it problems crop up at other agencies. Many people first correct the code to 154 at the Agenzia delle Entrate and only then apply to the bank. This is not legal advice; check the correction procedure on agenziaentrate.gov.it.

Can you open an Italian IBAN before receiving the permesso?

According to the community, an ordinary bank is very hard to open before the permesso, and under sanctions harder still. For the first while, e-money services with an Italian IBAN come to the rescue; they accept a long-stay visa D and a codice fiscale, but as a rule they will not take a Russian passport as the only document. An Italian IBAN matters for utilities and a contract with a provider. This is not legal advice; the terms of the services change - verify the current details.

Which bank will open an account without residenza?

There is no guaranteed bank: classic banks almost always refuse without residenza and a permesso. According to the community the realistic first option is e-money services with an Italian IBAN that accept a visa D and a codice fiscale; residenza is sometimes asked formally but not always checked. After the permesso and carta d'identita regular banks open up too. Service conditions change - check the current ones.

The bank refuses - can you demand a written refusal?

According to the community, yes, and it is a working tactic. Under banking rules, a refusal to open a current account on anti-money-laundering (AML) grounds must be issued by the bank in a reasoned and written form within a set short period (about ten days, according to the community). In practice it is hard to extract a written refusal at the counter - they say 'no' verbally but will not give you the paper, so members explicitly ask for a refusal stating the reason. Often the tone changes right at that point, and an official refusal becomes grounds for a complaint to Banca d'Italia. This is not legal advice; verify the deadlines and procedure on bancaditalia.it.

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