Revolut vs Wise for Italian Residency: Why You Want Both Free Accounts to Bypass Bureaucracy
- Tiffany
- Oct 10
- 3 min read
Updated: 5 days ago
As a mom who moved her family to Italy, I've spent enough time battling the Italian bureaucracy to write a book. But the very first battle? A bank account.
I needed a way to move money across borders cheaply. I needed a place to hold euros. I needed a way to pay for things from Italian companies... like B1 exam preparation. And crucially, I needed a bank that Italian systems, from government agencies to utility companies, accept without question.
My honest advice? Open free accounts with both Wise and Revolut. Since both offer free standard accounts, there's no reason not to have this powerful two-pronged strategy.
Here is the breakdown of why both apps are essential for your move to Italy, and which one is best for each situation.
When I first started planning a life in Italy, Wise was my go-to. It's incredibly transparent, offers the mid-market exchange rate, and is brilliant for international transfers.
Why Wise is essential:
Best for Transfers: Wise is still king for moving large amounts of money between countries with the lowest, most transparent fees. This is perfect for transferring your savings for your move. And... the first transfer of 600 USD or less is fee free, which is super helpful if you plan on your first purchase being B1 exam preparation with Ready Set Italia.
Paying Us in Euros: Since Ready Set Italia charges in euros, Wise gives you the best exchange rate to pay us from your home currency.
The Global Card: Their debit card is a powerhouse for spending internationally, automatically converting funds at the best rate.
The BIG catch? IBAN Discrimination.
Wise gives you a European IBAN, but it's based in Belgium. Many official forms, utility companies, and Italian government processes will reject any IBAN that doesn’t start with 'IT'. It’s the worst kind of bureaucratic wall.
Revolut is the key that unlocked our local finances here in Italy.
Thanks to the opening of their new Milan branch, Revolut now functions as a genuine Italian bank, and you can open an account completely online. This means you can get your bank details set up before you even step foot in the country.
Why Revolut is a Must-Have for Italian Residency:
The Local 'IT' IBAN: This is the game-changer. That IT-prefixed account number is what satisfies the picky Italian systems and lets you set up those crucial direct debits. It completely bypasses the IBAN discrimination problem that Wise accounts face.
Bye-Bye Bureaucracy: You can sign up remotely. You don't have to face a traditional Italian bank branch where they ask for proof of residency to open an account, and you don’t need an account to get residency. Revolut breaks this negative feedback loop!
A Game-Changer for Parents: Revolut <18 Accounts
For families, Revolut offers something Wise doesn't: the Revolut <18 account. With 3 teenagers in our home, this was a huge factor in my decision to move my primary banking there.
Free Debit Card for Kids: Your children get their own card and a simplified app linked to your main account.
Teaching Finance: Kids can set up their own savings accounts with interest calculated daily. It’s a safe, controlled way for them to practice money management in Euros.
The Dual-Account Strategy
Ready to get both of these powerful free tools working for your Italian move?
Account | Primary Use | Key Benefit |
Italian Direct Debits, Salary, Everyday Spending, Kids' Accounts. | Local 'IT' IBAN (solves bureaucracy) | |
Large International Transfers, Paying Bills in Other Currencies. | Best Transfer Rates (perfect for paying Ready Set Italia) |
Start by setting up your free accounts now...
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