Bank of Italy or banks in Italy?
People searching for “Bank of Italy” usually mean one of two things: the central bank, Banca d’Italia, or simply a bank in Italy where they can withdraw cash or open an account. They are very different institutions. If you want the second, start with our comparison of Italian banks.
What the Bank of Italy does
Banca d’Italia was founded in 1893. Since 1999 it has been part of the Eurosystem, so interest-rate decisions for the euro are taken at the European Central Bank in Frankfurt, where the Bank of Italy’s Governor has a seat. At home it:
- Supervises banks. Since 2014 the ECB supervises the largest Italian banks directly; the Bank of Italy supervises the smaller ones and works with the ECB on the rest.
- Runs payment infrastructure. It operates Italian payment systems and is part of TARGET, the Eurosystem’s settlement system.
- Issues banknotes. It prints euro banknotes and puts them into circulation in Italy.
- Protects customers. It publishes guides for bank customers, handles complaints and supports the ABF dispute body.
- Keeps the register of banks. Every bank authorised in Italy appears in its registers with its ABI code.
Its SWIFT code
Banca d’Italia’s SWIFT/BIC code is BITAITRR and its ABI code is 01000. You will only need it for payments to the state or between banks; it is not used for personal accounts.
How Italian banks are supervised
The largest banking groups are designated “significant institutions” and supervised by the ECB’s Single Supervisory Mechanism. Intesa Sanpaolo, UniCredit, Banco BPM, BPER Banca and Monte dei Paschi are among them. Deposits at any Italian bank are protected up to €100,000 per depositor per bank by Italy’s deposit guarantee schemes (FITD and, for cooperative banks, FGD).
Frequently asked questions
Can I open an account at the Bank of Italy?
No. The Bank of Italy does not offer current accounts, cards or loans to the public. Its customers are banks and the state. People open accounts at commercial banks.
Where is the Bank of Italy located?
The Bank of Italy’s head office is Palazzo Koch, on Via Nazionale in Rome. It also has branches in regional capitals across Italy.
Is the Bank of Italy the same as the European Central Bank?
No. The Bank of Italy is Italy’s national central bank. Since Italy adopted the euro it has been part of the Eurosystem, together with the European Central Bank and the other euro-area central banks.
How do I complain about an Italian bank?
First complain in writing to the bank. If you are not satisfied within the deadline, you can take the case to the Arbitro Bancario Finanziario (ABF), the out-of-court dispute body run with the Bank of Italy, or report the bank to the Bank of Italy itself.
Sources and fact-checking
Checked on 2 November 2026 by Ionut Popea following our editorial policy. Fees, codes and rules change; confirm anything important with the bank or authority before acting.