How to open a bank account in San Marino

Only 33 thousand people or so yet a sea of culture and quality of life. This is San Marino, which boasts the lowest unemployment rates in Europe, a lot of Italians and their great food, beautiful hills and its has been famous in the past for motor racing as it is home of the Imola Grand Prix where famously the brazilian F1 driver Ayrton Senna lost his life in a tragic accident.

If you are looking to move there to take advantage of the country's relatively low taxation and italianesque culture, here is our guide on how to open a bank account in San Marino.

Documents needed to open a bank account in San Marino

It should not be too hard to open a bank account in San Marino and the basic documentation necessary is simple. Beware that banks hold the right to request more information if deemed necessary and the more information you have with you the better.

Passport
Proof of address by means of a utility bill or official correspondence

If you happen to be an italian citizen you will not be needing a passport and just the ID will suffice. Otherwise, banking should be easy albeit they are likely not to speak english very well. It is much of help if you have an italian friend tag along and help you out.

Can I open a bank account in San Marino as a non-resident?

Yes it is possible to open a bank account in San Marino as a non-resident and it seems to be a rather easy process with few documents needed. However, there could be restrictions in the account which will be lifted overtime as you gain credibility with the institution.

Best banks in San Marino

Being a tiny state, there are few ATMs and branches in the country in Total and of the 10 or so banks in the country, most are tiny private banks and about 2 are retail institutions able to help citizens at full capacity with loans, insurance, accounts, cards and so on.

Here are the retails banks available in San Marino:

Cassa di Risparmi: a bank with a history since 1882, it has been solvent and strong for long and it has built over the years a loyal clientele with its accounts for youths, workers, retirees and even savings accounts for newborns. Accounts come with debit cards, notifications via SMS, you can take out loans if approved and so on. Their online banking system is interesting. See their branches here.
Banca di San Marino: it has a bit more information in English, but still it is better to translate the Italian language site if you want to see what the bank is all about. It is also a full retail bank with accounts of all types, loans, insurance and of course an entire department dedicated to investors, businesses and private banking. See their branches here.

You should be able to find somebody that speaks English well enough to help you out. In the case you do not, it is rather important to find an Italian speaking person to help you out. It will be a lot more fun and less frustrating.

When it comes to fees, it is not like you will have that much choice and we reckon you will be served well anyway you choose.

The virtual bank account alternative

Sending money abroad from San Marino is expensive when using a bank

If you need to pay out or transfer money abroad, even if not regularly, you are likely to approach your bank and request an international wire transfer. This means you are losing a lot of money. For example, if you need to send 10 thousand euros to India, you will only get about 9000 euros worth of rupees in India - a month later sometimes - and this is not a good deal. THey will say you will only be charged 50 euros for a SWIFT fee, which is not the entire truth.

With B2B Pay's virtual bank account, you get 9900 euros worth of rupees back home - in only 2 days or so - because we don't have the enormous operational costs of a bank. Your account is the real thing with an IBAN which means you can make and receive money within the EU and send money for great flat fee rates to 200 or so countries in over 30 currencies.

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.

How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.