Send Money To Italy

Italy flagIn this Italy Money Transfer Guide we will show you how to get the most out of your Euros.

Our reviewed Foreign Exchange companies will help you send money to or from Italy by providing smaller fees, better currency exchange rates and quick delivery to your desired location.

The Guide’s Topics:


Best Company To Wire Money To Italy

Payment Facility

Summary

Recommendation

worldfirst-logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Wire Fees: None.
Best Rates for £50,000+
Expected Rates* - £50,000+ :
- GBP: 1.1870 EUR to 1.1906 EUR
- CAD: 0.6889 EUR to 0.6909 EUR
- USD: 0.9277 EUR to 0.9305 EUR
WorldFirst
WorldFirst Review
transferwise logoMin. Transfer: £ / € 1.
Transfer: Online or using the App.
Wire Fees: Based on amount.
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 1.1894 EUR
- CAD: 0.7003 EUR
- USD: 0.9295 EUR
Transferwise
Transferwise Review
currencies-direct logoMin. Transfer: £ / € 100.
Transfer: Online or by Phone.
Wire Fees: None.

Expected Rates* - All Amounts :
- GBP: 1.1715 EUR to 1.1894 EUR
- CAD: 0.6798 EUR to 0.6902 EUR
- USD: 0.9155 EUR to 0.9295 EUR
CurrenciesDirect
CurrenciesDirect Review
Italy BankBig International Transfer Fee + Currency Exchange Fee. Double The Cost Of Commercial FX.

Exchange rate would be approximately *:
- GBP: 1.1715 EUR to 1.1834 EUR
- CAD: 0.6798 EUR to 0.6868 EUR
- USD: 0.9155 EUR to 0.9249 EUR
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick but expensive.

Exchange rate would be approximately *:
- GBP: 1.1655 EUR or worse
- CAD: 0.6798 EUR or worse
- USD: 0.9155 EUR or worse
Paypal

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

MoneyCorp is one of the biggest and oldest companies in this sector. With time and constant development, the company has created a big infrastructure so can easily send money all over the important countries like USA, UK, Australia, France, Germany, China, Hong Kong or even the United Arab Emirates.

Currencies Direct provides a zero fee transaction to more than 100 countries. Some of the destinations can be quite exotic to say the least, where many banks have a difficulty sending money. Countries like Mauritius, Fiji, Kenya or Kuwait.

Important: Currencies Direct has their website completely translated in Italian in case you feel more comfortable in this language.

World First offers pretty much the same as the above two companies. The only real difference is, as you can see in the table above, the minimum transfer amount which is a little higher than MoneyCorp and Currencies Direct. Check out their website for more information.


Best Company to Transfer Money from Italy

Service Provider

Summary

Recommendation

MoneyCorp logoMin. Transfer: £ / € 50.
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
MoneyCorp
MoneyCorp Review

Supported Regions & Currencies

Being part of the European Union, Italy doesn’t need a state by state regulation for companies handling money transfers, like the USA legislation requires. You can send money from anywhere in Italy to everywhere in the world.

Currencies: All three of the listed companies work with a big array of currencies in order to support all of their customers needs. This is way it is so easy to make money transfers to countries like Sri LankaPolandAustriaBelgiumJamaica or even the Philippines.

If your need is to make small transfers every month or a few times per year, we would suggest to use TransferWise as they work with fixed spreads, which basically means fixed fees. With the rest of the companies, the bigger the transfer amount is, the bigger are the benefits.


Today’s Foreign Exchange Rates for EUR

GBP to EUR – Pounds to Euro; 10,000 GBP is 11,954.0000 EUR

EUR to GBP – Euro to Pounds; 10,000 USD is 8,365.4007 GBP

EUR to CAD – Euro to Canadian Dollars; 10,000 EUR is 14,415.2585 CAD

CAD to EUR – Canadian Dollars to Euro; 10,000 USD is 6,937.0938 EUR

AUD to EUR – Australian Dollar to Euro; 10,000 AUD is 7,038.3891 EUR

EUR to AUD – Euro to Australian Dollar; 10,000 USD is 14,207.7966 AUD

EUR to USD – Euro to US Dollars; 10,000 AUD is 10,704.3667 USD

USD to EUR – US Dollars to Euro; 10,000 USD is 9,341.9819 EUR

EUR to CHF – Euro to Swiss Franc; 10,000 USD is 10,701.0206 CHF

CHF to EUR – Swiss Francs to Euro; 10,000 CHF is 9,344.9031 EUR

NZD to EUR – New Zealand Dollar to Euro; 10,000 NZD is 6,547.6256 EUR

EUR to NZD – Euro to New Zealand Dollar; 10,000 USD is 15,272.7121 NZD


Money Transfer To Italy Bank Account

Even though it’s one of the youngest currencies, the Euro is the second most traded in the world. But it is easy to see why if you consider the fact that there are 19 European countries using it and most of them are the powerful ones like Germany, France, the Netherlands and, of course, Italy.

Real Estate: Italy is one of the hottest real estate market this year. After a continuous drop since the crisis in 2008, the decline has slowed considerably. The house prices are projected to drop by another 2% this year before getting on a positive level next year.

If the projections don’t change, the Italian market might see consistent growth in the near future, as more and more foreigners are already interested in high end properties. Many US buyer are returning to the market now that the US dollar has almost become the Euro’s equal.

Luxury Goods: Every market has a luxury category and many of them are found in Italy. We all want the new Ferrari and the new Gucci clothing line, right ? Well, not all of us.

Some have developed a business by acquiring vintage luxury items like cars, which can easily top the prices of the new releases from the same companies. Another example is the new trend of the Vintage Versace Frames which can easily be sold now for $300-$600 per pair.

Thinking Of Relocating To Italy?

If you consider relocating to Italy and live there as an expat, you may need to know about this stats.

Advantages Of Moving To Italy:

  • Affordable Food: 16% lower than UK.
  • Affordable Housing: 45% lower than UK.
  • Transportation Affordable: 61% lower than UK.

Disadvantages Of Moving To Italy:

  • High Unemployment Rate: Unemployment is 30%.
  • Limited English Speakers: The majority of the elderly population has not learned English even in the major cities.
  • Electricity is Expensive: 20% more expensive than UK and if you use too many things at once you will short the system.

Popular Destinations in Italy

Popular cities for business and real estate transactions in Italy are: Roma (Rome), Milano (Milan), Napoli (Naples), Torino (Turin), Palermo, Genova (Genoa), Bologna, Firenze (Florence), Catania, Bari and Venezia (Venice).


Finding the Cheapest Way to Send Money to Italy?

Believe it or not, the best way to send money to Italy is online through a Foreign Exchange company like the ones that we featured in the tables above. It is also the most secure way to send money to Italy. So, you win on both counts.

This is what you need to send money to Italy

  • Account Holder’s Full Name
  • IBAN
  • Swift Code
  • Your identity card

If you have all the details listed above, you will need to register an account very similar to the bank procedures because of the European Anti Money Laundering laws. But all in all, it’s a pretty simple process:

  • Create a free account with the preferred company.
  • Get a quote from one of the dealers.
  • Send the money to fund your account.
  • Get a confirmation from the dealer that they have completed your transaction.

Our Company Recommendation:


Regulations when sending money to and from Italy

Italy has no regulations or currency controls, as a member of the single currency Eurozone. Transferring money in and out of Italy is not restricted for non-residents and residents alike, despite being hit hard by the 2008 Eurozone crisis. This applies even to countries outside the Eurozone.

The Eurozone’s single payments system for all member states, as well as Iceland Liechtenstein and Norway, has simplified money transfers.

Banca d’Italia

Banca d’Italia (the central bank of Italy) oversees payment systems to ensure the stability of their financial sector.

The European Central Bank (ECB) sets the single monetary policy.

Transfer regulations

Foreign Direct Investments (FDI) in Italy do not require government approval. However, Italy has imposed a 0.2% tax on the purchase of shares in publicly traded Italian firms. This was done to curb potential capital flight from local financial markets, but is highly contested within the Eurozone.

Transfers over EUR10,000 must be reported on tax statements. This includes a series of transfers within a short space of time, the sum of which exceeds EUR10,000.

Transfers over EUR10,000 must be declared to European Union authorities.

Taxation on foreign income

Italian residents are taxed on any foreign income. Non-residents are taxed only on income originating in Italy. Double tax treaties are in place to avoid double-taxation.

Biggest banks in Italy

  • Unicredit
  • Intesa Sanpaolo
  • Mediobanca
  • Ubi Banca
  • Banco Popolare

After reading this money transfer guide, will you still use the banks when you need to send money to Italy? I don’t think so. And why would you if they charge your on every step of the way?

That’s why is wise to start using the FX companies we have listed in this article and start saving more by getting more out of your currency when you send money from Italy or to Italy.

4 Comments

  1. I am italian and Italy residence.
    I have a property in Dubai purchased in 2013 and I am selling now.
    How can I trasfer money to Italy, when Land Deparment give me the payment of the buyer in Check?

    I don’t have any account in Dubai.

    How can I use the International trasfer money?

    • Hello Renzo and thank you for your inquiry.
      You do not need a domestic account in Dubai at all.
      Choose a company like Currencies Direct from our table, open an account with them, and the buyer can pay their local account directly and you will repatriate it back to Italy.
      Ciao!

  2. I currently made a 580 euro payment on Paypal, the merchant told me that he is being charge euro 50 by Paypal, Is this true?

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