In 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 Way to Send Money to Italy
- Best Company to Transfer Money from Italy
- Today’s Euro Rates
- Reasons to Move Funds into Italy
- Regulation and Limitations
Best Company To Wire Money To Italy
* 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 difficulty sending money. Countries like Mauritius, Fiji, Kenya or Kuwait.
Important: Currencies Direct has their website completely translated into 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
|Min. Transfer: £ / € 50.|
Transfer: Online or by Phone.
Why Them? 2 Year Forward Contracts. Operating since 1979. £11Bn in Annual Turnover
Supported Regions & Currencies
Being part of the European Union, Italy doesn’t need a state by state regulation for companies handling money transfers, as 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 customer’s needs. This is why it is so easy to make money transfers to countries like Sri Lanka, Poland, Austria, Belgium, Jamaica or even the Philippines.
If your need is to make small transfers every month or a few times per year, we would suggest using 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
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 buyers 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 the UK.
- Affordable Housing: 45% lower than the UK.
- Transportation Affordable: 61% lower than the 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 the UK and if you use too many things at once you will short the system.
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
- 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:
- Send Money to Italy: Companies that provide international money transfers to Italy.
- Send Money from Italy: Companies that take on Italian Customers.
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 (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.
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
- Intesa Sanpaolo
- 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 you 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.