Best Money Transfer Companies in Italy

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If you have plans to transfer money to Italy from countries such as the UK, USA or Spain, what you need is a cheap international money transfer company that can assist you with your transaction. The fact of the matter is that it is more expensive to send money via a bank than it is with the international money transfer services we will be focusing on in this guide.

In this article, we discuss the best money transfer companies in Italy whose main goal is to assist expats, businesses and any other person with access to comprehensive currency rates that will allow them to carry out cheap international money transfers to and from Italy.

Transferring money from Italy abroad – how expensive is it with banks?

Bank Wire Fee
Banca d’Italia €44.13*
Banca Monte dei Paschi €27.57*
Banco Popolare €16.54*
Banca Carige €16.54*
Generali Group €8.83*

* Might be lesser depending on destination and account type. These are the maximum figures.

Therefore, if you look at the table above, should you decide to do an international money transfer through an Italian bank, expect to pay anywhere between €8-€40. You can be charged as much as 20% of the amount you want to transfer if the amount is small. For instance, if you want to transfer €200 to someone in the UK, you can be charged as much as €40. At the end of the day, there are other cheaper means of sending money overseas from Italy.

Transferring money from Italy overseas – currency costs

When making big money transfers (5 to 7 figure payments) from Italy abroad, you should take into account the currency exchange rate. If you choose to send the money via a bank, because banks tend to go for a currency rate that is worse than the actual rate, you will end up making a loss.

In the table below, we show you the amount of money that you are likely to lose if you choose a bank instead of a cheap money transfer company:

Reason for Transfer From To Cost in € Margin Paid in Currency Markups
Property Italy Spain €440,000 1.5%-2.5% ~€8,800
Business Italy USA €110,000 1.5%-2.5% ~€2,200
Luxury Item Purchase Italy France €55,000 1.5%-2.5% ~€1,100
Remittances Italy UAE €2,800 1.5%-2.5% ~€56
Portfolio Rebalancing Italy Any Currency €330,000 1.5%-2.5% ~€6,600

With a money transfer company in Italy on the other hand, you can expect to be charged a markup of less than 1%, and you will not have to worry about outbound wire costs. The money transfer firms will give you access to their current online system to enable you to carry out your international money transfer. You can also expect to be given a well-trained dealer to assist you to send your funds on time.

Our Top 3 Money Transfer Companies for Italy Transfers

We conducted an in-depth analysis and found that the three best money transfer services in Italy are:

Currencies Direct

Currencies Direct

  • Top-notch expertise
  • Outstanding online system and app
  • Devoted account manager for transfers over a certain amount
  • Zero fees on all outbound transfers
  • Offers forward contracts
  • Very positive client reviews on every platform

Currenciesdirect logo

Currencies Direct has locations in over 100 countries and it offers zero-fee transactions. The company has branches not only in first-world nations such as the US and UK, they also have their offices in exotic destinations such as Mauritius and Fiji. They also have offices in third-world countries such as Kenya. So, whether you live in Kenya or the UK, sending money to Italy through Currencies Direct is simple and fast.

Another added advantage of transacting with Currencies Direct is that their website is completely translated into Italian, making it easier for Italian nationals to transact online.

The company can provide bespoke services for any individual or business that wants to transfer huge sums of money. Because of the company’s FX options, free assistance by currency professionals and their Forward Contracts, not only will you be able to send the money abroad for cheap from Italy, they will also offer you a satisfactory rate.

Visit CurrenciesDirect For a Free Quote

Read CurrenciesDirect Review


WorldFirst ONLY works with corporate clients!

  • British company
  • Deals with most currencies in the world
  • Margins can be as low as 0.15% for big international money transfers!
  • Branches all over the world (except USA)
  • The owner is Ant Financial, one of the world’s largest payment conglomerates

WorldFirst-logo review page

WorldFirst provides the best foreign exchange rates in Italy when it comes to international money transfers for businesses. For smaller transfers the currency exchange fees begin at 0.5% and for big money transfers, the fees can go up to 0,15%.

The company has an unmatched reputation in this industry and has over 20 years of experience. The positive client reviews they have received so far are in their thousands.

Because of their nearly perfect track record, the company was bought by a Chinese conglomerate called Ant Financial in 2019 for $700m.

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Read WorldFirst Review



  • Expert Staff
  • Founded in 1972
  • First-rate website
  • Several hedging tools like Forward Contract for 2 years
  • The best rates for our readers!

moneycorp logo 40

MoneyCorp has been in the international money transfer business for a very long time, making it one of the biggest companies in this field. You can make inquiries via email or simply call them.  You will be assisted by a currency professional who knows the best time to carry out an international money transfer. Over the years, the company has managed to attain the requisite expertise to assist their clients. They also have branches in many countries including the USA, UK, China, Australia and France and Italy.

The company also focused on the travel money business, but as of 2017, it’s now 100% focusing on international money transfers. This resulted in the company redesigning its website and mobile application to make those platforms more suited to their new vision. The end result is a company that offers outstanding international money transfer rates and expert staff to assist their clients.

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Read Moneycorp Review

What you can find on our Italy money transfers guide

This guide is there to help you find the cheapest way to send money to and from Italy as you familiarize yourself with the top Italy money transfer firms. There are so many options available for people and companies who need to make money transfers. We will give you the pros and cons of each company, making it easier to choose one money transfer firm over another. Our goal is to make sure that transferring funds internationally is convenient for you. Because you can transact on the online systems, international money transfer companiesin Italy allow you to have total control over your money transfers.

Moneycorp is the best when it comes to service. Getting assistance from them, whether you call them or send them an email, is actually a pleasant experience. You will be assisted by a currency expert who will advise you of the ideal time to carry out an international money transfer.

Not everyone wants to buy property in another country, and not everyone wants to send their entire retirement money to another country. If you have family and friends who live abroad, you might simply want to send them small amounts of money every now and then. If you fall into that category of people, then we recommend that you use Wise money transfers instead. This is because they work with fixed fees. As for the other companies, you will get more benefits if you transfer bigger amounts.

Improved exchange fees made possible with money transfer companies

As long as you want to transfer money to another currency, especially if it’s a large sum of money, you will have to take into account currency rates. Banks make use of their system called the currency exchange rates to access foreign exchange. What some people might not know is that whenever you do a foreign currency transaction through a bank, the bank actually takes a small amount from each exchange, and they do not even inform their clients. Although a bank might tell you that they will not charge a commission on their exchanges, know that they are using another avenue to benefit from each transaction you make.

It is important to note that while some banks are not clear about the margins which they get from every currency transaction, some are very clear about it. However, their advertised markups can be as much as 2.5%, a percentage that is quite unreasonable. That is one of the ways banks are making money at the expense of their clients. So, at the end of the day you save more if you opt for the best international money transfer companies featured in this article. While there is no denying that there are certain banks that are cheaper, and some money transfer companies that are more expensive, our focus is on those money transfer firms such as Wise and WorldFirst which are very transparent when it comes to their transfer costs, and you can be assured that with such companies, you can save almost 90% of the costs.

Why Are You Looking to Make a Foreign Currency Transfer to Italy?

We are living at a time when our societies are becoming more global. Because of that, the number of people who are choosing to make investments in other countries or to relocate to another country such as Italy is also increasing. As a result, Italy foreign currency transfer companies are playing a very important role, assisting people to move their funds all over the world. However, your reason for transferring funds overseas is a huge determining factor when it comes to choosing the appropriate international money transfer company. In this next part of the article, we take a look at some of the reasons why people are choosing to transfer money abroad.

Making Mortgage Payments Abroad

Nowadays it is very common for people to make foreign currency transfers because they have an overseas mortgage. And, more and more individuals are choosing to buy property in Italy. If you have a mortgage on a house that you bought overseas, you will have to make regular mortgage payments, usually on a monthly basis. It is very important to make certain that your income is a similar currency to your mortgage. As long as they are different, the mortgage payments will be constantly changing due to the exchange rate fluctuations. You will definitely require the services of a money transfer professional to give you the best advice on how this can be managed.

An international money transfer company will make the monthly payments on time on your date of choice. In other words, the company will provide maximum convenience by making sure that everything is done without you playing any part. When it comes to the exchange rate, you have two choices, either you use the daily exchange rate or you work with the forward contact. With the forward contract, you will have a fixed current exchange rate for every transfer for up to 24 months.

Solution – Moneycorp or Currencies Direct

Sending Money to Family and Friends

There are many people who make the decision to move to another country because they are in search of greener pastures. They apply for jobs overseas with the intention of taking better care of their families back home. So, this group of people requires the services offered by international money transfer companies. Maybe you are one of those people living outside Italy and you want to send money on a regular basis back home. Alternatively, you might have a family member, such as your son or daughter who is currently studying in Italy, and they need money on a regular basis. Whatever the reason is, using a bank to send the money will be very costly for you, especially considering that you will be sending small amounts of money. The best companies to help you to transfer small amounts would be either Currency Fair or Wise.

Solution – Currency Fair or Wise

Buying a Property Overseas

Another reason why people need the services offered by international money transfer companies is to purchase or sell property. You might be one of the many people considering relocating to another country either temporarily or permanently, and Italy is top on your list. If that is the case, make sure that you choose a company which has the currency you require. The good news is that most money transfer firms, including those mentioned in this article have more than 50 currencies on offer. It is important to note however, that certain firms such as Wise only allow you to send a maximum of $1,000,000. Meaning that if the property you plan on buying is above a million dollars, you have to go for a firm such as Moneycorp which does not have any limits.

Solution – Moneycorp

Pension Transfers

In the past, the only thing that people looked forward to when they retired was spending the last years of their lives with their loved ones, in their hometown. And, when they had reached an age where they couldn’t take care of themselves, they would simply be taken to an old people’s home. The situation is very different now. More people are actually choosing to retire abroad. It can be because they have always wanted to live in another country, or they simply love the weather or people in a different country. If you are planning on retiring to Italy, you will without a doubt need a money transfer company to assist you with your pension transfers.

As stated before, currency markets are always fluctuating and this can affect the amount of money which you will receive. What you need is someone who specializes in foreign currency transfers to assist you. It should not come as a surprise to you to hear that the currency market has fluctuated by as much as 10% in a short period of time, as this is very possible. Because pension funds are usually huge amounts, it is best that you opt for a foreign currency transfer company such as Moneycorp which does not have maximum limits when it comes to sending money abroad.

Solution – Moneycorp

Cheap International Money Transfers – What Makes Italy Stand Out

When it comes to offering cheap international money transfer services, Italy has managed to stay ahead of many other countries because they understand the importance of moving with the times. The money transfer companies are always making the necessary transformations to ensure that all their clients are fully satisfied. Because of their dedication to providing world-class services, making an international money transfer to Italy is not only affordable, but also simple. This and the fact that many international money transfer companies also have their branches in Italy, makes it very convenient for people to send money to Italy from most countries in the world.

Alternative Money Transfer Companies in Italy

Although this article has focused a lot on foreign currency transfer companies like Moneycorp, there are alternative money transfer companies that you can go for if you want to send money to Italy. These companies are preferred by people who want to send small amounts of money on a regular basis; for instance, someone who sends money to his or her loved ones every month. In such instances, you don’t need to approach a company such as Moneycorp for assistance. Although these alternative companies are not cheap, we are of the views that they are worth the mention.


The fact that Moneygram has branches in over 200 countries is a sign that it is doing very well when it comes to money transfers. It is also a clear sign that it is a convenient way to transfer funds to almost anywhere in the world. The company makes it very easy to send funds. You can do so at any one of their locations, over the phone or online. It might be hard to believe but, in some countries for instance African countries, quite a number of people do not have a bank account as they live in rural areas. The benefit of transferring money using Moneygram is that the person receiving money does not have to have a bank account. However, you have to be prepared to pay the fees which are quite high; expect to be charged a markup of up to 3% and a payment fee of up to $35.

Western Union

Another alternative option is Western Union, which is very similar to Moneygram. The company also has many branches in more than 200 countries, also making it a convenient way to send money abroad. The transactions can be done online and they are instant. The moment the funds are transferred the recipient can immediately go to any one of the locations with the tracking number and their Identity Document to collect the funds. The process is very easy and quick. But, sending money will not come cheap. Expect to be charged a markup of up to 4%.

Concluding Thoughts

There are many foreign currency transfer companies to choose form if you want to send money abroad from Italy. But it is very important that you choose the right one for you. Not all of them are cheap and not all of them will cater to your specific money transfer needs such as sending large sums of money. It can also be very expensive to send money via a bank. So, at the end of the day, your best option is a cheap money transfer company.

Italy is ahead when it comes to cheap international money transfers to and from Italy because the industry there has manged to remain current in an ever-changing global society. If you are looking to transfer money to Italy, simply choose one of the best cheap international money transfer companies on our list.