Do you, like many others, want to send money to Italy but cannot determine the best way forward? Banks, as you might know, are not the best alternatives when carrying out overseas money transfers because they tend to rate poorly when it comes to cost effectiveness and speed. Fortunately, a number of overseas money transfer companies give you easy means to transfer money to Italy.
Transfer Money to Italy
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Italian lira (ITL) was the official currency of Italy from 1861 to 2002. It was used as a subunit of the euro (EUR) from 1999 to 2002. However, only lira was used for cash payments during this period because of the unavailability of euro coins and notes. Since 2002, the euro has been the official currency of Italy.
Carrying out a transfer to a bank account in Italy requires that you provide:
- The recipient’s complete name
- Name of the receiving bank
- The recipient’s bank account number
- The bank’s SWIFT/BIC code
Given below are SWIFT/BIC codes of some prominent Italian banks.
|Banca Nazionale Del Lavoro||Acilia (Roma)||BNLIITR101Z|
|Ubi Banca (formerly Banca Popolare Di Bergamo)||Roma||BEPOIT21111|
Popular Currency Corridors
More than U.S. $9.7 billion was sent in remittances to Italy in 2016. Over U.S. $15.9 billion was sent from Italy as remittances to other countries in the same year. These numbers do not take into account business-related transfers.
Check the tables below to find out which the top currency corridors are and how much money moved in and out of the country as remittances in 2016.
How Do I Compare Companies When Transferring Money to Italy?
No matter whether you want to send money to Italy from the U.S., Germany, France, Canada, or any other country, comparing your alternatives across different parameters will hold you in good stead. The same points also require your attention if you wish to transfer money from Italy to the U.S., France, China, or elsewhere.
- Exchange rate and fees. The exchange rate you get and the fees you need to pay have an effect on the cost of your transfer. Since both tend to vary from one company to another, take a look at how much money the recipient will receive to select the most cost effective option.
- Processing time. The time your transfer takes to process depends on the transfer method and the service provider you select. Single Euro Payments Area (SEPA) transfers to Italian bank accounts process in one to two working days. Banks account transfers from other countries may take four to six working days. Transfers to cash pickup locations tend to go through almost immediately.
- Payment methods. How you wish to pay for your transfer may have a bearing on the company you select. Just about every company lets you pay via bank account transfers. Finding companies that accept debit and credit card payments is easy. Some even accept payments through region-specific methods such as SOFORT, iDEAL, and POLi.
- Customer service. While sending money to Italy is usually a trouble-free process, you might need to get assistance or extra information at some point. Not many overseas money transfer companies provide over the phone support. Email and chat support is much easier to find. Online platforms such as Trustpilot and Feefo give you easy means to find out how your chosen company fares on this front.
How to Send Money to Italy?
When transferring money to Italy, you may initiate the process in different ways.
- Online. If your bank lets you transfer money to Italy, there is a good chance you can use its online banking platform to get started. The leading overseas money transfer companies also let you carry out transfers online, and several even offer apps for mobile devices.
- Over the phone. You may initiate your transfer over the phone depending on the company you select. Some companies even give their customers access to dedicated currency brokers.
- In-person. Banks that let you transfer money to Italy give you the option of initiating the process by visiting a branch. You may also turn to overseas money transfer companies that operate out of physical locations or have agent networks.
Marco had to move to the U.S. because of work, while his parents and younger sister continued living in Italy. Since his father had retired a few years earlier, it was upon Marco to support his family financially. As a result, he sent them U.S. $3,000 every month. He used a prominent American bank for the first few months and then decided to compare his options. This is what he discovered.
|Bank||Money Transfer Service|
|Exchange rate||$1 = EUR 0.7908||$1 = EUR 0.8070|
|Amount received for $3,000||EUR 2,348.67||EUR 2,421.00|
|Transfer time||3 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 72.33|
Using the overseas money transfer company instead of the bank came with multiple benefits. Marco’s family received a little extra money each time and it got to them quicker than before. Besides, he had the option of locking in exchange rates for subsequent transfers and he could also schedule them according to his needs.
Cash Pickup Locations in Italy
An easy way to send money to Italy in a hurry is to transfer it to a cash pickup center. A number of companies such as Ria, Western Union, and MoneyGram have agent networks in this country.
|Ria in Italy|
|Roma ABC SNC Di Shaeen Alam, Piazza Dei Cinquecento 48, Roma||Alauddin Mohammed, Piazza Dei Dei Cinquecento 43, Roma|
|Milano Huda Nazmul, Piazza Argentina Snc, Milano||Shafi Sami Di Jahan Dilruba, Via Bisceglie SNC Fermata M1 Bisceglie, Milano|
|MoneyGram in Italy|
|Roma Poste Italiane, Via Terme Di Diocliziano 30, Roma||Poste Italiane, Via Firenze 36, Roma|
|Milano Poste Italiane, Via Mazzini Giuseppe 15, Milano||Poste Italiane, Piazza Cordusio 1, Milano|
Safety Tips for Picking up Cash in Italy
Italy has low levels of crime, although there are several instances of petty crimes such as pick-pocketing and bag snatching, especially around big city centers. Bear in mind that thieves may use different methods to distract you. When collecting money from a cash pickup location, exercise basic caution. If you have to collect a large amount, try to take some you trust with you.
If you exchange currency at places other than banks or legitimate Bureaux de Change locations, make sure the notes you receive are genuine.
There have been reports of thieves targeting tourists travelling in rented cars in and around Rome, Pisa, and Milan. When you are not in your car, keep valuables out of plain sight. Do not leave your drink unattended as there have been instances where victims of spiked drinks have been robbed. Remain vigilant when travelling on public transport and keep your belongings in sight at train stations at airports.
What Information Do I Need to Transfer Money to Italy?
The information you need when transferring money to Italy depends on the transfer method you choose.
- Bank account. The information you need includes the name of the recipient, a bank account number, the name of the receiving bank, and the bank’s SWIFT/BIC code.
- Cash pickup. All you need is the name of the recipient and the location of a cash pickup center. The recipient may collect the transferred money by presenting a valid form of ID along with a reference number.
Regulations When Transferring Money To and From Italy
As part of the Eurozone, Italy does not have its own regulations surrounding currency controls. While it follows the single monetary policy set by the European Central Bank (ECB), Banca d’Italia (the central bank of Italy) oversees the country’s payment systems. There are no restrictions on moving money in and out of the country for residents and non-residents alike. Any transfer of €10,000 or more to Italy needs to be reported on the recipient’s tax statement.
When you need to send money to Italy make sure you take some time to compare your options well. Look for promotional coupons offered by some overseas money transfer companies as they can lead to even more savings.
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