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There are lots of companies and banks that offer money transfers to Italy, and by comparing exchange rates and fees, you can find the best deal for your next transfer.
Pay no fees when you send money abroad with Simplii Financial.
Use our comparison calculator to assess transfer fees, exchange rates and other details for sending funds to Italy with our money transfer partners.
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Italy. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Companies like XE specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s Italian bank account, often in as little as a day or two.
Services like MoneyGram, Remitly and Western Union allow you to transfer cash for pickup at a local branch in Italy— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
Italy uses the euro. The euro is a popular currency, so your local bank may be able to exchange them. If your bank supports the euro, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Italy.
Let’s say you need to send $1,000 to family in Italy. Here’s what you might face as far as fees and exchange rates as of November 7, 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$0||$4.99||$50 + additional correspondent bank fees|
|Exchange rate||1 CAD = 0.6448 EUR||1 CAD = 0.6211 EUR||1 CAD = 0.6053 EUR|
|Transfer speed||1-2 day||Same day||2-5 days|
|Amount received||EUR 638||EUR 618||EUR 575|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in Italy. If you go with the digital money transfer service, your recipient ends up with EUR 62 more than the bank offers. If speed is crucial, or your recipient wants to pick up cash, a cash transfer can typically have your transfer to Italy in as little as an hour. Confirm there is a cash pickup location near your recipient before sending.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to Italy to best meet your needs:
When urgency trumps cost to get your money to Italy quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Italy’s exchange rate is flexible compared to the Canadian dollar, and the CAD-EUR relationship typically changes daily. Factors that influence the exchange rate include interest rates, economic stability and inflation.
To send money to Italy from Canada, you’ll need government-issued ID and other documents, while documents needed to pick up money in Italy may differ by company.
To send money from Canada to Italy, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
There are no taxes simply for receiving a money transfer in Canada. However, an incoming transfer could trigger a tax if the money is earned or used in a taxable way. For example, if you receive money as profit from an overseas business venture, you’ll have to report this on your annual tax return as part of your income. Learn more about tax regulations for large international money transfers into Canada in our guide.
Sending your hard-earned money to Italy shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
Need access to cash? Cash Money lines of credit offer flexibility to borrow as much or as little as you need, up to a maximum of $10,000.
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