Send Money to Italy Effectively

Stop settling for high fees and bad exchange rates when sending cash to Italy

If you’ve been sending Euros to Italy without much thought for what company or bank you use, chances are your money isn’t working as hard as it could be.

With the large number of money transfer services in the market today, you can send money faster, cheaper and with more options than you can with many banks.

In the example below, we show you how you can send money to Italy and save extra cash on a transfer of $1,000 Canadian dollars.

Find the right transfer service for you in the table below

Rates last updated February 22nd, 2018
Name Product Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received Description
TorFX International Money Transfers
USD 150
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
TransferWise International Money Transfers
$5
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
Exclusive: World First International Money Transfers
USD 1,000
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
HiFX International Money Transfers
$50
2 days
Online, Phone, Agent
Make your first transfer for free

Send money in more than 40 currencies.
Citibank Plus Everyday Account
$0
Same day
Online, Phone, Agent, Bank Account to Bank Account
A transaction account with free transfers to any country and no foreign transaction or international ATM withdrawal fees.
Compass Global Markets International Money Transfers
$1,000
1 day
Online, Phone
Send money overseas in at least 140 currencies.
HSBC Multi Currency Account
$0
3 - 5 days
Online, Bank Account to Bank Account, Cash Transfer, International Money Order
A multi-currency bank account with up to 10 currencies in one account.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

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Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. Our foreign exchange experts offer a best rate guarantee, are ASIC authorised and never charge transfer fees.

They can help you with all your needs including:

  • Buying property abroad
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Send more Euros to Italy by selecting the right transfer company

Case study: Heather Transfers Funds to Italy

Alessandra is considering moving from her home in Italy to Toronto to live with a friend she met in university. The trouble is she still has student loans to pay off and will need to find a secure way to make these payments.

Knowing her parents will accept transfers and make the deposit for her, Alessandra decides to check the money transfer options she will have while in Canada by seeing how many Euros (EUR) her parents will receive for every $1,000 Canadian Dollars (CAD) that she sends.

Canadian BankMoney Transfer Company
Exchange rate$1 CAD = 0.6343 EUR$1 CAD = 0.6598 EUR
Transfer fee$20$10
Amount in EUR received for $1,000 CAD634.30 EUR659.80 EUR
Transfer timeUsually 2 business daysLess than 24 hours
Transfer optionsbank transferbank transfer
Difference25.50 EUR

Using a money transfer service saves Alessandra an extra 25.50 EUR with the higher exchange rate, which amounts to a saving of 306 EUR over the course of the year (since she makes 12 payments). The monthly transfer fee is also $10 Canadian dollars lower than the bank fee charged to transfer money, saving her yet another $120 Canadian dollars a year on fees.

Get the most out of your transfer with these tips

There are a few other factors you must consider when comparing money transfer options including:

  • Exchange rate. Two exchange rates can often look similar, but once you see them applied to a large amount of money, it is obvious how small changes in the decimal amount can make a big difference.
  • Transfer fee. As you can see, the transfer service in the example above charges much less in fees. When comparing fees, take into account the exchange rate offered since some companies will hide poor exchange rates in low fees.
  • Transfer options. The bank offers cash pick up options as well as international money orders and bank to bank transfers. They also have a bill pay option that Alessandra may be able to use to send the money directly to her student loan creditor. Specialist money transfer companies will offer less transfer options, but these options may include direct bank to bank transfers, mobile transfers and cash pick up options.
  • Transfer time. Alessandra might not need the funds to reach her parents quickly, so this might not be much of a problem, but she should know that some money transfer services can have funds available within minutes. On the other side of the spectrum, some services can take up to five business days.
  • Customer service. If you are planning on sending money to Italy on a regular basis, it is a good idea to check into dispute resolution processes for the institution in the event that there is an error or delay with your transfer. Some companies will offer 24/7 support, while others may only be available a few hours a day.

How to send money to Italy from Canada

Since Italy and Canada both use well established currencies and have a strong relationship, you will find a number of options available for sending money from Canada to Italy including:

  • MoneyGram. MoneyGram offers cash pick up and bank account deposits for recipients in Italy.
  • OFX. OFX offers a range of options for sending money to Italy from Canada.
  • Western Union. For money transfers to Italy, Western Union allows for both cash pick up and bank transfers.
  • TransferWise. TransferWise uses a unique peer-to-peer lending system to ensure you get the best deal when sending money to Italy.

Get your hands on emergency cash while in Italy

Italy is a popular travel destination for Canadians. If you find yourself in sudden need of cash due to a loss or robbery, you have a few options to consider:

  • Travel insurance. Travel insurance will usually include provisions for getting you emergency cash. Make sure to save any supporting documentation, such as a police report, for when you file your claim.
  • Transfer service. A Canadian does not need to be a resident of Italy to pick up cash at a specialist money transfer company branch location. Just make sure you have your identification and the details of the transfer.
  • Credit card. A number of credit card companies also include complimentary international travel insurance for holders of their card. With this coverage, the insurer may send you a cash advance in the event of an emergency.

Find a cash pickup location in Italy with this brief list

Below you will find some of the cash pick up locations in Italy for two of the most popular specialist money transfer services, MoneyGram and Western Union. Before you go to the agency to pick up the cash, it’s a good idea to call ahead to verify the hours and check to see that they have the entire sum of cash on hand.

Western Union

  • Rome

    Tamburro Fortuna

    Via Pollio 50 Interno Cc Auschan
    Roma, Rm 159
    +39-6-43599195
    Open seven days a week from 9am to 9pm

  • Banco Popolare Di Milano

    Piazza Della Repubblica 54

    Roma, Rm 185

    39-800464464

    Open Monday through Saturday 8:30am to 4pm. Closed on Sunday

  • Naples

    New Star

    Box Interno Stazione Ferroviaria

    Piazza Garibaldi Snc

    Napoli, Na 80100

    +39-800220055

    Open seven days a week from 9am to 7pm.

  • Nuvola Grigia Di Errico Guido E C SAS

    Corso Vittoriio Emanuele Int Staz Fs

    Napoli, Napoli 80100

    +39-81-662624

    Open Monday through Saturday 7am to 7:30pm. Closed on Sunday

MoneyGram

  • Rome

    Global Expert SRL

    Via Modena 48

    Roma, 00184

    +06-64006319

    Open Seven days a week from 9am to 8 pm.

  • Poste Italiane #55195

    Via Terme Di Diocliziano 30

    Roma, 00185

    +06-48886920

    Open Monday through Saturday 7:30am to 8pm. Sunday closed.

  • Naples

    Ricafrente Servizi

    Piazza Garibaldi 80
    Napoli, 80142
    +08-119180897
    Open seven days a week from 9am to 6pm.

  • Sikander Hayat

    Via Antonio Ranieri 10
    Napoli, 80139
    +08-1261440
    Open Seven days a week from 8:30am to 10pm.

Tips for picking up cash in Italy

The Canadian Government recommends that Canadians travelling to Italy exercise a normal degree of caution. When picking up cash, it is always a good idea to be extra vigilant and travel to and from the agency using reliable and well known means of transportation, no matter where you are in the world. Have your photo identification with you as well as the tracking number for the transfer.

If you choose the money transfer option to send money to Italy from Canada, your recipient is going to need the following information when arriving at the agency:

  • Contact information. Your full name and location to verify the transaction.
  • Tracking code. Each money transfer is given a special code which your recipient must supply on pickup.
  • Amount sent. The agent will also ask how much money they are expecting to receive.
  • Photo identification. It is important that the name given to you from the recipient is an exact match for the way it is shown on their photo identification.

At the conclusion of your transaction, you will be given documents with the tracking number. Save those documents after sharing that number with the beneficiary in the event that there is a problem with the transfer.

There are a number of reasons why Canadian residents and Italian immigrants would have reason to send money from Canada to Italy. It is important that you consider your circumstances when comparing the various transfer options to make sure that the option you choose is giving you the best value for your money.

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