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
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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 Bank||Money Transfer Company|
|Exchange rate||$1 CAD = 0.6343 EUR||$1 CAD = 0.6598 EUR|
|Amount in EUR received for $1,000 CAD||634.30 EUR||659.80 EUR|
|Transfer time||Usually 2 business days||Less than 24 hours|
|Transfer options||bank transfer||bank transfer|
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.
Via Pollio 50 Interno Cc Auschan
Roma, Rm 159
Open seven days a week from 9am to 9pm
Banco Popolare Di Milano
Piazza Della Repubblica 54
Roma, Rm 185
Open Monday through Saturday 8:30am to 4pm. Closed on Sunday
Box Interno Stazione Ferroviaria
Piazza Garibaldi Snc
Napoli, Na 80100
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
Open Monday through Saturday 7am to 7:30pm. Closed on Sunday
Global Expert SRL
Via Modena 48
Open Seven days a week from 9am to 8 pm.
Poste Italiane #55195
Via Terme Di Diocliziano 30
Open Monday through Saturday 7:30am to 8pm. Sunday closed.
Piazza Garibaldi 80
Open seven days a week from 9am to 6pm.
Via Antonio Ranieri 10
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.