World First International Money Transfers
Most Convenient money transfers with excellent customer service. Send to 140+ currencies in 45 countries.
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- Enjoy competitive exchange rates.
- Get even better exchange rates with forward contracts and limit orders.
- Receive weekly updates on market exchange rates.
Compare international money transfers to Italy
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Italy. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.
Laws and legal documents when transferring large sums of money into Italy
Banks versus money transfer companies
You might think the best place to go when you need to send an international money transfer is to your bank. While your bank can certainly help you send money to Italy, however, they won’t do it cheaply. High fees and low exchange rates are hallmarks of international transfers through banks, so you’re better off looking elsewhere for a more cost-effective solution.
Specialist money transfer companies are the best place to start. These companies, such as OFX and WorldRemit, offer fast, secure and much more affordable transfers to Italy and around the world. Their fees are usually lower than the banks’, their exchange rates higher and the transactions can be handled from the comfort of your own home.
Filippo Sends Money to Italy
Filippo is a professional soccer player in the MLS. He wants to send a $1,000 gift to his sister back home in Florence for her 30th birthday, but the idea of paying his bank’s $50 transfer fee is too much to bear. He compares two money transfer companies in the hope of finding a more affordable solution.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 USD = 0.89 EUR||1 USD = 0.87 EUR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||3 business days||1-3 business days|
|Amount received (in EUR)||890 EUR||870 EUR|
As you can see, Filippo can send an extra 20 euros to his sister if he uses the second transfer company.
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, as of January 2018, one dollar is worth approximately 85 euro cents. The euro’s exchange rate is flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Currency exchange rate for Italy
How to compare transfer companies when transferring money to Italy
- Exchange rates. A better exchange rate means more money for your recipient, so look for a company that offers attractive exchange rates.
- Fees. A hefty transfer fee can easily turn an affordable transaction into an astronomically expensive one, so check how much each provider will charge for handling your transfer.
- Transfer methods. Can you send your transfers online, through a mobile app, by calling the company or visiting one of its branches?
- Transfer options. Can you lock in an ideal exchange rate now and transfer the money later, known as a forward contract? Does the institution offer limit orders, which allows you to take advantage of changing market conditions by executing the money transfer when a certain exchange rate is met? Can you schedule recurring payments?
- Turnaround time. How long will it take for your money to arrive? Processing times can vary from a few minutes to several days.
- Minimum limit. Some companies will impose a high minimum limit on all transfers, a fact that can be quite restricting if you don’t want to transfer very much money.
- Pickup methods. Can the cash you send be collected from a branch in Italy, and if so, how many branches does the provider have? Alternatively, can you send funds via bank account transfer.
- Customer service. If you ever have a question or a problem, when will customer support be available and how can you access it?
How to send money to Italy from America
- Bank transfers. A transfer from your bank account to an Italian bank account is a secure option but will typically cost you more.
- Online money transfer providers. Send money all around the world and enjoy cost-effective transfers when you use a specialist online transfer company.
- Money transfer companies with cash pickup options. Ria, MoneyGram and Western Union all offer this convenient service.
- PayPal. PayPal allows its customers to use their accounts to send international money transfers.
- Checks. An international check from your bank can be sent to your recipient in Italy.
Steps to send money to Italy
- Register for an account with a provider; you will need to supply your name, address, contact details, proof of ID and information about your selected payment method.
- Provide your recipient’s information and contact details.
- Select the amount you want to transfer and complete your transaction.
- Keep your receipt to monitor the progress of your transfer.
Same-day cash transfers in Italy
There are certain circumstances where you may need to send a transfer urgently, for example, if your son or daughter is traveling through Italy and has their wallet stolen. When this happens, there are companies that can get the funds to your recipient in minutes, but you’ll have to pay extra for the privilege of a rapid transfer. Higher fees and lower exchange rates may apply, so check the fine print to determine the total cost of your transfer first.
Tips for picking up cash in Italy
Italy is a safe travel destination for American tourists, but you should still take care whenever you pick up cash from a transfer agent. This means staying aware of your personal safety at all times and taking a few steps to prevent yourself becoming a target for thieves.
- Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
- Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
- Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
- Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.