Tax guidelines and regulations for large money transfers into Europe

Here's what to consider when immigrating, funding a business or studying abroad requires a large transfer.


Fact checked

Whatever your reasons for sending money to Europe, there’s a lot to consider. While international money transfer specialists have taken the headache out of getting your money to Italy, the UK and countries in-between, you may be on the hook for taxes on large transfers into the eurozone or out of the Philippines.

We’ve gathered the tax info that goes along with moving large amounts of money to Europe.

Compare providers for sending money to Europe from the Philippines

Name Product Minimum Transfer Transfer Time Transfer Fee
Western Union
Western Union
Same day
Send money online to friends and family around the world with Western Union.
1 day
USD 9.99
Easily transfer cash to more than 350,000 locations around the world.

Compare up to 4 providers

How Europe regulates large remittances

Each country in Europe has its own gift tax, which is the tax your recipient pays when you gift money or property valued above a specified amount. Some countries exempt gifts from the burden of taxation altogether, while others consider the relationship of you to your gift beneficiary.

Here’s a general rundown of how European countries handle the gift tax at the time of writing.

Country Gift size exempt from taxation
Albania No gift tax
Andorra No gift tax
Armenia No gift tax
Austria No gift tax
Azerbaijan Exempt from gift tax if received from family members
Belarus Tax law provides exemption for inheritances and partial exemption for general gifts
Belgium 3–30% of the gift amount
Bosnia and Herzegovina 2–10% of the gift amount
Bulgaria 0.4–0.8% on inheritances from family members and 3.3–6.6% for other beneficiaries
Croatia 5% if gift is worth more than HRK50,000
Cyprus No gift tax
Czech Republic 1–40% depending on degree of family relationship
Denmark No gift tax
Estonia No gift tax
Finland €1 to €4,999
France 5–45% of gift amount, depending on degree of relationship
Georgia No gift tax, though inheritance taxes depend on degree of relationship
Germany Remote relatives or family typically pay higher taxes
Greece Varies by relationship of giver to recipient
Hungary 2–40% of gift amount, depending on degree of relationship
Iceland Gifts for special occasions are exempt provided they’re “not of extraordinary value”
Ireland Varies by relationship of giver to recipient
Italy Up to €1 million exempt for spouses, children and grandchildren
Kazakhstan No gift tax
Latvia No gift tax
Liechtenstein No gift tax
Lithuania €2,500 provided that gifts come from close relatives
Luxembourg 0–48% of gift amount, depending on relationship to beneficiary
Macedonia 2–5% of gift amount, depending on relationship to beneficiary
Malta No gift tax
Moldova No gift tax
Monaco Rates vary depending on relationship to beneficiary
Montenegro No gift tax
Netherlands Exempt up to €4,479, depending on relationship to beneficiary, or up to €22,379 once in a child’s lifetime
Norway No gift tax
Poland Rates vary by relationship of giver to recipient
Portugal No gift tax
Romania No gift tax
Russia No gift tax
San Marino Up to €1 million exempt for spouses, children and grandchildren
Serbia 1.5–2.5%, depending on relationship to beneficiary
Slovakia No gift tax
Slovenia €5,000 for immediate successors
Spain 7.65–34%, depending on value and relationship to beneficiary
Sweden No gift tax
Switzerland No gift tax
Turkey 10–30%, depending on the gift’s value and relationship to beneficiary
Ukraine No gift tax
United Kingdom No gift tax
Vatican City Up to €1 million exempt for spouses, children and grandchildren

Do I have to report large transfers out of the Philippines?

You personally won’t have to report any amount of money you transfer out of the Philippines. The bank or money transfer company you use will do this for you. They are required to report any suspicious transfers or transfers over ₱500,000 to the Anti Money Laundering Council.

How will my recipient receive my remittance in Europe?

Your many options for sending money to Europe include bank-to-bank transfers, cash pick-ups and transfers to mobile wallets.

If your friends or family are picking up your money in person, they may need to show government-issued ID or a transaction confirmation number to prove they’re your intended recipient. For electronic transfers to their bank account, they won’t need to provide any additional information.

Confirm with your bank or independent money transfer provider the exact information your friends and family might need to receive your funds.

As with all money transfers, be wary of potential fraud and only send money to people you know. Using a reputable provider can safeguard you from potential scams.

Sending money to Europe

If you’d like to know more about sending money to particular countries in Europe, check out our guides on some of the most popular remittance countries:

Bottom line

If you’re initiating a large overseas transfer, both you and your recipient may be required to report it on your taxes — and depending on which country they live in, they may need to pay a gift tax or report it as foreign income.

As with all international money transfers, compare providers to get the best deal before initiating a transfer, and be protect yourself from fraud by only sending money to people you know. Using a reputable provider can safeguard you from potential scams.

Back to top

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy Policy and Terms.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site