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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.
You can send money to Italy using 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.
Although a local bank might be an obvious choice if you want to send money to Italy, you can expect high exchange rates and multiple fees to get your money into the hands of the person who needs it.
If you need a quick option, banks also fall short — it could take up to a week to send money to Italy, while money transfer companies may be able to exchange your money in a few hours.
Specialist money transfer companies are the best place to start. These companies — such as OFX and WorldRemit — offer fast, secure and much more affordable services. The fees are usually lower than what you’d find at a bank, exchange rates are higher and the transactions can be handled from the comfort of your own home. This gives money transfer companies a competitive edge over banks, so consider one when you need to send money to Italy.
Filippo is climbing the career ladder in London. 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 that both send money to Italy in the hope of finding a more affordable solution.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 GBP = 1.135 EUR||1 GBP = 1.121 EUR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||1-2 days||2 days|
|Amount received in EUR for £1,000||1,131 EUR||1,121EUR|
Although there’s little difference in the overall costs here, Filippo can send a bit more money to his sister more quickly if he uses the first transfer company.
Exchange rate determines how much money you can get when you convert it to the currency of another country. The GBP and EUR have traditionally been competitive with one another, but for the most part, the pound is the stronger currency. This means if you want to send money to Italy you’ll get just over one euro for every pound.
Exchange rates for Italy
If you need to send money to Italy urgently, some companies 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.
Italy is a popular travel destination for tourists from the UK, 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.
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