Send money internationally to Italy (EUR) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Italy
What is the best EUR exchange rate today?
How much does it cost to send money to Italy?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
A few figures about demographics and remittances in Italy
How many Italians are abroad?
Almost 3 millions of Italians actually live outside Italy, mainly in Germany (around 430'000), United States of America (400'000), France (360'000), Canada (340'000), Switzerland (260'000), Australia (230'000).
How many foreigners are in Italy?
5,7 millions of foreigners live in Italy, of which: 1 million come from Romania, 450'000 from Albania, 425'000 from Morocco, 230'000 from Germany, 215'000 from Ukraine.
9,5 billions of $ have been sent to Italy in 2015. Based on the previous figures it is not surprising to observe that the most important remittances to Italy come from the US, Germany and France, followed by Canada, Switzerland and Australia (according to the Official report of the World Bank 2015).
What solutions exist to send money to Italy?
From the European Union: Making international money transfers within the European Union is now (in theory at any rate) easier and less costly than it used to be, as a result of EU moves to create a single system for electronic payment borders.
If you transfer Euros between countries within the European Union (plus Iceland, Liechtenstein, and Norway) then the charges that apply should be same as those that apply to corresponding transfers within a country.
From outside the European Union: There are no international conventions, so each bank is free to apply their own charges.
The first place many people go when they need to send money abroad is to their bank. While banks can certainly send money overseas for you, they unfortunately charge huge fees for doing so and offer exchange rates far below the mid-market rate.
You better have to look at a money transfer company to wire funds. There are plenty of options out there to send money to France. These companies are specialized in international transactions and can offer much better exchange rates than any major bank. They usually also charge lower fees and guarantee fast and secure transfers. The best practice is to compare the solutions with a comparison service for international money transfers.
What to compare?
- Payment method: your options are bank transfer, credit card, debit card or cash deposit. The transfer can be more expensive or slower depending on the method used. Generally speaking, a bank deposit will take longer than a card or cash deposit, but a transfer by card is more expensive.
- Delivery method:many options are available to receive the money on the other side: bank deposit, cash pickup, prepaid debit card, ATM withdrawal or SWIFT. There are also options like email, mobile recharge, mobile wallet (not so used in France), and home delivery.
- Speed of transfer:the speed of the transfer is dependent on the chosen MTO. Generally, if you need an urgent transfer, the fastest way to send money abroad is to pay it by credit card and to receive it by cash pick-up or via mobile or to use the MTO's express service. This will be more expensive.
- Transfer cost: there are two types of fees charged on a transaction. There are the flat fees which depend on the amount sent. And then there are what we call the �hidden fees�, those related to the exchange rate charged by the money transfer operator. What often occurs when comparing operators is that we only look at the transactions fees announced. But you also have to look at the exchange rate used! This can make comparing costs very complex because you have to consider the total cost of the transfer and not only look at the fix fees announced by the MTO.
- User experience:comparing the transfer delay and the transfer cost is important. Another important aspect to consider is the ease of the service. Some services are easy to use while others can reveal a nightmare experience.