How to Send Money to Italy

Learn how to secure the best GBP-EUR exchange rates for sending money to Italy from the UK with leading money transfer services.

What is the Best Way to Send Money to Italy?

The best way to send money to Italy depends on how much you’re sending, how quickly you need to send it, and in what format you need the recipient to get it.

Online money transfer services such as Torfx, Wise and Remitly are fantastic options for most people if you want to send online or via an APP. They offer competitive exchange rates with lower fees than traditional banks. They’re also user-friendly, allowing you to transfer money 24/7 without visiting a physical branch, and are FCA-regulated.

If you want to send cash specifically, you’ll need to choose a money transfer service that allows for cash pickups. MoneyGram or Western Union are the two main specialists in this area, with a network of convenient locations including 12,000 Post Offices across Italy.

Whilst high street bank transfers are a familiar, reliable and convenient option, they usually have higher fees and less favourable exchange rates. Banks also take longer to process than online transfers, and the recipient may need to meet specific bank requirements for international transfers.

In contrast, online money transfer services are quick and affordable. Providers such as TorFx, OFX and Currencies Direct even provide a dedicated account manager for each customer.  Not only does this help you get the best rates and service, but it also ensures prompt support if you have any queries.

What’s the Cheapest Way to Send Money to Italy from the UK?

TorFX is the cheapest way to send money to Italy from the UK. At the time of writing, they offer an exchange rate of 1.1648, with zero transfer fees.

It’s also worth noting that exchange rates and fees vary depending on the payment method and amount transferred.

For example, Wise’s fee scales based on the transfer amount, with a £100 transfer incurring a fee of £1.99, whilst a £2000 transfer has a cost of £8.77.

Similarly, Remitly offers a rate of 1.1485 for transfers paid using a debit or credit card or 1.1586 for transfers paid by bank transfer. 

What’s the Fastest Way to Send Money to Italy from the UK?

Remitly, Wise and Atlantic are the fastest ways to send money to Italy from the UK. 

These providers offer instant or near-instant options, ideal for when the recipient needs to access money in Italy urgently. 

However, you should note that Remitly‘s transfer speed depends on your payment methods, with transfers paid for by card being faster than those paid by bank transfer.

Other factors that can affect the speed of your transfer include the time you requested transfer, bank policies, currency conversion and verification and compliance checks. 

Generally, as standard, most providers transfer money from the UK to Italy within 1 to 2 business days. 

Can I Send Money to Italy Online?

Yes. You can send money to Italy online using these methods:

To send money securely and swiftly to an Italian bank from the UK, consider these methods:

1. Online Money Transfer Services: Use platforms like Currencies Direct, Wise, TorFX, and OFX to transfer funds using a debit card, credit card, or bank account.
2. Digital Wallets: Services like PayPal and Skrill enable account transfers using email addresses or mobile numbers.
3. Online and Mobile Banking: Most UK banks offer online banking and mobile apps for electronic transfers to Italian banks like UniCredit, Intesa Sanpalo and Banco BPM.
4. International Wire Transfers: Initiate transfers via the SWIFT network from your UK bank account to the recipient’s Italian bank, such as Banco Monte dei Paschi di Siena (BMPS). Provide recipient bank details and any intermediary bank information.
5. Prepaid Debit Cards: Certain providers facilitate international transfers through prepaid cards, allowing you to load funds and transfer them to Italian recipients via online platforms or mobile apps.
6. Cryptocurrency Transfers: For those familiar with cryptocurrencies like Bitcoin, online exchanges offer a method to send funds to Italy. You’ll need the recipient’s cryptocurrency wallet address for the transfer.

Sending Large Money Transfers to Italy

The best way to send large money transfers to Italy from the UK is usually through online money transfer services, such as Currencies Direct, OFX and TorfX. The presence of a dedicated account manager really sets these providers apart in terms of the reassurance that they can offer when sending higher amounts of currency.

You’ll have a direct phone and email to your dedicated account managers who can also quote you on better rates, if you’re sending larger amounts, and advise on the best time of day or week to benefit from the best exchange rates.

Whilst you can use other methods, such as digital wallets like PayPal and Skrill, these typically have a lower transaction limit than specialist money transfer services, so they are unsuitable for large transfers. 

Can I Set Up Regular Payments to Italy?

Setting up regular payments to Italy from the UK is a simple process that can be done through various methods:

1. Standing Orders: Your UK bank can automatically send money to Italy regularly, such as weekly, monthly, or quarterly. You must provide the recipient’s Italian bank details and specify the payment amount and frequency.
2. Online Money Transfer Services: You can set up recurring transfers through platforms such as Wise, Atlantic and Remitly by entering the recipient’s details and specifying the transfer frequency and amount.
3. Direct Debit: Some banks and online payment platforms may offer direct debit services that allow you to authorise regular payments from your UK bank account to the recipient’s Italian bank, such as UniCredit, Intesa Sanpalo or Banco BPM. You must set up the direct debit arrangement with your bank and provide the necessary authorisation.
4. Digital Wallets: Certain platforms like PayPal may offer the option to schedule recurring payments to Italy using the recipient’s email address or mobile number.
5. Currency Brokers: If you’re sending money for specific purposes, such as mortgage payments or investments, you can work with a broker to set up automated regular currency exchange and transfer arrangements.

Sending Money to Businesses in Italy

The best way to send money from the UK to businesses in Italy is often through online money transfer services or bank transfers.

Online money transfer services like Wise, TorFX, and XE allow you to send money to Italian businesses quickly and conveniently. 

These services offer competitive exchange rates and lower fees than traditional banks such as RBS, NatWest and Nationwide, helping you save money on your transfers.

Transferring money directly from your UK bank account to the business’s Italian bank, like Banca Popolare di Milano (BPM), is another reliable option. 

While banks may charge higher fees than online transfer services, they offer security and convenience, especially if you’re already familiar with your bank’s online system.

Ensure you have accurate and up-to-date information about the recipient business, including their full legal name, address, and bank account details.

Depending on the amount and purpose of the transfer, you may also need to provide additional documentation, such as invoices, contracts, or proof of business relationships. 

How to Send Money to Italy

Here’s a comprehensive look at the various ways you can send money to Italy:

Bank Transfer

Bank transfers can offer good value for your money, though the speed and fees can vary depending on your bank.

Debit Card

Paying for your transfer with a debit card is straightforward and quick. It’s often cheaper than using a credit card due to lower processing fees.

Credit Card

Using a credit card for your money transfer is fast and convenient. However, be aware that fees might be higher due to the costs of processing credit transactions.

PISP (Payment Initiation Service Provider)

PISP payments allow you to instruct a transfer service to make a bank transfer directly from your account, bypassing the need to log into online banking. This can be as cost-effective as a manual bank transfer but isn’t available with all banks.

SWIFT

Funding your transfer via SWIFT might result in a longer transaction time and higher costs, as banks often charge a fee for this service. Additionally, intermediary banks might also deduct their handling fees.

Apple Pay

If you have Apple Pay set up on your device, you can use it to quickly and conveniently pay for transfers. Watch out for extra charges if using a credit card, as some banks may apply additional fees.

Google Pay

Google Pay works similarly to Apple Pay, offering a quick and convenient way to fund transfers. Be mindful of potential extra charges when using a credit card, as banks may consider these payments as cash withdrawals and charge accordingly.

Cash Pickup Services

Services like Western Union and MoneyGram allow you to send money that the recipient can pick up in cash at various locations in Italy. This method is fast and convenient for recipients without bank accounts.

What Details Do I Need to Send Money to Italy?

To send money to Italy, you may need to provide the following information:

Your Details:

• Full name, address, and phone number
• Payment information (e.g., card details) for funding the transfer
• If required: Source of funds (e.g., employment income, business revenues)
• Additional ID or documentation for regulatory compliance, such as proof of address

Recipient’s Details:

• Recipient’s full name or registered business name
• Recipient’s address (street name, city, postal code, country)
• Details of where the recipient will receive the money (bank account, email address, mobile number)
• If transferring to an Italian bank: SWIFT/BIC code (8-11 characters) to identify the Italian bank and IBAN (27 characters) to identify the specific bank account in Italy
• If required: Recipient’s Tax Identification Number (TIN) or equivalent, additional ID or documentation for AML/KYC compliance such as proof of address

Transaction Details:

• The amount you wish to transfer in GBP
• A reference or message to help the recipient identify your payment
• Reason for the transfer (personal, business, other)
• Intermediary bank details (if applicable)

Providing accurate and complete information ensures that your money is sent securely and reaches the intended recipient in Italy without issues.

How Much Does it Cost to Transfer Money to Italy?

The fees associated with transferring money from the UK to Italy can vary depending on several factors, including the transfer method, the service provider, the amount being transferred, and the transfer speed. 

Here are some common fees you may encounter:

• Transfer Fees: Many banks and money transfer services charge a flat fee ranging from £10 to £30 or a percentage of the transfer amount, ranging between 0.5% to 3% for each transaction.
• Exchange Rate Markup: Some providers may apply a markup to the exchange rate when converting your currency from GBP (British Pounds) to EUR (Euros), reducing the amount received by the recipient in Italy.
• Bank Fees: If you’re using a bank to transfer money to Italy, both your bank and the recipient’s bank may charge fees for processing the transfer. These fees include wire transfer, currency conversion, and intermediary bank fees.
• Speed of Transfer: Faster transfer options, such as same-day or next-day delivery, may incur higher fees than standard or economy transfers, which may take several business days to complete.
• Additional Services: Some providers offer other services, such as tracking, confirmation notifications, and dedicated customer support, which may come with an additional fee.

How Long Does it Take to Send Money to Italy from the UK?

Online money transfer services may complete transfers to Italy in a few minutes or business days. 

Meanwhile, bank transfers to Italian banks, such as Unicredit, typically take one to five business days, subject to the banks involved and any intermediary banks.

The duration of sending money to Italy from the UK can vary due to several factors, including your choice of provider, verification requirements, and the time you initiated the transfer.

Traditional banks often operate limited hours during weekends and bank holidays, whereas online money transfer services operate 24/7.

Typically, transfers funded by debit or credit cards are processed faster than those funded by bank transfers.

Whilst some services, such as Atlantic, offer an express transfer option for an extra fee, others only offer standard processing times.

You should also consider the time required to convert your currency and additional checks or documentation, which can potentially delay processing times.

FAQs on Money Transfers to Italy