Because of the large number of money transfer services in the market today, you can send money faster, cheaper and with more options than you can with many banks. Check out to see what your next transfer to Italy could look like below.
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Send more Euros to Italy by selecting the right transfer company
Heather transfers funds to Italy
Alessandra is considering moving from her home in Italy to Sydney to live with a friend she met university. The trouble is she still has student loans to pay and will need to find a secure way to make these payments.
Knowing her parents will accept transfers and make the deposit for her, Alessandra decides to check the money transfer options she will have while in Australia by seeing how many Euros (EUR) her parents will receive for every $1,000 Australian Dollars (AUD) that she sends.
Money Transfer Company
1.00 AUD = 0.6843 EUR
1.00 AUD = 0.71007 EUR
Amount in EUR received for $1,000 AUD
Usually 2 business days
1 - 3 business days
+ 9.35 EUR
Using a money transfer service saves Alessandra an extra 9.35 EUR, which amounts to a saving of 112 EUR over the course of the year (she makes 12 payments).
Get the most out of your transfer with these hints
There are a few other points she needs to consider when comparing money transfer options:
Exchange rate. The exchange rate looks similar but once you see it applied to a large amount of money it is obvious how small changes in the decimal amount will make a difference.
Transfer fee. As you can see, the transfer service in the example above charges much less in fees. When comparing
Transfer options. The bank offers cash pick up options as well as international money orders and bank to bank transfers. They also have a bill pay option that Alessandra may be able to use to send the money directly to her student loan creditor.
Transfer time. Alessandra might not need the funds to reach her parents quickly, so this might not be much of a problem, but she should know that some money transfer services can have funds available within minutes. On the other side of the spectrum some services can take up to five business days.
Customer service. If planning on sending money to Italy on a regular basis, it is a good idea to check into dispute resolution processes for the institution in the event that there is an error or delay with your transfer.
With Italy and Australia both using a well established currency, and the relationship between the nations strong you will find a number of options available for sending money from Australia to Italy:
MoneyGram. MoneyGram offers cash pick up only for recipients in Italy.
OFX. OFX offers a range of options for sending money to Italy if you're sending more than $1,000 AUD over.
Western Union. For money transfers to Italy Western Union allows for both cash pick up and bank transfers.
TransferWise. TransferWise uses a unique peer-to-peer lending system to ensure you get the best deal when sending money to Italy.
Taxes and regulations for sending money to Italy
Australians sent almost $734 million to Italy in 2017 alone, according to data from the World Bank. Many providers in Australia offer transfer services to Italy, but if you're sending large sums of money, your recipient could be on the hook for taxes regulated by the Italian Revenue Agency.
As far as we can tell, taxation rules on gifts depend in large part on whether you're related to your recipient. In general, Italy does not tax gifts of any amount to spouses, children and grandchildren.
If you're gifting more than about EUR€180,000 to a non-relative, your beneficiary may be subject to taxes on receipt. Tax rates vary from 4% to 8% of the amount you're sending – a large bite out of your gift.
What are the penalties for not filing a large remittance?
With so much attention on money entering and leaving Italy, if you either fail to report large sums, don't know you have to report them or don't report them correctly – it will likely be discovered. Encourage your loved ones to declare any large remittance as income on their general tax return with the Italian Revenue Agency.
Failure to file taxes can result in penalties that range from 120% to 240% of the taxes due. To avoid severe penalties that can reverberate throughout your financial future, speak with a professional to guarantee you comply with all the regulations.
Do I have to report large transfers out of Australia?
Australian law doesn't need you to report any money transfers to Italy. For transfers over $10,000, your bank or money transfer company has to report it to AUSTRAC (Australian Transaction Reports and Analysis Centre). This is to help prevent money laundering, but you won't have to do anything yourself.
DISCLAIMER: This article is general advice. It does not consider your own personal circumstances and may not be applicable to you. You should obtain professional advice and consider your own situation before acting on anything contained in our article.
Italy is a popular travel destination for Australians. If you find yourself in sudden need of cash due to a loss or robbery, you have a few options to consider:
Travel insurance. Travel insurance cover will usually include provisions for getting you emergency cash. Make sure to save any supporting documentation such a police report for when you file your claim.
Transfer service. An Australian does not need to be a resident of Italy to pick up cash at a transfer company agency. Just make sure you have your identification and details of the transfer.
Credit card. A number of credit card companies also include complimentary international travel covers for holders of their card. With this cover the insurer may send you a cash advance in the event of an emergency.
Find a cash pickup location in Italy with this brief list
Below are listed some of the cash pick up locations you will find in Italy for two of the agencies that offer the service. Before you go to the agency to pick up cash, it's a good idea to call ahead to verify the hours and that they have the cash on hand to fulfil your request.
Via Pollio 50 Interno Cc Auschan Roma, Rm 159 +39-6-43599195 Open seven days a week from 9am to 9pm
Banco Popolare Di Milano
Piazza Della Repubblica 54
Roma, Rm 185
Open Monday through Saturday 8:30am to 4pm. Closed on Sunday
Box Interno Stazione Ferroviaria
Piazza Garibaldi Snc
Napoli, Na 80100
Open seven days a week from 9am to 7pm.
Nuvola Grigia Di Errico Guido E C SAS
Corso Vittoriio Emanuele Int Staz Fs
Napoli, Napoli 80100
Open Monday through Saturday 7am to 7:30pm. Closed on Sunday
Global Expert SRL
Via Modena 48
Open Seven days a week from 9am to 8 pm.
Poste Italiane #55195
Via Terme Di Diocliziano 30
Open Monday through Saturday 7:30am to 8pm. Sunday closed.
Piazza Garibaldi 80 Napoli, 80142 +08-119180897 Open seven days a week from 9am to 6pm.
Via Antonio Ranieri 10 Napoli, 80139 +08-1261440 Open Seven days a week from 8:30am to 10pm.
The Department of Foreign Affairs and Trade (DFAT) recommends that Australians travelling to Italy exercise a normal degree of caution. When picking up cash it is always a good idea to be extra vigilant and travel to and from the agency using reliable and well known means of transportation. Have your photo identification with you as well as the tracking number for the transfer.
If you choose the money transfer option to send money to Italy from Australia your recipient is going to need the following information when arriving at the agency:
Contact information. Your name and location to verify the transaction.
Tracking code. Each money transfer is given a special code which the beneficiary must supply on pickup.
Amount sent. The agent will also ask how much money they are expecting to receive.
Photo identification. It is important that the name given to you from the recipient is an exact match for the way it is shown on their photo identification
At the conclusion of your transaction you will be given documents with the tracking number. Save those documents after sharing that number with the beneficiary in the event that there is a problem with the transfer.
There are a number of reasons why Australian nationals and Italian immigrants would have reason to send money from Australia to Italy. It is important that you consider your circumstance when comparing the various options to make sure that the one you choose is giving you the best value for your money.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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