fmt-laws-when-sending-money-to-europe

Tax guidelines and regulations for large money transfers into Europe

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

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 Australia.

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

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.

CountryGift size exempt from taxation
AlbaniaNo gift tax
AndorraNo gift tax
ArmeniaNo gift tax
AustriaNo gift tax
AzerbaijanExempt from gift tax if received from family members
BelarusTax law provides exemption for inheritances and partial exemption for general gifts
Belgium3–30% of the gift amount
Bosnia and Herzegovina2–10% of the gift amount
Bulgaria0.4–0.8% on inheritances from family members and 3.3–6.6% for other beneficiaries
Croatia5% if gift is worth more than HRK50,000
CyprusNo gift tax
Czech Republic1–40% depending on degree of family relationship
DenmarkNo gift tax
EstoniaNo gift tax
Finland€1 to €4,999
France5–45% of gift amount, depending on degree of relationship
GeorgiaNo gift tax, though inheritance taxes depend on degree of relationship
GermanyRemote relatives or family typically pay higher taxes
GreeceVaries by relationship of giver to recipient
Hungary2–40% of gift amount, depending on degree of relationship
IcelandGifts for special occasions are exempt provided they're "not of extraordinary value"
IrelandVaries by relationship of giver to recipient
ItalyUp to €1 million exempt for spouses, children and grandchildren
KazakhstanNo gift tax
LatviaNo gift tax
LiechtensteinNo gift tax
Lithuania€2,500 provided that gifts come from close relatives
Luxembourg0–48% of gift amount, depending on relationship to beneficiary
Macedonia2–5% of gift amount, depending on relationship to beneficiary
MaltaNo gift tax
MoldovaNo gift tax
MonacoRates vary depending on relationship to beneficiary
MontenegroNo gift tax
NetherlandsExempt up to €4,479, depending on relationship to beneficiary, or up to €22,379 once in a child's lifetime
NorwayNo gift tax
PolandRates vary by relationship of giver to recipient
PortugalNo gift tax
RomaniaNo gift tax
RussiaNo gift tax
San MarinoUp to €1 million exempt for spouses, children and grandchildren
Serbia1.5–2.5%, depending on relationship to beneficiary
SlovakiaNo gift tax
Slovenia€5,000 for immediate successors
Spain7.65–34%, depending on value and relationship to beneficiary
SwedenNo gift tax
SwitzerlandNo gift tax
Turkey10–30%, depending on the gift's value and relationship to beneficiary
UkraineNo gift tax
United KingdomNo gift tax
Vatican CityUp to €1 million exempt for spouses, children and grandchildren

Do I have to report large transfers out of Australia?

You personally won't have to report any money you send out of Australia, no matter the amount. There are laws in place that require money transfer companies and banks to report all transactions over $10,000 or any transfer they think is suspicious.

The monitoring is done by AUSTRAC (Australian Transaction Reports and Analysis Centre). You won't have to do anything on top of this, but keep a clear record of these transactions just in case.

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.


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.


Compare providers that have no maximum sending limit

Rates last updated December 10th, 2018
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Bank Account to Bank Account
TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.
OFX (Ozforex) International Money Transfers
AUD 250
1 - 2 days
Online, Phone, Bank Account to Bank Account
$0 transfer fees for Finder customers.
$0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.
WorldFirst International Money Transfers
AUD 2,000
1 day
Online, Phone, Bank Account to Bank Account
Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.
FlashFX International Money Transfers
AUD 200
1 day
Online, Bank Account to Bank Account
Low minimum transfer amount of just AU$200, with no set-up fees or transfer fees.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Transfer amounts as low as $50. No maximum transfer amount. No transfer fees if you transfer more than AU$10,000.
Global Reach (formerly FC Exchange) International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
Global Reach will match any competitor's exchange rates. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in over 130 currencies. No maximum transfer amount.
BFX Australia International Money Transfers
AUD 250
2 days
Online, Phone, Agent, Bank Account to Bank Account, International Money Order
Pay $0 fee when you transfer more than $5000, regardless of whether you transfer online, over the phone or in branch.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

Back to top

Leah Fallon

Leah Fallon is a writer and editor for finder.com. She's here to fix annoying apostrophes, elusive infinitives and the muddled em and en dash. When she's not helping people with their finances, you can find her wrangling her two sprightly girls in Leesburg, Virginia.

Was this content helpful to you? No  Yes

Related Posts

International Money Transfer Offers

Important Information*
TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in over 30 currencies. Once registered, you'll be assigned an account manager who can provide support and guidance.

WorldFirst International Money Transfers

Use code FINDER20 for $20 credit towards your next transfer*. Conditions apply.
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
*Offer valid for one-time use and only applies to transfers of AUD$10,000 or more.

OFX (Ozforex) International Money Transfers

$0 transfer fees for Finder customers. $0 transfer fee on transfers over AU$10,000, $15 flat fee applies otherwise. 24-hour customer service available with a local support team.

WorldRemit International Money Transfers

An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au 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

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site