send-large-amounts-to-italy-guide

Tax guidelines and regulations for large money transfers into Italy

When you're emigrating, starting a business or studying abroad in Italy, here's how to navigate taxes on large transfers.

Sending a lot of money to Italy for even the most exciting reason can often involve at least one unexciting thing: tax laws and paperwork. Before you move your money out of Australia, get familiar with the laws and regulations in beautiful Italia.

How Italy regulates large remittances

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.

Get more tips on sending money to Italy

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.

What you should know when sending money into Australia

How will my recipient receive my remittance in Italy?

How your recipient receives your money in Italy depends on your provider and how you sent it. You'll typically have the option of bank-to-bank transfers, cash pickups and even delivery to a mobile wallet.

To receive your funds in person, your recipient may need to provide ID or a confirmation number. If they own an account with an Italian bank or money transfer company, they may not need to provide this information each time you transfer cash.

As with all international 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.


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Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
AUD 200 1 day AUD 0.00 0.629 EUR
3,145
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
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AUD 2,000 1 day AUD 0.00 0.628 EUR
3,141
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AUD 250 1 - 2 days AUD 0.00 0.629 EUR
3,145
$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.
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AUD 0 1 day AUD 0.00 0.629 EUR
3,145
With global payments provider XE, enjoy fast and secure transfers and a range of foreign currency tools and calculators while benefiting from $0 transfer fees. Go to site Show details
AUD 3,000 1 day GBP 10.00 0.629 EUR
3,141
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.
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AUD 5 1 - 2 days EUR 3.00 0.627 EUR
3,134
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AUD 1 Within an hour AUD 3.99 0.628 EUR
3,139
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
AUD 200 1 - 2 days AUD 25.00 0.631 EUR
3,140
Exclusive: Finder customers receive $15 off their first transaction. T&Cs apply.
Quick and simple international money transfers with zero-margin exchange rates. There's a flat 0.5% transfer fee for most transfers. Earn loyalty points on sign up, referral and every transaction.
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AUD 1 1 - 2 days AUD 22.50 0.631 EUR
3,143
Make online transfers at the mid-market rate with transparent fees in 45+ currencies. Go to site Show details

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TorFX International Money Transfers

TorFX guarantees to match any competitor's exchange rate. Conditions apply.
Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.

WorldFirst International Money Transfers

Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.

OFX (Ozforex) International Money Transfers

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

TransferWise International Money Transfers

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