Send money to Italy
Mozo is straight up about how transferring money to Italy can be really easy and quick to do. We pride ourselves in knowing a whole lot about money matters, so just by living right here, right now, you know as much as we do that money certainly does matter – especially when it comes to making an International Money Transfer.
If you’ve invested in a business or property in Italy or have money to send to family or a friend, then knowing everything you can on IMTs is probably a good thing. Make a cuppa and take a moment read on. It’ll be worth it!
Just to make it clear - when it comes to comparing international money transfer agents or answering FAQs about money transfers, we offer an opinion-free comparison on who offers the best deals out there.
Want to transfer money to euros for your next holiday to Italy? Then you’re reading the wrong page. Visit Mozo’s Travel Money section to discover everything you need to know when traveling as well as the best travel cards and exchange rates.
Compare exchange rates for Euro and IMT provider options
Just select the amount of Australian dollars you want to exchange and Mozo’s International Money Transfer tool will give you an estimate of how many Euros you’ll get with today’s exchange rates. Our service updates euro exchange rates every hour.
FAQs about transferring money to Italy
How do I actually transfer money to Italy?
An IMT or an International Money Transfer is possible when you transfer money from account to account. You can convert Australian dollars to euros and transfer them to any Italian destination. Mostly what you need is your recipient's bank ID numbers and their account details for a successful transfer. All you have to do to start the transfer process is use one of the following agents:
Familiar territory for most, and a very normal way of going about personal daily money business. But is it the best agent to use when transferring money overseas? With the high fees and rates on offer, Mozo thinks not!
Pros: Familiar names that you already trust and use.
Cons: Higher transfer fees than other agents or financial providers. Not as convenient as other methods if you can’t visit a branch during business hours.
Foreign Exchange Specialist
Specialist FX or Foreign Exchange Specialists work hard every day securing the best deals when it comes to exchanging currencies worldwide. Since this is their main focus, they will probably secure a better deal when you convert Aussie dollars to Euros.
Online IMT and foreign exchange providers like CurrencyFair, HiFX, OzForex offer expert service that’s certainly value for money.
The best part about using a Specialist FX is the flexibility, available 24/7. Want to double check if the BIC or SWIFT code is correct? Visit http://www.swift.com/bsl to double check your numbers if you’re uncertain.
Pros: Quick and safe international money transfer, usually cheaper than the rest
Cons: Since currencies change everyday, trading Australian dollars for Euros may vary from one day to the next.
Is wiring money to Italy risky?
Anything you do online can be in the sights of the wrong people if you’re not careful. Before you transfer money online or do any regular online banking for that matter, you need to:
- Install the latest anti-virus software like McAfee
- Download the latest updates your PC or mobile.
Having these on your PC or mobile gives you peace of mind that at least you’re doing the best you can to protect your personal information online while saving money on high bank fees!
Can I make a one-off transfer to Italy?
Sure you can. And for whatever reason you like. So if you’re sending a gift to a friend or relative or buying a car before migrating to Italy, then you can make a one-off transfer.
But if you intend on making regular payments for business purposes or any other reason, Mozo recommends that you make an enquiry about how your IMT agent can tailor a deal just for you. If they can’t make adjustments on the daily rate change, then perhaps they can reduce or eliminate the transfer fee. Doesn’t hurt to ask!
How do I compare IMT agents?
Start by opening your eyes and mind to saving! Saving money of fee and transfer costs is really possible if you do the research. And you don’t have to spend hours comparing companies or jumping from one website to the next. Mozo has cut you time in half or less with our online comparisons all in one place.
The rate you secure will especially affect your overall fee when transferring large amounts. So that you don’t get stung, we’ve compiled a collection of points for you to peruse:
- Limits: some banks or IMT agents are fussy about how much you transfer, others don’t care one iota. In the end, the more your transfer total is, the more they score in commission. So if they’re overly strict with minimum transfer amounts and you don’t intend on sending their minimum amount, go to the next one and see if their minimums are more suitable.
- Rates: the strange thing about rates is, the smallest difference between them can mean a big saving for you. So the smaller the percentage rate you secure, the more you save.
- Transfer speed: some money transfers will transfer immediately and others can take up to 8 days. Having your recipient receive their money sounds great, right? Well in most cases, even if your agent promises immediate transfer, it doesn’t mean that your recipient will be able to use the funds immediately. In any case, however long it takes for money to transfer, your recipient will need to wait 3-5 business days for the funds to clear. What’s the hurry anyway?
- Fees: differ between agents quite a bit. Where some banks charge $30 for the initial transfer on top of the conversion rate, other IMT agents may charge $15 or zero. It’s worth having a poke around to see how much you can save and where.
- Online vs phone or in person: it’s really amazing the difference in fees and transfer costs by conducting your IMT yourself online. Weigh up the pros and cons according to your budget and time availability to work out the best solution for you.
How do I set up an international money transfer?
Firstly, you need to decide which direction you will take - online, in person or over the phone?
Working this out first, will determine your best next steps.
- Will you be logging on to your online bank account or app?
- Visiting a branch?
- Filling out a form online?
Whichever way you choose to transfer money to Italy, some crucial bits of information you’ll need for a successful transfer include:
- Full name and address of the recipient’s bank
- Recipient's name, address and account name
- Account number or International Bank Account Number (IBAN)
- SWIFT/BIC code of your personal account you're transferring funds from
- Amount you would like to send.
IMT must-know terminology
BIC - Bank Identification Code
SWIFT - Society for Worldwide Interbank Financial Telecommunication
IBAN - International bank account number
Recipient - The person or party who receives the money being transferred
IMT - International money transfer
IMO - International money order.