Are you looking to send money to Italy from the UK in 2024? We’ve got you covered. Whether you’re an expat, sending money to loved ones, or just taking a well-earned holiday, it’s important to understand all your options.
Money transfer providers are a cheap, fast and reliable way to send your cash, but there are lots of them on the market. Don’t worry, here at Moneyzine, we’ve done the hard work for you, comparing the top providers so you don’t have to.
Wise stands out as the best provider overall. They prioritise speed, security, and transparency and have great customer ratings. If you’re looking for low fees, Atlantic Money might be the way to go. Read on to explore all your options to find the best service for what you need.
Top Money Transfer Providers to Send Money to Italy
| Name | Score | Visit | Disclaimer | |
|---|---|---|---|---|
 | 9.2 | Visitwise.com | ||
 | 8.7 | Visitatlantic.money |
Wise is our recommended choice to transfer money to Italy. While it may not be the cheapest service (Instarem is 0.64% cheaper), Wise is the best value for money.
To send pounds to Italy online, Wise asks for a fee of £0.12 + 0.42% of the amount you send. This means the amount you pay depends on the amount you’re sending, but don’t worry, Wise always tells you the price upfront before you pay.
Speeds for online money transfers also vary, with the fastest payments coming through within minutes and some taking up to a few days. You can choose between a variety of payment methods, including bank transfer, credit card, and debit card.
- High transfer limits
- Mid-market exchange rates and no hidden fees
- Easy-to-use app
- No option for a cash pickup
- List of currencies not as comprehensive as other providers
If you are looking for the cheapest option to send money online to Italy, new kid on the block Atlantic Money is easily your best bet. Founded in 2021, they only charge you £3 or equivalent on any online money transfer, no matter the amount or currency. So you always know exactly how much you’re going to pay.
Atlantic Money’s basic service isn’t the fastest on the market, but if you do need your money to come through right away, they offer an ‘express’ option for an extra 0.1% in transfer fees.
You don’t need to worry about safety with Atlantic Money. They’re fully authorised and regulated by the FCA, and have advanced security measures on their online service and app. With an international money transfer limit of £1 million, they have everything you need to send your money cheaply and easily.
- Transparent fees
- Easy-to-use app
- High transfer limit
- It only supports bank transfers
- Limited list of countries and currencies
How to Send Money to Italy Using a Money Transfer Provider
The process of sending money to Italy by using an online money transfer service is simple. You only need to follow these three steps to execute a transaction!
Step 1: Compare Providers to Find the One That Best Fits You
Step 2: Sign Up with the Chosen Provider
Step 3: Transfer Money
Fastest Way to Send Money to Italy
If your top priority is to save time, Wise is going to be your best option. When transferring money on popular routes like GBP to EUR, they promise that the funds will be in your bank account within three hours, but usually, the delivery time will be a matter of minutes.
Compared with other providers of a similar price, this is lightning fast. For example, providers such as Xe and Atlantic Money may be a little cheaper, but you might find yourself waiting days for your money to come through.
Wise has a good track record of avoiding delays, and customers say that their issues are always resolved quickly. If your transfer is taking a little longer, Wise lets you track your payment, so you always know where your money is and when it will get to you.
Cheapest Way to Send Money to Italy
If you want the cheapest way to send your money, look no further than Atlantic Money. Their pricing couldn’t be simpler: £3 or equivalent for any amount you are looking to send.
They don’t charge you any extra on top of the mid-market rate, so there are no fees hidden in the small print. For better value for money, larger transfers might be more cost-effective because of their one-size-fits-all fee.
It’s good to keep in mind that cheaper doesn’t always mean faster, and Atlantic Money will ask for extra fees if you want to guarantee a same-day transfer.
What Are the Best Apps to Send Money to Italy?
Mobile apps are a convenient way to send money from the UK to Italy straight from your phone. Wise and Atlantic Money both have comprehensive and easy-to-use apps.
You can download the apps from either Google Play or the Apple Store and send your money in a few simple steps.
Transfer Safety
When you make a money transfer to Italy, it's important to make sure your transactions are safe and secure. To make sure you stay safe, use trusted and secure payment methods, and make sure to double-check the transaction details before you hit send.
The most important thing to remember when it comes to safety is that you always want to make sure your provider is regulated. If you’re sending money to Italy from the UK, double-check for companies that are Financial Conduct Authority (FCA) regulated.
The providers listed on Moneyzine always have the appropriate regulations, so you can rest assured knowing there is an extra layer of security in your payments. Transfers via bank accounts are generally safe, but be extra cautious sending money to people you don’t know.
Things to Consider When Sending Money to Italy
When you're sending money to Italy, it’s important to consider factors that might affect your transfer.
Here's a breakdown of the key things you need to know before you click send.
Local Authorities
Any provider based in Europe has to follow the EU Funds Transfer Regulation. They ask for personal details of both the sender and the recipient, even if both of the accounts are in the same name.
Providers have to keep the records for five years and comply with GDPR for data protection. The HMRC in the United Kingdom and relevant Italian authorities monitor these transactions to keep you safe from fraud and to protect against money laundering. Any suspicious activity will be reported to national crime agencies.
How Much You Are Sending Abroad
Generally, the amount you are sending will affect how much you pay for the transfer, unless you are using a provider with a flat fee.
Be careful if you’re sending large amounts of money to Italy online, as any transfers over £10,000 must be declared to Italian local authorities. If you fail to do this, or provide false information, you could face a hefty fine.
The Cost of Money Transfer Services
How much it will cost you to send money to Italy will vary depending on the method you use to pay. Old-school banks can get pricey, so going with money transfer providers can save you time and money.
There are a lot of them out there, so you’ll want to shop around. Providers like Wise and Atlantic Money have competitive rates and a transparent fee structure, so you’ll know what you’re paying upfront.
The cost involved could be due to a transfer fee, a markup to the mid-market exchange rate, or both. If a provider doesn’t charge you a fee, this probably means they’re not offering you the best exchange rate. Compare the amount your recipient would get from different providers to see which is cheaper for your circumstances.
Payment Type and the Reason for the Transfer
The reason you’re sending the money and how much you send can affect everything from cost to tax and reporting laws.
Depending on if you’re sending for services, gifts, business, or just sending money to your Italian bank account, there will be different rules and varying costs.
Provide an accurate reason for your transfer if you’re asked for one. This could avoid unnecessary delays.
Tax Regulations in Italy
Sending money to Italy might come with tax implications, especially since Brexit as the laws become a little complicated.
Italy often taxes gifts coming from outside the EU, which could be up to 8% of the total amount, so watch out if you are gifting large amounts of money.
Brexit makes things more complicated, so to stay on the safe side, contact a legal professional if you’re planning to send more than £10,000 to Italy.
What Do You Need to Send Money to Italy?
When sending your money to Italy, you’ll need to provide basic information about yourself and the recipient, such as name, address and account number.
If the amount is more than €1,000 or any part of the transfer is funded by cash or anonymous e-money, you’ll need to verify the information using documents.
These could include:
a passport
a photocard driving licence
documents issued by a government department
What Do You Need to Receive Money in Italy?
To receive money in Italy, you typically need to have a bank account or access to a payment service.
In many cases, you’ll need to provide your ID or your name and bank details. Requirements can vary by transfer amount and provider.
