It is important to understand your options for sending money to Italy from the UK, whether you are thinking about buying a holiday home to enjoy la dolce vita under the Tuscan sun, making property payments, paying maintenance fees or sending money to loved ones.
Those options include using your high-street bank and utilising a specialist transfer service, but how can you be confident you are making the best choice for your needs or finding the most competitive exchange rate?
What is the best way to send money to Italy?
If you are transferring money to an Italian bank account, you might think the easy option is turning to your high-street bank. Unfortunately, this can be an expensive choice. Banks charge fees to send and receive funds and these can be as high as £30 and £7 per transfer respectively. The banks’ fee structure is often quite rigid, too, charging a fixed percentage on top of a single exchange rate.
An option that is sometimes overlooked is a specialist foreign exchange service. These services offer a more extensive range of tools and expertise to help you make the most of your money. Specialising in foreign exchange means they are often able to leverage more competitive exchange rates. For example, the Telegraph Media Group’s International Money Transfer Service, provided by Moneycorp, sources the most competitive rate from its panel of 16 liquidity providers and has no transfer fees on international payments.
Using its service, you can transfer money to Italy or anywhere else you might need to, online or over the phone – whichever works best for you.
How to send money to Italy
You can send money overseas with ease and convenience by using a currency expert such as Moneycorp. To set up your transfer with them you simply need to:
- Register for your online account.
- Choose the option ‘Send a payment’.
- Provide the necessary information for your transfer, such as the recipient’s country, currency and details.
- Enter the amount you want to send and specify the desired arrival time for your transfer.
- Verify and confirm your transfer.
Alternatively, you can also access Moneycorp through their mobile app or contact their friendly team by phone for assistance.
What do I need to send money to Italy?
To make an international money transfer from the UK to Italy, you will need to provide your personal details, as well as the name, account number and contact details for the receiving account, whether that is your own account in Italy or one in the name of another recipient.
You will also need an IBAN to verify the Italian bank account and may also be asked for your reason for transfer.
Can I send money to Italy online?
Most money transfer specialists will allow you to transfer money to Italy online. With Moneycorp, you will have your own online currency account, allowing you to exchange up to £100,000 internationally at the touch of a button. Simply choose the currency you wish to transfer to, select the amount you want to send and then make the payment.
If you need to transfer a larger amount, Moneycorp can easily accommodate this over the phone via your dedicated account manager.
Can I set up regular payments to Italy?
Once you have bought your dream villa in Italy – whether in Tuscany, on the Amalfi Coast, or central Rome – you may need to make regular mortgage repayments to an Italian lender. You might also want to transfer your income or UK pension payments if you are considering retiring to Italy. Whatever your circumstances, regular payments to Italy are simple.
With Moneycorp, you can set up a Regular Payment Plan quickly and easily via your online account or over the phone with the help of your account manager. Payments can be made weekly, monthly or quarterly on a specific date. Your pounds will be automatically collected from your UK bank account, exchanged into euros, and paid into the chosen account in Italy or vice versa without you having to lift a finger.
In addition, you can also choose to fix the exchange rate on regular payments in advance with a currency forward contract* for up to two years to give you certainty and visibility over your funds.
Send money to Italy today
The Telegraph Media Group International Money Transfer Service, provided by Moneycorp, gives you the tools and support to make the most of your money with every overseas payment. With competitive GBP-EUR exchange rates, zero transfer fees and access to expertise to help you protect yourself from risk and make the most of opportunities, you can be confident that you are making the most of your money.
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*Forward contracts may require a deposit
Be aware of currency risk.
None of the information contained in this article constitutes, nor should be construed as financial advice. TTT Moneycorp Limited (company number 738837) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited, which is authorised and regulated by the Financial Conduct Authority for the provision of payment services (firm reference number 308919). Date of approval XX/06/2023
Information correct at date of publication.
