Sending money to Italy is easy, and there are many great options available to you. Speed, cost, and ease of use are all offered by one of several companies. You can also find appropriate mixes of any of these characteristics in certain services, just like if you’re sending money anywhere else.
The current exchange rate for the Euro (EUR) is 1.03203 EUR per American Dollar (USD). The EUR reached a high of 1.0320 EUR per USD, and a low 0.9451 EUR per USD during the last 90 days. The average exchange rate over the last 90 days was 0.9887 EUR per USD.
The average volatility rate of the EUR against the USD was 0.27% over the last 90 days. This is a moderately high volatility rate when you consider that the Euro hasn’t been very consistent against the American Dollar for the last two years. Going forward, you can reasonably expect the exchange rates to fluctuate moderately, barring any unforeseen circumstances.
Ria Money Transfer’s fast service is the fastest reasonable method for sending money to Italy. Make sure you are using their fast service, which will see to it that your money arrives at its Italian destination in a matter of minutes. Ria Money Transfer’s fast service is more expensive than the slower option, but it is still cheaper than most of the slower competition.
The cheapest way to send funds online to Italy is through OFX. OFX charges a small currency exchange fee that depends on the amount of money being transferred. The more money you send through OFX, the better deal you end up getting. On the lower end, OFX takes 1% of the transfer. However, as you send more money, this rate declines to the eventual lowest possible rate of 0.4%. The only catch is that the amount being transferred must meet their minimum transaction size requirements.
If their minimum transfer size is too high for you, TransferWise is usually as cheap as OFX for smaller transactions. Wise (and the majority of services apart from OFX) doesn’t carry a minimum transfer fee.
Wise is the easiest way to send funds to Italy. TransferWise is safe, efficient, and convenient to use, and they have a simple three-step process for sending money.
First, you tap in the amount of money you want to send. Next, you tap the destination. Lastly, you pay TransferWise for the transaction, at which point the money is off to its Italian destination. The transfer takes a day or two to be completed.
Here at MoneyTransfers.com we believe that the overall best way to send funds to Italy is through TransferWise. TransferWise is both cheap and easy to use. The wait time with TransferWise is typically one or two days, but this is actually an improvement upon most of their more expensive competition.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com