The Italian lira (ITL) was the official currency of Italy from 1861 to 2002. It was used as a subunit of the euro (EUR) from 1999 to 2002. However, only lira was used for cash payments during this period because of the unavailability of euro coins and notes. Since 2002, the euro has been the official currency of Italy.
Carrying out a transfer to a bank account in Italy requires that you provide:
Given below are SWIFT/BIC codes of some prominent Italian banks.
|Banca Nazionale Del Lavoro||Acilia (Roma)||BNLIITR101Z|
|Ubi Banca (formerly Banca Popolare Di Bergamo)||Roma||BEPOIT21111|
Marco had to move to the U.S. because of work, while his parents and younger sister continued living in Italy. Since his father had retired a few years earlier, it was upon Marco to support his family financially. As a result, he sent them U.S. $3,000 every month. He used a prominent American bank for the first few months and then decided to compare his options. This is what he discovered.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||$1 = EUR 0.7908||$1 = EUR 0.8070|
|Amount received for $3,000||EUR 2,348.67||EUR 2,421.00|
|Transfer time||3 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 72.33|
Using the overseas money transfer company instead of the bank came with multiple benefits. Marco’s family received a little extra money each time and it got to them quicker than before. Besides, he had the option of locking in exchange rates for subsequent transfers and he could also schedule them according to his needs.
An easy way to send money to Italy in a hurry is to transfer it to a cash pickup center. A number of companies such as Ria, Western Union, and MoneyGram have agent networks in this country.
|RIA IN ITALY|
|Roma ABC SNC Di Shaeen Alam, Piazza Dei Cinquecento 48, Roma||Alauddin Mohammed, Piazza Dei Dei Cinquecento 43, Roma|
|Milano Huda Nazmul, Piazza Argentina Snc, Milano||Shafi Sami Di Jahan Dilruba, Via Bisceglie SNC Fermata M1 Bisceglie, Milano|
|MONEYGRAM IN ITALY|
|Roma Poste Italiane, Via Terme Di Diocliziano 30, Roma||Poste Italiane, Via Firenze 36, Roma|
|Milano Poste Italiane, Via Mazzini Giuseppe 15, Milano||Poste Italiane, Piazza Cordusio 1, Milano|
Italy has low levels of crime, although there are several instances of petty crimes such as pick-pocketing and bag snatching, especially around big city centers. Bear in mind that thieves may use different methods to distract you. When collecting money from a cash pickup location, exercise basic caution. If you have to collect a large amount, try to take some you trust with you.
If you exchange currency at places other than banks or legitimate Bureaux de Change locations, make sure the notes you receive are genuine.
There have been reports of thieves targeting tourists travelling in rented cars in and around Rome, Pisa, and Milan. When you are not in your car, keep valuables out of plain sight. Do not leave your drink unattended as there have been instances where victims of spiked drinks have been robbed. Remain vigilant when travelling on public transport and keep your belongings in sight at train stations at airports.
The information you need when transferring money to Italy depends on the transfer method you choose.
As part of the Eurozone, Italy does not have its own regulations surrounding currency controls. While it follows the single monetary policy set by the European Central Bank (ECB), Banca d’Italia (the central bank of Italy) oversees the country’s payment systems. There are no restrictions on moving money in and out of the country for residents and non-residents alike. Any transfer of €10,000 or more to Italy needs to be reported on the recipient’s tax statement.