In the modern world, money transfer Apps are by far the easiest and most convenient way to send funds to and from Italy. Not only does a good money transfer App allow you to send and receive money using a bank transfer, a Debit card or a Credit card, but you can also use Google Pay, Apple Pay and the funds you have stored on the App itself.
It’s not always easy to find a reliable money transfer App that gives you great functionality and operates securely across international borders. This means that some of the leading money transfer Apps within the United States cannot be used to transfer money to or from Italy.
Cannot Use Zelle Or Venmo To Send Money To Italy.
Despite the popularity of both Zelle and Venmo in the US, you cannot use these Apps to transfer funds to or from Italy. In fact, quite a few famous American Apps cannot be used to transfer money to or from Italy.
If you try to use Venmo to send money to Italy you’ll just get an error message; and if you try to get around the rules, by using a VPN for example, your account could be terminated. Similarly, Zelle is only available to use in the US and cannot be used to send money to or from Italy.
However, even though some of the money transfer Apps that you may rely on cannot be used to send money to Italy there are still great alternatives that you can use instead.
Selecting An App For Transferring Money.
It can be pretty confusing to analyze which money transfer App you should use to send money to, from and within Italy. Below, we will cover the most important factors that you need to consider before you decide what money transfer App to use.
Charges And Fees.
The charges and fees that an App charges you for sending or receiving money is a crucial factor to take into account.
Some transfer Apps charge no fees on the surface but they offer you much less attractive exchange rates – from dollars to the Euro for instance. This can actually mean that you end up losing more money through poor exchange rates than you would have paid in upfront fees with a better App.
Other Apps charge a small fee on all transactions but offer pretty good exchange rates. Overall, this is usually a better option, depending on the size and frequency of the transactions that you’re planning to make.
To compare different charges and fees you can visit different transfer Apps’ websites and input your expected transactions. You can then compare which will end up costing you more. Alternatively, if you can’t find this information, you can call up the company directly to get some personal help.
Transfer Speeds To Italy.
There’s quite a bit of variation in the time it will take for a transaction to be completed. Good Apps provide instant transfer times while in other cases it may take a couple of days – and in some circumstances, it could even take a week or more.
This is partly dependent on the method of transfer. For instance, if you’re sending money from a Debit card the transfer time will usually be quicker than if you do so with a bank transfer through the App.
In many cases, where a transfer takes a little longer than you might expect, this is because the company is doing checks on the validity of the transfer – in which case you’re getting a higher level of security.
The Transfer Options That Are Available.
Not all Apps provide you with the transfer options that you may need to use. This makes it critical to check exactly what types of transfers you can make using any given App. Most Apps allow you to make all the basic types of transfers, using bank transfers and Debit cards for example, but there are other transfer features that you may also want.
For instance, some Apps allow you to book a money transfer in the future at an exchange rate that is locked in to today’s prices. Alternatively, you can create a limit order transfer which will only take place once the exchange rates hit a certain predetermined level.
Another thing to consider is where you can wire the money to. Most apps will allow you to transfer money from one bank to another, but there are apps that will allow you to transfer money to a third party location (like a Walmart), where you can go show your ID and collect the money.
These are quite advanced features and will not be necessary for most users; however, if it’s something that you might want it’s always worth checking before you sign up for a new App.
Safety And Security.
It’s essential that you can trust a money transfer App to keep your money safe at all times – otherwise, it’s fairly pointless to use these tools. When choosing an App you should always check that the company is regulated by the appropriate authorities, for instance, the FinCEN in the US and the FCA in the UK.
If the App is not regulated by such bodies then it’s better to steer clear. You should be able to find this information on the App’s website very quickly and, if you can’t find it, then it’s definitely a bad sign.
You should also check that the App has 2-factor authentication for the login as well as other security features such as encryption and secure authentication for card transfers.
While some of these security features can feel a bit onerous at times, they are designed to protect consumers from fraud and to combat money laundering and other financial crimes.
Review Of Wise Money Transfer.
Wise is the company that I use to transfer money to Italy. I use Wise to transfer money from my American bank to my bank in Italy and also from my bank in the United States to my contractors and property managers in Italy. I have transferred a lot of money over the years and never had a problem.
Wise has a highly intuitive interface, provides good exchange rates and only charges a small fee for each transfer. Despite being one of the cheapest ways to transfer money to Italy the App is properly regulated and guarantees top-level security for its users.
NOTE: The following review is based on my personal experience. Your experience could be different.
Cost To Transfer Money To Italy With Wise.
The Wise App charges a modest flat fee and a percentage rate of the amount of money that is being transferred. For example, the fixed fee for receiving USD wire payments is currently $4.15 and the fees for sending money is 0.47% of the total transfer amount.
There is a slight variation in the fees, depending on the precise type of transfer. However, all of the fees are extremely competitive compared to other Apps that allow you to send money to and from the US and Italy.
For example, if you send $1000 dollars from the US to Italy with the Wise App, the recipient will receive 935.17 Euros (depending on the exchange rate). By comparison, if you send $1000 from the US to Italy using PayPal, the recipient will only receive 892 Euros. This gives you a saving of nearly 40 Euros, which is quite significant if you’re making frequent money transfers. NOTE: I never send money to Italy using PayPal or directly from my bank.
Time To Transfer Money Using Wise To Italy.
The transfer service that Wise provides is very quick. For most transfers your money should arrive within 1 day; however, for some types of transfers, the money will arrive instantly. I have noticed that most transactions will happen within a few seconds (except your very first transaction). The only time it took 24 hours is when the transfer amount was large.
If the transfer amount is very big, Wise will ask you to first transfer your money from your bank to Wise and Wise will then transfer it to Italy. You will save a lot of money in fees. Transferring money from your American bank directly to Italy is not something I would do. US banks do not offer good exchange rates and their fees are high.
In some cases, routine checks may impact the speed of the transfer but you will always be kept up to date with the expected transfer time and the security checks that are being conducted.
You can also follow the transfer every step of the way, so you’ll never be left in the dark as to what is happening with your money.
Ways Of Transferring Money To Italy Using Wise.
There are multiple ways that you can use to transfer your funds from the US to Italy with Wise. This gives you unbeatable flexibility and a great choice between different transfer times and applicable fees.
Bank Transfer: Sending money through the Wise App using a bank transfer is generally the cheapest way to send money to Italy. However, the transfer times are usually slower than using a Debit or Credit card, even though you will save money on the fees.
Debit Card Money Transfer: Using a Debit card to transfer money is quick and easy. The fees are also lower than they are for a Credit card because of the bank processing fees that apply to Credit card payments.
Credit Card Money Transfer: Wise accepts the use of any Mastercard, Visa or Maestro Credit cards. While the transfers are quick and easy the fees are higher than either a bank transfer or a Debit card transfer.
Swift Money Transfer: Using Swift to transfer money has a relatively long transfer time and the fees are higher than a standard bank transfer. This is because your bank will usually charge an additional fee for the service and the recipient’s bank may also charge a handling fee.
Payment Initiation Service Provider (PISP): A PISP payment is created by giving Wise instructions to make a transfer directly from your bank account. This means you don’t have to leave the Wise App or sign into your online banking. A PISP money transfer is just as cheap as a standard, manual, bank transfer and saves you time logging into your online bank account. However, this service is not available with all banks yet.
Apple Pay Money Transfer: If you have Apple Pay enabled on your phone then you can use it to transfer money using the Wise App. Apple Pay is a convenient way to transfer money but if you are using a Credit card there will usually be additional fees to pay. Your bank may also charge extra fees, depending on your bank’s terms and conditions.
Google Pay Money Transfer: If you have Google Pay on your phone then you can use the funds in your account to transfer money through the Wise App. Google Pay is an easy way to send money but if you’re using a Credit card then there will usually be extra fees to pay. In some cases, banks may consider this to be a cash withdrawal and so you might be eligible for additional fees, depending on your bank’s fee schedule.
What If Something Goes Wrong?
Wise has a great customer service department that is always on hand to assist you if you think something has gone wrong with your transfer. Wise allows you to refund any money you’ve transferred if something goes wrong and it’s in their power to do so.
For instance, even if you accidentally send money to the wrong person, Wise will try to refund you. This will depend on where the money is in the transfer process though. So, if they can cancel the transfer before the money has been processed you will get a full refund for free. However, if the funds have already arrived in the recipient’s account you’ll have to ask them to send them back to you.
Of course, if you are the victim of fraud you should not only be protected by your bank but Wise can also refund your money.
Is Wise Secure?
Yes, Wise is a very safe and secure way to transfer money from the US to Italy, from Italy to the US and within Italy. Each year, Wise handles more than $10 billion dollars of transfers for their customers and so they have created a multiple-layered approach to security to keep all that money safe.
Wise is regulated by all the appropriate authorities and constantly ensures that the App is in full compliance. Wise also has a dedicated, full-time anti-fraud team who works to safeguard the accounts of its customers.
Wise uses a 2-factor authentication process for logins meaning only you can sign into your account. Finally, Wise has a secure data protection system in place so that nobody can access your personal information on the App.
The Best Money Transfer App For Italy.
Transferring money or funds to and from Italy doesn’t have to be a headache with the help of Wise. This App provides great security and offers you multiple ways to send your money to another account. The fees are very reasonable and often far cheaper than the major competition, such as PayPal for example.
Therefore, when it comes to money transfer Apps that operate in Italy, it’s hard to find a better option than Wise.