I see this topic mentioned in passing every so often on this board but I haven't seen it addressed directly, so I'm wondering if anyone has found the least expensive way to do a wire transfer to Italy. Often that's a request prior to confirming a reservation, especially for rental apartments. Thanks!
Posted by
Tresana, Highlands Ranch, CO, USA
23278 posts
Nope ! Wire/bank transfers are often in the range of $40. Paying the game right now as I need to seen some money to Germany.
Posted by
Austin, TX, USA
492 posts
Another option would be to see if they can accept a Paypal transfer.
Posted by
OP
Seattle, WA, USA
7737 posts
Yes, Paypal could be an option if they have an account, but let's assume they don't. Another option is to mail a personal check and ask them to hold onto it. (I did that once with a rental apartment in Rome.) Any other thoughts on workarounds or cheap ways to wire funds?
Posted by
Dallas, TX, USA
1170 posts
OK, so this is my experience with wiring money to Italy. You will be charged approximately $40 by your bank to get your money half-way to it's destination. Your bank will most likely get the transfer as far as it's branch bank in London, and then it will be handed off to another bank which will transfer it to the recipient's branch bank in Milan. The recipient will also pay a fee of about 30 Euro to get the money from the intermediary bank to their bank account which will be deducted from the amount that they receive. If you send 1000 Euro from your end, they will end up actually receiving approximately 970 Euro. So, if they must receive the exact amount, you will need to send a little extra to compensate. They need to furnish you with their IBAN (International Bank Account Number) to ensure that the funds get to the right bank account without a hitch.
Posted by
Chicago
2876 posts
You might want to check out Western Union's "Custom House" for a variety of currency transfer options, most of which are pretty cheap.*http://www.customhouse.com/*
Posted by
Minneapolis, MN, USA
8700 posts
I've addressed this topic directly several times. Open an account with XE Trade, www.xe.com/fx. Money will be taken from your checking account by electronic transfer. You can have a bank draft issued in euro and sent by regular mail directly to the landlord. If the landlord is willing to provide a bank account number, you can have the money deposited directly into that account. There are no fees and the exchange rate will be only slightly higher than the international rate on the day the transaction is initiated. XE Trade also does wire transfers, but there is a fee for those.
Posted by
OP
Seattle, WA, USA
7737 posts
Thanks, guys. Those are exactly the kinds of suggestions I was hoping for.
Posted by
Dallas, TX, USA
1170 posts
XE exchange rates and fees are exhorbitant! It would be better for you to go through your own bank for a transaction such as this as long as they are not utilizing XE, Travelex, or some other third party for the transaction.