Making Sending Money to Italy as Easy as Possible

What will this guide cover?

Sending money to ItalyThere are number of reasons that you might need to be sending money to Italy from New Zealand. And it doesn’t always seem easy. Whatever the reason for transferring money, we know that you’d like to get as much value for money as possible. To help you out, we’ve put together a guide of all the options we think are best in terms of convenience, ease, and value.

For a quick comparison table of exchange rates and fees, click here.

This guide will cover reasons why you might be sending money to Italy, and look at the possible options you have for doing so.

  • Personal transfer – sending money to family or friends in Italy
  • Business transfer
  • Buying or selling a property in Italy
  • Studying Overseas
  • General costs of sending money to Italy
  • Your options to send money to Italy
  • Information you’ll need for the transfer
  • General information

While the currency is the same, if you’re transferring money to Spain there are slight differences. Read our article about making transfers to Spain here.

Personal transfer from New Zealand to Italy

You can set up a personal transfer from New Zealand to Italy through a number of methods:

  1. Use your bank: All New Zealand banks will support the Euro (EUR), however, they will charge you a high international transfer fee, as well as an uncompetitive exchange rate, but it is an option.
  2. Use money transfer companies: These companies will offer you a better exchange rate and lower fees. Here are some providers that transfer money from New Zealand to Italy:

Our recommendation is OFX due to great value on transfers between NZD and EUR.

Business transfer from New Zealand to Italy

If your business is transferring money between New Zealand and Italy, there are two critical things you must consider when finding the best option:

  1. The exchange rate margin: This is the difference between the wholesale exchange rate ( and the rate you will get.
  2. Business products they offer such as forward exchange contracts, foreign currency accounts and limit orders.

You can use any of the above listed money transfer companies if you wish. Our choice for business transfers to Indonesia are HiFX– their exchange rates and zero fee structure will allow you to maximise your overseas receipts or payments. They also offer Foreign Currency Accounts; helpful if you would like to hold the funds a foreign currency and exchange them at a favourable time.

You can click here to watch a short video on Foreign Currency Accounts.

Buying or selling property in Italy

If you are looking to buy a property in Italy, or have sold your property in Italy and needing to send the money back to New Zealand, we recommend that you look for a provider that has a strong presence in both countries. This will give you local support either side, as well as the flexibility you may need leading up to the settlement.

Our choice would be TorFX for property settlement transfers, as you (the customer) are assigned a local account manager that will be licensed in New Zealand and have a strong global support network to guide you when needed.

Studying overseas

As much as we would like them to, tuition fees aren’t getting any cheaper. Annual payments to universities or other education providers, along with all other expenses, can really add up, particularly abroad. As these payments can be large, you need to know the best method of payment before moving your funds.

  • For larger payments, you should be keeping a keen eye on the exchange rate you’re getting as this will largely affect the amount of money you will get in the foreign currency at the end.
  • For smaller payments, you should keep an eye on the transfer fees.

There are many methods of transferring funds abroad, but we would HiFX as they are great for saving on those hefty costs when paying for bills.

General costs for sending money to Italy

Uh-oh. Time to put together the fees. Calculating the costs can be difficult, as nearly all fees, charges and exchange rates are dependent on how much are you sending, method of sending and method of receiving. The most common fees are as follows:

  1. A transfer fee
  2. Exchange rate margin: the different you will pay between the wholesale exchange rate on and the rate you will actually get
  3. Bank fees: The fees that you bank will charge for sending the money to the correct account overseas.
  4. Receiving bank fees: The fees the receiving bank will charge you for converting into the correct currency.

Your options to send money to Italy

There are various methods of sending money to Italy:

Via your bank

Using your bank is an easy and quick way to transfer fees and can normally send the money successfully within 3-5 business days depending on your bank. Generally, banks will have uncompetitive exchange rates which make them an unattractive option if you’re sending large amounts of money abroad.

Check with your bank and research the fees and exchange rates based on the amount you plan to send over.


Paypal is a convenient and highly popular way of transferring money abroad. It’s also by far the quickest with transfers being completed within minutes (dependent on the type of transfer). It is great for smaller amounts (under $1000NZD) as although the exchange rate is equal to banks, the fees are slightly less. It’s particularly handy if you are paying from your own Paypal account directly into another Paypal account.

A money transfer company

There are an overwhelming number of money transfer companies out there – some have been around for a long time, and some have emerged more recently with the increase in technology. In general, these companies are your best option when transferring larger amounts of money (anything between $1000 – $1,000,000NZD). Different companies will have various minimum and maximum amounts set, and the transfer itself will usually take around 1 business day longer than banks or Paypal.

You will need to create an account with the company before sending the money – you can do this online:

  • Register your details on the website – you will likely need I.D handy
  • Account needs to then be approved, and you’ll get your login details
  • Enter the bank details of where you are sending the money i.e. the ‘Beneficiary’ or ‘Recipient’
  • You will get a quote based on the fees and exchange rate for sending the money
  • If you are happy, confirm the details including the given rate.

Information you’ll need for the transfer

You’ll need the details of the bank account you are sending the money to i.e. the Beneficiary or Recipient details. These details will be:

  • Account name of your Recipient
  • Their address
  • SWIFT code

SWIFT codes

The Swift codes for the biggest banks in Italy:


Intesa Sanpaolo : FIBKITMMXXX

Banca d’Italia : BITAITRRISS

Depositi e Prestiti : CADPITRRXXX

General Information

There are pros and cons to every method you choose. Paypal and money transfer companies like the Western Union are your fastest options, with transfers being completed within minutes. They will not offer a competitive exchange rate but are arguably a lot more convenient. Banks will take 1-2 business days and other money transfers companies will take roughly 2-3.

Check the details of your chosen method, as all will have their own restrictions, fees and charges. Banks and Paypal will not have a minimum amount, but most money transfer companies will so check before you decide on a method of transfer.

Case Study

Alessandro has moved from Italy to New Zealand on a working holiday visa. As he will be in New Zealand for at least a year, he has carefully set up a bank account which his job in Wellington pays straight into.

However, Alessandro needs to fly back home to Italy for his brother’s wedding in two weeks and doesn’t know the best way to transfer his money across to his Italian current account. What Alessandro decides to do is wait until the day before he flies, and withdraw cash from his New Zealand account. He will then exchange it into Euros at the airport.

Alessandro didn’t realise the unfavourable exchange rate and fees he’d be charged for exchanging money at the airport. This meant that he lost money he could have saved if he had instead transferred his money online using a provider such as OFX.


Leave a Reply

Your email address will not be published. Required fields are marked *