Europe
Send Money to Italy
Last updated: February 2026|Written by Matt Woodley
Quick Facts
Important Note
Property purchases via notaio
Sending money from the UK to Italy requires choosing the right provider for GBP to EUR transfers. The exchange rate, fees, and delivery speed vary significantly between providers. Below we cover how money transfers to Italy work, what the banking system looks like on the receiving end, how to avoid common pitfalls, and which FCA-regulated providers offer the best rates for EUR transfers in 2026.
How Money Transfers to Italy Work
Italy uses SEPA for EUR transfers, with SEPA Instant supported by major banks including UniCredit, Intesa Sanpaolo, and Banco BPM. Italian IBANs begin with IT followed by 25 characters. Property transactions go through a Notaio. Italian purchases involve a Compromesso (10-30% deposit) followed by the Rogito (final deed).
Common Reasons People Send Money to Italy
- Buying property (rural farmhouses, city apartments, coastal villas)
- Retirement relocation under Italy's flat tax regime
- Living expenses for expatriates
- Renovation and restoration of Italian properties
- Business payments within the Eurozone
Tax & Regulatory Information
Italy charges registration tax of 2% (primary home) or 9% (second home) on cadastral value. VAT of 4-22% may apply for new builds. Italy offers a 7% flat tax for retirees relocating to southern municipalities (population under 20,000). Non-resident rental income is taxed at standard rates or a 21% cedolare secca flat rate.
This is general guidance only. Consult a qualified tax adviser for advice specific to your circumstances.
GBP/EUR has traded between 1.10 and 1.20 through 2024-2026. Italian economic sentiment and ECB policy heavily influence the rate.
Bank vs Specialist: How Much Can You Save on EUR Transfers?
Indicative rates based on a typical GBP 10,000 transfer. Actual rates vary by provider and market conditions.
| Metric | High-Street Bank | Specialist Provider |
|---|---|---|
| Exchange Rate | 1.1330 | 1.1700 |
| Transfer Fee | £25 | £0 |
| Estimated Saving | -- | Save ~3.4% |
Rates are indicative and updated periodically. Check live rates with each provider for the most accurate quote.
Best Providers for Sending Money to Italy
We have reviewed and rated the top money transfer services for sending money to Italy. All providers below are licensed, regulated, and IMT accredited.
Currencies Direct
IMT Score: 94/100Best Overall for Large Transfers
Fees
Zero fees
Speed
1-2 days
Min.
$100
TorFX
IMT Score: 91/100Best for Property Purchases
Fees
Zero fees
Speed
1-2 days
Min.
£100
Wise
IMT Score: 92/100Best for Speed & Small Amounts
Fees
Low transparent fee
Speed
Minutes to hours
Min.
£1
OFX
IMT Score: 88/100Best for 24/7 Support
Fees
Zero fees over £1,000
Speed
1-3 days
Min.
£100
XE
IMT Score: 87/100Best for Currency Coverage
Fees
No transfer fees
Speed
1-4 days
Min.
£1
Disclosure: We may receive compensation when you click on links to providers on this page. This does not affect our editorial independence or the ranking order. Our reviews are based on independent research and real customer feedback. Read our editorial policy.
5 Expert Tips for Sending Money to Italy
Practical advice from our editorial team, based on market data and feedback from thousands of users who have sent EUR.
Use SEPA for fast, low-cost EUR transfers to Italy
Italian Notaio fees are regulated by law, typically 1-2.5% of purchase price
The Compromesso deposit is legally binding -- pull out and you lose it; seller pulls out, they pay double
Italy's 7% flat tax for retirees in small southern towns is one of Europe's best relocation incentives
Forward contracts are essential as Italian conveyancing takes 2-4 months
Frequently Asked Questions: Sending Money to Italy
What is the cheapest way to send money from UK to Italy?
Use a specialist provider with SEPA. Margins of 0.1-0.6% vs 2.5-4% at banks. On a EUR 200,000 property purchase, you save approximately EUR 6,000-8,000 vs a high-street bank.
What is the 7% flat tax for retirees in Italy?
Italy offers a 7% flat tax on all foreign-sourced income (pensions, investments, rental income) for retirees who relocate to a municipality in southern Italy with fewer than 20,000 residents. The regime lasts for 10 years. Eligible regions include Sicily, Sardinia, Calabria, Campania, Basilicata, Abruzzo, Molise, and Puglia.
How does Italian property conveyancing work?
You sign a Proposta d'Acquisto (offer), then a Compromesso (preliminary contract) with a deposit of 10-30%. The final deed (Rogito) is signed at the Notaio 2-4 months later, when the balance is paid. A forward contract is essential to protect against GBP/EUR movement during this period.
How long does a UK to Italy transfer take?
SEPA transfers arrive within hours. SEPA Instant arrives in seconds. SWIFT takes 1-2 days. Banks take 3-5 days. For any EUR transfer to Italy, always request SEPA.
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