Excellent exchange rates | No transfer fees | Thousands of 5 star reviews
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One-off payments | Regular payments | Great rates | Safeguarded customer funds
OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
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The Western Union Company is a financial services and communications company based in the United States.
Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.
We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
The United Kingdom and Italy have a strong and diverse relationship in trade, education, security and regional development. The two countries share membership status in G8, NATO and the Organization for Security and Co-operation in Europe. Approximately four to five million British nationals vacation in Italy each year, while one million Italian tourists visit the UK annually. In 2019, there were about 300,000 Italian nationals living in the UK, and 66,000 UK nationals living in Italy. However, the UK's departure from the European Union may have an impact on these numbers. There are no restrictions to transfer money from the UK to Italy and convert GBP to EUR.
Following Brexit, British Nationals wishing to move to Italy to live and work will need to get a long-stay visa. For more information on living in Italy as a UK citizen, please refer to the site of the UK Foreign and Commonwealth Office.
Students from the UK will need to get a long-stay visa to study in Italy, and will need to pay higher fees than EU-based students. Tuition in Italian tertiary schools varies according to whether the program is undergraduate or graduate and the particular school. However, tuition in Italy is among the lowest in the world, with typical courses costing around €4,000 for international students, meaning the money transfer needs for tuition are relatively low.
UK nationals may be able to find scholarships for which they are eligible and can also work part time during their studies. Unfortunately, as a result of the lingering effects of the economic recession, the job market is very competitive and unemployment rates remain relatively high. Those looking to relocate to Italy should also consider that the cost of living is among the highest in the EU, but it can vary significantly between the northern and the southern regions of the country. Average monthly expenses can be as much as €975 for a single person.
There are no restrictions for UK nationals to purchase property in Italy. It is often advised that those looking to purchase property hire a lawyer with knowledge of both Italian and international property laws.
Prior to Brexit, UK citizens could obtain a European Health Insurance Card (EHIC), which grants them access to Italian state-run health care at a reduced cost. Those that have yet to expire can still be used in the country, but UK citizens will now instead need to apply for a Global Health Insurance Card (GHIC) for the same benefits. Many expats choose to sign up for private healthcare as well, which can be arranged through an employer. This is usually more costly but comes with the perks such as not having to endure long wait times.
UK expats in Italy will only have to pay taxes on income earned within Italy, provided that they have lived there for less than 183 days. UK nationals in Italy must register for a tax code number, which is necessary for employment, opening a bank account, processing any official paperwork, and signing contracts.
Italy has a progressive income tax system and UK nationals paying taxes in Italy will likely have to pay direct tax to the central revenue agency, in addition to local taxes at the regional level. Those working in Italy will also have to make social security contributions. The majority of this is generally covered by the employer. There are other regulations that apply to self-employed persons where social security is concerned.
The UK and Italy have different tax years, which may affect how British expats manage their finances. For the UK it is between April 6 of one year to April 5 of the following year; while for Italy it is from January 1 to December 31.
Italy has an efficient and modern banking system, which is one of the oldest in the world. This makes the process of transferring money from the UK to Italy simple, safe, and relatively fast. It is easy to open a bank account in Italy as a UK national. Most Italian banks pay interest and do not charge local interest taxes. British nationals will need to go in person with a UK passport in order to open the account. An application form will have to be filled out and, since these forms are usually in Italian, it would be best to be accompanied by someone who is fluent in Italian.
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We welcome all suggestions for improvements. Send us an email at support@fxcompared.com.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
