How to Transfer Money from UK to Italy
UK to Italy Guide
Summary
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.
Visas and immigration
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.
Study in Italy
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.
Buying Property in Italy
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.
Healthcare in Italy
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.
Taxation and regulations in Italy
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.
Banking and money
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.
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from UK to Italy. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
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