Navigating finances as an expat in Italy can be overwhelming, especially when sending money back home to India. Italy plays a significant role in the global remittance market, with billions of euros sent from the country each year.

In 2023, Italy contributed notably to the flow of funds, especially to countries like India. This highlights the need for reliable and cost-effective money transfer services. Remitly has emerged as a popular choice, providing a secure and efficient way to send money back home.

In this blog, we'll explore Remitly's services for Italian customers so you know exactly what to expect when sending money abroad and encourage you to consider Vance, an alternative solution that may better suit your needs.

How Remitly Transfers Work in Italy?

Remitly operates as a digital remittance service, allowing you to send money online from the UK to various countries, including India. The process is straightforward: sign up, enter the recipient's details, choose the transfer speed, and pay using your preferred method—usually a bank transfer, debit, or credit card.

Key Features:

• Two Transfer Options: Remitly offers Express and Economy transfers. Express delivers funds within minutes quicker, while Economy takes 3-5 business days but is usually cheaper.
• Multiple Delivery Methods: Depending on the destination country, you can send money directly to a bank account, mobile wallet, or even for cash pickup.

What are the charges for Remitly Money Transfers from Italy to India?

Understanding Remitly's fee structure is essential to avoid unexpected costs. Here’s what you might expect:

1. Transfer Fees:

• UPI: €0 fee for transfers, making it a cost-effective option.
• Bank Deposit & Cash Pickup: €0.99 fee, ideal for secure transfers to bank accounts or cash collection.

2. Exchange Rate Margins:

‍Remitly adds a margin to the exchange rate, meaning the rate you see is slightly lower than the actual market rate. This margin varies depending on the transfer speed and destination.

For those seeking more transparency, services like Vance provide real-time Google exchange rates with no hidden margins, ensuring that more of your money reaches its destination.

3. Additional Costs:

‍Using a credit card to fund your transfer can incur additional charges, such as cash advance fees. The recipient's bank or mobile wallet provider might also charge fees for receiving the funds.

Vance offers a more straightforward approach, minimising these extra charges to help you get the best value for your money.

Transfer Timings: How Fast is Remitly?

The speed of your transfer with Remitly depends on your choice of the Express or Economy options:

• Express Transfers: Typically completed within minutes, making it ideal for urgent transfers.
• Economy Transfers: Usually take 3-5 business days but at a lower cost.

If speed and transparency are essential, services like Vance offer quick transfers without compromising cost, ensuring you get the best value for your money.

Enjoy Money Transfers from Italy to India with Vance

Experience lightning-fast money transfers from Italy to India with Vance. Get real-time Google rates on all your money transfers with absolutely no hidden fees—no surprises, just the best deals.

Stay ahead with our exclusive rate alerts, tracking the EUR to Rupee so you can send money at your desired rate. Join a savvy community of over 100,000 NRIs who’ve collectively saved more than ₹50 Cr in transfer fees.

In Conclusion

Remitly is a reliable option for transferring money from Italy to India, offering competitive fees and robust customer support. However, it's always good to explore other services like Vance, which might offer additional features that better suit your needs.

Ultimately, the choice between Remitly and Vance will depend on your prioritisation—cost, speed, or customer service.

Sources

Remitly: https://www.remitly.com/it/en/india

Pricing: https://www.remitly.com/it/en/india/pricing

Remitly About Us:https://www.remitly.com/it/en/home/about

Disclaimer 

This content is for general informational purposes only and should not be taken as financial, legal, or professional advice from Vance or its affiliates. While we strive for accuracy, the information may change over time. Vance makes no representations, warranties, or guarantees, whether express or implied, regarding the accuracy, completeness, or reliability of the information provided. The comparison is based on publicly available data and is intended to assist users in making informed decisions. It is not a substitute for professional advice or consultation with financial experts. Please review your region's terms of use and product availability, or visit the service provider's website for the latest pricing and service information.

FAQs

Q1. How long does it take for Remitly transfers to be processed in Italy?

Remitly transfers to Italy typically take a few minutes to a few business days, depending on the chosen delivery speed (Express or Economy).

Q2. What are the available payment methods for Remitly users in Italy?

Remitly users in Italy can fund their transfers using debit cards, credit cards, and bank accounts.

Q3. How does Remitly handle currency conversions for transfers from Italy?

Remitly applies its exchange rate for currency conversions, which includes a margin on top of the mid-market rate. The exchange rate is displayed upfront before the transfer is confirmed.

Q4. Are there any Italian regulations that could affect Remitly transfers?

Italian regulations, such as anti-money laundering (AML) laws, require user identity verification and may limit the amount that can be transferred without additional documentation.

Q5. What support options does Remitly offer for users in Italy?

Remitly offers customer support through its website, mobile app, email, and phone, with multilingual support available to assist users in Italy.