Italy to UK money transfer guide

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Transfer Money from Italy to UK

When you need to make an international transfer between Italy and the UK, we, at Regency FX, help you achieve the most from the currency you are converting.

As an independent currency specialist sending money from Italy to UK is more cost effective as we have lower overheads than the banks which enable us to pass on the savings to you.

Bank transfers from Italy to the UK or vice versa has never been more cost effective. We can discuss and agree on the right time to exchange your money rather than using a bank or online-only system and having to accept the rate they give you on the day.

All money transfers from the Italy to UK are conducted through safeguarded client accounts.

Let us explain what a ‘safeguarded’ account is and how it benefits our clients. Regency FX keeps your funds in a separate account which blocks access by third parties and keeps your money safe until you are ready to transfer money from Italy to the UK.

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Transfer Money from Italy to the UK (Clear & Helpful Advice)

There are four simple steps when transferring money from Italy to the UK these are, identity check, get an exchange rate, make your payment, and finally your money is sent out.


Identity check

Before you can send money from the UAE to the UK, you need to be identified.

There is a legal obligation to verify customers sending money internationally due to global anti-money laundering regulations.

The check only applies to new customers.

Once your set-up, you can skip this step if you are sending money back to the UK on a regular basis.

For British expats, it is usually straightforward. If you still have an address in the UK, it’s even quicker.


Lock in an exchange rate

Once you are set up, a bank or money transfer company will quote you their current exchange rate.

When moving money back to the UK, you are selling Dirhams and buying Pounds.

This is sometimes written as AED/GBP.

The exchange rate moves throughout the day. It’s up to you whether you go ahead at the quote given.

If you are happy to proceed, the bank or money transfer company will lock-in your rate at that time.

Shortly after, you will receive an email confirming all the details of your transaction.


Pay for your money transfer

Banks will require your Dirhams upfront before they will agree an exchange rate.

However, a money transfer company will allow you to lock-in a rate before you send your Dirhams in.

This might be an advantage if you see a favourable rate and want to lock it in before it moves.

On the confirmation transaction, you will be given the bank details of where to send your Dirhams.

This will be to a safeguarded Dirham-denominated client account.


Your Dirhams are converted into Pounds

Once your Dirhams are with your bank or money transfer company, they will convert them into Pounds Sterling at the rate agreed, then send the Pounds to the UK bank account you request.

That's it.

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What are the options when sending money from Italy to the UK?

There are two main options when sending money from Italy to the UK which are: using a bank or using a money transfer specialist.

Some people see safety and convenience with using the bank as the money is already in there however, banks tend to have uncompetitive rates and additional charges.

The banks are better with smaller, irregular payments.

Money transfer specialists generally have lowest costs and more competitive rates.

They specialise in larger transfers over €5,000.

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Are there daily limits with money transfers from Italy to the UK?

Banks usually have their own daily limits on how much you can transfer.

They are normally in the region of €50,000 to €100,000.

However, Italy itself does not have any daily limits.

Banca Intesa (a big bank in Italy) have a daily limit of €50,000.

Most of the banks have similar limits.

Daily limits are terrible when you need to transfer large amounts of money.

When looking at sending large amounts of money then your best bet is using a money transfer specialist as they do not have daily limits.

What is the timeframe when sending money from Italy to the UK?

Normally Italy to the UK money transfers tend to be quite quick.

Time can differentiate depending on what banks are used, public holidays, cut off times and time zones.

1 to 3 working days is the normal timeframe.

The normal cut off times are around 4pm, if you send the money after this time it will counted as the next working day, meaning it will take longer to arrive in the desired bank account.

The time waiting is commonly waiting for the receiving bank to clear the funds.

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How safe are money transfer specialists?

It is completely normal to be worried about how safe money transfer specialists are especially if you have not used them before.

The main way in which you can check to see if they are safe is by checking to see if they are regulated by the FCA (Financial Conduct Authority).

If they are regulated by the FCA then they are required to keep your money in a separate, safeguarded client account, away from the company’s funds.

To check to see if a company is regulated by the FCA, you can check on the FCA register online!

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Comparison between banks and money transfer specialists

There are two main charges with transferring money internationally these are:

  1. Transfer Fees
  2. Exchange Rates

Most people are aware of the transfer fees but not so many people are aware of the exchange rate costs!

Transfer Fees

Transfer fees are a standard fee that is charged per international transfer.

It is more common for banks to charge these fees rather than money transfer companies.

It is not always easy to find these fees. The large Italian banks do not make it simple to find them.

Italian bank’s transfer fees tend to be €15 to €30 for each transfer.

Another fee in addition to this one is a priority fee which is when you want your money to go to the destination faster.

The easiest way to avoid fees is by transferring money through a money transfer specialist.

Exchange Rates

Exchange rates are not standard like transfer fees.

Money transfer companies and banks set their own rates.

It is known that banks do not offer competitive rates.

The main banks in Italy such as UniCredit and Banca Intesa have exchange rate margins of 3.5% to 4.1%.

An example of this in the real-world is with a €100,000 transfer you could be paying €3,500 to €4,100 just in exchange rate costs, now that is a lot of money!

This is simply due to the fact that you are not the bank’s priority as their priority lies more with mortgages and savings accounts.

Money transfer companies have a lot less overheads than the bank so the savings they make can go directly to customers, offering them a much better rate.

For an accurate comparison be sure to compare at the same time.

As the rates are constantly changing.

Achieving the best exchange rate

The exchange rate is one of the most important factors when it comes to transferring money internationally.

With a transfer of say €100,000 a change as small as 1% could save or cost you €1,000!

Tiny changes like this happen all the time.

It is not easy to pick the optimum time to exchange money.

Money transfer specialists can guide you through the process and help with picking a good time.

Online-only operators such as PayPal and TransferWise will not offer the same service as they are very much a do-it-yourself platform.

This means that you need to get all the information and enter it yourself, this can lead to multiple mistakes and that can cost you a lot of money.

These platforms thrive with the smaller, irregular amounts.

Choosing the right time to exchange money can save you thousands!

Money transfer specialists such as ourselves at Regency FX can assist you through the process, watch the rates for you and even notify you if the rate moves in your favour!

Are all the rates you see online real?

No is the simple answer to this.

A lot of companies such as XE, Oanda and Daily FX provide live rates/

However, the rates that you are seeing on here are not actually available to customer.

They are known as ‘interbank rates’ and they are only available for the banks themselves or large financial constitutions.

They are not even available to large corporations that trade in the hundred million every day!

To ensure you are getting a real quote, make sure to get it from a money transfer company or a bank.

Who are we?

Regency FX are a UK based independent currency broker, specialising in high volume transfers.

We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

We can monitor the market on your behalf enabling you to budget more effectively.

As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

Get a quote and see how we stack up.