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International Money Transfer
January 29, 2013 5:04 PM   Subscribe

I would like to transfer $ 5000 from an account in Italy to my bank account here in the State. Can it be done electronically and if so, how?
posted by francesca too to Work & Money (9 answers total) 1 user marked this as a favorite
 
It can be done by wire transfer. Talk to your banks about setting it up.
posted by Dasein at 5:10 PM on January 29, 2013


When I transferred money electronically to and from the United States, I used these guys: http://www.xe.com/xetrade/.

If I recall, I did have to hand sign and fax/e-mail an authorization form.
posted by MoonOrb at 5:11 PM on January 29, 2013


Does your bank in Italy have a website? For my German bank account, I could set up wire transfers to my US account online, and did not have to authorize anything in person.
posted by that possible maker of pork sausages at 6:17 PM on January 29, 2013


I send my Italian bank a signed fax (I know, how quaint!) with all the transfer information (account number to and from, receiving bank IBAN and SWIFT codes, etc) and they wire it over.
posted by lydhre at 6:31 PM on January 29, 2013


You can arrange an international wire transfer. As others have said you may have to fax confirmation to your bank in Italy. You'll need your account number, bank name and address and routing number. It's pretty easy to arrange just contact the bank you want the money sent from. Last time I did it it cost me around AUD$75 to transfer AUD$50K plus taking a hit with a shitty exchange rate to US$.
posted by wwax at 7:44 PM on January 29, 2013


I've used Currencyfair in the past. At the time, the exchange rate and $4 transfer fee (yes, really), came out to be a little cheaper than XE Trade and Xoom.com. And definitely MUCH cheaper than a wire transfer.
posted by Xere at 9:13 PM on January 29, 2013 [1 favorite]


When setting up an international wire, I would check with my bank to make sure about the routing number specifying that it's an international wire. Some US banks route their international wires thru an intermediary.
posted by readery at 5:51 AM on January 30, 2013


I forgot to mention why I used a broker like XE (I have also used HiFX) instead of just arranging a wire transfer between banks: brokers will likely offer you a better exchange rate than a bank. It is sort of like how it is rarely advantageous to exchange money at the hotel where you're staying when you travel--you can usually get a better rate elsewhere.

The difference in costs in a transfer of $5000 might not be so great that it makes a huge difference, but it is pretty easy to get quotes from a few brokers and then just compare that to whatever exchange rate you'd get if you arranged your bank to do the wire transfer.
posted by MoonOrb at 8:51 AM on January 30, 2013


Thanks. I think I will investigate the exchange rate before doing anything.
posted by francesca too at 2:09 PM on January 30, 2013


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