Easiest & Safest Way to Transfer Funds from USA to Italy
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Easiest & Safest Way to Transfer Funds from USA to Italy
We need to transfer funds to a bank account in Ischia. We've never done that before and need some assistance. What is the best way? Western Union? Xoom? Money Gram? Any advice would be appreciated. Th
We need to transfer funds to a bank account in Ischia. We've never done that before and need some assistance. What is the best way? Western Union? Xoom? Money Gram? Any advice would be appreciated.
If the person receiving the money has a bank account in Italy, you should be able to use your own US bank account to transfer the money, with a record that the money was received on the other end.
At the risk of sounding nosy, I will also add that if you are renting an apartment in Ischia, it is sometimes unwise to wire full rental payments in advance of seeing the rental with your own eyes or have read many reviews of happy experiences with the landlords or agency.
PS: it used to common practice to secure a rental contract by wiring ahead a small deposit and then to pay the balance of all the money owed in cash when you arrived. New Italian law now makes paying in cash for anything over 1,000 euros illegal, whether you are paying for goods or services.
This will depend upon if you are also doing a currency conversion as various institutions will charge varying fees and offer better or worse exchange rates. I have used XE.com for years with good results and others I have directed there have also been pleased. It takes a bit of time to set up an account with them, but once it is done subsequent transactions are really easy.
Tommy - I transferred money from my US bank account to the italian bank account of the owners of the place we are renting in Positano via PayPal, no problem. I am almost certain there were no fees (or very minimal) other than the usual currency conversion rate charged by my bank. Many of the places we were considering renting (including the one we ultimately chose) do not accept credit cards and would only accept a wire transfer for the deposit. As noted by Mushroom, we will only pay the balance in cash upon our arrival and inspection of the place. If a rental has good reviews on several different sites, I wouldn't rule it out just because they don't take credit cards (and obviously I do not). I find working within the Italian "system" of doing things part of the fun of travel.
I know some people have made overseas lodging advance payment by bank wire transfer with no problems. I still wouldn't do it and wouldn't advise anyone else to.
I know a lot of overseas lodging owners demand advance payment by bank wire transfer. I still wouldn't do it and wouldn't advise anyone else to do it.
The reasons not to do a bank transfer and to insist on cc payment can be found in innumerable postings on this and other travel sites.
I am not expert, but I think PayPal offers the same kind of protection against fraud as does using a credit card, perhaps particularly if you obtain a PayPal credit card -- but I really don't know.
ekc,
If your complete rental payment is going to be over 1,000 euros, you cannot legally pay that amount in cash upon your arrival.
to all,
I don't know why tommyk is asking this question. There is the possibility in my mind he is doing something other than renting an apartment (i.e., sending money to a student through friends, charity, etc.)
