Sending money to Italy

[Tiz&Adam 0]

Hi everybody.

I've read through the forum how some of you have sent money abroad, but what about Italy? Is there anybody on here that sends money to Italy?

I help my mommy out there and have done so this far using Money Gram. Very easy to use and she gets her money in 3 to 4 days but, not only do they charge $25 to send $700ca, their exchange rate is poop (1 USD = 0.648429 EUR against 1 USD = 0.67520 EUR on the Financial Times).

What do you guys use? Thanks.

[Scott and Iryna 2]

Set up a separate account for her at your bank (preferably a Credit Union), and link the two so that you can transfer funds into the account whenever you want online. Then, ship her the ATM card. The withdrawals will be free (if it's a Credit Union), and the exchange rate will be at the current bank rates. Very cheap, very convenient. I've done it for 4 years now.

[Tiz&Adam 0]

Set up a separate account for her at your bank (preferably a Credit Union), and link the two so that you can transfer funds into the account whenever you want online. Then, ship her the ATM card. The withdrawals will be free (if it's a Credit Union), and the exchange rate will be at the current bank rates. Very cheap, very convenient. I've done it for 4 years now.

Oh thank you! That would be cool but I doubt my bank (or any other here where I live) would allow me to open a bank account in my mother's name without her being present. Is that what you did?

For now I've tried Xoom, let's hope it works. It seems pretty cheap. Wish me luck!

[Scott and Iryna 2]

Oh thank you! That would be cool but I doubt my bank (or any other here where I live) would allow me to open a bank account in my mother's name without her being present. Is that what you did?

For now I've tried Xoom, let's hope it works. It seems pretty cheap. Wish me luck!

No, they won't. You open the account under your name. It's your account, simply send your mother the ATM card and tell her the PIN. The account is in your name which allows you to xfer funds from your primary account into this one. I told my Credit Union that I travel abroad frequently, and to note on the account that there will be activity from <insert country here>. It was simple, and has worked very well for me for quite some time. I still use it to send money to my Mother In-Law.

[Tiz&Adam 0]

No, they won't. You open the account under your name. It's your account, simply send your mother the ATM card and tell her the PIN. The account is in your name which allows you to xfer funds from your primary account into this one. I told my Credit Union that I travel abroad frequently, and to note on the account that there will be activity from <insert country here>. It was simple, and has worked very well for me for quite some time. I still use it to send money to my Mother In-Law.

Oh I see, that makes sense. And are you finding the exchange rates and withdrals fees reasonable? I know when I was withdrawing money in the US from my French account they were taking quite a bit of money every time but perhaps you can negotiate the rates with the bank...I'll investigate more, thanks for the heads up!

[Scott and Iryna 2]

Oh I see, that makes sense. And are you finding the exchange rates and withdrals fees reasonable? I know when I was withdrawing money in the US from my French account they were taking quite a bit of money every time but perhaps you can negotiate the rates with the bank...I'll investigate more, thanks for the heads up!

It depends. That's why I mentioned a Credit Union. My credit union charges me no monthly fees at all for the account, and nothing for ATM withdrawals (up to 5 per month). The ATM machines in Ukraine charge no fees for withdrawal, I have no idea about Italy. The conversion rate is exactly the current international exchange rate for that day, I get charged no additional conversion fees. However, if you use a bank, I'm sure they will find multiple ways to stack on fees. But I still have to believe it will be cheaper than using a commercial service, such as Money Gram or Western Union. It's also hard to beat the convenience, you do nothing and Mom can go to any ATM machine...

[Tiz&Adam 0]

It's also hard to beat the convenience, you do nothing and Mom can go to any ATM machine...

That's very true. Well, let's see how this Xoom goes and then I shall check if we have any of those banks around here. For sure Money Gram and WU won't see me again! Grazie for your help =)

[Bugsey34 0]

I exchanged some money using www.xetrade.com, I found the best rates there. I transfered from my US account to my Italian account.