the 5 best money transfers | Tips and Tricks

The most convenient way to send money abroad is to use a secure money transfer service that offers advantageous rates compared to the fees imposed by traditional banks. In Italy the two best known services are Moneygram e Western Union: the first is part of the services of Italian postthe second is operated by the Denver-based US financial services firm of the same name.

However, popularity does not always translate into convenience. Both Moneygram and Western Union, in fact, apply commissions more elevate compared to other less famous online services but far more advantageous from an economic point of view.

To compare the best services for sending money abroad we recommend Monito, an online comparator that calculates the cost of the transfer by comparing the exchange rate applied to the transaction and the average exchange rate of the market. Simply enter the amount of money to be sent, select the destination country and press the button “Compara” to see how much the final amount of the transfer is and with which supplier.

In this guide on how to send money abroad we introduce you the 5 most convenient money transfer services to transfer funds from Italy to the whole world in a legal and safe way.

1. Wise

Wise, formerly known as TransferWise, is among the best services for sending money abroad online. Through the Wise multi-currency account it is possible to make transfers in 80 countries and convert money in 54 currencies at the real exchange rate.

To use Wise connected to the official site wise.com, then click on the button “Sign in” at the top right and complete the registration process. Once you have created your profile, proceed with the verification of your identity by sending a copy of an identification document and a file certifying your residence to the address indicated above.

Then, in order to increase the security in account management operations, communicate your mobile phone number to the Wise operator and enter the security code received to complete the registration procedure.

Once this is done, you just have to top up your account by means of a normal bank transfer, setting the personal details you find in the private area of ​​Wise. Now click on “Send money”, enter the amount of money to be sent, then select the type of transfer and enter your personal data; to complete the transfer, enter the bank details of the recipient of the money and choose the most convenient payment method based on the fees and timing for receiving the money.

2. Azimo

Together with Wise, Azimo It is one of the main platforms to send money abroad while saving on the high commissions of banks or other similar services that apply additional costs. How does Azimo – and the other services described in this article – manage to keep transfer costs so low? By leveraging its nature as a digital provider.

In order to start using Azimo, you need to register for free. Go to the azimo.com website, click on the button “Register” at the top right, then fill in the fields below the header “Register with Azimo” to complete the procedure: your name and surname are required, as well as an email address and password.

Once Azimo verifies your identity, you can add the person you need to transfer the money to. To do this, log in to the site with the access credentials indicated during registration, click on “Add a new recipient”then select the “Country of the recipient” and the “Currency” through which to deliver the money.

The next two steps consist of selecting the delivery method and entering the recipient data, including the full name, the address where he lives, the name of the bank, the current account number and the mobile number. Finally, next to “How much do you want to send?” add the amount of money to transfer and that’s it.

3. CurrencyFair

CurrencyFair it is a valid alternative to Wise and Azimo. In addition to low commissions and favorable exchange rates, it allows in most cases to send money abroad within a maximum of 24 hours.

To use CurrencyFair and make your first online money transfer, first connect to the official currencyfair.com website and complete the registration of a new profile. From the home page click the button “Sign up” at the top right, choose whether to register a private or business profile, then enter the required data in the fields on the first screen, i.e. email address and password.

Then click on “Next” to continue forward. Now complete the procedure by entering your name and surname as shown in the identity document, a check mark next to the item “I agree to the terms & conditions” to accept the terms of use of the site, then press the button “Create personal account”.

The next step is to set up the transaction by selecting the amount and currency, after which you need to add a recipient reporting the full name, address, mobile number and bank account, finally choose the method of delivery of the money based on the fees and timing of receiving the money transparently indicated by CurrencyFair.

4. Remitly

We add to the list of the best money transfer services to send money abroad online Remitly. It is a service that in operation and in commissions is completely comparable to the three platforms already described above, namely Wise, Azimo and CurrencyFair.

In addition to the low commissions and favorable exchange rates, one of Remitly’s main strengths is the ease of use of the platform, which allows anyone to transfer money to a bank account opened outside Italy.

If you want to try the money transfer service, first connect to the remitly.com site and click on “Sign in” at the top right to create a new profile. At the time of registration, in the field “Send money to”, you will need to select the country where the person to whom you will transfer the money resides. The other required fields are a valid email address and a password.

Once the registration is complete, you have all the tools to make the first money transfer with Remitly: select the exact amount you want to send and the delivery method, then enter the personal information of the beneficiary (including name, surname, residential address and current account ), then click the button “Send money” to confirm the operation.

5. Xe Money Transfer

The last money transfer service we suggest you try is Xe Money Transfer. As well as Wise, Azimo, CurrencyFair and Remitly, Xe also allows you to take advantage of low commissions and more favorable exchange rates than many other popular platforms.

Furthermore, in the field of currencies and expenses related to the transfer of funds abroad, Xe is one of the most reliable comparators on the net. It is no coincidence that other competing platforms use Xe as a search engine to show their customers the latest exchange rate updates.

To send money abroad with Xe, connect to the official xe.com address and select the category from the main menu “Send money”. In the new screen, select the amount to be sent and the currency, and then confirm the delivery method (the default option is bank transfer).

Click on the button now “Sign in and send” to create a new profile on Xe and complete the procedure. The data requested are the same as we mentioned above describing the operation of the other money transfer services. At the end you will receive an email confirming the success of the operation from Xe.