CAD to EUR
Compare Canada Dollar to Euro Member Countries For Sending Money to Italy from Canada
Sorry, we don't have results for the combination when sending money from Canada to Italy for sending amount $250. We are working hard to provide you best results from Canada Dollar to Euro Member Countries so that you can compare exchange rates and fees and can take best decision and save fees for your money transfer.
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Mid Market Rate
0.67
0.67
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MoneyGram Vs Western Union: Which is better?
Western Union is the largest money remittance company across the world while MoneyGram stands at the second position after the Western Union. This shows that both the companies have vast agent network, good customer support and offering services across the globe. Whether it is Western Union or MoneyGram, none of them is the fastest or cheapest option but offers cash pick-up services approximately in every country. So, let’s have a look at the comparison of the top money remittance companies.
Exchange Rates: MoneyGram takes a margin from the real mid-market rates and then provide the rates to its customers which are lower compared to the mid-market rates. This makes the option costly for its customers. The same is Western Union, it also does not offer the real market rates and cut-off the profit margin by offering lower rates compared to mid-market rates but is better than MoneyGram. So, if you want to transfer money to Italy through a cash pick-up service, you should choose the Western Union.
Transfer Fees: Fees of both the companies vary a lot and depends on various factors such as amount, transferring and receiving country, payment method, amount receiving method, etc. Paying from debit and credit card and receiving as cash pick-up is the most costly method of money remittance as it attracts high fees.
Transfer Speed: MoneyGram delivers the amount transferred within 1 day or many times instantly to the recipient while Western Union takes approximately 3 days to deliver funds to the recipient. This shows MoneyGram is much faster compared to Western Union. So, if you have to send any emergency funds, you can choose MoneyGram over Western Union.
Tax guidelines and regulations on the large transfers to Italy
If you are receiving a large amount from your family, then you need to disclose it to the government. If the recipient fails to file taxes on the large transfers, then it can result in penalties that range in between 120% to 240% on the due taxes.
You also need to provide the details if you are receiving more than $10,000 from any of your family member or friends in Italy. Percentage of tax depends on the relationship with the sender, this is:
Spouse, parent or child: Any amount over €1 million taxed at 4%.
Siblings: Any amount over €100,000 taxed at 6%.
Other relatives: The full gift taxed at 6%.
Non-relatives: The full gift taxed at 8%.
