Highest remittance rate for converting 1 CAD to EUR = 0.63
Ciao La Bella Italia! People are visiting Italy from centuries for tourism and this is flourishing the GDP of Italy as well as foreign exchange in the country very much. Not only this, many people from Italy have now migrated to other countries and send money to Italy to their families, friends and all these reasons have increased the need for money transfer companies. There are few online money transfer companies which are providing their services in and also facilitate secure bank-to-bank transfer, cash pickups, mobile transfers, etc. In the past few years, we have seen the high demand for Canada to Italy corridor as more than two hundred thousand people from Italy are living in Canada and try to find the best way to send money to Italy every month. Therefore, on this page, we provide you with the top companies offering “money transfer to Italy from Canada”.
Please find the list of companies below in a sorted order which is providing the best money transfer services which offer the “cheapest way to send money to Italy” from Canada with the highest exchange rates and low fee.
Many people are stuck between options when it comes to sending money from Canada to Italy because of the many available and confusing options. Thanks to Exchange Rate IQ however, you can quickly select a suitable money transfer service and learn how services like XE Money can make life easier for you.
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.
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%.