Why Choose the Right Transfer Method?
Sending money to India is one of the most common needs for Indians living in Italy. The difference between services can mean saving hundreds of euros annually.
Transfer Methods Compared
1. Wise (formerly TransferWise)
Pros:
- ✅ Best exchange rates (mid-market rate)
- ✅ Low, transparent fees (0.5-1%)
- ✅ Fast transfers (1-2 days)
- ✅ Easy mobile app
Cons:
- ❌ Limits on large transfers
- ❌ Requires bank account
Best for: Regular, medium-sized transfers
2. Western Union
Pros:
- ✅ Cash pickup option
- ✅ Wide network in India
- ✅ Instant transfers available
Cons:
- ❌ Poor exchange rates
- ❌ High fees for cash transfers
- ❌ Better for emergencies only
Best for: Urgent cash transfers
3. Bank Wire Transfer
Pros:
- ✅ Secure and reliable
- ✅ No transfer limits
Cons:
- ❌ Worst exchange rates
- ❌ High fees (€15-30)
- ❌ Slow (3-5 days)
Best for: Very large transfers
4. Remitly
Pros:
- ✅ Good exchange rates
- ✅ First transfer promotions
- ✅ Multiple delivery options
Cons:
- ❌ Fees on smaller amounts
- ❌ Verification can be slow
Best for: First-time users, bank deposits
Cost Comparison (Sending €1,000)
| Service | Fee | Rate | INR Received |
|---|---|---|---|
| Wise | €5 | 89.50 | ₹89,052 |
| Remitly | €0 | 88.90 | ₹88,900 |
| Western Union | €8 | 87.20 | ₹86,412 |
| Bank Transfer | €25 | 86.00 | ₹83,850 |
Rates are approximate and vary daily
Tax Implications
In Italy
- No tax on remittances to family
- Keep records for large transfers
In India
- No tax for amounts under ₹50 lakh per year (from relatives)
- Non-relatives: may be taxable above ₹50,000
Tips for Better Transfers
💰 Compare before each transfer - Rates change daily 💰 Use apps - Often better rates than web 💰 Set rate alerts - Transfer when rates are favorable 💰 Avoid weekends - Banks process slower, rates may be worse 💰 Batch transfers - Combine smaller amounts to save on fees
Common Mistakes
❌ Using airport exchange counters ❌ Not checking the total cost (fees + rate) ❌ Transferring very small amounts frequently ❌ Ignoring promotional rates for new users
Our Recommendation
For most Indian residents in Italy, Wise offers the best combination of rates, speed, and reliability. Set it up with your Italian bank account and enjoy hassle-free transfers.
Need help setting up your first transfer? Bharat Seva can guide you through the process!