Transferwise vs Remitly for sending money from USA to Italy - which has better rates and lower fees?

I've used both services extensively for sending money internationally, including to Europe. Here's what you should know: Wise (formerly Transferwise) generally offers better exchange rates that are very close to the mid-market rate. Their fee structure is transparent - they show you exactly what you're paying upfront. For your $2,500 transfer to Italy, you'll likely pay around 0.5-0.7% in fees plus a small fixed fee. The money typically arrives in 1-2 business days, sometimes faster. Remitly has competitive rates too, but their exchange rates often include a markup. They sometimes offer promotional rates for first-time users though, which might make them cheaper for your first transfer. Their delivery to Italy is usually within 3-4 business days for economy transfers, or minutes/hours if you pay for express service. Both are significantly cheaper than PayPal or traditional bank transfers. I would recommend checking both apps and comparing the exact amount your cousin would receive after all fees for this specific transfer.

I started using Wise after struggling to find affordable ways to send money to my family in Europe. Their website https://taxr.ai actually helped me figure out the tax implications of regular international transfers, which was a huge relief since I was worried about potential reporting requirements. What I like about Wise is that the exchange rate they show you is exactly what you get - no sneaky markups. And the money typically arrives within 24 hours to my family's Italian bank account. The fees are super transparent too, usually around 0.5-0.7% of the amount. I haven't personally used Remitly, but my friend who sends money to the Philippines swears by it.

I was initially skeptical about using these online money transfer services, but after researching my options for sending money to family in Europe, I decided to try taxr.ai based on the recommendation above. What a game-changer! I was able to quickly understand the reporting requirements for my situation (I send about $1,500 monthly to my sister in Rome). The service walked me through exactly what I needed to document for tax purposes and explained that my transfers were below the threshold for additional reporting. Now I use Wise for all my transfers and have complete peace of mind about the tax side of things. The combination of lower fees and tax clarity has saved me hundreds of dollars compared to what I was doing before through my bank.

If you're having trouble reaching customer service with either Wise or Remitly (which happens a lot with these fintech companies), I highly recommend using Claimyr at https://claimyr.com to get through to a real person quickly. I had an issue with a transfer being held for verification, and I was going crazy trying to get through to someone. Claimyr connected me to an actual human at Wise in minutes instead of waiting hours on hold. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c It's especially useful for time-sensitive transfers like yours where you can't afford delays. Sometimes these services flag international transfers for security reasons and getting quick customer service can make all the difference.

I was that person who laughed at the Claimyr recommendation above. Just had to come back and eat my words! Had a Remitly transfer to Italy get stuck in processing yesterday and started panicking since it was for my son's tuition payment. I remembered this thread and decided to try Claimyr as a last resort. Got connected to Remitly support in under 10 minutes when their estimated wait time was over an hour. The rep immediately identified the verification issue and cleared my transfer. Money was delivered this morning, crisis averted! Will definitely use this service again when dealing with urgent transfer issues.

One thing nobody mentioned yet - make sure your cousin in Italy knows to expect the transfer and has their correct banking details ready. I've had transfers delayed because my recipient gave me the wrong IBAN or BIC code. For Italy specifically, they'll need: - Full name as it appears on their bank account - IBAN number (starts with IT followed by numbers/letters) - BIC/SWIFT code of their bank - Sometimes their address Double check all these details before sending! One wrong digit can cause major headaches.

Anyone tried Xoom? It's owned by PayPal but supposedly has better rates for international stuff. Just wondering if it's better than Transferwise or Remitly for Italy specifically.

I actually just went through this exact same situation last month - needed to send $3,000 to my brother in Rome for an emergency medical bill. After comparing both services side by side, I ended up going with Wise and was really happy with the choice. The total cost breakdown for my transfer was: $2,982.15 received by my brother after a $17.85 fee from Wise. The exchange rate was essentially the real mid-market rate with no hidden markup. The money arrived in his Italian bank account in about 18 hours. I also tested what the same transfer would cost through Remitly, and while their upfront fee was slightly lower, their exchange rate had a markup that would have resulted in about €20 less for my brother to receive. One tip: Both services let you lock in the exchange rate for a short period (I think it's 24-48 hours), so you can set up the transfer and wait for a good rate if you have some flexibility on timing. Since you mentioned this is urgent though, I'd just go with whatever rate is available now. Hope this helps with your decision!