Wire transfers, known in Italy as bonifico, remain one of the most common ways to make payments in Italy and across the European Union. They are used for everyday payments, bills, public services, personal transfers, and business-related payments, even though alternatives such as PayPal, Stripe, and transfer platforms also exist.
Types of wire transfers in Italy
There are three main types of bank transfers commonly used in Italy:
- Normal wire transfer: usually received by the recipient the next business day. Holidays do not count. If both accounts are within the same bank, the money may arrive later the same day.
- Urgent wire transfer: generally received on the same day, even when the recipient uses a different bank.
- Instant wire transfer: received immediately by the recipient.
The main caveat with an instant transfer is that it cannot be canceled once sent. A regular transfer may be canceled up to a certain time of day if the sender acts quickly enough, preventing the recipient from receiving the money.
Transfers within Italy and the European Union
Wire transfers are described as the easiest option when sending money within Italy or to another country in the European Union.
For an EU transfer, the sender generally needs:
- the recipient’s IBAN
- the recipient’s full name
It is also important to include the reason for the transfer, because this information may be relevant for legal and tax purposes.
Transfers outside the European Union
Direct bank transfers from Italy to countries outside the EU may be less convenient. The transcript notes several possible issues:
- longer processing times
- delays caused by intermediary banks
- different banking systems in different parts of the world
- additional information required from the sender
For example, a transfer from Italy to the United States may require:
- routing number
- account number
- SWIFT code
- BIC code
Because of these complications, a direct wire transfer through a bank may not be the easiest option for non-EU transfers. Platforms such as wise.com are mentioned as alternatives that can simplify sending money outside the European Union.
Fees and practical considerations
Fees may be higher when a transfer is made physically at a bank branch. Italian banks generally charge lower fees when the transfer is made through a banking app or online banking.
For payments within Italy or the European Union, a direct bank transfer remains a simple and common option. For transfers outside the EU, alternatives may be more practical depending on the destination country, required banking details, transfer speed, and costs.
