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money transfer dichiarazione needed

money transfer dichiarazione needed

Old May 9th 2011, 12:09 pm
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Default money transfer dichiarazione needed

I am about to make my first money transfer from my UK bank to my newly opened Italian account via a currency broker; due to 'money laundry laws' I know I have to justify where the money comes from. As it comes from the sale of my UK property so I thought showing the final correspondence from the solicitor with the exact amount from the sale going into my bank minus all the fees would be enough to satisfy the Italian system with the money's traceability..

Now I read about a 'dichiarazione to the Agenzia delle Dogane' for any amount over €10.000 (either coming in or out of Italy).

Any experience of this?
I was gonna do a trial run of just £10,000, but thinking of reducing that to stay below the €10.000 threshold to avoid the dichiarazione... Fines are hefty of course at 40% of the transfer amount.

On another point, how much does your Italian Banks charge to have money transferred to from abroad? The one I am with is talking of 1.5% (negotiable, better be!)

thanks!
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Old May 11th 2011, 6:18 pm
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Default Re: money transfer dichiarazione needed

Originally Posted by dondodi
I am about to make my first money transfer from my UK bank to my newly opened Italian account via a currency broker; due to 'money laundry laws' I know I have to justify where the money comes from. As it comes from the sale of my UK property so I thought showing the final correspondence from the solicitor with the exact amount from the sale going into my bank minus all the fees would be enough to satisfy the Italian system with the money's traceability..

Now I read about a 'dichiarazione to the Agenzia delle Dogane' for any amount over €10.000 (either coming in or out of Italy).

Any experience of this?
I was gonna do a trial run of just £10,000, but thinking of reducing that to stay below the €10.000 threshold to avoid the dichiarazione... Fines are hefty of course at 40% of the transfer amount.

On another point, how much does your Italian Banks charge to have money transferred to from abroad? The one I am with is talking of 1.5% (negotiable, better be!)

thanks!
as far as I know, if funds are transferred via bankers payment then there are no limits on the amount of any single transfer. when the funds arrive at your italian bank you may be asked to "declare" where the funds came from (most banks have a form to fill in and some ask for proof of what is declared - a copy of the act of sale would be sufficient). Some banks will not call customers if the sender and the beneficiary are the same person. You may have a problem as you are sending the funds through a currency broker - you would need to ensure that you are identified as the "sender".
Unless the law has changed recently, the "dichiarazione alla dogana" for sums over eur 10.000 is only referred to the need to declare that you are bringing amounts of cash into the country.
1.5% seems extremely high - it's usually "1.5 per mille" (0.15% was the old "commissioni valutarie" - when cv was abolished, the banks continued charging and now the amount is just "commissioni"). There's usually a maximum amount applicable (150-200 euro). Most banks also charge a small fixed amount (5-15 euro) on payments received from abroad.
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Old May 11th 2011, 9:37 pm
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Default Re: money transfer dichiarazione needed

You should be fine, I wasn't even aware of that and I made a bank transfer last year from Uk to Italy above that limit, nobody asked any dichiarazione.."Thank God"

As Dina says for bringing cash above € 10,000 you have to declare it.
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Old May 11th 2011, 11:03 pm
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Default Re: money transfer dichiarazione needed

Originally Posted by dina1965
as far as I know, if funds are transferred via bankers payment then there are no limits on the amount of any single transfer. when the funds arrive at your italian bank you may be asked to "declare" where the funds came from (most banks have a form to fill in and some ask for proof of what is declared - a copy of the act of sale would be sufficient). Some banks will not call customers if the sender and the beneficiary are the same person. You may have a problem as you are sending the funds through a currency broker - you would need to ensure that you are identified as the "sender".
Unless the law has changed recently, the "dichiarazione alla dogana" for sums over eur 10.000 is only referred to the need to declare that you are bringing amounts of cash into the country.
1.5% seems extremely high - it's usually "1.5 per mille" (0.15% was the old "commissioni valutarie" - when cv was abolished, the banks continued charging and now the amount is just "commissioni"). There's usually a maximum amount applicable (150-200 euro). Most banks also charge a small fixed amount (5-15 euro) on payments received from abroad.
You are right.
I have question the fee to the bank and they confirmed the 'per mille' bit. They made a mistake in not pointing it out at the time even though I immediately objected that 1.5 per cent was a bit ludicrous and they didn't realize the misunderstanding.
I also only found info on the 10,0000€ max only referring to cash brought in or cheques, or valuables that can pass hands..
Thank you for replying!
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Old May 17th 2011, 2:50 pm
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Default Re: money transfer dichiarazione needed

Originally Posted by dondodi
I am about to make my first money transfer from my UK bank to my newly opened Italian account via a currency broker; due to 'money laundry laws' I know I have to justify where the money comes from. As it comes from the sale of my UK property so I thought showing the final correspondence from the solicitor with the exact amount from the sale going into my bank minus all the fees would be enough to satisfy the Italian system with the money's traceability..

Now I read about a 'dichiarazione to the Agenzia delle Dogane' for any amount over €10.000 (either coming in or out of Italy).

Any experience of this?
I was gonna do a trial run of just £10,000, but thinking of reducing that to stay below the €10.000 threshold to avoid the dichiarazione... Fines are hefty of course at 40% of the transfer amount.

On another point, how much does your Italian Banks charge to have money transferred to from abroad? The one I am with is talking of 1.5% (negotiable, better be!)

thanks!
We always use Moneycorp to transfer money from Uk to our Italian bank. They know us but officiallly always have to ask where our money has come from each time, and we just say savings or pension payments. They also pay any charges which the Italian bank charge to recieve the money into out account, so we don't incur any charges for the service. We have used them for a few years and have never had a problem, the money always arrives on the agreed date.
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Old May 21st 2011, 6:08 pm
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Default Re: money transfer dichiarazione needed

Originally Posted by dondodi
You are right.
I have question the fee to the bank and they confirmed the 'per mille' bit. They made a mistake in not pointing it out at the time even though I immediately objected that 1.5 per cent was a bit ludicrous and they didn't realize the misunderstanding.
I also only found info on the 10,0000€ max only referring to cash brought in or cheques, or valuables that can pass hands..
Thank you for replying!
you're welcome, glad to be of help !
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Old May 22nd 2011, 4:00 pm
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Default Re: money transfer dichiarazione needed

There is potentially more to transferring money into Italy from outside especially if the sums involved are significant. You need to be aware that large sums of money arriving need to be declared on your annual Italian tax return. If you haven’t previously declared large deposits or income outside of Italy then it could attract questions along the lines of “Where did it come from?”
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