|MONTE DEI PASCHI DI SIENA||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||NO MINIMUM||5/7 DAYS||4.5%||€1.084|
|EUR € - to GBP||NO MINIMUM||5/7 DAYS||4.5%||£0.841|
|BROKER RATES||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||From £100||From 1 DAY||From 0.7%||€1.127|
|EUR € - to GBP||From £100||From 1 DAY||From 0.7%||£0.875|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Answer: Using Monte Dei Paschi Di Siena services, the exchange rates shown are typical. All banks have individual rates and commission structures for international currency transfers. Find the latest exchange rates for an overseas bank using our Bank Rate Comparison below:
Save on the exchange rate conversion when transferring money or making payments overseas from your Monte Dei Paschi Di Siena account in euros, the UK pound & other currencies. Monte Dei Paschi Di Siena international money transfers to or from Italy have higher transaction charges, due to a less competitive exchange rate offered by Monte Dei Paschi Di Siena. Skip to: Italy Money Transfer Specialists
Typically, sending funds to or from your Monte Dei Paschi Di Siena bank account in euros, the UK pound or US dollar overseas bank account will involve a margin rate of 4.5% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Monte Dei Paschi Di Siena bank account in Italy needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of 100,000 euro (EUR) using Monte Dei Paschi Di Siena services would have a transaction exchange rate margin of around 4.5% – or 4,500 EUR. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only 700 EUR in total, which is a large saving over the bank service.
International money transfers from Monte Dei Paschi Di Siena could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Monte Dei Paschi Di Siena bank account holder to use their services. Monte Dei Paschi Di Siena may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of £5000 (or 5,000 EUR).
Unless you pay a premium, Monte Dei Paschi Di Siena’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Banca Monte dei Paschi di Siena SpA (also known as BMPS or just MPS) is the oldest surviving bank in the world (the bank was originally created in 1472) and is the third largest bank in Italy, with over 2,000 local Italian banking branches.