What is the Spanish translation of the Italian word 'Ciao'?

Hola is the Spanish equivalent of the Italian word Ciao.

Specifically, the Italian and the Spanish terms are greetings. They are viewed as among the friendlier, more informal ways of exchanging "hello" amongst peers. The pronunciation will be "OH-lah" in Spanish and "tchow"* in Italian.

*The sound is similar to that in the English noun "chow".