Receiving money from overseas
Everything you need to know about receiving money from abroad.
There may be times in your life when you will be receiving money from overseas. Be it from friends or family, or maybe you are an expat living abroad. With the right tools at your disposal, you can find the best deal and have quick access to your funds when you receive a money transfer from overseas.
What is the best way to receive money from overseas?
The best way to receive money from overseas depends on your specific situation. For many, receiving the money to their bank through an international wire transfer is the most convenient – even if it can be expensive. However, you will find it is often cheaper to use a money transfer service instead. These types of companies specialise in sending money overseas, and offer lower fees and stronger exchange rates than banks.
We’ve listed the best ways to receive money from overseas – going from cheapest to most expensive:
- International money transfer service. Specialised money transfer companies are one of the cheapest options when it comes to receiving money from abroad. Use our comparison table to find a money transfer company that suits your needs before you receive your transfer.
- Money order. Sometimes called a bank draft, an international money order is an inexpensive but slow way to receive money from overseas.
- Mobile wallet. Having money delivered to a mobile wallet isn’t a popular option, but it is convenient if it’s available.
- Cash delivery. Consider having your money sent to a local money transfer agent location as a cash pickup. Some services will even deliver it straight to your home.
- International wire transfer. International wire transfers through a bank often get charged fees on both ends of the transaction, so tend to work out as an expensive option.
Compare international money transfer companies to receive money from abroad
As typically one of the cheapest options when it comes to receiving money from abroad, you can save yourself more money by comparing money transfer services.
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
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How does receiving money from overseas work?
The process may differ depending on the service provider used to send the funds. With some money transfer services, you need to request the transaction reference number from the sender and present the number along with your identification documents. You may also be required to fill out a receive form to access your funds.
With online transfers, the funds are deposited into your account, after which you can withdraw them. You can also receive funds through a prepaid card or mobile wallet.
Bank information needed to receive money
Keep in mind, in order to receive money from overseas, you’ll need to provide specific bank details, including:
- Bank account number
- BIC/Swift Code — you can this from your bank
- Routing number
- Full name
- Street address
Do I need to pay fees if I’m receiving money from overseas?
While most fees are incurred by the sender, your bank may charge a fee for processing and depositing the money you have received from overseas.
It is also worth keeping in mind you could be required to pay intermediary fees. Intermediary banks act as the ‘middleman’ through which money passes when transferring between two financial institutions. As a result they take a small fee from the funds being transferred. This is separate to the fees charged by banks or money transfer services.
How do exchange rates and margins affect the amount I receive?
The amount you receive in the end may be less than expected if the sender doesn’t pay the currency exchange rate at the beginning of the transaction.
Most banks and money transfer providers will quote an exchange rate that’s higher than the mid-market rate, otherwise known as the midpoint between the buy and sell prices. This markup is also known as a margin, which is how these companies make profit.
The exchange rate margin is often the reason why there is a difference between the amount that is sent and the amount that is received. Small differences can put a big dent in the end amount, especially when receiving larger amounts of money.
What type of money transfer should I use to receive money?
Money transfers come in many varieties, all of which can be used to receive money from overseas. Here are some of your options:
- Online transfer. You can use online payment services to transfer and receive funds. The funds are converted into the recipient’s currency.
- Money transfer. Money transfer companies that offer cash pickup are an easy way to receive money. Just double check that there’s an agent location near you before agreeing to receive a cash transfer.
- Prepaid card. You can access your funds through an ATM when using a prepaid card to receive money.
- Mobile wallet. Receive and send funds directly from your smartphone when using a mobile wallet.
Frequently asked questions
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What details do I need for an international money transfer?
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I recently made a payment from INDIA to a commonwealth bank of Australia account.But when my bank transferred the funds it did via ANZ Bank. The funds were transferred to ANZ bank from where it was transferred to the beneficiary account at commonwealth
What my question is what would be the charges applied for the remittance
Hi Wilson,
Thanks for your question.
Generally the fees charged should be the fees involved with transferring from your Indian Bank to ANZ, as the transfer from ANZ to CommBank should be free of charge.
For more information, please speak to the Indian Bank that processed the transfer for you.
Cheers,
Shirley
For migrants moving to Australia, generally, What are the tax implications of
1. Sending funds across before we moved?
For many migrants, we would be liquidating assets in our home country and moving it across to Australia.
2. Receiving regular funds from overseas after we move?
Thank you
Hi Vee,
I’ve sent you an email to follow up with this enquiry.
Thanks,
Belinda
Hi, I have a similar question as Vee in July 2015. However, he got his reply by email, perhaps you can share it here?
For migrants moving to Australia, generally, What are the tax implications of
1. Sending funds across before we moved?
For many migrants, we would be liquidating assets in our home country and moving it across to Australia.
2. Receiving regular funds from overseas after we move?
Thank you
Hi Kat,
Thanks for your question.
Tax implications sending funds across before we moved
There are no tax implications for receiving funds here in Australia. However, your home country may have tax regulations in place that implicates you.
Receiving regular funds from overseas after we move
Unless the income is from an employer, there are generally no tax implications.
Hope this helps.
Je dois envoyer de l’argent sur un compte chez vous.
Il me manque votre SWIFT.
Veuillez me le communiquer. svp.
Avec mes meilleures salutations.
Hi René,
Thanks for your question.
Please note that finder.com is an online comparison and information service and is not a product issuer. You’ll need to speak to the institution directly to obtain their SWIFT code.
Cheers,
Shirley
Can you guys help us with bad credit in the US?
Hi Will,
thanks for the question.
Unfortunately at this current time we only compare lenders in Australia.
Sorry we couldn’t help,
Marc.