The ins and outs of receiving money from an overseas sender.
In this guide you’ll find listings of some money transfer services in Australia. If you wish to send loved ones money locally or internationally, a money transfer will help you find a range of service providers who will help you transfer your money safely.
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How to receive money using our comparison tool
- View. With the table below you can sort through different international money transfer providers and services.
- Compare. The table headings also act as sorters, allowing you to sort through products based on what's most important to you.
- Save. To read more about a product, click 'More info', or to start an application or transfer click 'Go to Site'.
Receiving money
In order to receive money from overseas, you will need to give the sender the details of your Australian bank account and your BIC/Swift Code which you can get from your bank. You will also need to provide your Bank State Branch (BSB) along with your account number, full name and street address.
How does receiving money work?
Receiving money is quite simple and 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 will also be required to fill out a receive form to access your funds.
With online transfers, the funds are deposited into your account and you can proceed to withdraw them. You can also receive funds through a prepaid card or mobile wallet.
What are the types of money transfers?
- Online transfer. You can use online payment services to transfer and receive funds. The funds are converted into the recipient’s currency.
- Money transfer. There are various money transfer companies that you can find at which simplify the process of sending and receiving funds. These companies have worldwide networks and you can receive the funds in cash form at your nearest agent, through your normal bank account, on a prepaid card or via mobile wallet.
- Prepaid card. prepaid cards are quite handy since you can easily access funds through ATMs.
- Mobile wallet. A mobile wallet allows you to send and receive funds directly from your smartphone, making it a highly convenient money transfer system.
How do I compare international money transfer services when receiving money?
- Fees. This is one of the most essential considerations when comparing money transfer providers. Comparing fees allows you to find the most cost-effective option, but remember to find out about the fees that apply to both the sender and the recipient.
- Accessibility. Accessibility is always an issue since money transfer providers don’t always have a wide reach. Find out if the funds are widely accessible in the areas and via the methods you need.
- Exchange rates. As the funds are received in the recipient’s currency, you need to determine which of the providers you wish to use has the best rates. Exchange rates could work to greatly decrease the amount sent.
- Reputation. You want your funds transfer to be handled by a reputable company. However, there are many money transfer companies to be found online, so the only way you can ensure that your funds are safe is by going with a trusted provider. Look at each company’s history and customer reviews before making a decision.
What are the pros and cons to receiving money from an international money transfer service, rather than a bank?
Pros
- Simplicity. Most money transfer systems offer simplicity when it comes to sending and receiving money.They are also quite fast and one can receive funds immediately once they are transferred.
- Variety. There are various methods one can use to receive money. This is a bonus because you are not forced to work with one service provider.
- Security. If you use a trusted money transfer provider, you can rest assured that your transaction is safe and secure.
Cons
- Fees apply. Most money transfer providers have applicable fees that could make their services costly.
Frequently asked questions
- What is an IBAN? IBAN stands for International Bank Account Number and this is often used overseas to identify bank accounts. In Australia, however, accounts are identified by the bank, state and branch (BSB).
- What information is required to receive funds from overseas? You will need a SWIFT address code, BSB, your account number, name and address.
- What is a SWIFT message? A SWIFT message is a communication structure used by financial institutions when transmitting payments.
Hi I am currently working in California for 3months my pay will go into a western union acct can someone in Australia open an acct for me? And can I then transfer it to a.n.z. or commonwealth acct? As I don’t want to fly home with a bit of cash
Thanks
Hi Leonie,
Thanks for your question.
You can set it up so someone in Australia can pick up the cash for you at a Western Union kiosk and then they can deposit it into your bank for you.
Alternatively, you may want to consider an international money transfer service and have the funds directly deposited into your bank account here in Australia, this eliminates the need for someone to pick up the cash.
I hope this has helped.
Hi. Do you have a physical office in Thailand ?
Hi smngrffth,
Thanks for your question.
Since finder.com.au is an Australian third party comparison service, we don’t have any offices in Thailand.
Western Union has a number of kiosks available in Thailand.
Hi i am moving back to melbourne, and i will have a large sum of money transfering back to australia(over a mil AUD). so i dont trust these small transfer bank. So which is the best rate for bank? st george, westpac, commonwealth, or anz? thanks.
Hi Michael,
Thanks for your question.
Please note that the international money transfer services that we list are regulated in Australia by ASIC under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 and is regulated by the Australian Transaction Reports and Analysis Centre ‘AUSTRAC’.
The exchange rates will depend on the currency you’re transferring from, so we’re unable to tell you immediately which bank is “best”. Please compare St.George rates here, Westpac rates here, CBA rates here and ANZ rates here.
Hi,
In order to receive funds from my U.S. e-trade account into australia, e-trade in the US can only transfer funds to a bank account that is in my name. The issue with this is that aussie banks offer poor exchange rates when receiving these funds.
How can I receive funds from e-trade at more competitive exchange rates?
Regards
Colin
Hi Colin,
Thanks for your question.
If you want to earn a more competitive exchange rate, you could use a cash account that earns a competitive interest rate. The rate is more competitive depending on the amount you wish to deposit. Visit https://invest.etrade.com.au/InvestmentProducts/Cash/Default.aspx to find out more.
I hope this helps,
Harry
An American friend is about to send me some money. She will send US dollars, can I receive it in US dollars as we are about to go overseas and will need US dollars.
Hi Theresa,
Thanks for your question.
If your American friend sends money to your Australian bank account, the funds will automatically exchange to AUD as your bank account can only hold AUD.
You may want to consider a multi-currency account – or asking your friend to hold the money in USD cash.
Hope this helps.
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.au 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.