Wise (TransferWise)
- Government regulated
- Supports 50+ currencies
- Uses the mid-market rate
Receiving money from overseas
Everything you need to know about receiving money from abroad.
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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
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
- Bank State Branch (BSB)
- 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.
Iam in Uganda and my friend is in Australia but wants to send for me money and luggage
iam stack what method should we use
Hi Baale,
Thank you for reaching out to Finder.
You may refer to our guide in sending money to Uganda. You can use the calculator to estimate how much would be received in Uganda once the transfer is completed. If this is satisfactory to you, you can click on the “Go to site” button to be routed to the provider’s page where you could make the transfer.
Please ensure that you read through the relevant Terms and Conditions before sending your money.
As per the luggage, you may need to reach out to local couriers that provide international package delivery for a quote on how much it would cost. Hope this helps!
Cheers,
Reggie
I would like to GIFT cash to an Australian friend, who is in dire straits. What is the limit, and will it be taxable for her?
Hi Woofer,
Thank you for leaving a question.
For social security means test purposes, individuals and couples (combined) can give up to $10,000 in cash gifts and assets each financial year. This amount is also limited to $30,000 over five consecutive financial years. Hope this helps!
Cheers,
Reggie
How to track/check the money transfer in ORbitremit..
Hi Joy,
Thanks for leaving a question on Finder.
Your balance will be updated through your account regularly as to the status of your transfer. You can check this by going directly to OrbitRemit’s website. For further help about this, you can go to the help section on their website. You can also learn more about OrbitRemit from our guide. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you initiate a money transfer.
Cheers,
Joel
Can money be sent from India to Kenya through Moneygram?
Hi Linda,
Thank you for your enquiry.
You may send money from India to Kenya through Moneygram. You may also avail the services of these money transfer companies that have agent locations in Kenya.
Kind regards,
Jason
What’s the best way to receive money transfers from Greece to the USA what should I use for this because my partner is trying to send me money but im not eligible for a bank account because my license expired and I can’t renew without a bit certificate my wallet was stolen all I got is a crappy photo copy of the expired license
Hi Launicaprincesa,
Thanks for your question.
You can utilise cash pick up services such as Western Union, Moneygram and Worldremit.
All you need is a government ID to pick up the funds from a specified location.
Hope this helps,
Shirley