The ins and outs of receiving money from an overseas sender.
In this guide you will find listings of some money transfer services in Canada. If you wish to send money locally or internationally to friends and family, you can find a range of service providers who will help you transfer your money quickly and safely. If you are on the receiving end of the transfer or simply want to provide information to your recipient, you can find out more details below.
How to receive money using our comparison tool
- View. With the table 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 is most important to you.
- Save. To read more about a product, click ‘More info’. To start an application or transfer click ‘Go to Site’.
In order to receive money from overseas, you will need to give the sender the details of your Canadian bank account and your Swift Code which you can get from your bank. You will also need to provide your Bank State Branch (BSB), the bank Transit code, your account number, your full name and your street address. You can contact your branch or find the BSB, Swift Code, and Transit code for your bank online.
How does receiving money work?
Receiving money is 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 alongside your identification documents. Providers generally accept driver’s license or passports as valid ID. You will also be required to fill out a receival form to access your funds.
With online transfers, the funds are deposited into your account where you can proceed to withdraw them. You can also receive funds through a prepaid card or mobile wallet.
What are the different 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 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 bank account, on a prepaid card or via mobile wallet.
- Prepaid card. Prepaid cards can be loaded with funds, where these funds can be easily accessed through ATMs.
- Mobile wallet. A mobile wallet allows you to send and receive funds directly from your smartphone, making it a highly convenient and efficient 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 receiver. Fees can sometimes only affect the sender, the receiver or both. Some service providers offer zero fees, so compare your options.
- Accessibility. Accessibility can be an issue since money transfer providers do not always have branches in every country or city. Find out if the funds are widely accessible in the necessary areas and via the pick-up methods you need.
- Exchange rates. Since the funds are received in the recipient’s currency, you need to determine which providers offer the best exchange rates. Poor exchange rates could greatly decrease the amount of money received by the recipient.
- Reputation. You want your transfer to be handled by a reputable company. Since there are many money transfer companies online, the only way you can ensure that your funds are safe is by using a reputable and trusted provider. Look at each company’s history and customer reviews before making a final decision.
What are the pros and cons to receiving money from an international money transfer service rather than a bank?
- Simplicity. Most money transfer systems offer simplicity when it comes to sending and receiving money. Many transfer companies can send the funds quickly so the recipient can receive funds almost immediately once they are transferred.
- Variety. Service providers offer a variety of different methods 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.
- Fees apply. Many money transfer providers charge fees that could make their services costly. You must also be wary of exchange rates, since the currency will be converted into the recipient’s local currency.
Frequently asked questions
- What is an IBAN? IBAN stands for International Bank Account Number and this is often used overseas to identify bank accounts, especially in Europe. In Canada, accounts are identified by the Swift code, the bank name, transit code and branch (BSB).
- What information is required to receive funds from overseas? You will need a Swift Code, a BSB, a transit code, 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.