Receiving an International Money Transfer from Overseas

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.

Rates last updated December 12th, 2017
Name Product Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received Description
TorFX International Money Transfers
AUD 200
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
Send money overseas in 45 currencies.
Exclusive: OFX (Ozforex) International Money Transfers
AUD 250
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
Exclusive: World First International Money Transfers
AUD 2,000
1 day
Online, Phone
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
FC Exchange International Money Transfers
AUD 3,000
1 day
Online, Phone, Bank Account to Bank Account
FC Exchange can save you money with its Best Exchange Rate Guarantee. Conditions apply.
No transfer fee when transferring more than £10,000 or equivalent. Send money in 43 currencies.
HiFX International Money Transfers
AUD 50
2 days
Online, Phone, Agent
Make your first transfer for free
Send money in more than 40 currencies.
XE International Money Transfers
USD 0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

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’.

Receiving money

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?

Pros

  • 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.

Cons

  • 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.
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20 Responses

  1. Default Gravatar
    LeonieAugust 10, 2016

    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

    • Staff
      ShirleyAugust 11, 2016Staff

      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.

  2. Default Gravatar
    smngrffthJune 14, 2016

    Hi. Do you have a physical office in Thailand ?

    • Staff
      ShirleyJune 14, 2016Staff

      Hi smngrffth,

      Thanks for your question.

      Since finder.com 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.

  3. Default Gravatar
    michaelMay 20, 2016

    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.

    • Staff
      ShirleyMay 25, 2016Staff

      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.

  4. Default Gravatar
    ColinMarch 28, 2016

    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

  5. Default Gravatar
    TheresaFebruary 15, 2016

    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.

    • Staff
      ShirleyFebruary 16, 2016Staff

      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.

  6. Default Gravatar
    WILSONJanuary 17, 2016

    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

    • Staff
      ShirleyJanuary 18, 2016Staff

      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

  7. Default Gravatar
    VeeJuly 19, 2015

    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

    • Staff
      BelindaJuly 22, 2015Staff

      Hi Vee,

      I’ve sent you an email to follow up with this enquiry.

      Thanks,
      Belinda

      • Default Gravatar
        KatMay 20, 2016

        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

        • Staff
          ShirleyMay 20, 2016Staff

          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.

  8. Default Gravatar
    RenéApril 2, 2015

    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.

    • Staff
      ShirleyApril 7, 2015Staff

      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

  9. Default Gravatar
    WillJanuary 12, 2015

    Can you guys help us with bad credit in the US?

    • Staff
      MarcJanuary 13, 2015Staff

      Hi Will,
      thanks for the question.

      Unfortunately at this current time we only compare lenders in Australia.

      Sorry we couldn’t help,
      Marc.