Receiving money from overseas

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:

1. 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.
2. Money order. Sometimes called a bank draft, an international money order is an inexpensive but slow way to receive money from overseas.
3. Mobile wallet. Having money delivered to a mobile wallet isn’t a popular option, but it is convenient if it’s available.
4. 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.
5. 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.

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Filter Values	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Wise (TransferWise) Finder Award		Within minutes	From 0.48%	Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.	Go to site View details Compare product selection Compare	loading
RemitBee		Within minutes	From $0	Continue View details Compare product selection Compare	loading
Xe Money Transfers		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Instarem		Within minutes	From $0	Instarem offers zero transfer fees on all transfers.	Go to site View details Compare product selection Compare	loading
Africhange		Within minutes	From $0	Send money in CAD to Africa on this blockchain and P2P powered provider.	Go to site View details Compare product selection Compare	loading
Remitly		Within minutes	From $0	Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options.	Go to site View details Compare product selection Compare	loading
WorldRemit		Within minutes	From $0	Continue View details Compare product selection Compare	loading
MoneyGram		Within minutes	From $0	Go to site View details Compare product selection Compare	loading
OFX Exclusive		24 hours	From $0	Finder exclusive: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. T&Cs apply.	Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee. OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.	Go to site View details Compare product selection Compare	loading
Xe Money Transfers		Within minutes	$0	Xe has fast transfers with low fees and a range of foreign currency tools.	Go to site View details Compare product selection Compare	loading
Airwallex		Within an hour	$0 - $35	Get up to $500 in FX fees refunded for international money transfers sent within the first 3 months of opening a new account. T&Cs apply.	Go to site View details Compare product selection Compare	loading

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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.

Compare money transfer services now

Frequently asked questions

• Can I receive money from abroad in my bank account?

  You can receive money from abroad directly into your bank account when using an international money transfer service. You will just need to provide specific details about your bank, including your account number, BIC/SWIFT code, routing number, full name and street address.

• Do I have to pay tax on money transferred from overseas?

  Canada does not regulate or tax most gifts of cash sent into the country. Citizens can basically receive as much cash as they'd like without triggering a gift or capital gains tax.

• Can I receive money from abroad via PayPal?

  The short answer is yes. PayPal allows funds to be transferred between more than 200 different countries. You will just need to provide the sender with your phone number or email address.

• Is there a limit to receive money from overseas?

  There are no international money transfer limits. However, in most cases, banks and money transfer services have their own upper limits. Your bank may also have limits on the amount that can be automatically converted. It is also worth checking the tax regulations on amounts received from abroad.

• How long does it take to receive an overseas transfers?

  It depends on the service provider, the transfer method the sender has chosen and how the funds are received. For example, if the sender pays with a credit or debit card, and the recipient opts for a cash pickup, the funds will be transferred almost instantaneously.

• Do I need a bank account in Canada to receive money from overseas?

  There are ways to receive money from overseas if you don't have a bank account. Several money transfer services allow you to receive your funds as a cash pickup from an agent location or delivered directly to your door.

• Is it illegal to receive money from another country?

  Receiving money from another country is not a crime. However, criminals have used international money transfers in the past to launder their money. As a result, law enforcement agencies have implemented laws to prevent this from happening. So it is worth reading up and knowing the law in the country you are planning to receive your funds in.

• Is it possible to receive money from an anonymous source?

  As long as the sender has the recipient's details correct, then it is possible to receive money from an anonymous source. Money transfer services like Western Union and Xoom allow account holders to transfer money to someone anonymously.

Written by

Alison Banney

Editor

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Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean. See full bio