The ins and outs of receiving money sent from overseas.
This guide is designed to demystify the process of receiving money sent from overseas as either cash or a bank-to-bank transfer. Directly below is an interactive comparison table that provides a list of several reputable money transfer services in Canada. This is followed by an outline of how to receive money from an overseas sender quickly and easily. Whether you’re on the receiving end of a transfer or are looking to provide information to the person who needs to send you money, you can find out more details below.
Compare services to receive money from overseas
How does receiving money work?
Receiving money through your bank or a cash transfer service is relatively simple and straightforward, although the process will differ depending on what kind of money transfer you’re receiving.
- Bank-to-bank transfer. You will need to supply the details of your Canadian bank account to your sender. This includes your contact information and your Swift Code (which is your bank’s unique international identification number). You will also need to provide your bank branch, the bank transit code, your account number, your full name and your street address. You can contact your branch or find the codes for your bank online.
- Cash transfer. Cash transfer services will require you to supply a transaction reference number (which can be obtained from the sender). You will need to present this alongside some form of identification (like a driver’s licence or passport). You’ll also typically be required to fill out a 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 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 don’t 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 you receive.
- 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’re 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 your local currency if you are the recipient.
Receiving money
In order to receive money from overseas, you’ll 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 branch, the bank transit code, your account number, your full name and your street address. You can contact your branch or find the codes for your bank online.
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.
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 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.
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 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.