The ins and outs of receiving money from an overseas sender.
In this guide you’ll find listings of some money transfer services in Australia. If you wish to send loved ones money locally or internationally, a money transfer will help you find a range of service providers who will help you transfer your money safely.
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options. With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.
With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
How to receive money using our comparison tool
- View. With the table below 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’s most important to you.
- Save. To read more about a product, click ‘More info’, or 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 Australian bank account and your BIC/Swift Code which you can get from your bank. You will also need to provide your Bank State Branch (BSB) along with your account number, full name and street address.
How does receiving money work?
Receiving money is quite 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 along with your identification documents. You will also be required to fill out a receive 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 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 at 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 normal bank account, on a prepaid card or via mobile wallet.
- Prepaid card. Prepaid cards are quite handy since you can easily access funds through ATMs.
- Mobile wallet. A mobile wallet allows you to send and receive funds directly from your smartphone, making it a highly convenient 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 recipient.
- Accessibility. Accessibility is always an issue since money transfer providers don’t always have a wide reach. Find out if the funds are widely accessible in the areas and via the methods you need.
- Exchange rates. As the funds are received in the recipient’s currency, you need to determine which of the providers you wish to use has the best rates. Exchange rates could work to greatly decrease the amount sent.
- Reputation. You want your funds transfer to be handled by a reputable company. However, there are many money transfer companies to be found online, so the only way you can ensure that your funds are safe is by going with a trusted provider. Look at each company’s history and customer reviews before making a 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.They are also quite fast and one can receive funds immediately once they are transferred.
- Variety. There are various methods one can use 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. Most money transfer providers have applicable fees that could make their services costly.
Frequently asked questions
What is an IBAN?
IBAN stands for International Bank Account Number and this is often used overseas to identify bank accounts. In Australia, however, accounts are identified by the bank, state and branch (BSB).
What information is required to receive funds from overseas?
You will need a SWIFT address code, BSB, 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.