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Receiving a Money Transfer from Overseas
The ins and outs of receiving money from an overseas sender
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Receiving money from overseas may seem like a foreign concept, but with the right tools at your disposal, you can find the best deal and have access to your funds in little to no time at all.
Compare international money transfer companies to receive money
Use our comparison table to see how much money you could receive when sending through different money transfer companies. Enter the amount you’ll be receiving, the currency it will be sent in and click Calculate.
How to receive money using our comparison tool
- View. Sort through different international money transfer providers and services by exchange rate, amount received, transfer speed and more.
- Compare. Quickly figure out which might be your best option by seeing companies side-by-side.
- Save. To read more about a product, click on the company’s logo or to start an application or transfer click Go to Site.
Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.
Receiving money from overseas
In order to receive money from overseas, you will need to provide specific details about your bank, including:
- Bank account number.
- BIC/Swift Code – you can this from your bank.
- Bank State Branch (BSB).
- Your full name.
- Your street address.
If you decide to pick the transfer up as cash or have it delivered to a digital wallet the information you’ll need to provide will vary.
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 mayalso 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.
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. Money transfer companies that offer cash pickup are an easy way to receive money. Just double-check that there is 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.
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. Having access to your money is key, which is why it is important tomake sure money transfer providers service your area. 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.
Do I have to pay taxes when receiving money from overseas?
Yes, unless the money transfer falls into specific categories. In short, when receiving more than $10,000 from abroad you must report it on your taxes. Read our guide on tax regulations for incoming transfers into the US to learn more.
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.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.
Cons
- Fees apply. Most money transfer providers have applicable fees that could make their services costly.
Bottom line
Receiving money from overseas doesn’t have to be expensive or stressful. By comparing your options you can make sure you aren’t paying too much in fees or losing money to a poor exchange rate. Read our comprehensive guide on money transfers to learn more about how to save money when sending and receiving money from overseas.
Ask an Expert
my parents are selling their family home in portugal and are transferring the money to my sisters and I. the money will be wired to our US bank account..are there any tax implications. we are all US citizens living in the US.
Hi Julie,
Thanks for getting in touch with finder. I hope all is well with you. :)
If you are receiving more than $10,000, you’ll need to abide by US laws. Aside from the bank reporting your money transfer transaction to the government, you would most likely need to fill out Form 3520. This form is not a tax return form, but more of being an “information return.” The reason behind is that foreign gifts generally are not subject to income tax. However, please be reminded that stiff penalties may apply for failing to submit Form 3520 when it is required.
To learn more please read our guide, “Laws and legal documents when transferring large sums of money into the US.” You may also choose to directly get in touch with the IRS or speak to a tax specialist.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua