If you’re trying to send money to your account in the UK or receive a payment from someone else overseas, you’ll need to work out how to do it.
Can it be done?
Yes, foreign currency can be deposited into a UK bank account, but it’s not as straightforward as that. There are a few different ways this is done, which we’ll cover in this guide.
The various methods for a personal account
A non-bank multicurrency account
This type of account is designed specifically for the purpose of holding multiple currencies and sending money overseas. Generally offered by fintechs and e-money institutions, they’re becoming increasingly more popular, as their offerings are tailored to enhance the international money experience. They’re usually cheaper, faster and simpler than what a traditional bank account can provide. Revolut is a great option for a personal account. We also review a selection of multicurrency accounts & Euro accounts for those running a business.
Pros
Exchange rates are normally better than the banks
Quicker
Lower, more transparent fee structures
Wider range of currencies
Cons
Might have a limited range of banking features
Can sometimes involve various know your customer (KYC) checks
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
App-based Revolut lets you receive money from more than 160 countries in more than 30 currencies. To receive international transfers, you’ll need to inform the sender of your account details or send them a payment link. You can also select in which currency you want to receive the money. If you receive the money in a currency other than pounds sterling, it will be converted at Revolut’s exchange rate. Revolut to Revolut transfers are the quickest and cheapest option, but will only work if the sender also holds a Revolut account. Transfers from non-Revolut accounts may take 3 to 5 days.
Pros
Low overseas fees
Quick sign-up
Earn cashback on spending
Set budgets for financial goals
Virtual cards for online purchases
Easy to transfer money internationally
Cons
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
For most people, this is the most likely way you’ll receive money from overseas, as the end goal will be to get that money into your account in the UK so you can spend, save or invest it. You’ll need to get your international bank account number (IBAN) from your bank, which can often be found in your bank’s app or online banking. If not, you’ll have to contact your bank to get it. This number can be used by the sender with their foreign bank to send the money directly to you. It’ll get converted from that currency to sterling and arrive in your account. You can compare current accounts here.
Pros
Simple process
The banks will organise the transfer once they've received the details
Cons
Can take a while
Is usually quite expensive
A foreign currency account with the bank
Another option is for you to open a foreign currency account with a UK bank, possibly with a bank you already have an account with. Not all banks offer this though and some only offer it for business accounts. If you do go for this option, you’re able to hold money in multiple currencies and spend it using a debit card, which could allow you to take advantage of better exchange rates than if you send it all at once. Of course, you might end up with a worse exchange rate if you need to spend the money.
Pros
You can avoid or reduce currency exchange fees
Can be a quicker way to receive money from overseas
Transaction fees can sometimes be cheaper
Cons
Not always available to everyone
Monthly fees can be high
Currency options are generally limited to the major currencies, such as euros or US dollars
Withdraw cash from a foreign card and deposit in your account
This last one is a novel approach and only available if you hold money in a foreign account or prepaid card and are in the UK, but it’s still an option. It involves you withdrawing money from an ATM using your foreign card then depositing it in your UK account.
Pros
Depending on the ATM, exchange rates can be competitive
It's quick and convenient if you live near your bank branch
Cons
Need to be wary of withdrawal fees
Can be dangerous carrying large amount of cash
ATM limits can be quite low, so it might only be useful for smaller amounts
FAQs
Banks generally use older technology and networks to transfer money, which can mean multiple parties charge their own fee on your transaction. We have a guide about international money transfers if you want to learn about finding cheaper money transfers.
Sending money to your UK account from overseas is generally safe to do, but make sure you’re using trusted, regulated providers or banks. And make sure you’re following the laws of whatever jurisdictions you’re sending from and to.
It depends on who is sending the money and what it’s for. Generally if you’re sending money between your own accounts, it’s not taxed, but you should speak to your accountant if you’re unsure.
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Jason is a writer and editor. He worked as a senior subeditor for Finder for 5 years and in that time became familiar with a wide range of financial products and services. Before that, he worked for Australian Associated Press. He has a BA from Macquarie University in Australia. Jason loves to help other people find new ways to save money.
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