Receiving a money transfer from overseas

The ins and outs of receiving money from an overseas sender.

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With the right tools at your disposal, you can find the best deal and have quick access to your funds when you need to receive money 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 people, getting the money straight to their bank through an international wire transfer is the most convenient option, even if it can be expensive.

Typically it is cheaper to use a money transfer company since these types of companies specialise in sending money overseas and offer lower fees and stronger exchange rates than banks.

Here are the best ways to receive money from overseas, from the cheapest to the most expensive:

  1. International money transfer company – Find one that fits your needs by comparing a variety of providers before you receive your transfer.
  2. Banker’s draft – Sometimes called an international money order, this is an inexpensive but slow way to receive money.
  3. Mobile wallet – Having money delivered to a mobile wallet is a convenient way to receive money from overseas if it’s available.
  4. Cash delivery – Consider having your money sent to a local money transfer agent location so that you can pick it up in cash. Some services will even deliver it straight to your home.
  5. International wire transfer – International wires through the bank often get charged fees on both ends, both to send and to receive the transfer from abroad.

Compare money transfer companies to receive money from overseas

Use our comparison table to see how much money you could receive through different money transfer companies. Enter the amount you’ll be receiving, the currency in which it will be sent, then click Calculate.

How to receive money from overseas using our comparison tool

  • View. Sort through different international money transfer providers and services by exchange rate, amount received, transfer speed and more.
  • Compare. Figure out your best option by comparing companies side-by-side.
  • Save. To read more about a product, click on the company’s logo. To start an application or transfer, click Go to Site.
Table: sorted by a combination of service offering and the amount your recipient will receive

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
GBP 1 2 days GBP 20.00 1.125 EUR
5,602
TransferWise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.114 EUR
5,568
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000. Go to site Show details
GBP 1,000 Same day GBP 0.00 1.114 EUR
5,568
SpartanFX has fee-free transfers, a best exchange rate guarantee and personalised one-to-one support for every customer. Go to site Show details
GBP 2,000 1 day GBP 0.00 1.114 EUR
5,568
CurrenciesDirect makes transferring money abroad simple with bank-beating exchange rates. Go to site Show details
GBP 5,000 1 day GBP 0.00 1.119 EUR
5,594
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Go to site Show details
GBP 2,500 Same day GBP 0.00 1.114 EUR
5,568
CentralFX's dedicated team will guide you or your business from first call to final payment. Go to site Show details
GBP 1 Same day GBP 0.00 1.119 EUR
5,595
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
GBP 10 Within an hour GBP 1.99 1.11 EUR
5,549
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 Show details
GBP 5 2 days EUR 3.00 1.119 EUR
5,596
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
GBP 10 Within an hour GBP 2.00 1.119 EUR
5,593
First two transfers free for new customers.
Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
Go to site Show details
GBP 50 Same day GBP 2.99 1.114 EUR
5,565
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Bank information needed to receive money from overseas

In order to receive money from overseas, you’ll need to provide specific details about your bank, including:

  • Bank account number and sort code
  • BIC/Swift Code – you can get this from your bank
  • Full name
  • 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 do I receive money from overseas?

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 straight into your account, after which you can withdraw them. You can also receive funds through a prepaid card or mobile wallet.

What type of money transfer should I use?

Money transfers come in many varieties, all of which can be used to receive money from overseas.

  • 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 a cashpoint when using a prepaid card to receive money.
  • Mobile wallet. Receive and send funds directly from your smartphone when using a mobile wallet, such as PayPal, Pingit, Apple Pay and Google Wallet.

How do I compare money transfer services to receive money from overseas?

  • Fees. This is one of the most essential considerations when comparing money transfer providers. Comparing fees lets you find the most cost-effective option. But remember to find out about the fees that apply to both the sender and the recipient.
  • Accessibility. Make sure money transfer providers operate in 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. There are many money transfer companies to be found online, but 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.

Pros and cons of using an international money transfer service

What are the pros and cons of receiving money from an international money transfer service, rather than a bank?

Pros

  • Simplicity. It’s usually really simple to send and receive money from overseas with money transfer providers. You can also access funds immediately once they’re transferred.
  • Variety. There are various methods you can use to receive money, so you’re not forced to work with one service provider.
  • Security. If you use a trusted money transfer provider, your transaction is safe and secure.

Cons

  • Fees. Most money transfer providers have applicable fees that could make their services costly.

Bottom line

It doesn’t have to be an expensive or stressful process when you need to receive money from overseas. By comparing your options, you can make sure you aren’t paying too much in fees or losing money to a poor exchange rate. Before making a final decision, learn more about how to save money when sending and receiving money from overseas.

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8 Responses

    Default Gravatar
    ZamaMarch 8, 2018

    Please tell me where I can receive money in South Africa in Durban, because my bank don’t have a clue about your service.

      Avatarfinder Customer Care
      joelmarceloMarch 15, 2018Staff

      Hi Zama,

      Thanks for leaving a question on finder. Please note that we are a comparison website and we do not represent any of the providers on our page.

      If you are looking to send money to South Africa, please go to this link for our guide and comparison. If you need anything else aside from this, please send me a message anytime.

      Cheers,
      Joel

    Default Gravatar
    JitOctober 30, 2017

    Hi, I am in the USA and I want to send funds to my sister in the UK but directly to her Checking or Savings account. Can I do that and does she necessarly have to go in person a WU location ?

      Avatarfinder Customer Care
      JoanneOctober 31, 2017Staff

      Hi Jit,

      Thanks for reaching out.

      Other options in sending money from the USA to the UK without going directly to a Western Union branch would be via wire transfers. You may need to directly reach out to your bank to avail of this service (and check the availability) either at the branch, over the phone or online and at the same time for you to check how much an international wire transfer fee would cost.

      Other options in sending money to the UK would be further discussed on this page. You may want to check on each of the services available for you to determine which one is most ideal for you.

      Cheers,
      Joanne

    Default Gravatar
    JeslaOctober 18, 2017

    Can you send funds state by state using HiFX

      Avatarfinder Customer Care
      JonathanOctober 19, 2017Staff

      Hi Jesla,

      Thank you for your inquiry.

      HiFX is a transfer platform for sending money overseas.

      Hope this clarifies.

      Cheers,
      Jonathan

    Default Gravatar
    LesleyMay 30, 2017

    How can i receive western union money transfer into my account or credit card because i cannot go to the agent location to do so

      Avatarfinder Customer Care
      AnndyJuly 21, 2017Staff

      Hi Lesley,

      Thanks for the question.

      With Western Union, the recipient could receive the funds via cash pick up or deposit to a bank account. But the sender needs to specify this at the time of transfer. Kindly note that there is no option to receive the funds in your credit card account.

      Cheers,
      Anndy

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