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:
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
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:
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.
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?
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.
Fees. Most money transfer providers have applicable fees that could make their services costly.
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.
Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years, with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business. She has previously worked at Westpac, and has written for several other major banks including BCU, Greater Bank and Gateway Credit Union. Alison has a Bachelor of Communications from Newcastle University, with a double major in Journalism and Public Relations. She has ASIC RG146 compliance certificates for Financial Advice, Securities and Managed Investments and Superannuation. Outside of Finder, you’ll likely find her somewhere near the ocean.
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