There may be times in your life when you need to receive money from overseas. Be it from friends or family, or maybe you are an expat living abroad. With the right tools at your disposal, you can find the best way to save money on fees and secure a strong exchange rate.
What is the best way to receive money from overseas?
1. International money transfer service
Money transfer specialists such as OFX and Wise are one of the cheapest options for receiving money from abroad. Unlike banks, these services typically don't charge customers to receive a payment. From here, you can move your money back to your bank account. On average, transfers take 1-3 business days. Use our comparison table to find a money transfer company that suits your needs before you receive your transfer.
2. International wire transfer
Wire transfers are the most popular way to receive money but you pay extra for the convenience. Also known as a telegraphic transfer or a bank-to-bank transfer, it involves sending money from a bank overseas to your bank account in Australia. International wire transfers often get charged fees on both ends of the transaction, so tend to work out as an expensive option. For example, ANZ charges up to $15 to receive an international payment. Bank transfers can take 2-5 business days.
3. Cash pickup
Western Union, Remitly and MoneyGram are among the most common ways to receive cash. You will need to visit a money transfer agent in person to collect the cash. Another option is going to your local 7-Eleven or Australia Post as they have both partnerships with MoneyGram and Western Union. Money can be received instantly but the exchange rates are weaker as a result
4. PayPal
PayPal is a trusted brand for digital payments, particularly for small transfers. Despite being convenient, PayPal charges extra fees for receiving money. However, the platform's quick transfers make it appealing to users. PayPal is available in over 200 countries and supports 25 currencies.
5. Money order
An international money order works the same way as a domestic money order and allows you to prepay an amount that will be used as a secure form of payment. It is a physical document, similar to a check, which can be purchased from a bank or post office. Money orders typically have a limit on the maximum amount you can transfer and may come with additional fees.
Compare international money transfer companies to receive money from abroad
Finder survey: How many Australians of have sent money abroad?
Response
75+ yrs
65-74 yrs
55-64 yrs
45-54 yrs
35-44 yrs
25-34 yrs
18-24 yrs
No
58.62%
66.86%
73.26%
71.5%
64.97%
66.06%
58.76%
Yes
41.38%
33.14%
26.74%
28.5%
35.03%
33.94%
41.24%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
How does receiving money from overseas work?
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 into your account, after which you can withdraw them. You can also receive funds through a prepaid card or mobile wallet.
Bank information needed to receive money
Keep in mind, in order to receive money from overseas, you'll need to provide specific bank details, including:
Do I need to pay fees if I'm receiving money from overseas?
While most fees are incurred by the sender, your bank may charge a fee for processing and depositing the money you have received from overseas.
It is also worth keeping in mind you could be required to pay intermediary fees. Intermediary banks act as the 'middleman' through which money passes when transferring between two financial institutions. As a result, they take a small fee from the funds being transferred. This is separate to the fees charged by banks or money transfer services.
How do exchange rates and margins affect the amount I receive?
The amount you receive in the end may be less than expected if the sender doesn't pay the currency exchange rate at the beginning of the transaction.
Most banks and money transfer providers will quote an exchange rate that's higher than the mid-market rate, otherwise known as the midpoint between the buy and sell prices. This markup is also known as a margin, which is how these companies make a profit.
The exchange rate margin is often the reason why there is a difference between the amount that is sent and the amount that is received. Small differences can put a big dent in the end amount, especially when receiving larger amounts of money.
Frequently asked questions
You can receive money from abroad directly into your bank account when using an international money transfer service. You will just need to provide specific details about your bank, including your account number, BIC/SWIFT code, Bank State Branch (BSB), full name and street address.
It depends on the service provider, the transfer method the sender has chosen and how the funds are received. For example, if the sender pays with a credit or debit card, and the recipient opts for a cash pickup, the funds will be transferred almost instantaneously. Most international transfers take 1-3 business days.
If you are a resident of Australia, you are required to pay tax on any income earned overseas. However, taxes aren't applied if the money transferred from abroad is classified as a gift and will be a one-time occurrence.
There are no international money transfer limits. However, in most cases, banks and money transfer services have their own upper limits. Your bank may also have limits on the amount that can be automatically converted. It is also worth checking the tax regulations on amounts received from abroad.
There are ways to receive money from overseas if you don't have a bank account. Several money transfer services allow you to receive your funds as a cash pickup from an agent location or delivered directly to your door.
Receiving money from another country is not a crime. However, criminals have used international money transfers in the past to launder their money. As a result, law enforcement agencies have implemented laws to prevent this from happening. So it is worth reading up and knowing the law in the country you are planning to receive your funds in.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
You may refer to our guide in sending money to Uganda. You can use the calculator to estimate how much would be received in Uganda once the transfer is completed. If this is satisfactory to you, you can click on the “Go to site” button to be routed to the provider’s page where you could make the transfer.
Please ensure that you read through the relevant Terms and Conditions before sending your money.
As per the luggage, you may need to reach out to local couriers that provide international package delivery for a quote on how much it would cost. Hope this helps!
For social security means test purposes, individuals and couples (combined) can give up to $10,000 in cash gifts and assets each financial year. This amount is also limited to $30,000 over five consecutive financial years. Hope this helps!
Your balance will be updated through your account regularly as to the status of your transfer. You can check this by going directly to OrbitRemit’s website. For further help about this, you can go to the help section on their website. You can also learn more about OrbitRemit from our guide. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you initiate a money transfer.
You may send money from India to Kenya through Moneygram. You may also avail the services of these money transfer companies that have agent locations in Kenya.
What’s the best way to receive money transfers from Greece to the USA what should I use for this because my partner is trying to send me money but im not eligible for a bank account because my license expired and I can’t renew without a bit certificate my wallet was stolen all I got is a crappy photo copy of the expired license
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Iam in Uganda and my friend is in Australia but wants to send for me money and luggage
iam stack what method should we use
Hi Baale,
Thank you for reaching out to Finder.
You may refer to our guide in sending money to Uganda. You can use the calculator to estimate how much would be received in Uganda once the transfer is completed. If this is satisfactory to you, you can click on the “Go to site” button to be routed to the provider’s page where you could make the transfer.
Please ensure that you read through the relevant Terms and Conditions before sending your money.
As per the luggage, you may need to reach out to local couriers that provide international package delivery for a quote on how much it would cost. Hope this helps!
Cheers,
Reggie
I would like to GIFT cash to an Australian friend, who is in dire straits. What is the limit, and will it be taxable for her?
Hi Woofer,
Thank you for leaving a question.
For social security means test purposes, individuals and couples (combined) can give up to $10,000 in cash gifts and assets each financial year. This amount is also limited to $30,000 over five consecutive financial years. Hope this helps!
Cheers,
Reggie
How to track/check the money transfer in ORbitremit..
Hi Joy,
Thanks for leaving a question on Finder.
Your balance will be updated through your account regularly as to the status of your transfer. You can check this by going directly to OrbitRemit’s website. For further help about this, you can go to the help section on their website. You can also learn more about OrbitRemit from our guide. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you initiate a money transfer.
Cheers,
Joel
Can money be sent from India to Kenya through Moneygram?
Hi Linda,
Thank you for your enquiry.
You may send money from India to Kenya through Moneygram. You may also avail the services of these money transfer companies that have agent locations in Kenya.
Kind regards,
Jason
What’s the best way to receive money transfers from Greece to the USA what should I use for this because my partner is trying to send me money but im not eligible for a bank account because my license expired and I can’t renew without a bit certificate my wallet was stolen all I got is a crappy photo copy of the expired license
Hi Launicaprincesa,
Thanks for your question.
You can utilise cash pick up services such as Western Union, Moneygram and Worldremit.
All you need is a government ID to pick up the funds from a specified location.
Hope this helps,
Shirley