How to Receive Money from Overseas Using TransferWise
By the end of this article you should have a much better idea of how to receive an international money transfer with TransferWise.
Receiving an international money transfer can seem complicated. When it comes to sending money overseas, TransferWise is a great choice. Dedicated currency providers like TransferWise provide money transfer services at lower fees and better exchange rates than banks or PayPal.
But did you know that TransferWise can also help you receive money from overseas?
How to receive money from overseas with TransferWise
There are a couple of ways to receive money from TransferWise — the sender can create an account and send you money directly, or you can create an account and request money from the sender. Below we've listed the steps involved in receiving money from TransferWise.
First, set up a TransferWise account
Either you or the sender needs to be a customer of TransferWise to use their services. TransferWise accounts can be created online.
- The person who registers an account will need to provide their name, address, contact details, and email.
- The person will need to verify their identity after the TransferWise account is created. This means providing proof of ID and proof of address, both of which can be uploaded through their website.
- Proof of ID is provided by a recognised photo ID like a driver’s license, national ID card, or passport.
- Proof of address is provided by official correspondence from a reputable organisation.
- TransferWise may require certain other types of verification, for example for a business account.
OPTION 1: You can request funds through TransferWise
If you have a TransferWise account, you can request funds from the sender as follows:
- You create a request — enter how much, what it’s for, and your bank account for where the money goes.
- Share the request with the sender — you send the request link to your payer any way you’d like.
- You get paid — your payer joins TransferWise and pays. You’ll get an email when it’s all done.
Learn more about it
Related video: the TransferWise Borderless Account
Supported currencies with TransferWise
Here’s the current list of currencies that TransferWise supports.
- AUD – Australian Dollar
- BGN – Bulgarian Lev
- BRL – Brazilian Real
- CAD – Canadian Dollar – Within Canada.
- CHF – Swiss Franc
- CZK – Czech Koruna
- DKK – Danish Krone
- EUR – Euro
- GBP – Pounds Sterling
- HKD – Hong Kong Dollar
- HRK – Croatian Kuna
- HUF – Hungarian Forint
- JPY – Japanese Yen
- NOK – Norwegian Krone
- NZD – New Zealand Dollar
- PLN – Polish Złoty
- RON – Romanian Leu
- SEK – Swedish Krona
- SGD – Singapore Dollar
- USD – US Dollar
How much it costs
TransferWise fees depend on two things:
- The amount the sender is transferring — the TransferWise fee is worked out as a percentage of the amount they are sending which varies from currency to currency.
- How they pay — some payment methods, like debit and credit cards, come with an extra fee that’s set by the card provider or bank, not by TransferWise.
Unlike may other providers and banks, TransferWise does not get any commission at all from the exchange rate they provide. They offer the same mid-market rates that banks use to exchange currency and there is no markup on the exchange rates. This typically means the overall cost of a transfer is lower, and you receive more money compared to alternative methods.
However, you may pay receiving bank fees. International money transfers sent to or from an overseas bank may be subject to commissions, fees, and other charges applied by that bank. These are typically deducted by the overseas bank from the funds paid to you.
*All details shown above are correct as of October 2017.
How long it takes
This is dependent on the country you’re receiving money from, and the currency the sender is using. Funds are normally deposited into your TransferWise account within 1-3 working days.
Advantages of sending money internationally with TransferWise
- Very fast and convenient.
- It’s a simple and straightforward process.
- You can request money directly from the sender.
- Sender can make transfers online.
- Much less expensive than using a bank or PayPal.
- Receive money from over 40 countries and 20 currencies around the world.
- Sender can fund transfers via bank transfer, debit card, or credit card.
- In some cases they can fund transfers by Apple Pay or Android Pay.
Disadvantages of transferring money abroad with TransferWise
- They do not accept or make payments via cash or check.
- There are sometimes small, additional fees for paying with a debit or credit card.
Additional information for receiving money with TransferWise
There are a lot of numbers and information you hear about when it comes to international money transfers. Below there are extra details you might need to receive money and the things you don't.
TransferWise IBAN number
IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to an Australian bank account via TransferWise. Other parties with an IBAN field on their overseas payment form can simply leave this field blank. If you're receiving money from Europe using TransferWise, you may need an IBAN. TransferWise will provide this for you.
TransferWise routing number
If the other party requests a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number for which you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.
Available countries with TransferWise
You can receive international payments from the following countries and regions:
|Singapore||South Africa||South Korea||Sri Lanka|
|Vietnam||United Arab Emirates||United Kingdom|
View currency exchange rates for TransferWise
- Rates for transferring funds internationally through TransferWise are available through their currency converter.
- The currency exchange rate your sender will get does vary from moment to moment.
- They will get the up-to-date, dynamic rate when you are booking your transfer.
Further TransferWise information from The Currency Shop
- TransferWise also offers a “Borderless Account” that provides more options for easily transferring money. You can find out more here.
- TransferWise provides a mobile application for both Apple and Android devices.
- TransferWise will keep the sender informed of the status of their money transfer transaction. They typically send emails at the following times:
- Completion of the transfer order.
- Transfer payment received by TransferWise.
- Recipient money transferred into their bank account.
- TransferWise lets the sender guarantee to send you a certain amount, regardless if the exchange rate fluctuates. They pay a small additional fee, and any existing money that isn’t used to pay for the transfer (due to exchange rate changes) are refunded back to them.
- If the exchange rate fluctuates by more than 3% after they fund the transfer, TransferWise will pause it and contact the sender to see if they want to proceed.
Related video: TransferWise review
TransferWise does not check payment details.
If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.
How TransferWise can get you more money versus a bank
You might wonder why the sender wouldn’t send money via their bank instead of a dedicated money transfer provider, and the answer is a simple one — cost. Currency exchange specialists are able to give better exchange rates and lower fees than banks, resulting in more money for you.
For example, here’s how much you can save receiving money via TransferWise rather than a couple of popular Australian banks.
Converting £5,000 GBP to AUD
- With TransferWise, you get $8,625 AUD.
- With Westpac, you get $8,290 AUD — $335 (3.9%) less.
- With Commonwealth Bank, you get $8,270 AUD — $355 (4.1%) less.
Converting £25,000 GBP to AUD
- With TransferWise, you get $43,253 AUD.
- With Westpac, you get $41,496 AUD — $1,757 (4.1%) less.
- With Commonwealth Bank, you get $41,400 AUD — $1,853 (4.2%) less.
*All details shown above are correct as of November 2017.
If your sender uses a dedicated money transfer service like WorldFirst, TransferWise, OFX, HiFX, or another dedicated currency exchange provider, they could save you hundreds of dollars on a transaction. To see how much they could save, get them to take a look at our free online comparison tool.
And that’s it! That is everything you need to know about receiving your money from overseas using TransferWise. Here at The Currency Shop, we want to give you the right information to help you and the sender save money and help you make an informed choice for all your currency exchange needs.
The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool. If you’ve still got questions we’re here to help, so feel free to give us a call on 1800 004 930.