Best ways to receive money from overseas in 2025
If you’re waiting for a payment from overseas – from a friend, to settle a bill, or from a client – you’ll need to work out the best way to get your money without excessive fees or exchange rate costs. If your preferred provider charges a high transfer fee – or if you’re saddled with a bad exchange rate – your payment will cost more, which means less in your hand, or in your bank in the end.
Often the best way to receive money from overseas with the lowest overall costs is to use a specialist in international money transfers. Different providers serve different customer needs, so you can pick the best one for you, depending on whether you want to pick up cash, have money deposited to your Australian bank, or open a multi-currency account with providers like Wise. This guide covers all you need to know.
Best ways to receive money internationally
If you need to receive a payment abroad you’ll be glad to hear that there are several different ways to get your money safely. The most common ways to receive money from overseas include:
- Online multi-currency account
- International money transfer specialist
- Bank-to-bank international transfer
- Cash pick-up
- Home delivery
- Mobile wallets
Each of these options has its own advantages and disadvantages – both for the sender and the recipient. In this guide, we’ll take a look at each option in turn so you can decide which is best for you. You can then talk to your sender to agree how best to get the money to you safely, with the lowest possible fees and the best available exchange rates.
Information to give the sender
To make sure your money arrives safely you’ll need to give the person sending you money some key information. If you’re having your payment deposited into your bank account you’ll need to give your sender:
- Your full name and address as shown on your bank account
- The name and address of your bank, and its BIC/SWIFT code
- Your account number and BSB code
- A reference or message to include on the transfer to help you identify it
If you’re collecting your payment in cash you’ll need to give your sender:
- Your full name as shown on your government issued ID document
If you’re having your money deposited into your mobile wallet the details you need to give may vary depending on your wallet type. You can receive a payment to a mobile wallet like PayPal with just your email or phone number, for example.
1. An online multi-currency account
You can open an online multi-currency account with a specialist service, which lets you receive payments in foreign currencies directly with local account details. Get paid in the currency or currencies you need and hold your balance in the foreign currency to spend in future – or convert back to Australian dollars to withdraw to your bank if you’d prefer. This can be a cheap and easy option – and particularly helpful if you need to receive foreign currency payments often.
Wise foreign currency account
Wise offers powerful multi-currency accounts which can hold and exchange 40+ currencies, and which come with local account details to receive payments in 19 currencies.
- Best for: Personal and business multi-currency accounts which let you receive payments for free with local details for 19 currencies
- How to receive money with Wise: Get paid to Wise with local details in 19 currencies, or with a SWIFT payment in 15 currencies
- Fees: No fee to receive payments with local details or SWIFT in most cases – a fee of 6.11 USD applies when receiving a USD wire, and a 10 CAD fee applies to receive CAD SWIFT transfers
- Exchange rate: Mid-market exchange rate
- Speed: 60%+ of payments are instant, 90%+ arrive in 24 hours
Revolut account
Revolut offers a selection of different plan types, depending on customer needs, which support holding 30+ currencies, and which all come with some no fee currency exchange every month.
- Best for: Picking the account plan which matches your transaction needs, to hold, receive, send and spend a selection of foreign currencies
- How to receive money with Revolut: All account tiers offer some local account details to receive payments in foreign currencies – where local account details aren’t available, SWIFT transfers are still possible
- Fees: Monthly fees may apply depending on your account type, receiving money by local transfer may not attract a fee – with SWIFT you’ll need to ask for an OUR payment to avoid intermediary costs
- Exchange rate: All accounts come with some no fee currency exchange on weekdays, to plan limit – fair usage and out of hours fees may apply
- Speed: Delivery time can vary based on payment type and currency
OFX for businesses
Online sellers and business owners can open a Global Currency Account with OFX to receive payments easily in 7 major currencies.
- Best for: Businesses and online sellers getting paid through marketplaces and PSPs in any of the 7 supported major currencies
- How to receive money with OFX: Global Currency Accounts come with account details for 7 currencies which can be used to receive payments or connect to marketplaces and PSPs
- Fees: No fee to open account or to receive a payment – transfers from your account may attract a fee, depending on currency and value
- Exchange rate: Exchange rates may include a markup
- Speed: Most major currencies arrive in 1 – 2 days
2. International money transfer specialists
If you don’t want to open a specific multi-currency account to receive money from abroad, you can also ask the sender to use an international money transfer specialist to send your money right to your normal bank account. Payments are converted by the international money transfer service, from the sender’s home currency, to be deposited in your bank in AUD. This has the advantage that you won’t need to set up and verify an extra account to receive your payment, with costs which may be lower than using a bank to send the transfer.
Wise
Wise operates in most countries and regions globally, and allows senders to make transfers digitally with low fees and the mid-market exchange rate. Ask the sender to arrange your payment online or in the Wise app, with funding options including bank transfer, debit or credit card.
Read more on how to receive money with Wise
TorFX
TorFX lets people send money in 40+ currencies to 100+ countries, including Australia. Your sender will be able to register with TorFX online, in app or by phone, to send you money with no TorFX transfer fee. Instead, there’s a small markup on the exchange rate used to convert the payment to AUD for deposit to your bank.
Remitly
The person sending you money can choose Remitly to have your payment deposited directly to your Australian bank account. Remitly services vary a little depending on where the sender is located, but you can often select either a faster, more expensive transfer, or a slightly slower and cheaper Economy option.
All you need to know about Remitly here
Revolut
If your sender has a Revolut account they can send money to you pretty easily, with variable fees depending on their account tier, and where in the world they’re based. Revolut offers different account types, which all come with some no fee currency conversion to the plan’s limits, and which may offer discounts on international transfer charges.
WorldRemit
WorldRemit is a digital payment provider which supports transfers in 130+ countries, with variable fees and an exchange rate which can include a markup. The person sending the payment can choose to fund it with a bank transfer, debit or credit card, and your money will be deposited into your Australian bank.
3. Making a bank-to-bank international transfer
Sending an international transfer with a bank is a safe and reliable option, although it may not be the cheapest or fastest way for your sender to transfer money to you from abroad. If the sender wants to make an international transfer with their home bank, they’ll be able to do so, to have the money deposited into your Australian bank account. The charges involved on a bank to bank international transfer can vary a lot depending on where the person sending you money is located, and their own bank’s policies. It’s helpful to note that there are several potential fees which may apply to this payment type:
- An upfront transfer fee, paid to the sender’s own bank
- An exchange rate markup, which is a percentage fee added onto the rate used to convert your payment to AUD for deposit to your account
- Third party fees to intermediaries involved in processing the payment through SWIFT – these charges aren’t always known in advance and can mean the recipient gets less than expected in the end
4. Cash pick-up
If you need to receive money from abroad, and want to get your money in cash rather than having it deposited to your bank, this is also possible with specialist providers. Cash pick up services allow individuals to send money to Australia which you can then collect in person at an agent location. Depending on how the sender chooses to pay, this can mean you get your money pretty much instantly – but it can be a fairly expensive option for the sender, with transfer fees and exchange rate markups.
Western Union
Western Union operates in more or less every country around the world. In most countries, your sender will be able to arrange their payment digitally online or in the Western Union app, to pay with a bank transfer or card. It’s also often possible to pay in cash at an agent location. Transfers which are funded in cash or with a card may be available more or less immediately for cash pick up at a corresponding agent location in Australia.
5. Home delivery
In some countries – usually where transport networks may be poor – payments can be sent for home delivery. This means that the recipient can simply wait at home to get their money delivered in cash by a courier. Generally, this service is not available in Australia – but if your sender can find a provider which offers home delivery it’s a convenient choice for you. Home delivery can come with high fees, including transfer, conversion and delivery costs.
6. Mobile wallets
A final popular option for receiving money internationally is to use a mobile wallet. Services like PayPal offer transfers which can be more or less instant, and which support sending and receiving in various currencies. The options available depend on which mobile wallet your sender would like to use, but mobile wallet transfers can often be arranged with just your phone number or email address. This saves you giving your bank details to the sender. Your payment will be deposited to your preferred mobile wallet, and you can either use it for spending later, or withdraw back to your bank account. Fees may apply – both for the sender and for yourself as recipient when you withdraw or convert your funds.
Fees for receiving money internationally
The majority of international transfers made through banks are processed through the SWIFT network, which is a safe and reliable option consisting of banks around the world. SWIFT payments can attract several different fees, including:
- A transfer fee
- An exchange rate markup
- Third party fees paid to intermediaries
If you’re receiving an international payment it’s also important to note that your own bank might have a recipient fee which will be deducted from the transfer before it’s deposited to your account.
You’ll need to talk to the sender about who will carry all of these various costs. In some cases, the sender can select different fee models:
- A BEN payment – in which the recipient pays all fees
- A SHA payment – in which the costs are split between the sender and the recipient
- An OUR payment – in which the sender pays all fees
These payment options aren’t always available – the sender’s location and their own bank’s policies will ultimately dictate if and how fees can be split.
What exchange rate will I get?
When you look for an exchange rate online or using a currency conversion tool, you’re usually shown the mid-market exchange rate. This is the rate which is used on global currency markets, by banks and similar services converting high value payments.
It’s useful to know that your sender’s bank or money transfer service may not offer the mid-market exchange rate. Instead it’s common to find an exchange rate markup or margin – an extra fee – is added to the rate used for retail customers sending smaller payments. Exchange rate markups are variable, and because they’re combined into the rate used to convert your payment to AUD for deposit, they’re relatively hard to spot. To make sure you and your sender get the best available deal, ask the sender to look out for a service which uses the mid-market exchange rate, or as close as possible to it, to limit markup costs.
Do I pay taxes when receiving money from abroad?
Whether or not you need to pay any tax on money received from abroad will depend on the payment type and value. Money received as a gift may not attract tax, but if you’re receiving income you’ll often find you need to report the transfer and pay tax on it. Get professional advice here to make sure you’re fulfilling all your tax obligations at home and abroad.
Is there a limit to receiving money from abroad?
Different providers have their own limits, which may be based on their own processes, or the laws in the sender’s own country.
Conclusion
If you’re looking for the best way to receive money from overseas, the good news is that there are several different options. You could open a specialist multi-currency account to receive your payment in the source currency, or have your sender transfer money with their bank or an international money transfer service for deposit to your Australian bank. Other options include mobile wallets and cash pick up services – which is best for you will depend on your own, and your sender’s preferences and the urgency of the transfer.
It’s worth comparing a few of the different ways to receive money from abroad we’ve highlighted in this guide, looking at costs and convenience, to make sure you select the best option for your specific needs.
FAQ – Best ways to receive money from abroad
1. How long does it take to receive an overseas transfer?
The delivery time for international payments can vary a lot. Some specialist providers like Wise may be able to deposit funds quickly or even instantly, but bank to bank transfers may take a day or two, depending on the sender’s location.
2. How much does it cost to receive money from overseas?
Whether or not there’s a fee to receive money from overseas will depend on the way your sender structures their payment. Banks may charge a receiving fee for overseas transfers, while many multi-currency account services like Wise or OFX have ways to receive payments in select foreign currencies with no extra fee.
3. Do I need to declare an international money transfer?
You may need to declare money received from abroad for tax purposes. This will depend on the reason for the payment, and its value. If you’re not sure about your tax obligations it’s important to get professional advice from an accountant.
