How to receive money from abroad
Modern technology and specialized money transfer providers mean you have several options for receiving money from abroad, each with their own pros and cons. Not all providers offer every pay out method, but generally speaking your options are:
Bank deposit
Pros
Widely available
Often the cheapest option of all
Cons
Can take longer to receive money than other methods
The most common and widely available option is to have the money deposited directly into your account with a bank or financial institution via a bank transfer. Money transfer services have a network of local bank accounts around the world from which they can pay into the receiver. This is usually the cheapest option - even if it may take a day or two longer than other methods.
What details do I need to receive money by bank deposit?
You’ll need to give your full name, contact information and bank account details - these include your bank account number, routing or ABA number, and your IBAN.
Best providers for bank deposits
9.2
MoneyTransfers Score 2023
Wise is the best provider that sends and accepts bank deposits. You can open a multi-currency account, allowing you to receive up to nine different currencies in one place. You can also receive money from a Wise account free of charge.
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Read more about bank transfers
Card deposit
Pros
You don’t need to give bank details
You often receive the money in minutes
Cons
It’s not widely available with many providers
Although it may seem unconventional, some providers also allow you to receive international payments on your bank or debit card. The process is similar in that the fundsend up in your bank account, but you only need to give your long card number - no additional bank details.
This method can be a quick way to send money, as card providers are usually fast to process transactions.
What details do I need to receive money by card deposit?
You’ll only need to give your long 16-digit card number and name - no bank account numbers or codes.
Best providers for card deposits
8.2
MoneyTransfers Score 2023
Remitly allows you to send money directly to a debit card. They service over 140 countries and can transfer over 100 currencies.
Cash pickup
Pros
Fast, often available minutes after being deposited by the sender
Convenient, especially for people without a bank account or nearby branch
Cons
Often comes with an extra fee
Cash pickups are a useful alternative to bank deposits, particularly if you don’t live near a bank branch or have a bank account. All you need to do is head to the local branch of your chosen money transfer provider to collect the money - it’s usually available minutes after the sender has paid out on their side.
What details do I need to receive money by cash pickup?
You’ll need to present a form of photo ID to confirm you are the intended recipient, as well as information about the transfer, including the amount you expect to receive, and any transaction reference numbers or codes.
Best providers for cash pickup
8.2
MoneyTransfers Score 2023
Remitly is the best provider offering cash pickup, although if you want to deposit cash as well, Western Union may be more useful.
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Cash delivery
Pros
Convenient, as you don’t need to go anywhere to receive cash and you don’t need a bank account
It’s a safe way to receive large amounts of money
Cons
Not always the cheapest option available
Very limited availability
Cash delivery, though only available in a select number of countries via certain providers, offers the convenience of having funds delivered directly to your home address. This is a convenient option for many, including people with limited time or mobility. It is also a safe way to transfer large amounts of physical cash while minimizing the risk of theft.
What details do I need to receive money by cash delivery?
You’ll usually need to have ID at hand when the money is delivered, as well as possibly information about the transfer, like the amount being received and any reference numbers.
Best providers for cash delivery
8.2
MoneyTransfers Score 2023
Remitly wins once again, with the best offer overall on home deliveries.
Mobile wallet deposit
Pros
Convenient, no need to travel anywhere or handle cash
Widely available in certain regions, including parts of Africa and Asia
Cons
Can be expensive to withdraw money into a bank account
Some providers offer the option of sending money directly to your mobile wallet account. This is especially helpful in rural areas where there are few or no shops, banks and money transfer agents. You’ll find it’s a more common method of receiving money in parts of Africa and Asia
What details do I need to receive money by mobile wallet deposit?
You’ll usually just need to sign up to the provider with your name, address, contact details, and potentially a linked bank account. You may also need to show a form of identification to sign up to the provider - but once you’ve joined, you should be able to receive money as needed.
Best providers for mobile wallet deposit
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Remitly offers the best deals on mobile wallet deposits received from abroad.
Airtime
Pros
A good way to keep in touch with family members
Air time is an alternative way to make international phone payments
Exchange rates are often quite competitive
Cons
Limited to sending minutes or data only
Not many providers offer this option
Not available in all countries around the world
While not strictly a money transfer, you can also use some providers to send airtime - SMS messages, minutes for calls, or data for internet browsing - to mobile phone accounts around the world.
What details do I need to receive money by airtime?
You’ll usually only need to provide your mobile phone number to the sender, who can then initiate the transfer.
Best providers for airtime
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1
8.2
2
8.0
What information do I need to show to receive money from abroad?
In most cases when receiving an international money transfer, you’ll need to present the following:
Personal details
A form of photo ID
Details of the transfer
Recipient details
The best way to receive money from abroad
The best way to receive money from abroad is usually via bank deposit. It’s the most reliable, widely accepted, and cheapest method. Bank transfers are as secure as it gets, and while it might take a day or two, you can guarantee you’ll get the best rates and lowest fees with money transfer providers.
The cheapest way to receive money from abroad
The cheapest way to receive money from overseas is again likely to be via bank deposit, as you won’t need to pay extra fees for cash pickups or withdrawing money from your mobile account into your bank account. And with money transfer providers, you won’t need to worry about intermediary banks taking fees as part of the SWIFT money transfer process.
Ranking | Method |
|---|---|
🥇 | Bank deposit |
🥈 | Card deposit |
🥉 | Airtime |
The fastest way to receive money from abroad
If speed is a priority, then you might lean towards arranging a cash pickup if available in your location as it’s often the fastest way to receive money. For an extra fee, money transfer providers that offer this option can have the money available for collection often within minutes of the sender depositing it on their side.
Ranking | Method |
|---|---|
🥇 | Cash pickup |
🥈 | Mobile wallet deposits |
🥉 | Card deposit |
How exchange rates affect receiving money from abroad
When you exchange one currency for another, the amount you get back is determined by the exchange rate - i.e. the cost of buying an amount of one currency with another currency.
When money transfer providers exchange your money, some will offer the mid-market rate, or the standard bank rate for exchanging those currencies - this is usually the best you can hope for.
Other providers will add their own charges into this - this is known as the rate markup, and it’s essentially the provider’s own rate for exchanging the currency, which means they can make money off of it. Providers sometimes do this without being transparent about where their actual costs are being hidden.
Either way, it’s the exchange rate that determines how much money the recipient gets after any relevant fees have been subtracted from the sent amount.
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FAQs
Is there a limit to how much money I can receive from abroad?
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Alright, let's dive into the concepts covered in the article about receiving money from abroad. The article outlines various methods and considerations for receiving money internationally. Here's a breakdown:
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Bank Deposit: This is a common and widely available method. It involves directly depositing money into your bank account via a bank transfer. Details needed include full name, contact information, and bank account details like account number, routing or ABA number, and IBAN.
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Card Deposit: Some providers allow receiving international payments directly onto a bank or debit card. You only need to provide the long 16-digit card number and name.
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Cash Pickup: This method allows you to collect money from a local branch of the money transfer provider. It's fast but often comes with extra fees. You'll need photo ID and transfer details to collect the money.
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Cash Delivery: Limited to select countries, cash is delivered to your home address. You'll need ID at hand during delivery.
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Mobile Wallet Deposit: Money can be sent directly to your mobile wallet account, prevalent in certain regions like parts of Africa and Asia. Sign-up details may include personal information and potentially a linked bank account.
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Airtime: While not a direct money transfer, some providers offer the option to send airtime (minutes, data) to mobile phone accounts globally. You usually need to provide your mobile phone number to the sender.
The article also covers:
- Best Providers: For each method, the article lists recommended providers based on their service quality and availability.
- Requirements: Details needed and the best way to receive money from abroad, emphasizing bank deposits as the most reliable and cheapest method.
- Fastest and Cheapest Methods: Rankings based on speed and cost-effectiveness of different methods.
- Exchange Rates: How exchange rates impact the money received, discussing mid-market rates and rate markups used by providers.
- Related Content: Other articles related to international money transfer, exchange rates, opening bank accounts overseas, etc.
- FAQs: Common queries regarding limits on received money, time taken for transfers, safest methods, receiving without a bank account, receiving into PayPal, etc.
It's quite an exhaustive guide covering a range of methods and considerations when receiving money from abroad, offering insights into various service providers and their specialties, as well as factors influencing the amount received.
