Receiving money from overseas can often be more complicated than sending it. As the recipient, you’re in a more passive role, meaning the process isn’t always in your control.
If not set up correctly, you could face delays—or worse, receive less than you expected due to fees and exchange rate margins. We run you through the best way to receive money based on the size of the transfer and how you’re looking to receive it.
Best ways to receive money from abroad in 2026
These are the best ways to receive money from overseas in Australia, depending on how you’re looking to receive it:
| Rating | Company Name | Best for Receiving | Why? | Receive Cash | Receive Bank Transfer | |
|---|---|---|---|---|---|---|
| #1 |  | Transfers over $10k | Great rates, fast transfers & seamless service |  | | Go To XE |
| #2 |  | Large international bank transfers | No transfer fees, competitive exchange rates |  | | Go To OFX |
| #3 |  | Business payments | Expert support and FX risk tools | | | Go To TorFX |
| #4 |  | Small amounts | Multi-currency accounts & balances | | | Go To Wise |
| #5 |  | Cash and mobile credit | Widespread pickup network & fair rates | | | Go To Remitly |
| #6 |  | E-money quickly | Instant PayPal wallet transfers | | | Go To Paypal |
What else do I need to know?
Fortunately, with the right knowledge, you can avoid unnecessary delays and fees, and ensure the sender’s funds are converted at a favourable exchange rate.
This guide covers the various options for receiving international payments, and assesses the cost, safety, and timeliness of each of these methods. By the end, you’ll have a clear idea of the best way to receive money from abroad, based on your personal requirements.
How can I receive funds from overseas?
There’s an array of choices, from traditional Australian banks, to the latest pioneering fintechs, and a whole load in between. One thing is for certain, you’re not short on options.
To give you a better idea, providers generally fall into one of five categories. Let’s take a look at these now:
Bank-to-bank – international wire transfers
For many, turning to their bank seems like the obvious choice to receive funds from overseas.
It remains the most popular method, likely due to convenience and an unawareness of the better alternatives.
If you’re going with this option, your sender uses their local bank to transfer the funds.
You simply provide them with your own bank account details, in an international format.
This will include:
Destination SWIFT/BIC
Beneficiary details
(account number, name, and address) / IBAN
6-digit BSB Code
Below is a list of the SWIFT codes for Australia’s five biggest banks :
| Bank | SWIFT/BIC |
|---|---|
| ANZ | ANZBAU3M |
| Commonwealth Bank | CTBAAU2S |
| Macquarie Bank | MACQAU2S |
| NAB | NATAAU33 |
| Westpac | WPACAU2S |
You may need to combine your bank’s SWIFT and BSB code if asked to provide a code like an IBAN. Contact your bank if you’re unsure of any of these details, and once you’ve double checked these are correct, share them with your sender and their bank will take care of the rest. All sounding great so far? Well, here’s the catch.
Using your bank is one the most expensive methods for receiving international payments.
We’ll break down the various costs involved later.
Currency brokers
In contrast to banks, currency brokers offer favourable exchange rates along with exceptional service. As international payment specialists, top currency brokers can help you receive your funds for a lower cost, and often faster than traditional banks.
If you register as the recipient, you’ll provide your sender with the account details of your chosen broker, instead of your regular bank details. If your sender registers, the broker will clearly explain what details they need from the recipient (you), which you can then pass on for the sender to get the transfer locked in.
One way they do this is by using local settlement accounts, helping you to bypass intermediary fees and avoid unnecessary delays. You can decide between yourself and the sender who will register with your selected currency broker. Either way, it’s a simple process which doesn’t usually take long for you to get approved.
A huge benefit of working with a currency broker is being assigned a dedicated account manager.
So whoever decides to register will have access to an fx expert guiding them through every step of the process.
Multi-currency accounts
Rather than converting your funds to AUD immediately, a multi-currency account allows you to receive and hold money in different foreign currencies.
This makes it a popular choice for expats, digital nomads, and businesses that regularly receive payments from abroad. By holding balances in foreign currencies, you avoid unnecessary conversion fees when both your income and expenses are in the same currency. Plus, you have the flexibility to exchange the money you’ve received when the rate is more favourable.
For example, if you’re receiving money internationally in USD, opening a multi-currency account with a provider like Wise lets you receive the payment directly into a USD balance—without an automatic conversion to AUD. This effectively means you’re receiving the money locally in the sender’s currency.
From there, you can choose to convert it into AUD right away or hold onto it until exchange rates work in your favour, maximising the value of your transfer.
Learn more in our guide to the best multi-currency accounts.
Digital Wallets (including PayPal)
PayPal makes digital payments extremely easily. They’re also highly trusted and are the world’s largest money transfer company. There’s no doubt PayPal and other digital wallets can be a great solution for domestic transfers.
But what about receiving money from overseas? Well, it’s expensive. Very expensive!
If we take a GBP to AUD transfer as an example, total fees and money lost in the exchange rate add up to around 8% of the transfer total.
Cash pickup
If you need to collect your funds in cash, then choosing a remittance provider like Remitly can prove to be a convenient option. You’ll just need a form of ID and a confirmation number to collect your funds.
Some providers partner with certain 7-Eleven and Australia Post locations, making it even easier to collect your funds.
But this convenience comes with a cost.
Providers offering cash pick up will add a high margin to their fx rates, meaning you’ll lose out on a lot of money in the currency exchange.
Our recommendation is to avoid using cash pickup providers unless there’s a specific reason to do so.
If you do still decide to go down this route, it’s the sender who needs to register with your chosen remittance provider.
XE: Best for receiving funds that need converting to AUD
XE offers one of the most comprehensive solutions for receiving money from overseas into Australia. Whether you’re receiving a large sum and need expert guidance, seeking one of the industry’s top-rated apps for a seamless experience, or even arranging a cash pickup, XE has you covered. With competitive exchange rates and a trusted global reputation, it’s a go-to choice for receiving international transfers hassle-free.
Get in touch with XE to find out the exact account details you’ll need to provide to receive money in your chosen currency.
How much does it cost?
We’ve touched on the overall cost of various providers at a high level. Now let’s take a look at the various fees and markups in more detail, as cost will likely be the biggest factor in your choice of provider.
It’s true that it’s often the sender who incurs most of the applicable fees, but not always all of them. Also bear in mind that depending how the transfer is handled, fees incurred by the sender might still affect the total amount you receive.
What fees do I need to pay for receiving international payments?
To know the true cost of receiving money from overseas, you must consider all of the following:
- Receiving fees
- Intermediary fees
- Exchange rate markup
Receiving fees
receiving transfer fees
Whether or not you pay a receiving fee will come down to which route you choose.
Currency brokers typically charge zero fees for receiving international payments. As we mentioned earlier, using a multi-currency account is like making a local transfer, so there’s no fee.
If you’re using your bank, then expect to pay a receiving fee. Assuming you’re with one of Australia’s ‘big four’, you’ll be paying somewhere between $11-$35 AUD.
With PayPal, it depends on where you’re receiving the funds from. If it’s from friends or family, then there’s no fee. If you’re using PayPal as a merchant, then you’ll pay an additional 1% as an international fee on top of the 2.6% merchant fee, which quickly adds up.
Intermediary fees
Intermediary fees are prevalent amongst transfers made through the SWIFT network. These fees are charged by any intermediary banks that the sender’s funds are re-routed through on its journey from the origin bank to your account. They might be small, but there can sometimes be several when funds pass through multiple banks before arriving to you.
Thankfully, there are some currency brokers that have a solution to help you bypass the SWIFT network. Leading currency brokers, like OFX, have local settlement accounts set up in a number of countries around the globe. So where OFX has local accounts in both the sending and receiving currency, you’re technically not making an ‘international transfer’, despite a currency exchange still taking place. Not only can this help to reduce the transfer time, you’ll also avoid intermediary fees.
Now let’s turn your attention to the most important cost when it comes to receiving money from abroad…
Exchange rate markup
When you’re the one receiving an international transfer, a poor exchange rate will see you receiving a lot less than expected. Work with your sender to arrange the transfer via a provider that works for both parties. Here’s what you need to know…
The exchange rate markup is where the vast majority of providers make a big chunk of their profits. This is also where some providers will exploit you.
Banks are a perfect example, as they consistently offer poor exchange rates that include a very high fx markup. This is the main reason why the traditional bank route for receiving overseas funds is so costly.
Whether it’s yours or the sender’s bank handling the currency exchange, you can expect a high fx margin, somewhere in the region of 2.5-5%. To give you an idea, as of February 2024, NAB were applying a 4.8% margin for a £10,000 GBPAUD transfer. That’s an equivalent cost of AU$935.
PayPal offers a similarly poor, flat exchange rate markup of 4%.
So, if banks and digital wallets are some of the most expensive ways to receive international transfers, what about the alternatives?
Wise: Best for individuals to receive and hold foreign currencies
The Wise Currency Account is a powerful tool for anyone receiving money from overseas. With local account details in 9 currencies and receiving details for 22 currencies in total, you can receive payments fee-free. Whether you’re getting paid from abroad for work, receiving money from family, or managing business payments, Wise makes it easy to receive and control your funds without unnecessary conversion costs.
The cheapest way to receive money from abroad
Cost is arguably the most important factor in deciding how to receive money from abroad. This is another area where money transfer companies are far superior to banks and other alternatives.
How much can you save? Well, that depends.
For precise results tailored to your transfer size and currency pair, use our tool to compare live exchange rates and fees in real time.
As a general guide, money transfer companies typically charge an FX margin between 0.2% and 1.5%, offering a significant saving compared to major banks. For example, NAB applies a markup of nearly 5%, meaning you could be paying far more than necessary on the funds you receive.
Pro Tip
Make sure you don’t fall victim to a broker applying a ‘default spread’ to your transfer.
You’ll still get a bank-beating rate either way, but to ensure you’re maximising your savings, always agree and lock in a rate with your broker ahead of your sender funding the transfer.
How long can it take?
This can vary based on a lot of factors, so it’s difficult to say which route is the fastest.
Generally speaking, international transfers take 1-3 business days, but it’s not uncommon for payments made through the SWIFT network to take 3-5 working days.
The sender can potentially speed the process up by funding the transfer via debit card, if your chosen provider offers this as a payment method.
Wise has a pretty good track record of getting your funds delivered quickly. Currency brokers are also faster on average than banks, as they can often bypass the SWIFT network and keep your funds from passing through any intermediary banks.
What’s the safest way to receive money from overseas?
This is one area where most of the providers we’ve discussed are on a fairly even playing field.
PayPal is a highly trusted digital payments provider. Your transfer is also in safe hands with Australian banks, as the FCS insures Australian bank accounts up to AU$250,000.
As MoneyTransferAustralia only features companies we deem safe, we’d also recommend any of the specialist providers on this site as a safe way to receive money from abroad. Our criteria includes being ASIC authorised, highly regulated, and having a good online reputation from a sizable number of verified reviews.
How does receiving money from overseas work?
Your involvement as the receiver of funds will differ based on whether you, or the sender, registers with the preferred provider. Either way, at some point you’ll end up having to provide your sender with your own account details, or the account details of your currency broker.
In most cases, these are the details you’ll be asked to supply:
- Full name and address, as they appear on your bank account
- Bank name and address, including BIC/SWIFT code
- A transfer reference
For a more detailed look at both sending and receiving funds from specific countries, MoneyTransferAustralia has specific guides for some of the most popular country corridors.
What is the best way to receive money from abroad?
In absence of a ‘one size fits all’ answer, the most appropriate solution will depIn the absence of a ‘one size fits all’ solution, the best option depends on your specific needs. However, we can break things down to help you make the right decision.
If you need to receive cash, opt for a company offering remittance services like XE, Remitly, or Western Union.
For receiving bank transfers, traditional banks are rarely a good option due to their high costs and slower processing times. Likewise, digital wallets like PayPal should generally be avoided because of excessive fees. This narrows the best options down to either currency brokers or a digital multi-currency account.
Digital currency accounts are a great option for smaller transfers, but you won’t have dedicated support throughout the process. Additionally, there’s no guidance on when it’s best to exchange your funds into AUD.
This is where currency brokers come in. Their expertise helps you time your transfer to take advantage of favourable exchange rate movements. They also offer a range of FX tools, such as the ability to lock in a rate or set limits for automatic transfers when the exchange rate reaches your preferred level.
For receiving international transfers >AU$20,000, the best option is working with a top-rated currency broker.
For receiving international transfers <AU$20,000, the smart choice is using a digital currency account.