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Best way to receive money from Abroad

Where you are repatriating your funds from a bank account abroad, or need to receive money from abroad, the services we have reviewed can help you slash related costs in comparison to banks. We have reviewed more than 30 foreign exchange companies which specialise at sending and receiving money from abroad at preferential rates, and our conclusions are below.

Top Rated Services: Repatriation of Funds / Receiving Payments from Abroad

  • Repatriate Funds to UK, USA, Australia, EU, NZ, Singapore, Hong Kong
  • Dedicated Dealers Assisting with Process
  • UK Customer Experience Award
  • Most Currencies Handled
  • Client Reviews96% Satisfaction on Feefo
  • Repatriate Funds to UK, USA, South Africa, Australia, EU, Norway, Sweden, NZ, UAE, China,
  • Dedicated Dealers Assisting with Process
  • Since 1996
  • Best Online Platform
  • Client Reviews 9 / 10 Ranking TrustPilot
  • Repatriate Funds to UK, EU, Australia, Canada, South Africa
  • Dedicated Dealers Assisting with Process
  • Industry Veteran
  • Personalised, Friendly, Service
  • Client Reviews9.7 / 10 - TrustPilot

Note (1): To have fixed fees waived with Moneycorp, use our “Get Free Quite” button. This offer is exclusive to our readers.

Who can use these services?

  • An expat who is moving to another country and need a repatriation of funds from his home account.
  • An expat who is moving back home after an expatriation period and need to repatriate money from his foreign account.
  • An individual who sold a property to an overseas investor and received money from abroad in foreign currency (checks are also accepted).
  • An individual who sold property in a foreign country and requires to repatriate the funds back to his account.
  • An individual who inherited money from a deceased relative abroad and need to repatriate the funds back to his account.
  • Any business owner (even sole traders) who need to receive payment from abroad for service provision to a client abroad.
  • The use-cases are unlimited as long as the source of money can be tracked and documents can be provided upon request.

 

Advantages of using these firms to receive money from abroad

The way these companies operate is as a mediator between private clients and banks. By trading large quantities of currencies every year, they are able to buy and sell foreign currency while paying very low spreads. This advantage is being rolled over to its clientele, which enables private individuals to save a great deal  on fees, which can become thousands of Pounds, Euros, or Dollars in savings. This is especially true if the clients are transferring large amounts, which is usually the case with repatriation of funds from abroad.

The second major advantage which is especially relevant when repatriating funds, is guidance from a specialist currency dealer. That guidance is a two-fold guidance in the case of repatriation:

1. The process itself raises a lot of questions. How to send the funds, tax implications, and limitations in regards to the amounts that can be transferred into the country is a major issue. Even though the currency dealer is not a licensed tax advisor, he can provide general advice on the topics, and refer you to the right sources.

 2. Currency movements play a huge role on high-volume transfers. Even if you are potentially saving on fees, you could end losing on currency movements. Currency dealers working in these companies can direct you on the right timing to go ahead with the transfer, as well as provide tools such as Forward Contracts to mitigate future risks and lock current exchange rates. They can also advise on how the money should be transferred (whether in batches or as a one-time-off) to maximize saving.


How does the process work?

As mentioned earlier, foreign exchange firms are just a mediator between banks and consumers. That means that in order to get paid from abroad, or receive funds from your own bank account abroad, the payment should at some point be moved to their ring-fenced client accounts, exchanged to domestic currency, and then moved over to your account.

By doing so you are also avoiding recipient fees; your currency firm will guide you so you will maximise your saving in every aspect from the top of the chain to the bottom of it.

Here’s how you can receive money from Spain to the UK:
slide1

How can this save me money?

One of the things banks like to do is to make money wherever it is most difficult to check them. This is why banks all over the world charge money while receiving international transfers / repatriating capital. Not only do they charge high exchange rate fees if the currency should be automatically exchanged, but they also charge fees if it’s a same-currency transfer. This means you would be paying anywhere from 0.1% to 2.5% on money coming from abroad, even if you have a foreign currency account One example of this is if you are repatriating money from the USA to your Israeli USD account.

With currency services like the one recommended on this website, you will just pay for the currency exchange itself, without paying anything for the for the international wire, which is a lot less than what you would have paid with banks. There are no additional (hidden) fees incurred.

Click here to learn more about the Bank / FX Companies differences.


How do you get started?

Sign up with more than one more company, and check which rates are offered to you. These rates will usually represent saving of at least 50% against banks, so it is usually best if you ’verify with your bank how much the repatriation of funds would potentially cost you.

If you like the rate, you will need to register with the company. The companies we have featured here are UK-based, so clients from UK or Europe would have the easiest time registering, while clients from other locations might need to provide a little more information about them and the purpose of this transfer. The reason for that is to prevent any form of money laundering and be in compliance with the FCA‘s orders. In addition, at least one of the accounts involved in the transfer in either sending or receiving the funds must be on your name.

When you are a verified customer, you can, at any moment, lock the exchange rate and move the money (or receive it from abroad). You can do so verbally on the phone, or through the online trading platform. You will have up to five working days to move money from your bank account to a segregated bank account that you will be provided with in order to fund your transfer.

Tip: In scenarios where you’re sending tens or hundreds of thousands of Pounds (or any other currency), you can negotiate the pricing and it will be best if you do so by comparing between several companies (we recommend you try the 3 companies featured above). Foreign Exchange is a highly competitive market, and a lot of the business is built on sending money abroad for property purchase, and the repatriation of funds for private clients. 

Learn More About Our Choices on our comprehensive FAQ

 

Experiencing trouble with any money repatriation service listed on our website? Let us research into it. View our FX Case Investigation service we have recently started.

 

Will I have to pay tax on property sold abroad?

In the UK: It depends on the situation. If you are  a returning expat who has been living in the property for the past 36 months, it might be considered under the private residence relief rules, and you will be exempted from taxes.  If this was not your main residence, then Capital Gain taxes will be incurred upon sale (and not upon retrieval of funds to UK).

More information can be found on Gov UK Capital Gain Tax Guide.


In the USA: It also quite depended on the situation. If you lived the property that was sold for at least two of the past five years as your primary residence, then tax will be exempted up to the level of USD 250,000. In any other scenarios, you will have to pay normal capital gains taxes.

If you are renting out a house abroad, you can deduct things like bills and mortgage payments from your rental report that you would have to submit to the IRS – as long as the house is rented 15 days a month or more.

More information can be found on Investopedia US Overseas Property Section.


In Australia: Your main residence is completely exempt from taxation. To determine whether it is indeed your main residence, the Australian Tax Office uses several factors. On all other cases of selling property abroad, you will be liable to pay capital Gains taxes.


Additional Property Articles: Property Market Overview 2015, Property Buying Tips

8 comments

  1. Jenny bishop

    Money crop…Fixed fees waived. You have spelt the quote as quite.. So does that mean I want get it and have do I know I will get it as I have opened an account after pressing the button
    Thank you jenny

    Posted on March 10, 2016
    • compare

      Hey Jenny, if I understand your inquiry correctly, you’re looking for a further explanation how to claim that promotion.
      Basically, the promotion is embedded in the link – so you won’t have to do anything to be eligible for that. Just click on “Get Free Quote” link, sign up on Moneycorp’s website, and get it automatically. Read more about it here.

      — Edited to correct a grammatical mistake.

      Posted on March 10, 2016
      • Gilbert

        Is there is a double negative in your comment

        ”so you won’t have to do nothing ” – shouldn’t this read ”so you won’t have to do ANYthing”

        Posted on March 20, 2016
        • compare

          Thank you Gilbert. We have edited our comment accordingly. We apologise for our mistake.
          How did you find our content in terms of quality?

          Posted on March 20, 2016
  2. Barbara Frazier

    I have a US account which I would like to transfer money from monthly to my account in St Kitts and Nevis. There are only certain transfer companies that transfer to St Kitts and Nevis from what I can tell.can you tell me which of the best ones do this? I just signed up for paynoor but one site had a lot of horrible reviews so I am afraid to use it. Thank you for any advice you can give me
    Barbara Frazier

    Posted on November 1, 2016
    • compare

      Hello Barbara and thank you for your inquiry.

      1. We have reviewed Payoneer and recently added them to the site. We have met with representatives of the company, and have had excellent personal experience with them in the past. It is true, however, that recently more reviews have been surfacing over the internet (including our site) on how slow and cumbersome their customer service is, and we are looking into it. In all honesty, we have sent through some dozens of referrals from the site, and none have traded so far, which is worrisome to us. In any case, Payoneer is definitely a solid company, even if they might be slow, they are fully regulated and have a great set up going (you don’t have to necessarily send the funds to your bank account, you can withdraw it in cash). Read more about them here. One of their best qualities is definitely the fact they accept clients across the globe.

      2. We have not been able to locate any company that have stated they deal with the Eastern Caribbean Dollar. Try to largest companies, tell them about your expected trading volumes, and they might get get it especially for you. They were with large liquidity providers who can provide them with essentially any currency. You can use our top selections on the site as a starting point.

      3. Did you consider sending your money in US Dollars to a US Dollar account that you will open in St Kitts and Nevis bank? You can probably withdraw it in US dollars with no commission, and use a local exchange. We normally don’t recommend that but since there’s so much liquidity between the two currencies over there, you may be able to get good rates on your dollars from a reputable exchange bureau. The biggest question is whether your local bank over at St Kitts will charge a recipient bank fee for taking in dollars.

      Hope that helped!

      Posted on November 3, 2016
  3. ALIKI KADI

    Hello!

    I just found out about this money transfer services, but I want to make sure that I am not gonna lose my money. I want to send euros from cyprus to Uk, but how can you guarantee me that my money will be transferred as we agreed?

    Thank you,

    Aliki

    Posted on December 9, 2016
    • Compare - MTC Admin

      Hi Aliki.
      Choosing one of the FCA-approved providers reviewed on our site will mean you move your money to a segregated client bank account.
      That means it is totally secured, even if the company goes bankrupt.
      I recommend you to choose a company of your liking from the site, leave your details with them, and then speak to the dedicated dealer who will contact you.
      You can ask him all the security questions you need.

      Cheers

      Posted on December 13, 2016

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