Receiving Large Sums of Money from Abroad

Alon Rajic
Last Edited Dec 01, 2022

Whether you are looking to receive money from abroad from a bank account you own, need to receive money from somebody else abroad, or are simply on the receiving end of any kind of international fx payment, the services we have reviewed can help you reduce transfer fees and achieve a better exchange rate. In comparison to a bank, you could save up to 90%, leaving you with more money in your account at the end of the transfer.

We have reviewed more than 80 foreign exchange companies with the expertise to assist you in receiving large sums from abroad with no fees, great rates, and a hassle-free process. Below you can discover the results of our research where we recommend our favourite, and best ways to receive funds from abroad into your local bank account. We have a similar guide for transferring large sums of money overseas.


How To Receive Large Amounts from Abroad?

Step 1: Choose a Service Provider

When you were searching for the best way to receive money from abroad, you must have assumed the process of circumventing the banks for a repatriation of funds into your bank account would be lengthy and complicated, but it is, in fact, surprisingly simple. Whether you are looking to receive sums in the tens of thousands, hundreds of thousands or even millions, there are service providers out there which are safe, easy and offer substantially better exchange rates than those offered by banks. These designated companies, as featured below, are dealing with hundreds of thousands of customers and have trading volumes in the billions each year.

Best Way to Receive Money from Abroad List

We believe the best way to receive money from abroad is through the following diverse service providers, which enable you to both speak to an expert over the phone in order to optimise the transfer, and/or use a functional online system to set up inbound or outbound payments.

UK EU USA #1 Currencies Direct: Best Way to Send & Receive Foreign Transfers
1 Canada Square, Canary Wharf, London E14 5AA, UK
97.8% Editorial rating
3,000 Client Reviews
Minimum transfer:
£100 / €100 / $100 or equivalent
Why Them?
  • 96% Positive Feedback from Customers, Since 1996
  • Service Oriented - Specialising in Large Transfers - Friendly Dealers
  • Very Competitive Rates, No Wire Fees
+Read more
UK Australia EU #2 TorFX: Strong Guidance and Staff
Pz360, St Mary's Terrace,Penzance, Cornwall, TR18 4DZ, UK
93.4% Editorial rating
3,000 Client Reviews
Minimum transfer:
£100 / €100 / $100 or equivalent
Why Them?
  • Headquarters Outside of London - Lower Staff Costs Rolled Over to the Client
  • Quick Onboarding Process and Highly Professional
  • Trading Desk with 100+ Years of Experience
+Read more
UK EU Australia USA UAE #3 moneycorp: Most Reputable Foreign Exchange Service + Multi-Currency Account
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ, UK
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
£50 / €50 / $50 or equivalent
Why Them?
  • The First UK Service to Help People Send Money Abroad and Receive Money from Abroad - Est. 1979
  • Very Recognisable Brand with Excellent Reputation - £36.9in Transfers Annually with Offices in Every Continent
  • You Can Receive Money into Your Named Account in Multiple Currencies and Also Hold It (Multi-Currency Solutions Like Revolut)
+Read more
UK Spain #4 Key Currency: Up and Coming Currency Broker with Local Presence in Spain
Local British Offices:
St Piran House, Technology Park, Heron Way, Truro TR1 2XN, United Kingdom
90.2% Editorial rating
800 Client Reviews
Minimum transfer:
Why Them?
  • Recipient of Multiple Industry Awards
  • Close and Personal Touch
  • Specialists in the UK-Spain Corridor
+Read more

Who Can Use These Services to Receive Money From Abroad?

  1. An expat living abroad for a repatriation of funds to his home country (or make international payments).
  2. An expat who is moving back home after an expatriation period and needs to receive a payment from abroad.
  3. An individual who has sold a property in a foreign country and is set to receive large sum from overseas.
  4. An individual who inherited money from a deceased relative abroad and needs to complete a repatriation of funds
  5. any business owner (even sole trader) who receives payment from abroad if exporting their goods or services.

The use-cases are unlimited, so long as the source of money can be tracked and one of the bank accounts involved is in your name then you are perfectly entitled to receive large amounts of money from abroad. And smaller sums for that matter too. 

For additional information about tax issues when repatriating funds from abroad refer to our article – Are there tax implications to transferring money to UK.

Post-Pandemic, Costs for Internationals to Return Home Soar

More international workers are returning home after the pandemic but the cost of the move is proving expensive. High inflation seen across the globe is driving up the cost of virtually everything to do with moving house and moving to a different country.

Flights, visa fees, shipping costs and the cost to exchange currencies are all weighing heavily on those moving from one currency to another. Currency exchange is one crucial area where it’s easy to make drastic savings.

Step 2: Create an Account With One or More Providers

Firstly, it’s important to have an account setup with one of the specialist foreign exchange brokerages that enable you to make international money transfers as well as receive them. That’s their sole purpose in life. As with any Financial Conduct Authority approved and regulated money transfer company or bank, you will be required to provide some basic identification to open your account. Technological enhancements have made the registration process as seamless as possible and you can normally get your account fully set up within a couple of hours.

The companies and currency brokers featured in our previous section “How to receive large amounts from abroad” are all recognised for speedy onboarding times, as well as the highest level of safety, apt for making or receiving large bank transfers.

Step 3: Get a Quote on Repatriation of Funds

Once your account is set up, the broker will be able to confirm their account number for the country/currency you are looking to repatriate money from. For example, if you were looking to receive large amounts of money from abroad, say Australia to UK, rather than using your UK based GBP account as the beneficiary account on the payment you will use the AUD account that belongs to the foreign exchange company. And in the case of the largest and best money transfer services that have an international footprint, they are even likely  hold an AUD account in Australia, thus minimising international payment fees on your end. As this is going on you should also notify the currency exchange firm of your UK account details. The FX company then completes the foreign exchange from AUD to GBP and sends the GBP to your account. 

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 then rolled over to its clientele, which enables private individuals to save a great deal on fees, which can mean thousands of pounds, euros or dollars in savings.

This is especially true if you’re going to receive large amounts of money from abroad, which is usually the case when you are looking into a repatriation of funds from abroad. Without an intermediary, if you took our example to repatriate money from Australia to UK then your bank (the receiving bank) would simply see AUD trying to credit a GBP account, not only would there be a delay in receiving the funds whilst they conduct the foreign exchange but the bank could easily apply a spread of 4%+ for doing this, the equivalent of £4,000 every £100,000 you are receiving. That’s why, when you are receiving large amounts of money from abroad, fees can quickly add up with banks.

Aside from smaller foreign exchange spreads, a dedicated foreign exchange firm can also advise on when and how the money should be transferred to maximise savings. To summarise, the right currency services will not only be the cheapest way to receive money from abroad, they will also help you with the process itself and with the timing, and that is a major advantage, particularly for those receiving large amounts of money from abroad. Taking into account cost savings, the smooth process and support staff, a dedicated FX firm is the best way to receive money from abroad.

Step 4: Use a Provider to Receive Large Foreign Currency Payments

With the right provider, you won’t be confused with the terminology relating to the transfer itself which can be enough to throw anyone out of their comfort zone.

Who needs to memorise terms like SWIFT, IBAN, Sort Code, Bank Identifier Number, Receiving Bank, and Intermediary Bank Fees? Who needs to check whether their online banking account supports receiving payments from abroad? Attempt to calculate when the money will arrive based on various time zones, or enquire for further information through endless and hectic exchanges with a non-communicative payment provider (i.e. bank)? Who can’t even give real time indications regarding a bank transfer when it’s delayed? Who wants to feel they may receive less attention than other customers i.e. large corporate clients who have direct access to the FX room?


Through a broker it all becomes easier because there is a dedicated dealer helping you with the process of receiving or sending the funds. They can answer each of your questions in real-time and supply full tracking on the status of the transfer. They will tell you when the wire is expected to arrive, whether it’s the same-day or the next working day, or, on rare occasions, two days or more. They’ll know you by your full name so you won’t have to come up with a reference number and other details each time you have an enquiry. It’s attentive, personal service which is highly tailored to receiving large sums from overseas.

When it comes to sending money abroad with these brokers, it’s very similar to the receiving process – it can be done online or via phone, and you won’t have to know much other than the recipient’s bank account number, and their name/address.

Step 5: Consider Multi-Currency “Virtual” Accounts to Receive Money

The UK’s top currency specialists have launched a unique concept of multi-currency accounts. These are essentially sub-accounts in your name or your business’ name in multiple countries that will enable you to receive payments from abroad but in the local currency through a domestic wire.You then have the choice to either keep it in your account and spend it, or repatriate the funds back to your bank account, in whichever currency, for a very reduced fee. For example, WorldFirst, which is specific to online sellers and businesses, will only charge 0.15-0.75% on each currency exchange, depending on the amount transferred. You are provided with your own “virtual” international bank account number.

This solution of a multi-currency account to receive a payment from abroad is particularly apt for those who receive recurring payments from overseas.

Multi-Currency Accounts Guide: Best Foreign Currency Account


Extra: Cashing a Foreign Cheque in UK

Many of our readers have approached us with how to receive money from abroad if they were paid (for example for the sale of a house) through a cheque. Do you have to withstand the lengthy and expensive process through a bank? Not necessarily, if the cheque can be re-issued on behalf of one of the money transfer services that offer this function. Read more in our dedicated guide below.

How to Cash a Foreign Currency Check in UK?


How does the process of receiving money from abroad works?

As mentioned earlier, foreign exchange firms are just mediators between banks and consumers. That means that in order to get paid from abroad, or receive funds from your own international bank account, the payment should at some point be moved to their ring-fenced client accounts, exchanged to local currency, and then sent to your account (where you receive it in the currency you desire). By doing so, you should also be avoiding recipient fees. This on top of your foreign exchange provider offering bank-beating exchange rates and guiding you through the process in order to maximise your savings in every aspect, whether that’s setting up a target rate or guaranteeing today’s rate for a point in the future. These are all factors in finding the cheapest international money transfers.

Here’s an example of how you can receive money from Spain to a UK bank account number with a specialist currency provider:

whether you are receiving money to Spain to UK, from USA to UK, from Canada to UK, from France to UK, from Germany to UK, from Switzerland to UK, or even from Israel to UK – you will not require a SWIFT transfer in case that you are using the right company. The right company to receive funds from a certain country to another country is a company that has bank accounts in both countries.

How can this save me money?

One of the things banks like to do is to make money whenever it is most difficult to verify which fees you have actually paid. This is why banks all over the world charge money to receive international transfers / or for repatriating funds from abroad. Not only do they charge high exchange rate fees if the currency must automatically be exchanged (i.e. USD trying to credit a GBP account), but they also charge fees if it’s a same-currency transfer (see our guide to international bank transfer costs). This means that you would be paying anywhere from 0.1% to 2.5% in charges on money received from abroad, even if you have a foreign currency account. One example of this is if you are looking to transfer money from USA to the UK.

With currency brokers like the ones recommended on this website, you will only pay for the currency exchange itself, without paying anything for the international wire, which is far less than what you would have paid with banks. By our reckoning, FX companies are the best way to receive money from abroad. There are also no additional (hidden) fees incurred. Savings can be much larger with international currency services, particularly when you are receiving large amounts of money from abroad. It should be mentioned that these services will, of course, also transfer money overseas on your behalf, as their primary objective is to send payments and not just receive money from abroad.

Tip for Receiving Large Sums of Money From Abroad:

In scenarios where you’re receiving large amounts of money from abroad – tens or hundreds of thousands of Pounds (or any other currency), you can negotiate the pricing; 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 much of the business is built on sending money abroad for property purchase, as well as the repatriation of funds for private and corporate clients.

Getting paid as a freelancer with Payoneer’s International Account?

Note: we do not recommend this path for receiving large amounts

Payoneer, a company serving more than 5,000,000 freelancers and businesses, offers the ultimate solution if you want to receive money from abroad from your employer. They are a company built on the concept of receiving international payments.

The company enables you to open sub-accounts across the world and receive money there, in local currency. Then, it can be exchanged to your desired currency for just 1% in fees and transferred into your bank account, or you can withdraw it through a MasterCard connected to your Payoneer account and issued by the company. This is a hassle-free solution that works very well for both international businesses employing overseas staff, and freelancers who receive transfers from abroad.

MoneyTransferComparison believes this is how you should be receiving an international payment from overseas as a freelancer as it’s a completely unique and tailored solution.

Getting Paid in Paypal and Transfering to a Wise Account

Note: we do not recommend this path for receiving large amounts (but it’s cheaper than using PayPal’s exchange rates).

You can accept payments into your PayPal account (which can be quite costly) and then transfer these foreign exchange funds into your Wise account, if you have a Wise multi currency account. This is less apt as a system for receiving large amounts from abroad, but is certainly a fine method to receive a multitude of smaller payments.

How to Transfer Money from PayPal to Wise (TransferWise)


Summary to Receive Money from Abroad & Getting the Best Exchange Rate for Large Sums

If you have read through our repatriation of funds guide to this point you have realised that questions you may have had in mind like “how to receive large amounts of money to my bank account from abroad”, “what’s the best way to receive money from abroad”, and “what are the charges” can all be easily addressed. Bank charges to repatriate funds from abroad are significant, and the best way to avoid these is to use a specialist provider which is mostly apt for large transfers from overseas.

The specialist provider will take care of your needs – if you’re a business they will guide you on the best way to receive an international payment from abroad, and if you’re an individual they will show you how to receive money to your bank account in your own currency regardless of the currency the transfer originated in. Don’t settle for anything but the cheapest way to receive money from abroad! This is especially true when receiving large amounts of money from abroad. If you’re also considering other international transfers, such as finding the best way to transfer money from Australia to UK or transfer from Australia to New Zealand, we have comprehensive guides available.

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