Whether you are looking to repatriate funds from abroad in a bank account you own, need to receive money from somebody else abroad, or are simply the recipient of an international payment, the services we have reviewed can help you slash the costs in comparison to using a bank. We have reviewed more than 30 foreign exchange companies with the expertise to assist you in receiving large amounts from abroad with no fees, great rates, and a hassle-free process. Below you can discover the results of our research as we recommend the best way to receive money from abroad.
Who Can Use These Services to Repatriate Money From Overseas?
- An expat living abroad for a repatriation of funds to his home country.
- An expat who is moving back home after an expatriation period and needs to repatriate money from overseas.
- An individual who has sold a property in a foreign country and is set to receive large amounts of money abroad.
- An individual who inherited money from a deceased relative abroad and needs to complete a repatriation of funds
- 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 refer to our article – Are there tax implications to transferring money to UK.
The best way to repatriate funds from abroad? [receiving large transfers specific]
If you’re looking for the best way to receive money from abroad, then the process is usually surprisingly simple. Firstly, it’s important to have an account setup with one of the specialist foreign exchange brokerages. As with any FCA approved firm you will be required to provide some basic identification to open your account but as most of these firms invest in technology and aim to make the registration process as seamless as possible you can normally get your account fully setup within a couple of hours. Currencies Direct, TransferWise and WorldFirst are all recognised for speedy onboarding times.
- Min Transfer: £/€/$ 100
- Currencies Supported: 39
- Offices : UK, EU, USA, India, South Africa.
- Our Rating : 97.8%
- Most Global Offices and Reach
No Fees from Anywhere
96% Client Satisfaction
- Min Transfer: £/€ 100
- Currencies Supported: 40
- Offices : UK, EU, Singapore, and Australia.
- Our Rating : 93.4%
- Extremely Tailored Service
MoneyFact's Best Provider Award
Diverse Hedging Options
- Min Transfer: £/€/$ 50
- Currencies Supported: 120
- Offices : UK, EU, Australia, USA, HK, UAE, and South America.
- Our Rating : 92.8%
- Extremely Tailored Service
Industry Veteran since 1979
Diverse Hedging Options
How Currency Brokers Work to Help You Receive Money and Slash Costs
Receiving Money from Abroad through a Currency broker: 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, sayAustralia 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 with an international footprint they are likely to even hold an AUD account in Australia, 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 the clients are receiving 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.
A dedicated foreign exchange firm can also advise on how the money should be transferred (whether in batches or as a one-off) 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.
Alternative 1: Receive Money in Foreign Currency through a Multi-Currency Account?
UK’s top currency specialists have come up with a 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 in the domestic currency through a domestic wire, and then either keep it in your account and spend it, or repatriate the funds back to your back account in whichever currency for a very reduced fee. For example, WorldFirst, which is specific to online sellers and businesses, will only charge 0.15-0.5% on each currency exchange, depending on overall annual trade volume.
This solution of a multi-currency account to receive a payment from abroad is particularly apt for those who receiving recurring payments from overseas.
Extra: Cashing a Foreign Cheque in UK
Many of our readers have approached us with how to repatriate funds from abroad if you were paid (for example for the sale of a house) through a cheque. Do they have to withstand facing the lengthy and expensive process through a bank? the answer is that not necessarily, if they can re-issue the cheque on the behalf of one of the money transfer services that offer this function. Read more on our dedicated guide below.
How does the repatriation of funds process work?
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 bank account abroad, the payment should at some point be moved to their ring-fenced client accounts, exchanged to domestic currency, and then sent to your account (where you receive it in the currency you desire). By doing so, you are also avoiding recipient fees; your currency firm will guide you in order to maximise your savings in every aspect, from the top of the chain to the very bottom. Here’s how you can repatriate money from Spain to UK:
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 / repatriating funds from abroad. Not only do they charge high exchange rate fees if the currency must automatically be exchanged, but they also charge fees if it’s a same-currency transfer. 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 repatriate 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.
How do you get started?
Sign up with more than one company and compare the rates offered to you. These rates will usually represent savings of at least 50% against banks, so it is usually best if you verify with your bank how much the receiving the money from overseas would potentially cost you. From our extensive research we believe WorldFirst to offer the lowest spreads that automatically apply to your account, with you perhaps getting a better deal if you negotiate with some of the other top rated money transfer companies. However we encourage you to do your own research to discover the best rates, while factoring in many other considerations. 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 the UK or Europe would have the easiest time registering, while clients from other locations might need to provide a bit more information about themselves and the purpose of the transfer.
Looking to repatriate money from Australia to UK and currently based in Australia? The Australian founded OFX (listed on the Sydney Stock Exchange) is not only one of the largest money transfer companies but also one of the most respected.
Looking to repatriate money from USA to UK and based in the states? TransferWise has been up to the mammoth challenge of launching in the states and also has a flat, transparent pricing model that is one of the most competitive of all money transfer providers.
Tip for Receiving Large Amounts 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, 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.
The company enables its customers 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 work 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 TransferWise Account
You can accept payments into your PayPal account (which can be quite costly) and then transfer these foreign exchange funds into your TransferWise account, if you have a borderless account (a new account type from Transferwise). You can read more on our guide below.
Summary to Repatriate Money From Overseas
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 was 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.