Best way to Receive Funds from Abroad

When 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 the costs in comparison to banks. We have reviewed more than 30 foreign exchange companies with expertise in the field of sending and receiving money from abroad with no fees, great rates, and hassle-free process. Below you can find the results of our research.

• 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
• World First Review

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• 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
• Currencies Direct Review

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• Repatriate Funds to UK, EU, Australia, Canada, South Africa
• Dedicated Dealers Assisting with Process
• Industry Veteran
• Personalised, Friendly, Service
• Client Reviews9.7 / 10 - TrustPilot
• Global Reach Review

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Click here to view more recommended providers

Who can use these services?

• An expat who is moving to another country and requires a repatriation of funds from his home account.
• An expat who is moving back home after an expatriation period and needs 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 needs to repatriate the funds back to his account.
• An individual who inherited money from a deceased relative abroad and needs 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.
• Anyone who needs a foreign currency service between two bank accounts.

• The use-cases are unlimited, so long as the source of money can be tracked and documents can be provided upon request.

   

  Advantages of using these services for receiving 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 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 transferring large amounts, which is usually the case with the repatriation of funds from abroad.

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

  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 can all be major issues. Even though the currency dealer is not a licensed tax advisor, he can provide general advice on the topics and refer clients to the right sources.
  Currency movements play a huge role in high-volume transfers. Even if you’re potentially saving on fees, you could end up 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 in current exchange rates. They can also advise on how the money should be transferred (whether in batches or as a one-off) to maximise savings.

   

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  How does the 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 moved over to your account.

  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 receive money from Spain to the UK:
  

  How can this save me money?

  

  One of the things banks like to do is to make money wherever it is most difficult to verify which fees you actually paid. This is why banks all over the world charge money to receive international transfers / repatriating capital. 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% 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 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. There are also no additional (hidden) fees incurred.

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

  > Click here for our Money Transfer Calculator that will help you figure out how much you paid.

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  How do you get started?

  Sign up with more than one company and compare which rates are 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 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 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 each transfer. The reason for that is to prevent any form of money laundering and to remain in compliance with the FCA‘s orders. In addition, at least one of the accounts involved in the transfer – either in sending or receiving the funds – must be in your name.

  When you are a verified customer, you can, at any moment, lock in 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 for Large Transfers: 

  In scenarios where you’re receiving 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 clients. 
  Please note that cashing cheques from abroad with fx companies is impossible.
  

   

   

  

  Matt Di Vincere, Editor, MoneyTransferComparison

  Experiencing trouble with any money repatriation service listed on our website?

  Let us delve into the problem while you find a better way to receive money from abroad. View our FX Case Investigation service and comment there with your inquiry, or contact us via our About Us page. We promise to look into your concern and assist as much as we are legally allowed to do.

  MoneyTransferComparison.com has reviewed foreign exchange providers since 2014 and focuses on levels of service. We had multiple companies that we recommended and partnered with which failed our readers – as a result, we have lowered their ratings and they are no longer recommended.
   

   

  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 Gains taxes will be incurred upon sale (and not upon the retrieval of funds to the UK).

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

  In the USA:

  This is also quite dependent on the situation. If you lived at 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.

  More information can be found on Australian Expat Taxation.

  In New Zealand:

  If you bought property abroad with the intent of reselling it you would have to pay tax on your profits. The intent is measured by assessing whether the place in which the house was bought in is your primary country of residence, and whether you are (or associated with) property developers.

  Additional information can be found on the NZ Inland Revenue website.

   

  Additional International Currency Needs

  Best Way to Transfer Money Abroad

  Expat Remittances

  Peer to Peer Currency Transfer

  Hedging Guide

   

  Property & Moving Abroad

  Property Investments Overseas – Tips and Tricks

  Financially Planning Moving Abroad

  The Psychological Effects of Expatriation

  Learning Currency

  Money Transfer Comparison Frequently Asked Questions

  Best Currency Blogs Award

  Currency Foreign Exchange Rates

  Bedsit or Island? The Cost of Property Around the World

  View more articles on our Expat magazine
  View more currency guides on our Learning Centre

   

  Concluding Words on Receiving Funds from Overseas

  There are an abundance of services online offering clients the chance to receive money from abroad at a cheaper price than banks, but it is recommended that you stick to the biggest and most recognisable providers who have the highest global reach and the most flexibility. Repatriating large amounts of money from abroad is sensitive and often more difficult than simply transferring money overseas.