Best ways to receive money internationally in the UK [2025 Guide]

If you’re waiting for a payment from overseas to the UK you have a few different options and payment methods. It’s a smart plan to discuss this with the person sending you money to make sure that you both get the best available service - with the lowest overall costs.

Some popular payment options include bank transfers, cash collection payments and transfers made using a multi-currency account from a provider like Wise.

This guide walks through how each of these methods works, including the costs and convenience, to help you decide which suits you best.

💡 Quick summary: Receiving money from abroad

At a glance: Best ways to receive money from overseas

Lucky you, someone is sending you money from overseas. The question is, how exactly do you receive the money, especially if they’re sending it in a different currency? You’ve got a few options, so we’ll break them down so you can decide the best way to get your cash.

The best way to receive money from overseas will depend on the amount of money you receive and how the sender decides to send your money to you. This guide walks through all you need to know.

1. Specialist International Money Transfer Service

A specialist money transfer service is a business designed specifically to help people send money overseas. There are plenty of great money transfer providers out there, and it’s quick and easy for the sender to sign up.

Providers like Wise, XE, WorldRemit and OFX can all be good options, depending on how much you’re receiving.

Wise - low transfer fees with mid-market exchange rate

Wise is a specialist in international transfers to bank accounts.

You can send payments to 140+ countries online and using the Wise app, with the mid-market exchange rate and low, transparent fees. 60% of Wise international money transfers can arrive instantly, with the vast majority landing within 24 hours.

XE - send money almost anywhere in the world

XE is another option for international payments more or less anywhere. They’ve been around for many years and have comprehensive services for individuals and businesses. Fees vary depending on the payment details - where you’re sending from, and the currency required, can make a difference.

OFX - specialist foreign exchange provider with personalised services

If your sender wants to be talked through their options for sending you money, OFX is a good bet. OFX is known to provide superb customer service, and their currency transfers are fast and intuitive. Most transfers will be with the recipient in one to two business days.

WorldRemit - low fees and great online and in app service

WorldRemit has a handy online calculator so you know exactly how much your transfer will cost. In many cases, you can also choose how you want to receive money—into your bank account, picking up cash at an agent location or even having money delivered to your home.

2. Online Multi-currency Account

If you’d prefer to receive your money without having to convert it from the sender’s currency, you can often do so by opening an online multi-currency account.

Wise Multi Currency Account

The Wise Account allows you to hold 40+ currencies in one account and receive international payments in 20+ currencies including USD, GBP, EUR, NZD, and AUD.

Whenever you need a different currency, just convert the money using the mid-market exchange rate.

Wise accounts offer local account information for 8+ currencies, which can be used by anyone sending money to you.

You’ll be able to check the account information for the currency you need to receive in the Wise app and then easily share it with the sender so they can arrange a local payment to you.

Additionally you get SWIFT account details in 20+ currencies with Wise. This gives more options for receiving payments, with small receiving fees applied that vary by currency.

More information about fees to receive payments here: Wise Account pricing

*Details correct at time of research - 23rd July 2025.

Revolut Account

In the UK, Revolut offers personal customers a choice of 5 different account tiers with a 0 GBP - 45 GBP monthly fee. All accounts support 25+ currencies for holding and exchange, and come with a linked card.

To receive payments to Revolut you’ll need to find the account information for the currency required in the Revolut app - this will be a local account number in the UK, or SWIFT information for receiving any other currency. You can also receive payments conveniently from any other Revolut customer.

*Details correct at time of research - 23rd July 2025.

3. Bank to Bank International Transfer

A common way to transfer money is with an international transfer.

Your sender goes to their bank in person, or uses the online banking service, enters your details, funds the transfer, then sends it for processing. Their bank converts the money, sends it over the banking network and it arrives in your account within two to five days after being sent.

Unfortunately, there can be a couple of problems with international bank transfers—high fees and poor exchange rates.

Here’s a quick summary of the various fees you and the sender will pay to make and receive an international money transfer:

4. Cash pickup

Your sender can transfer your payment for you to collect in cash at a location near you, through a specialist service like Western Union. In this case you’ll need to find a convenient agent close by, and tell the sender that’s where you’d like to pick up your money.

Once the payment has been processed by the provider, the sender will give you a reference number to collect your money. Go along to the agent with your government issued ID document and the reference and get your money paid out in pounds there and then.

Having your payment sent for cash collection can be fast, and as long as you pick an agent nearby, relatively convenient, too. However, this is usually one of the more expensive ways to get your money. Here are the common fees to look out for:

• Transfer fee - this can vary depending on how the sender funds the payment, where they’re sending from, and the currencies involved

• Exchange rate markup - rates vary depending on the transfer type and the specific provider, but are often worse for cash transfers compared to bank to bank payments

5. Home delivery

A handful of providers offer cash for home delivery. In this case you won’t need to do anything, just give your sender your address and be ready to collect the payment when it arrives. You’ll need to provide a government issued ID to take delivery of the money.

Home delivery of cash is more commonly available in developing countries where access to bank accounts, ATMs and transport infrastructure may be tricky. If your sender is able to find a provider which sends payment to the UK for cash collection they’ll want to check out the fees and exchange rates available as this tends to be a costly option as it involves a lot of work for the service provider.

6. Mobile wallets

If you have a mobile wallet through a provider like PayPal or Cash App your sender might also send you money this way. Getting paid into your mobile wallet is easy and usually fast - as long as you already have a wallet with the provider your sender selects.

Mobile wallet payments can often be arranged with just an email address or phone number. That makes them convenient - but they can also come with high fees. Compare your options based on costs and convenience before you decide on this method.

How do I receive money from overseas?

If you need to receive a payment to the UK from abroad you’ll be glad to hear that there are several different ways to get your money safely. The most common ways to receive money from overseas include:

• Having the money deposited right into your bank account

• Collecting the payment in cash at a specialist international payment provider near you

• Receiving your transfer into a mobile wallet like Cash App or PayPal

Each of these options has its own advantages and disadvantages - both for the sender and the recipient. This guide gives a flavour so you can decide which is best for you. You can then talk to your sender to agree how best to get the money to you safely, with low fees and the best available exchange rates.

Information to give the sender to receive money from abroad

To make sure your money arrives safely you’ll need to give the person sending your money some key information. If you’re having your payment deposited into your bank account you’ll need to give your sender:

• Your full name and address as shown on your bank account

• The name and address of your bank, and its BIC/SWIFT code

• Your account number and Sort Code

• A reference or message to include on the transfer to help you identify it

If you’re collecting your payment in cash you’ll need to give your sender:

• Your full name as shown on your government issued ID document

If you’re having your money deposited into your mobile wallet the details you need to give may vary depending on your wallet type. You can often receive a payment to a mobile wallet with just your email or phone number, or a unique identifier like your $Cashtag if you’re a Cash App user.

What's the fee for receiving money from overseas?

The fees involved in receiving an international transfer vary significantly depending on how your sender processes the payment.

If you’re receiving a payment by bank transfer it’s good to know that there may be several fees which are deducted as the transfer moves through the system. This is common when payments are processed using the SWIFT network.

The SWIFT network is favoured by banks because it’s established and reliable. However, it’s usually also quite expensive and slow. Under SWIFT several banks known as intermediaries help to transfer the payment to your account.

Each can take its own fee which might be £10 or £15. This is deducted after the payment is sent so your sender often won’t even know it’s happened - and you’ll get less than expected.

Alternative international transfer services like Wise often avoid the SWIFT network. They use their own payment networks which are faster and cut out the middle men. That means no surprise charges, so the sender can always be sure of the amount you’ll receive into your account in the end.

Should I pay taxes when receiving money from abroad?

You don’t usually need to pay taxes on money received from abroad as a gift, or if you’re repatriating your own assets from overseas. If you’re receiving money as income you may need to pay tax in the UK or in the country you’re a tax resident in.

However, exactly what you need to do depends on whether you’re a UK tax resident, the type of transfer, and the value. Get professional tax advice if you’re unsure.

What exchange rate will I get?

When you find an exchange rate with a currency converter or a Google search, you’ll be shown the mid-market exchange rate. However, this may not be the rate you’re given for your international payment.

Many banks and international payment providers add an extra fee - a markup - to the mid-market rate, to calculate the rate they pass on to customers. This makes it harder to figure out exactly what you’re paying for your transfer, and pushes up the overall costs, too.

Banks can often use a markup of about 2% - 3% on the mid-market exchange rate. To put that in context, a 3% markup would add £150 to a transfer worth 5,000 GBP - or a huge £1,500 to a payment of 50,000 GBP.

Not all services add a markup to the exchange rate. If you’d rather a provider used the mid-market rate and split out the costs of the transfer transparently, check out specialist services like Wise and Revolut exchange rate instead of using a bank.

Cheapest way to receive international payments

How long does it take to receive an overseas transfer?

How to receive large amounts of money from abroad

Some providers offer high value payments, which may even come with fee discounts and additional support.

With Wise you can send around 1 million GBP per transfer for example, with discounts on higher value payments over 20,000 GBP. OFX is another popular service for high value payments which has no limit on the outgoing payment amount, and low, variable exchange rate markups. Here’s a summary of some good choices for your incoming high value payment.

Is there a limit to receiving money from abroad?

Different providers have their own limits, which may be based on their own processes, or the laws in the sender’s own country.

Providers like Wise have very high limits to allow customers to transact freely. Wise payment limits depend on the currency but are usually around 1 million GBP. OFX does not have any limit on the amount you can transfer.

Safest way to receive money from overseas

Security is important when picking a way to get paid from overseas. All of the providers and services we’ve mentioned in this guide are legit companies that are trustworthy, regulated and safe to use.

Here are a few common sense ways to keep yourself and your money safe when receiving an international transfer:

• Make sure the sender uses a regulated and licensed provider

• Double check all the details you pass the sender, such as your bank account number and sort code

• Ask the sender to check if any third party fees may be deducted as the transfer is processed – this can mean you get less in the end

• Confirm who will pay any charges involved with processing the transfer, so there are no surprises

Can I refuse or cancel an international money transfer?

If your sender has transferred money to your bank account the payment often can not be reversed. You’d need to wait until it arrives and then send it back, which can incur extra fees.

For payments sent for cash collection, typically there's a fixed wait time before the payment is returned if it’s not collected. In this case you can simply not collect the money, and it’ll find its way back to the sender - albeit minus service charges, and with something of a delay.

Conclusion

The best way to safely receive money from overseas will depend on your priorities and the details of the payment you expect to receive.

Your sender will have several options which each involve different processes and fees. Sending a payment with a bank might seem like an obvious choice - but it’s often slow and expensive. If you want to receive your money into a bank account, using a specialist service can cut the costs and mean you get paid faster, too.

Use this guide as a starting point to decide how best to get your money, and talk the alternatives through with your sender before the payment is made.

Receiving payments from abroad: FAQs

How much does it cost to receive an international transfer?

Often most of the costs of an international transfer are covered by the sender. However, if you're receiving a bank transfer, intermediary banks may deduct costs as the payment is processed, and your own bank might charge you a receiving fee.

Do I need a bank account to receive a transfer from overseas?

You don’t need a bank account to get paid from overseas - although getting your money deposited into a bank is often the cheapest option. If you can’t access a bank account consider getting your money sent to a mobile wallet or for cash collection.

Can I receive an international transfer in another currency?

To receive an international transfer in a foreign currency you’ll need a foreign currency or multi-currency account. Specialist providers like Wise and Revolut offer flexible multi-currency accounts you can open online.

Do I need to declare an international money transfer?

Depending on your tax residency, the reason for the payment, and the transfer value, you may need to notify HMRC and/or pay taxes on the funds. Get professional advice if you’re unsure about your obligations.