Just as millions of people send money internationally every year, millions of people are also on the other end receiving that money from abroad. You could be receiving an international payment as a freelancer from an overseas client, from a loved one who is working abroad, or for a myriad of other reasons – and the good news is that these days, send and receiving money from abroad is more accessible than ever.
You can receive money from overseas through a transfer from the sender’s bank account straight into your bank account. The sender will initiate the transfer by visiting their online banking, and all you need to do is provide your account details to the sender, including your full name, account number, sort code, and IBAN/SWIFT codes which you can find on your online banking app.
Typically, these transfers are expensive because traditional bank charge hefty exchange rate margins when transferring to different currencies, and also apply fees. But nowadays these fees are affordable thanks to services like Jeton.
How do I Receive Money Sent From Another Country?
Receiving money from overseas is very simple.
The most important step is to ensure that you provide accurate details to the person or business transferring your money, whether that’s your bank account details (cush as IBAN number) or your address for home delivery. After that, make sure you’re aware of exactly how and when the money is going to be delivered.
How Long Does It Take To Receive An Overseas Transfer?
An international money transfer can take 1-5 days to be processed, but a lot depends on the method by which the money is being delivered. In some cases, the transfer can be instant, while some may take much longer. The actual transfer time depends on a variety of factors such as the transfer provider, the source and destination country, the currencies involved, the type of transfer and when the transfer was initiated (weekday or holiday).
On common transfer routes, it is more common to be able to receive money instantly or the same day, however, for more uncommon routes, you may have to wait longer. We’ve put together a guide on finding the fastest way to send money abroad.
Is Jeton Business safe?
Jeton is licensed and regulated by many different countries and federal organisations, including the Electronic Money Regulations 2011 and the Financial Conduct Authority. Specific features of these regulations require Jetonl to:
Maintain set amounts of capital and liquidity. Jeton is required to maintain a minimum of €350,000 of its own funds at all times.
Practice safe float management. In order to protect customers’ money, Jeton must follow EU Electronic Money Directive protocols to protect customers in the event that the company encounters an insolvency event. In short, this means your money is protected even if Jeton goes bankrupt.
Pass FCA vetting The Financial Conduct Authority performs a test on each member of Jeton’s senior management to test for honesty, integrity, reputation, competence, financial soundness and capability.
Monitor and vet all transactions. To prevent financial crime, Jetonl must follow legal requirements to check the identity of customers and monitor transactions to detect money laundering and fraud.