How to Safely Receive Money from Overseas? Open Company IBAN Bank Account
Receiving money from abroad is great. 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 at 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. If they send it through their bank, the bank will probably charge the sender a fairly high fee, and you’ll be stuck with a poor exchange rate. Fortunately, your sender isn’t limited to just sending money through their bank, so you might want to suggest alternatives to them.
Specialist International Money Transfer Service
A specialist money transfer service is a businesses designed specifically to help people send money overseas and they almost always offer lower fees and better exchange rates than banks. There are plenty of great money transfer providers out there. Plus, it’s quick and easy for the sender to sign up so you can get more cash as a result. Jeton Wallet and Jeton Business are two of those services.
With Jeton Business you can get more from your business account with powerful tools that give you total control over your finances. Spend less time on admin and more time focused on what’s important – your business. You can join the 500,000+ customers on Jeton Business.
It’s free for you to sign up for Jeton Business Account, and the only fees you’ll pay are when you exchange money between different currencies. Even then, Jeton keeps those fees super low. Once you have your Business Account setup, just give the details to your sender, and Jeton can do the rest.
How can I receive international payments?
Share the IBAN and BIC associated with your international currency account with the person who wants to pay you.
You’ll receive a unique IBAN for SEPA EUR payments – you’ll use this to receive Euros within the SEPA zone.
Payments in any other currencies sent to these IBANs may fail.
Is receiving money in your Jeton account safe?
Short answer: yes!
Jeton holds the equivalent of the e-money we create for our members in what we call a Safeguarding account with Banking Circle. This is a ring-fenced account that can only hold funds for our members e-money relating to our International Currency Accounts feature. No other funds such as fees, Jeton’s own funds, or any other companies’ funds are allowed in it.
Moreover, the funds in this account can never be loaned out by the credit institutions to other customers and, as such, are not exposed to risk. Because your funds will never be reinvested, they don’t require FSCS protection (which is only required where credit institutions reinvest and take risks with your money).
Finally, by activating the e-money licence, Jeton becomes fully regulated by the Financial Conduct Authority,