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, sending and receiving money from abroad is more accessible than ever.
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 (sush 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 can I Receive Money From Overseas?
1. International money transfer service
You can receive money from overseas directly into your bank account, using an international money transfer service. You’ll need to provide your bank details so the sender can set up an online account with the international money transfer provider and exchange the money into your desired currency. The service provider will then transfer these funds into your bank account.
International money transfer providers typically offer lower transaction fees and more competitive foreign exchange rates than banks.
2. Bank-to-bank transfer
You can receive money from abroad through a simple transfer from one bank account to another. The sender will have to initiate the transfer from their bank account usually via online or mobile banking. All you’ll need to do is provide some details including your name, account number, residential address, your bank’s name and a SWIFT or a Bank Identifier Code (BIC). You can request these from your bank.
These types of transfers can be costly, as banks typically apply their own foreign exchange fee on top of the margin applied to your exchange rate for international money transfers.
3. International money order
You can receive money from overseas via cheque. The sender can request an international bank draft in any desired currency from a financial institution overseas, using funds from his/her account to cover the amount of the international guaranteed cheque. The sender can then post the cheque to you overseas, after which you can choose to cash it at your local bank or deposit it into your bank account.
The downside is that bank drafts can take weeks to process so may not be the best option if the payment is urgent.
4. Cash pick-up
In some cases you can arrange to collect an international payment as a cash transfer from your bank, a third-party merchant or designated store. While you won’t need to set up an account with an international money transfer provider or bank to receive the funds, you’ll need the transaction reference number and show a valid form of identification (that match details supplied on the transaction) to collect your cash.
Why Jeton Business Is a Great Way to Receive Money From Overseas?
You can get an IBAN account in EUR currency to manage your business’ fundings by opening a Jeton Banking account. You can send and receive money from SEPA zone countries with favourable fees.
You may open up to five IBAN accounts for your business without any additional fee, and transfer money between those IBAN accounts in minutes.
If you’re a Jeton Connect merchant, you may add money to your IBAN account from your Jeton Connect wallets. We’re working relentlessly on new Jeton Banking features.