Author, Mike Smith
Last Updated on August 7th, 2024
Need to receive money from abroad?
If you are not familiar with receiving money via an international transaction, it may seem a little daunting, however, it is very straightforward.
This article covers all the points you must consider to make a fast and fuss-free transfer to your UK account.
From bank commissions and fees to exchange rates, we will highlight the most effective ways to receive an international bank transfer.
Whether it’s a business transaction, receiving money from friends or family living abroad, or proceeds from an overseas property sale, it’s vital to make sure that you explore all of your options.
Bank Commissions and Fees
If you are using your bank to receive funds from an international money transfer, be prepared to pay a fee.
To receive money from abroad to your UK bank account, your bank will charge you between £2 and £7.50 each time. Below, you can see some examples of the fees you can expect from 3 leading high-street banks.
| Bank | Receiving Fee |
| Lloyds | Up to £7 |
| Natwest | Up to £7.50 |
| RBS | Up to £7.50 |
There is often a need for clarity as to how much you will be charged, as your bank may not communicate this clearly to you.
The worst case scenario is that you often only learn about the fees after you’ve received your money – by which time, of course, it’s too late!
Every bank will have different charges for international money transfers.
Euro transfers usually have a transfer fee of around €15 to €20 per transfer. This is generally higher for USD and other currency transfers.
However, this isn’t the only charge banks will place on a money transfer back to the UK.
Bank fees when receiving money internationally include:
- Receiving Fee
- Tracer Fee – A charge for tracking the progress of your international money transfer.
International Money Transfer Quote
What is the Average Time It Takes to Receive Money from Abroad?
The time taken for an IBAN transfer depends on variables such as the countries, banks, and time zones involved.
An International IBAN bank transfer typically takes between 1 to 5 working days. As a general rule, IBAN transfers within Europe are quicker than transfers across different time zones. The time taken also depends on bank verification processes.
How Much Money Can I Receive from Abroad into My UK Account?
In general, there are no set limits as to the amount of money you can receive from abroad.
For example, if the funds are a gift or inheritance, no limits apply.
However, you should always ensure that the funds are coming from a fully legal source and that you are compliant with money laundering regulations.
What Information Do I Need to Provide to Receive an International Money Transfer?
To receive an international payment, you’ll need to provide the sender with the following details:
- Your full name and address
- Name and address of your bank
- Your bank account number (Usually your IBAN)
- Your routing number
- Your bank’s SWIFT or BIC code
How Can I Ensure I Get the Best Exchange Rate When Receiving Money from Abroad?
When receiving a significant sum of money from overseas, choosing a regulated currency broker will typically give you a far superior exchange rate compared to high-street banks. When you transfer Eur to your GBP bank account, banks will automatically convert it at unfavorable rates.
Banks are known for high exchange rate costs.
The exchange rate costs can be a big factor when receiving money from abroad.
In the vast majority of cases, the exchange rate cost will be much higher than a transfer fee cost.
At Key Currency, we can help and support you through your international money transfer to the UK, especially large money transfers.
What is the Most Cost-efficient Way to Receive funds from Abroad?
International money transfer companies are known for being one of the fastest and most cost-effective ways to receive money from abroad.
Using an expert money transfer service such as Key Currency eliminates the aforementioned bank charges.
We charge no fees and work with you to achieve a great exchange rate.
This is also the most secure way to receive funds from an international transfer, as Key Currency is authorised by the FCA and registered with the HMRC.
We support thousands of customers with their international money transfers and have attained an ‘Excellent’ rating on Trustpilot from over 2,500 reviews.
Our team of experts is always happy to help you with your money transfer to the UK from overseas.
As currency brokers, who are watching exchange rates every day, we are familiar with recent market trends, current news, and upcoming risks.
For a free quote, contact us today and find out exactly how we can save you time and money!
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