People end up receiving money from foreign shores for different reasons. While someone might receive money from a family member who works in another country, someone else may receive a cross-border business-related payment. No matter what the reason, or the amount being transferred, selecting a suitable service provider requires that you pay attention to different aspects.
What Are Multicurrency Accounts?
If you receive international payments from different countries regularly, you might want to consider opening a multicurrency account. A typical multicurrency account comes with free receiving account details in different currencies. In addition, you get to transact and hold funds in multiple currencies. The TransferWise Borderless Account and the WorldFirst World Account are great examples of multicurrency accounts. OFX offers this feature too.
Costs Associated With Receiving International Payments
The cost of receiving money from overseas depends on the exchange rate that applies on the transfer and all applicable fees. The fees may vary depending on the desired transfer method, the payment method, the service provider carrying out the transfer, as well as the receiving bank. Bear in mind that banks in some countries charge fees to process incoming international payments. Depending on how much money you stand to receive, you may ask the sender to cover costs associated with the transfer.
Information You Need to Provide
The information you need to provide depends on how you plan to receive the money being transferred. If you are to collect money from a cash pickup center, you will need to provide a transaction or reference number along with an acceptable form of photo ID. The sender will need your complete name and the address of a suitable cash pickup center.
If you wish to receive money directly into your bank account, you will need to provide the sender the following information:
- Your complete name
- Your bank account number
- Your bank’s name
- Your bank’s SWIFT code
- An IBAN (not applicable for all countries)
Now that you know of the different ways in which you may receive international payments, make sure you take some time to research your alternatives well. Look for ongoing promotional offers that the sender can use, as they might lead to additional savings.