How to receive money from abroad.
Receiving an international payment can involve more than sharing an account number. The currency, payment route, account details, conversion and possible fees all matter.
Follow the payment from sender to your account.
The exact process depends on the receiving account, currency and payment network.
Provide the right details
Give the sender the account information required for the currency and payment route, such as an account number, IBAN or other applicable bank details.
The payment is processed
The sender's bank or payment provider routes the money through the applicable domestic or international payment network.
Money reaches the account
The payment is credited to the receiving account, subject to the provider's processing, compliance and currency requirements.
The amount received can depend on the route.
The sender's payment amount and the amount that ultimately appears in your account are not always identical.
Give the sender exactly what the payment requires.
Different currencies and payment routes can require different information. Never substitute one set of account details for another without checking the receiving provider.
Account number
A unique identifier for the receiving account. The format and use depend on the country and payment system.
International bank account number
An IBAN identifies a bank account within participating national and regional payment systems.
SWIFT / BIC
An identifier used to route many international bank payments to the relevant financial institution.
Domestic payment details
Some providers offer local account details for selected currencies so a sender can use a domestic payment route.
Account-holder name
Use the name exactly as the receiving provider instructs. Incorrect or incomplete information can delay or reject a payment.
Payment information
Some transfers require a reference, purpose or additional information. Follow the receiving provider's instructions.
Receiving can have costs you do not see at first.
Check the receiving route before asking someone to send a large amount.
Does the receiving provider charge?
Some receiving methods are free while others can carry a fixed or variable receiving fee.
Can another institution deduct money?
International payments can pass through intermediary institutions that may impose charges depending on the payment route.
Will the money stay in the same currency?
If the receiving account does not support the sent currency, conversion may occur according to the provider's rules.
What exchange rate applies?
If conversion is required, compare the actual transaction rate with an appropriate reference rate.
Are taxes or reporting rules relevant?
Tax treatment and reporting obligations depend on the country, payment purpose and individual circumstances.
When will the money be available?
Processing time can depend on the currency, payment network, sender's bank, receiving institution and compliance checks.
Sources and methodology: The CFPB notes that international transfers can involve transfer fees, taxes, exchange-rate costs and deductions by recipient-side banks or other institutions. Wise's current documentation illustrates one provider-specific model in which users can share currency-specific account details and receive domestic or international payments, with fees depending on the payment route and currency. Finmaxer does not treat either model as universal. Always verify the receiving account's current instructions, supported currencies, fees and timing before sending money.