Receiving Funds from Abroad in the UK

Receiving funds from abroad to the UK has never been easier, with numerous low-cost and simple options available.

Using your high street bank account is most people's initial go-to option. However, this often comes with fees and high currency conversion rates. Whether you're receiving funds from family and friends or customers overseas, let's explore some of your alternatives.

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What details do you need to provide to receive funds from abroad to the UK?

To ensure that funds are received into your account without any issues, you will need to provide the following details to your sender:

Full name

IBAN (International Bank Account Number) - This can usually be found on your bank statement or through your online banking app. If you are unable to locate it, you can also contact your bank to confirm the details.

SWIFT/BIC code You should also be able to find this on your bank statements or through online banking.

You may also need to provide your Account Number and Sort Code, though this is uncommon for payments coming from outside the UK.

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What else do I need to do?

It's prudent to be absolutely clear on how the payment to your UK account from abroad will be processed before the transaction is made to avoid any unwanted fees or delays.

1. Firstly, confirm who will be responsible for paying the fees (if any apply). Banks often charge a fee for international payments, which can be incurred by the sender, the receiver, or shared between both parties. It's always best to establish which party will cover this fee before the payment is sent.

2. Check if either you or the sender have any limits for receiving or sending an international payment. Banks often have limits on how much can be sent or received via international payments. While delays are uncommon for smaller amounts, larger transfers may be subject to additional security checks due to bank limits. Although these checks enhance security, they can be frustrating if unexpected.

3. Provide your full bank details to the sender (refer to the section above). It's advisable to include as much detail as possible, as different banks may require slightly different information. By covering all bases upfront, you can minimize potential delays.

4. Once the payment has been sent, it's worth requesting a proof of transfer. This document is typically provided as soon as the payment is sent, but you can also request it if it's not immediately available. Depending on the origin of the payment, it may take a couple of days for the funds to reach your account.

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How much can I receive from an overseas account to the UK?

There are no legal limits on how much you can receive into a UK account from overseas. However, your bank, the sender’s bank, or the transfer provider may impose their own limits. These limits could apply to the amount that can be sent or received in one transaction, per day, month, or year. It's advisable to verify these limits before initiating the payment.

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How can I get the best deal when receiving money from abroad?

When receiving money from overseas, opting for a specialized international payments provider usually offers a significantly better exchange rate compared to high-street banks. When a different currency is transferred to your GBP bank account, banks automatically convert it into GBP at less favorable rates. Although banks often advertise minimal fees for receiving international payments, typically up to £10, this might seem reasonable initially. However, when you consider that most banks also charge between 3-5% on currency conversion, the overall cost can become very high. For instance, on a £10,000 payment, total costs could range between £300 and £500!

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So how do you avoid incurring these substantial costs?

Using an international money transfer company, like Apex Currency, is often the optimal choice when receiving funds from abroad for several reasons:

-The fees are typically much lower compared to banks, and you have complete control over whether you accept the exchange rate offered or not. When banks automatically convert funds sent to your account from overseas, you have no control and no visibility into the charges applied to you!

-We provide multi-currency accounts to streamline international transfers and empower you with more control over your finances. When you reach out to us, you'll speak directly with knowledgeable human experts. We don't rely on robots or endless automated switchboards. Whether by email, phone call, or message, our team is committed to assisting you as much or as little as you require. Contacting us for help or assistance is quick and straightforward.

Open an Apex Currency account online and receive money for free in over 40 currencies, including GBP, EUR, and USD.

Utilize your multi-currency account to hold, send, and convert between 40+ currencies all in one place. This offers significant advantages over traditional banks, which typically provide foreign currency accounts limited to one currency at a time.

Here’s how receiving an international payment works with Apex Currency: When you open your account online, you receive international account details to provide to your sender. They can pay you in their own currency, which will be deposited directly into your account.

You then have the option to use the funds to facilitate your own transfer or convert them to GBP at excellent exchange rates whenever it's convenient for you.

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