Receiving money from abroad in the UK: a how-to guide

Receiving money from overseas in currencies other than British pounds (GBP) shouldn’t cost you a small fortune. And it shouldn’t be complicated either.

Using your UK bank account to receive an international payment may seem like the most convenient option. However, there may be some useful alternatives you can check out.

In this helpful guide, we’ll cover the key things to consider when receiving money from abroad, including fees and exchange rates.

We’ll also show you a smart alternative to receive international transfers from the money services provider Wise - the Wise account. It’s not a bank account but offers some similar features, and your money is safeguarded.

You can get local account details in 8+ currencies, including GBP, EUR, and USD, and receive money for free. You can then convert, send or spend these currencies directly from your Wise account for low, transparent fees and the mid-market exchange rate with no markup.

Plus, you’ll get dedicated support and volume discounts when converting or sending large amounts.

➡️ Learn more about receiving money with Wise

Please see the terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Table of contents
How to receive money from abroad: Step-by-step process Fees for receiving money from abroad Do you need to pay taxes if you receive money from abroad in the UK? Best way to receive money from abroad Multi-currency accounts with banks and money managements alternatives Tips for receiving money from abroad Receive your international transfers with Wise Key takeaways

How to receive money from abroad: Step-by-step process

As the recipient of an international payment, you don’t have to do very much to get your money. But you do need to make sure you provide accurate and complete information to the sender.

Here’s what you’ll need to do:

1. Agree a payment method with the sender, along with who will pay any fees (if applicable).
2. Check your bank’s limits for receiving international payments - your sender might want to do the same.
3. Provide your bank details - we’ll cover exactly what you need to give to the sender in just a moment.
4. Wait for the payment to arrive - you might want to ask for tracking information (if using a transfer service that offers this) or for confirmation that the transfer has been sent. The sender may also give you a date you can expect the payment to arrive. This can be useful if it’s late and you need to chase it up.

Details needed for receiving international payments in the UK

Here’s what bank details you should have ready to give your sender, to ensure your payment will go to the right place:

• Your full name and address
• Your International Bank Account Number (IBAN) - you can find this on your bank statement or internet banking.
• Your bank account number and sort code
• Your bank’s SWIFT/BIC code. You should be able to find this on internet banking or any statement. You can also find and check SWIFT/BIC codes here.

📚 Read more: What bank details are needed for an international bank transfer from the UK?

How much money can you receive from abroad into your UK account?

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 set their own limits. These may be for how much can be sent/received in one go, or per day, month or year - or for different payment types. It’s wise to check these before the payment is sent.

💡Did you know you can receive large amount transfers to your Wise account?
For most currencies, there’s no limit on how much you can receive to your Wise account. Receive large transfers with Wise

What are the rules for receiving money from overseas?

While there may not be any legal limits for how much money you can receive from abroad, there are other international money transfer laws here in the UK that you might need to know about.

The main ones are anti-money laundering (AML) regulations, which are designed to detect and prevent criminals from disguising illegally obtained funds as legitimate income.

If you’re receiving a particularly large amount of money, there’s a chance that it’ll be flagged up by your bank for extra security checks. The bank may report it to the Financial Conduct Authority (FCA) and/or HM Revenue & Customs (HMRC) for monitoring.

You may be asked to provide extra information about yourself or the reasons you’re receiving the money, along with where it came from.

Fees for receiving money from abroad

Before you use your bank or another provider to receive a payment from overseas, it’s important to check whether you’ll be charged a fee.

Many people are surprised to learn that money transfer fees apply for receiving international transfers, as there’s an assumption that you only pay a charge if you’re sending one. However, some banks tend to charge fees to receive funds from another country.

This fee can vary depending on the payment amount, but range from around £2 to £7.¹ Not all banks charge it, and some let you receive smaller amounts (under £100) fee-free.

Do you need to pay taxes if you receive money from abroad in the UK?

In many cases, you shouldn’t have to pay UK income tax when receiving an international transfer for personal reasons.

However, it all depends on the purpose of the payment and whether it’s considered taxable income in the UK. If it’s just money from a family member or friend, you may not be liable for UK income tax.

But if the money is from employment or self-employment, funds from selling or renting out an overseas property, or a return on an investment - you may need to declare it on your tax return and pay UK income tax on it.

If you’re receiving money for business purposes, it’s likely that you’ll need to pay tax on it. It’s best to consult with a tax adviser first before committing to any remittance.

Best way to receive money from abroad

There are a few different options available for receiving and sending international payments here in the UK.

There’s your UK bank (denominated in GBP), a foreign currency account held with a bank or a multi-currency account with a specialist money transfer provider like Wise.

Some of these providers even offer cash pick-up, although it’s far from the most convenient option and isn’t suitable for larger payments.

Multi-currency accounts with banks and money managements alternatives

A multi-currency account can be one of the best ways to receive payments from overseas, as it gives you more control over how and when the currency is converted.

You can get paid in the sender’s currency, and hopefully avoid many of the fees and charges.

Here’s an overview of some of the multi-currency accounts available in the UK:

Provider	Currencies available	Fees
Wise	Send, spend and hold money in 40+ currencies Receive money to local account details in 8+ currencies	- Free to open an account, no monthly fees - Free to get local account details to receive in 8+ major currencies (fee applies for wire transfers in USD and SWIFT transfers)
Revolut	Send and receive money in 30+ currencies²	- Plans range from free to £55/month.³ - Usually free to receive international transfers
Barclays Foreign Currency Account	Choice of major currencies	- No monthly fees - £0 to £6 fee to receive international transfers⁴
LloydsInternational Classic Account	Choice of 3 currencies: GBP, USD and EUR⁵	- £5 monthly fee - Free to receive international transfers⁵
NatWest Cash Management Account	Hold up to 25 major currencies⁶	- No monthly fees⁶ - £0 to £7.50 fee to receive international payments, plus agents charge where applicable⁷
HSBC Currency Account	Choice of 14 major currencies⁸	- No monthly fees - Free to receive international transfers⁸

Tips for receiving money from abroad

International payments can sometimes be a little complicated, especially when using a bank. So to make it easier, we’ve put together some info and helpful tips to remember if you’re expecting a payment from overseas.

Banks may set their own limits

The sender’s bank may limit the amount they can send in one go. This means that you may receive the requested sum in smaller chunks over a number of days.

Your receiving bank may also set their own limits that can affect your incoming payments. For example, there may be a limit on the amount of currency that will be automatically converted. This may be an issue if you are receiving larger payments.

In both cases, it's always best to discuss this with the sender and your receiving bank in advance of the payment being set up.

Check out the exchange rate and fees

Banks and some transfer providers advertise free or low-cost transfers, but may add a hidden mark-up to the mid-market exchange rate. You’ll need to keep this in mind if your received funds need to be converted to your home currency. It’s also a good idea to check if there are any other fees for receiving the payments to your account.

Multi-currency accounts are extremely useful

Want to receive money like a local with no transaction fees or marked-up exchange rates? A multi-currency account may be the answer, as it lets you receive the money in your sender’s currency. This gives you more control over the currency conversion, if needed.

Getting verified in advance is a very smart idea

Banks and money transfer providers have to sometimes conduct routine checks on payments. This can potentially hold things up, so it’s best to ensure that your account is fully verified ahead of any payments. It’s especially important if you are expecting to receive a particularly large or time-sensitive transfer.

Receive your international transfers with Wise

If you’re concerned about the fees and poor exchange rates offered by banks for receiving international transfers, it’s good to know there are alternatives out there.

Open a Wise account online and you can receive money for free in 8+ major currencies, including GBP, EUR, and USD. It’s not a bank account but offers some similar features, and your money is safeguarded.

Over 14.8 million people worldwide use Wise to send, spend and convert money in 40+ currencies – for low, transparent fees and mid-market exchange rates close to what you can see on Google.

Here’s an overview of the main benefits of using Wise:

Fast and easy setup with no physical paperwork Low, transparent fees and no-markup mid-market exchange rates Dedicated support and volume discounts for large transfers No monthly/annual account fees Sophisticated security and anti-fraud measures, with your money safeguarded Trackable and fast transfers to 140+ countries Low-cost spending in 160+ countries with the Wise card Earn a variable return on your GBP, USD and EUR with Wise Interest (capital at risk, growth not guaranteed)**

✅ Sign up with Wise for free

**Investments in funds are never guaranteed and your capital can be at risk. In the UK, Interest and Stocks are provided by Wise Assets — this is the trading name of Wise Assets UK Ltd, a subsidiary of Wise. Wise Assets UK Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you're not sure, seek qualified advice. You can find more information about the funds on our website.

Key takeaways

• To ensure a successful transfer, you must provide the sender with your full name, address, International Bank Account Number (IBAN), and your bank’s SWIFT/BIC code
• UK banks often charge receiving fees ranging from £2 to £7 and may apply a markup to the exchange rates, which can significantly reduce the final amount you receive compared to the mid-market rate
• There are no legal limits on the amount you can receive, though banks and transfer providers may set their own internal caps or daily limits
• Large transfers may be flagged under anti-money laundering (AML) regulations, requiring you to provide the bank with additional information regarding the source of the funds
• While personal gifts are usually not taxable, you may be liable for UK income tax if the funds are from employment, property rentals, or investments
• Using a multi-currency account allows you to receive and hold funds in the sender's original currency, letting you choose when to convert it and helping you avoid automatic bank fees and poor rates.

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Sources used for this article:

1. Lloyds Bank - Receive money from outside the UK or in a foreign currency
2. Revolut - Personal Account
3. Revolut - Our Pricing Plans
4. Barclays - Currency Current Accounts
5. Lloyds - International Classic Account
6. NatWest International - Cash Management Account
7. NatWest International - Personal Banking Account Terms and Fees
8. HSBC - Currency Account

Sources checked on 15-Dec-2025.