Best Banks to Receive International Wire Transfers (& Cheaper Alternatives)
If you need to receive money from overseas, either for a personal payment or to get paid by business customers, you’ll need a convenient and cost effective way to receive international wires. Getting paid from overseas can mean paying an incoming wire fee – plus you might find that intermediary fees have been applied as the transfer was processed, which might mean you get less than you expect.
This guide walks through some good options to receive payments from abroad, looking at convenience, costs and speed.
Quick summary: What is the best way to receive money from overseas?
| Provider | 💡 Great for |
|---|---|
| Wise | Receiving personal and business payments with local account details in 8+ currencies, and SWIFT details in 20+ currencies |
| OFX | Receiving business payments with local account details in 7 major currencies |
| Bank of America | Receiving overseas wire transfers in USD, usually with a flat incoming payment fee of around 15 USD |
| Chase | Receiving USD incoming wire payments with a flat incoming payment fee of 15 USD, waived if the payment was sent from another Chase account |
| Truist | Receiving USD wires, with flat fees that can be waived for certain accounts or for a certain number of transfers a month |
*Information correct at the time of writing on 4th February 2025
What is the easiest way to receive money internationally?
Generally if you’re going to receive a payment from abroad into a US bank account, you’ll find it has been sent as a wire. This means the sender has arranged the payment with their own bank, and the transfer has been processed through the SWIFT network.
SWIFT is a global network of partner banks which works to process payments securely around the world.
Bank to bank transfers like these are safe, familiar and usually easy to arrange. However, they can also be relatively slow and costly because the SWIFT network requires several different banks to work together to process a single payment.
Each bank involved – known as an intermediary – can deduct a fee for the service they provide, which can mean the overall costs stack up quickly.
When you receive a payment to your US bank it’ll usually be deposited in USD. This means that as well as a receiving fee, and any intermediary fees, there’s been a charge for currency conversion somewhere in the payment’s journey.
Let’s say the person sending you money is in the UK, with a GBP account. To get the payment to you in USD, either their bank, an intermediary, or your own US bank will have to switch over the money from GBP to USD – which will usually incur a fee.
A good alternative is to use a multi-currency account to avoid the need to convert the incoming payment at all. Providers like Wise and OFX offer an alternative which can be handy and low cost – here’s how they work:
- You open an account with your preferred digital provider like Wise or OFX
- The provider gives you local account details to receive incoming payments in foreign currencies (for example, a UK account number and sort code to receive GBP)
- You pass the local account details for the currency you want to receive to the person sending your money
- They initiate the payment in their home currency
- The transfer is deposited into your account in the original currency – like GBP – for you to hold, exchange, send or spend as you wish
We’ll look at this in a little more detail later, so you can decide what’s the best way to receive money from abroad based on your specific circumstances.
What is the best bank to receive international transfers?
You can receive payments from abroad to a bank or to a digital account from a provider like Wise or OFX. To give an idea of how the process works with different banks and alternative providers, we’ve selected 2 online providers and 3 banks so you can see the similarities and differences in your options.
First we’ve got a summary of some important points – and there’s more information about each, later, too.
| Banks and alternatives | Receive money internationally | Supported currencies | Currency conversion |
|---|---|---|---|
| Wise | Receive a selection of currencies with local and SWIFT account details | Hold and exchange 40+ currencies
Receive with local account details in 8+ and SWIFT details in 20+ currencies | Mid-market exchange rate with low, transparent fees |
| OFX | Receive a selection of currencies with local account details | Hold and exchange 7 currencies
Receive with local details in 7 major currencies | Exchange rate includes a small markup |
| Bank of America | Receive USD from abroad via SWIFT | Hold and receive USD | Exchange rate includes a markup |
| Chase | Receive USD from abroad via SWIFT | Hold and receive USD | Exchange rate includes a markup |
| Truist | Receive USD from abroad via SWIFT | Hold and receive USD | Exchange rate includes a markup |
*Information correct at the time of writing on 4th February 2025
This may mean there’s a fee to pay for currency conversion as well as transfer, receive and intermediary charges. Specialist online providers like OFX and Wise give a different option, allowing you to receive money in foreign currencies as easily as you might receive a local payment.
Wise Account
| 💡 Great for: Receiving personal and business payments with local account details in 8+ currencies and SWIFT details in 20+ currencies |
The Wise Account is available for personal or business customers, and can be used to receive payments with local account details in 8+ currencies and SWIFT details in 20+ currencies. You can also hold, send, spend and exchange a broad selection of 40+ currencies, all in the same account.
There’s no monthly or annual fee for a Wise account, and no minimum balance to worry about, either. You can get an account as a personal or business customer, and order a Wise Multi-Currency Card to spend online and in person, with currency exchange which uses the mid-market exchange rate with low, transparent conversion fees.
Business customers also get time saving account extras like batch payment solutions and cloud accounting integrations, making it easy to manage business finances across currencies.
| Wise pros | Wise cons |
|---|---|
| ✅ Receive payments with local account details in 8+ and SWIFT details in 20+ currencies ✅ Hold, exchange, send and spend 40+ currencies ✅ Mid-market exchange rates ✅ Low, transparent fees for the services you use | ❌ Variable currency conversion fee depending on the currency ❌ Some incoming payment fees apply for USD wires and CAD SWIFT payments |
Wise fees and limits
| Features | Wise pricing |
|---|---|
| Account fees | No account opening fee for personal customers,
One time fee of 31 USD for business customers
No ongoing fees or minimum balance requirements. |
| Currency conversion | Mid-market exchange rate and low transparent fees from 0.57% |
| Sending international transfers | Send from 0.57% |
| Receiving international transfers | Free with most local account details, except 6.11 USD fee per transaction for receiving USD wire payments |
| Limits | Often no limit to the amount you can receive – where limits apply they are set very high to allow you to transact freely |
*Information correct at the time of writing on 4th February 2025
How to receive money with Wise internationally
You can receive money to your Wise account by giving the sender your Wise local or SWIFT account information for the currency you need to receive.
Simply log into your Wise account in the app and tap the currency balance you want to receive. You’ll see the button for account information right under the balance amount, and can pass this on to the sender to receive your payment easily.
OFX Global Currency Account
| 💡 Great for: Receiving business payments with local details in 7 major currencies |
The OFX Global Currency Account is a popular option for ecommerce sellers and entrepreneurs taking payments online, with 7 major world currencies supported for receiving, holding and exchange.
Your OFX Global Currency Account account comes with local account details in foreign currencies which you can link to PSPs and marketplace sites to receive payments from customers in major foreign currencies. Once you have a balance you can hold, exchange, send or withdraw your funds whenever you want to – with no fee for outgoing transfers when you send money from your account.
| OFX pros | OFX cons |
|---|---|
| ✅ Get paid with local details in 7 currencies ✅ Good for direct customer payments, PSPs and marketplace sites ✅ No transfer fee for outgoing payments ✅ OFX offers currency risk management solutions and a 24/7 phone line if you need help | ❌ Exchange rate includes a markup ❌ Not available for personal customers |
OFX fees and limits
| Features | OFX pricing |
|---|---|
| Account fees | No fee to open or maintain your account |
| Currency conversion | Exchange rates include a small fee |
| Sending international transfers | No transfer fee – but exchange rates include a small fee |
| Receiving international transfers | No fee to receive in 7 currencies |
| Limits | Usually no limit to send or receive a payment |
*Information correct at the time of writing on 4th February 2025
How to receive money with OFX internationally
To receive a payment to your OFX account you can give the sender your OFX local account information for the currency you need to receive. These details can be found in the OFX app, or by calling the OFX 24/7 helpline.
Bank of America Account
| 💡 Great for: Receiving overseas wire transfers in USD, usually with a flat incoming payment fee of around 15 USD |
Bank of America may charge a variable incoming payment fee when you receive your payment. Transfers can only be received in USD so your sender, or another party involved in the transfer will convert the funds for you. Currency exchange may include a fee. Because payments will generally be processed through the SWIFT network you may also find that intermediary charges apply which will be deducted before the money is settled to your USD account.
To give an idea of the incoming transfer costs you may expect, with the popular Bank of America Advantage accounts there’s a 15 USD fee for incoming international wire payments.
| Bank of America pros | Bank of America cons |
|---|---|
| ✅ Safe and familiar service ✅ Variable incoming payment fees – priority customers may be able to benefit from fee reduction or waivers ✅ Receive transfers in USD from all over he world ✅ Get face to face support in a branch if you need it | ❌ Incoming payment charges of 15 USD are likely ❌ No multi-currency functions available |
Bank of America fees and limits
| Features | Bank of America pricing |
|---|---|
| Account fees | Monthly fees from around 4.95 USD to 25 USD depending on the account you pick |
| Currency conversion | Exchange rates are likely to include a fee |
| Sending international transfers | No fee for outgoing digital payments in a foreign currency – bear in mind that exchange rates are likely to include a fee |
| Receiving international transfers | Incoming payment charges of 15 USD are likely, but this can vary between account types |
| Limits | Usually no limit to the amount you can receive to your account |
*Information correct at the time of writing on 4th February 2025
How to receive money with Bank of America internationally
To receive a payment to Bank of America, you’ll need to give the sender your Bank of America account number, and wire routing number, as well as your name and address, and the Bank of America full address and SWIFT code.
You can find your account information by logging into the online banking service, and get the Bank of America SWIFT code on the Bank of America website, by calling the bank, or by visiting a local branch. Bear in mind different information may be needed for incoming USD compared to foreign currency payments which BoA needs to convert for you.
More information – How to receive money internationally with Bank of America
Chase Account
| 💡 Great for: Receiving USD incoming wire payments with a flat incoming payment fee of 15 USD, waived if the payment was sent from another Chase account |
Receive payments from abroad to be deposited in USD to any Chase US account except a Chase Secure Checking Account or a Chase First Checking Account. You’ll need to pay a 15 USD fee for incoming wire payments, waived if the payment was sent from another Chase account. Generally, Chase accounts are held in USD only, so somewhere in the payment processing the funds that you’re sent will be converted to dollars to be deposited – which may incur a fee.
| Chase pros | Chase cons |
|---|---|
| ✅ Easy and reliable service ✅ No incoming payment fee if your sender is also with Chase ✅ Most accounts can receive payments from abroad ✅ Get help by phone and in branch if you need it | ❌ Incoming payment fees apply in most cases ❌ You can’t usually receive a foreign currency payment |
Chase fees and limits
| Features | Chase pricing |
|---|---|
| Account fees | Variable fees depending on the account you pick – up to 12 USD a month for the Total Checking package for example |
| Currency conversion | Exchange rates are likely to include a fee |
| Sending international transfers | Up to 5 USD for digital payments in a foreign currency |
| Receiving international transfers | 15 USD unless sent from Chase |
| Limits | Usually no limit to the amount you can receive |
*Information correct at the time of writing on 4th February 2025
How to receive money with Chase internationally
To get paid into your Chase account, give the sender your Chase account number, your name and address as shown on your Chase account, and Chase’s SWIFT code. You can double check all of these details by logging into your Chase account online or on the app.
More information – How receive money internationally with Chase
Truist Account
| 💡 Great for: Receiving USD wires, with flat fees that can be waived for certain accounts or for a certain number of transfers a month |
When you receive an incoming international wire to Truist, the foreign currency is converted by the sender’s bank, an intermediary or Truist, for deposit in USD. The standard Truist incoming international wire fee is 20 USD, but this is waived for some accounts and payments.
There’s no fee to receive a payment to a Truist Wealth Checking, Truist Wealth Money Market Account or a Truist Asset Management Account. And if you have the Truist One Checking account you can receive one incoming domestic or international payment every month for free.
| Truist pros | Truist cons |
|---|---|
| ✅ Fees are waived for some incoming payments to the Truist One Checking account ✅Some accounts have all incoming payment fees waived ✅ Easy to use process ✅ Transfers supported from all over the world | ❌ Receive in USD only ❌ Fees of 20 USD apply to most incoming payments |
Truist fees and limits
| Features | Truist pricing |
|---|---|
| Account fees | Variable fees – 12 USD monthly charge for a standard checking account |
| Currency conversion | Exchange rates are likely to include a fee |
| Sending international transfers | No fee for digital payments, 65 USD for in branch payments |
| Receiving international transfers | Truist incoming international wire fee is 20 USD, but this is waived for some accounts and payments |
| Limits | Usually no limit on incoming payments |
*Information correct at the time of writing on 4th February 2025
How to receive money with Truist internationally
To get paid into your Truist account, give the sender your Truist account number, your name and address as shown on your Truist account, and Truist’s SWIFT code.
Because Truist was formed following the merger of 2 banks, there are different sets of SWIFT information depending on which institution your account was initially held by. Check online or in app, or ask in your local branch for more details.
More information – How to receive money internationally with Truist
What are the fees and taxes applicable when receiving money from abroad?
The fees you pay may vary depending on the provider you decide to use for receiving money from abroad. Different banks and specialist providers set their own fee structures – and it’s also important to remember that the sender is also likely to pay fees when they arrange the transfer in the first place.
Let’s look at how these fees may shape up. Your sender is likely to pay the following:
- Transfer fee – often a fixed cost paid to the sender’s own bank
Depending on how the payment is structured, either the sender or the recipient will pay:
- Exchange rate markup – a percentage fee added to the exchange rate used to convert the sender’s currency to USD
- Third party charges – paid to intermediaries involved in the transfer and deducted before the payment is deposited
The recipient of a transfer will then usually pay the following:
- Receiving fee – the charge the recipient bank applies before the payment is settled to the USD account
Each of these costs can vary a lot depending on the details of the payment. Some of the fees are a bit tricky, too. For example, the intermediary fees are often not clear to the sender when they arrange the payment. This means that you might get less in your account than the sender expects you will, if the deducted amount is higher than they thought it would be.
The exchange rate markup can also be a high fee that’s hard to spot. Bank exchange rate markups are often about 3%, but because they’re built into the rate you’re offered you may not even know they’re being applied. Here’s how the exchange rate markup builds up with a 3% margin used for different transfer values:
- Sending 1,000 USD – the exchange rate markup adds 30 USD to the total
- Sending 5,000 USD- the exchange rate markup adds 150 USD to the total
- Sending 50,000 USD – the exchange rate markup adds 1,500 USD to the total
As you can see – these costs can mount up quickly. A good alternative is to use a specialist provider like Wise which has a multi-currency account with local account details you can use to get paid in foreign currencies, with low or no fees. Here’s a reminder of the costs for the providers and banks we’ve been looking at:
| Banks and alternatives | Fees to receive money internationally | Exchange rates |
|---|---|---|
| Wise | Free with most local account details, except 6.11 USD per transaction fee for receiving USD wire payments | Mid-market exchange rate with low, transparent fees |
| OFX | No fee to receive in 7 currencies | Exchange rate includes a small markup |
| Bank of America | Incoming payment charges of 15 USD are likely, but this can vary between account types | Exchange rate includes a markup |
| Chase | 15 USD unless sent from Chase | Exchange rate includes a markup |
| Truist | Truist incoming international wire fee is 20 USD, but this is waived for some accounts and payments | Exchange rate includes a markup |
*Information correct at the time of writing on 4th February 2025
What exchange rate will be provided?
When you look for an exchange rate online or with a currency converter tool what you’ll usually see is called the mid-market exchange rate. This is the rate that’s used when banks trade on global currency markets.
However, it’s not usually the rate that is passed on to customers sending international payments. Instead, banks and providers will generally add a fee to the rate used, called a markup. This makes the transaction more expensive and isn’t always obvious to the customer.
Generally looking out for a provider which uses the mid-market rate or as close as possible to it is a good way to know you’re getting a decent deal on currency conversion.
Here’s a roundup of the exchange rates used by the providers we’ve been looking at in this guide:
- Wise – Mid-market exchange rate with low, transparent conversion fees
- OFX – Exchange rate includes a small markup
- Bank of America – Exchange rate includes a markup
- Chase – Exchange rate includes a markup
- Truist – Exchange rate includes a markup
What is the limit for receiving money from abroad?
Generally, banks in the US do not impose limits on the amount of money you can receive from abroad. However, your sender may find that their bank has a limit on the amount they can send, and with high value payments you may also find that the sender, or you as the recipient, need to complete verification checks. This will involve providing some extra paperwork to show that the funds being sent were legally obtained.
If you’re considering using Wise to receive a payment from overseas to the US, it helps to know that some Wise US accounts have incoming transfer limits. These are set at 20 million USD per day for personal customers, and 50 million USD for businesses, allowing most customers to continue to transact freely.
5 Tips for receiving international transfers
- Check the exchange rate your sender is using – compare the rate to the mid-market rate to see the variable markup, and to check if you can get a better rate elsewhere
- Agree who pays the fees with your sender before the payment is initiated, as costs can mount up quickly and reduce the amount you receive in the end
- Look at the speed of transfer and the expected delivery date, particularly if you’re in a hurry
- Make sure you’re using a safe provider which is properly regulated and which uses industry level security features
- Get a multi-currency account to receive payments n foreign currencies without needing to convert back to USD every time – Wise and OFX can be great solutions for personal and business customers
Related article – Best ways to receive money internationally
Conclusion: Which bank is best for receiving international payments?
You can receive payments from overseas to the US, into bank accounts or accounts from specialist providers like Wise and OFX. Banks usually settle the payment in USD, but digital account providers may offer local or SWIFT account details to get paid in foreign currencies. This means you can receive your payment without needing to convert to USD – and without paying the fees involved in currency conversion.
Here’s a summary of the services we’ve looked at today so you can decide which bank or digital provider is the best option for you to receive payments from abroad:
- Wise – Receive payments with local and SWIFT account details, and benefit from the mid-market exchange rate with low, transparent fees
- OFX – Take business payments in 7 major currencies with local account details, with no fee to receive or send transfers
- Bank of America – Receive money to your account in USD, with fees of around 15 USD per incoming transfer
- Chase – Get paid from around the world, with funds deposited in USD – fees may apply depending on the account you have
- Truist – Receive payments conveniently in USD, with some accounts offering no incoming transfer fees
FAQs
What bank is best for international transactions?
You may decide to receive your payment to a bank like Truist which offers some accounts with no incoming transfer fees – or you might want to look at a specialist provider like Wise. With Wise you can receive payments in 8+ foreign currencies with local and SWIFT account details, and benefit from the mid-market exchange rate with low, transparent fees.
Which bank can I use to receive money from abroad?
Many US banks can receive payments from abroad to be deposited in USD to customer accounts. In this guide we’ve looked at options from Bank of America, Chase and Truist. Ask your own bank if you can receive a payment from overseas if you’re unsure of the services offered.
Can my bank account receive international payments?
Most US banks allow customers to receive international payments, although not all accounts are eligible. Fees are also likely to apply. Check your account terms and conditions, and if you can’t get paid from abroad to your bank you may want to look at an account from a specialist provider like Wise which lets you get paid from abroad easily and often for free.
