How to receive money from overseas in Australia: The complete 2026 guide

Key takeaways

• Bank transfers route through the legacy SWIFT network, so you're hit with hidden exchange rate markups of 3% to 6% and fees from multiple intermediary banks along the way.

• Global Accounts skip that chain entirely. Fintech platforms give you local foreign currency account details, so inbound transfers settle over fast, domestic clearing rails instead.

• Airwallex Global Accounts charge just 0.5% to 1% above the interbank rate – versus the 3% to 6% banks typically take – with local details in 20+ currencies, from A$0 or A$29/month (waived if you deposit A$5,000+ a month or hold a A$10,000+ balance).

There are five ways to get money from overseas into your Australian account: a bank transfer, a global account, a payment gateway, or cash pickup, or an international money transfer platform. The right pick comes down to balancing speed and cost against Australia's reporting rules.

Between 2020 and 2025, Australia’s cross-border payments have surged from US$19.5 billion to US$30.0 billion¹. Over that period the average transaction size has also shrunk from US$1,520 to US$910 – we are making smaller payments more frequently. With a growing reliance on international payments, it’s never been more important to have a reliable way to send and receive money internationally without fees eating into your transfer. Here's how to get your money faster, cheaper, and without any nasty surprises.

Four methods to receive money from overseas in Australia

1. Bank transfers via the SWIFT network

2. Global accounts

3. Online payment gateways

4. International money transfer platform

5. Cash pickup

Method 1: Bank transfers via the SWIFT network

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a secure, international bank-to-bank transfer network, but it can also be slower than other transfer methods and come with hidden costs you often don't notice until the funds land. If you're waiting on an international transfer through your bank, it pays to understand how the system routes your funds, and what gets taken along the way.

How does correspondent banking work?

Correspondent banking is a network of intermediary banks that pass your money along when your sender's bank and your Australian bank don't have a direct connection. Think of it like booking connecting flights for your funds – every stopover adds time, and every stopover has its price.

Because there's rarely a direct electronic link between a foreign bank and yours, your money stops at different "hubs" along the way. Each intermediary bank runs its own compliance checks, then takes a cut – typically around A$20 – before passing your money to the next stop. By the time it reaches you, you'll often receive less than the sender actually sent.

What bank details do I need to receive an international transfer?

To receive an international bank transfer in Australia, hand your sender these five things:

• Your full name and physical address

• Your bank's name

• Your BSB (identifies your bank and branch)

• Your account number

• Your bank's SWIFT/BIC code (tells the foreign bank which Australian institution to route the money to)

One thing to flag for your sender: Australian banks don't use the IBAN system common in Europe and the UK, so giving them an IBAN will cause the transfer to fail. Point them to your SWIFT code, BSB, and account number instead – and always double-check your bank's current SWIFT/BIC code directly with your bank, since these can change.

What do Australian banks charge to receive money from overseas?

Most Australian banks charge a flat receiving fee of up to around A$15 per transfer, plus a currency markup of 2.5% to 5.0% above the interbank rate. And it's not cheap by global standards: RBA research² found that sending A$1,000 through a major Australian bank costs about 4% to advanced countries, and up to 6% for developing nations – both well above the G20's 3% and 5% targets.

Keep in mind the total cost comes down to a flat fee plus the exchange rate spread (the gap between the wholesale rate banks pay each other, and the marked-up retail rate they give you). On a A$10,000 transfer with a 4% spread, that's about A$400 gone before any flat fees are even deducted.

These transfers usually take 3 to 5 business days to land. Here's what the major banks charge to receive an overseas transfer:

Who pays the fees – OUR, SHA or BEN?

Your sender picks who covers the wire and intermediary fees by choosing one of three billing codes – OUR, SHA, or BEN – when they book the transfer. Here's what each one means for the amount you actually receive:

• OUR: The sender covers everything upfront. Nothing gets deducted in transit, so you receive the exact amount sent.

• SHA (Shared): You and the sender split the cost. They pay their bank's outgoing fee, while the intermediary and receiving bank fees come out of the transfer itself. This is the default for most international wires, so expect to receive a bit less than expected.

• BEN (Beneficiary): You cover all of it. Every bank in the chain takes its cut from the transfer, and you get whatever's left.

Method 2: Global Accounts

Global accounts and digital wallets give you local bank details in foreign countries, so you can get paid like a local and skip the SWIFT network altogether. By routing your payments over domestic clearing networks, these fintech platforms help you dodge wire costs and get your funds faster.

How are local foreign currency details different from a multi-currency account?

Local foreign currency account details give you native clearing details in a foreign jurisdiction, so you can receive payments directly. A standard multi-currency account only lets you hold different currency balances under one account.

You can share local currency details with suppliers and customers, receive payments instantly, and hold currencies in your local foreign currency account without needing to convert them before using them again. 

Compare Global Accounts available in Australia

Fintech accounts can cut your international transaction costs by up to 80% compared to traditional banks, though markups and subscription models vary by platform. Here's how the top providers stack up in 2026:

Method 3: Online payment gateways for businesses and freelancers

Payment gateways let you accept credit cards and local payment methods from customers overseas. They're convenient, but they come with transaction fees, cross-border card fees, and currency conversion markups you'll want to factor in.

Blended vs interchange-plus pricing: what's the difference?

Blended pricing groups all card network and processing costs into one flat fee. Interchange-plus pricing splits out the card network's actual charge from the processor's markup.

• Blended pricing: One fixed rate per transaction, no matter the card type. Predictable, but it can hide the real cost behind each sale.

• Interchange-plus (IC+) pricing: Passes on the card network's raw fee (Visa or Mastercard), plus a small processor markup. Since debit and basic cards cost less than premium or corporate cards, IC+ tends to save money for higher-volume businesses.

Why does like-for-like settlement matter?

Like-for-like settlement lets you collect and hold your international sales revenue in its original currency – so you skip the forced conversions and FX markups altogether.

Here's the round-trip you're avoiding: a customer buys from you in USD, your gateway converts it to AUD (costing you about 2%), then you need USD again to pay a supplier or a SaaS subscription – so you convert back and pay another 3% to 5% bank markup. 

Like-for-like settlement breaks that cycle by letting you keep the currency exactly as you received it. 

Receiving payments from marketplaces

Local bank details stop marketplaces like Amazon forcing expensive currency conversions on your payouts. Here's why it matters: Amazon and similar platforms want bank details that match the market you're selling in. Give them an AUD account on Amazon US, and Amazon converts your USD earnings at its own rate, taking a 3–4% cut. Set up local US bank details through a Global Account instead, and you collect payouts natively – holding the USD and converting only when the rate works in your favour.

How do I reconcile foreign payouts with my accounting software?

Sync your multi-currency account with Xero, QuickBooks, or NetSuite and let it run on autopilot. Modern global accounts connect via automatic bank feeds, matching incoming foreign currency against your open invoices and calculating FX gains or losses – so your books stay clean ahead of EOFY.

Method 4: International money transfer platforms

International money transfer platforms like Western Union and MoneyGram let your sender pay you directly, without needing your bank's local details or a seperate multi-currency account. Your money can land as cash, in your bank account, on a debit card, or in a mobile wallet – so it's worth knowing what each option needs before your sender hits send.

Can I receive a transfer straight into my bank account?

Generally, these platforms do not require a cash pickup. Western Union deposits funds directly into your Australian bank account, usually the same or next business day, once you've shared your full name, bank name, account number, and bank code. MoneyGram works similarly online: your sender chooses bank account, debit card, or mobile wallet as the payout method, and the money arrives automatically without you needing to visit an agent.

What do I need to collect a cash pickup?

Bring a valid photo ID and your sender's tracking number to a nearby agent location. The steps are the same for both platforms:

1. Find a nearby agent location using the platform's locator tool.

2. Bring your government-issued photo ID (a passport or Australian driver's licence) and your sender's tracking number.

3. Share your details with the agent and collect your money.

What does it cost to receive money this way?

Transfer platforms generally charge you directly to receive a transfer – the cost sits with your sender, who pays a transfer fee plus an exchange rate margin that varies by amount, payment method, and how fast they need it to arrive. Both platforms use live, quote-based pricing rather than one published rate, so it's worth asking your sender to check the estimator on the platform site before they send.

Are there limits on how much I can receive?

Limits depend on your sender's verification status and the platform's local cash reserves, so confirm directly before a large transfer. Keep in mind that any pickup of A$10,000 or more also triggers Australia's mandatory reporting rules.

Method 5: Cash pickup

Cash pickup lets someone overseas send money that you collect in person, in cash, at a retail location in Australia. It's a solid option for emergencies, urgent transfers, or if the recipient doesn't have an active bank account.

Can I collect an overseas transfer in cash in Australia?

Yes – walk into a participating Australia Post outlet, retail agent, or money transfer physical location with ID, and you're set. Your sender initiates the transfer and pays upfront; once it clears, you hand over the tracking number, show government photo ID, and walk out with cash in AUD.

How do the ATO and AUSTRAC treat money I receive from overseas?

The ATO and AUSTRAC keep an eye on international transfers to make sure tax gets paid and financial crime gets caught. None of this needs to feel intimidating – Australia's systems are thorough, so it pays to know what actually applies to you before it becomes a problem.

What does AUSTRAC track on inbound transfers?

AUSTRAC tracks inbound transfers through two main reports: IFTIs, which cover every electronic transfer with no minimum amount, and TTRs, which apply specifically to physical cash transactions of A$10,000 or more.

• International Funds Transfer Instructions (IFTIs): Banks, remittance providers, and digital wallets have to report every electronic transfer from overseas – there's no minimum, even a $5 transfer counts. AUSTRAC needs these reports within 10 business days.

• Threshold Transaction Reports (TTRs): Any business handling A$10,000 or more in physical cash (including foreign cash of equivalent value) must file a TTR within 10 business days.

• Cross-Border Movement (CBM) Reports: Carrying, mailing, or shipping cash or bearer instruments (like traveller's cheques or money orders) worth A$10,000 or more across the border? You need to declare it. Received by mail or courier from overseas? A CBM report is due within 5 business days.

What is "structuring" and why is it illegal?

Structuring means breaking up a large transfer into smaller amounts under A$10,000 to dodge reporting rules – and it's an offence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

A family carrying A$8,750 in cash to avoid declaration? That's structuring. Splitting digital transfers into multiple A$9,500 payments over a few days to dodge a TTR? Also structuring. It can carry heavy fines and criminal penalties, and banks are trained to spot the pattern and file a Suspicious Matter Report with AUSTRAC if they suspect it.

Do I need to report income I receive from overseas to the ATO?

Yes – declare all foreign-derived business, trust, and personal income to the ATO, converting it to AUD at the applicable exchange rate. The ATO cross-checks AUSTRAC data against your tax return, so it's worth getting this right the first time.

Foreign business income and translations

Convert your foreign business income, freelance earnings, and foreign expenses into AUD using the official RBA or ATO exchange rate from the day you earned the income. Already paid tax on it overseas? Claim an Australian Foreign Income Tax Offset (FITO) so you're not taxed twice.

Why Australian businesses and freelancers use Airwallex to receive international payments

Skip the SWIFT network, get local foreign currency details in major markets, and lock in competitive exchange rates – that's why Australian businesses and freelancers choose Airwallex. It's all built into one dashboard: checkout, multi-currency collections, and payouts.

Open an Airwallex Global Account and you can set up domestic foreign currency details in 20+ currencies in a few clicks. Your international clients pay you locally over fast domestic networks (ACH in the US, SEPA in Europe) instead of sending a SWIFT transfer – and the money lands natively in your multi-currency wallet, ready to hold, spend, or convert.

Airwallex charges a flat 0.5% above the interbank rate for major currencies (1% for minor ones) – well below the 3.0% to 5.0% spreads traditional banks charge. Selling online? The payment gateway settles like-for-like in 20+ currencies, so you can hold your sales proceeds and use them to pay suppliers or fund international corporate cards, with no forced conversion fees. And real-time integrations with Xero, QuickBooks, and NetSuite keep your books automated ahead of EOFY.

Frequently asked questions

Can I use PayID or Osko to receive international money transfers?

No. PayID and Osko run on Australia's domestic New Payments Platform (NPP), which only handles domestic, AUD transfers between Australian banks. Your overseas sender will need to use SWIFT or a global transfer platform instead.

What bank details do I need to give my overseas clients so they can pay me?

Give them your full name, bank name and address, BSB, account number, and your bank's SWIFT/BIC code. Australia doesn't use the IBAN system, so remind them their bank needs your domestic BSB and account details for the payment to go through.

Are cash gifts from family overseas taxable in Australia?

Genuine personal gifts aren't taxable and don't need to be reported as income. That said, the burden of proof is on you to show the funds are a genuine gift and don't come from a foreign business or trust under Section 99B – keep paperwork like a signed Deed of Gift and donor transfer records handy in case you're asked.

How long does a transfer from overseas take to land in Australia?

Traditional SWIFT transfers usually take 3 to 5 business days, since they clear multiple intermediary bank checks across time zones. Global fintech accounts using domestic rails (like ACH or SEPA) typically settle the same day, or even instantly.

What's the cheapest way to receive money from overseas in Australia?

A Global Account (like Airwallex or Wise) that gives you local bank details in the sender's country is generally your cheapest option. Your sender makes a free, domestic bank transfer – no wire fees, no correspondent bank deductions – and the platform converts your funds at 0.5% to 1.0% above the interbank rate, well under the 3% to 6% margins retail banks charge.

Do I need to report money I receive from overseas to the ATO?

Yes. Declare all foreign-derived income – business earnings, freelance revenue, foreign investments, and trust distributions. Genuine personal gifts and loan repayments aren't taxable, but keep clean paperwork (Deeds of Gift, signed loan contracts) to protect yourself if AUSTRAC data triggers an ATO review.

Sources

1. https://www.kenresearch.com/articles/australia-international-remittance-market-volume-led-growth 

2. https://www.rba.gov.au/publications/bulletin/2026/feb/on-the-road-to-better-cross-border-payments-how-is-australia-travelling.html 

3. https://www.revolut.com/en-AU/business/business-account-plans/ 

4. https://www.worldfirst.com/au/pricing/ 

5. https://wise.com/au/pricing/business 

6. https://www.ofx.com/en-au/business/pricing/ 

7. https://www.austrac.gov.au/industry-and-business/education-and-resources/publications-and-resources/indicators-suspicious-activity-remittance-service-providers-sector 

8. https://www.austrac.gov.au/industry-and-business/education-and-resources/publications-and-resources/indicators-suspicious-activity-banking-sector