The best way to receive money from overseas in Australia

Migratio Editorial · Last updated 11 September 2026

TL;DR: Receiving money from overseas in Australia is largely determined by the sender's choice of provider. What you can control is which bank account you receive into (some charge receiving fees, some do not), whether you use a multi-currency account to receive in the sender's currency, and how you handle the currency conversion. The cheapest path is usually to have the sender use a specialist provider that converts to AUD before delivery.

When you are the recipient of an international transfer in Australia, much of the cost is determined by what the sender does — which provider they use, what exchange rate they get, and how much they pay in fees. But you still have influence over the process. The account you receive into, whether your bank charges incoming wire fees, and whether you use a multi-currency account to control when the conversion happens all affect the final AUD amount in your hands.

What you need to provide the sender

For the sender to transfer money to your Australian bank account, they need your full name as it appears on the account, your BSB (Bank-State-Branch) number — a six-digit code identifying your bank and branch, your account number, your bank's SWIFT/BIC code (CBA: CTBAAU2S, ANZ: ANZBAU3M, NAB: NATAAU3303M, Westpac: WPACAU2S), and optionally, your bank's name and address.

If the sender is using a specialist provider like Wise, they typically only need your BSB and account number — the provider handles the SWIFT routing internally because it pays out from its own Australian account.

Receiving fees at Australian banks

Some Australian bank accounts charge a fee for receiving incoming international SWIFT transfers. This fee varies by bank and account type — it may be AUD 10–30 per incoming wire. Some premium accounts waive this fee. Check your account's fee schedule.

Transfers received from specialist providers (Wise, OFX, Remitly) are typically credited as domestic transfers because the provider converts to AUD and pays out from its own Australian bank account. These domestic credits generally do not attract receiving fees.

This means the cheapest approach for you as the recipient is to ask the sender to use a specialist provider that delivers AUD via domestic payment rails rather than a SWIFT wire. You avoid the incoming SWIFT fee, and the sender typically gets a better exchange rate.

Using a multi-currency account to receive

If you hold a Wise or Revolut multi-currency account, you can receive funds in the sender's currency using local account details. For example, your Wise account provides a UK sort code and account number, a US routing number and account number, and European IBAN details.

This lets the sender make a domestic transfer in their own currency (which is typically free or cheap), and you convert to AUD within the multi-currency account at the mid-market rate (plus the standard fee) when you choose. The advantage is that you control the timing of the currency conversion — you can wait for a favourable rate rather than accepting whatever rate the sender's bank offers.

This approach is most valuable when the sender's options are limited to expensive bank transfers in their country. By receiving in the sender's currency and converting on your end, you bypass the sender's bank exchange rate entirely.

PayID for domestic payouts

If the sender uses a specialist provider that delivers to Australian accounts, providing your PayID (linked to your mobile number or email) instead of BSB and account number may enable faster crediting. PayID transactions can be near-instant. However, not all providers support PayID delivery — most default to standard BSB and account number.

What to do when receiving regular payments

For recurring international payments (regular family support, overseas rental income, freelance income), setting up a consistent process saves money over time.

Identify the cheapest method for the specific corridor (sender's country to Australia). If the sender can use Wise or a similar provider, this is usually the cheapest path. Set up the sender's provider account once and use it for all subsequent transfers. If the amounts and timing are predictable, the sender can set up recurring transfers. If you are receiving in a foreign currency via a multi-currency account, batch your conversions to AUD rather than converting each payment individually.

Tax considerations for recipients

Receiving money from overseas does not create a tax obligation in Australia for the transfer itself. The ATO taxes income, not transfers. However, regular incoming payments may be queried if they do not align with your declared income. Keep records of the source and purpose of all incoming transfers — gift letters, loan agreements, rental income records, or employment contracts.

Frequently asked questions

Do I pay tax when I receive money from overseas?

Not on the transfer itself. Pre-arrival savings, gifts, and transfers of your own money are not taxable. Income generated after your tax residency begins (interest, dividends, rent) is assessable. Regular incoming transfers that represent income should be declared on your tax return.

Will my bank report the incoming transfer?

Your bank automatically reports all incoming international transfers to AUSTRAC, regardless of amount. This does not create a tax obligation — it is an anti-money-laundering reporting requirement.

Can the sender use my PayID to send from overseas?

No. PayID is an Australian domestic payment system. The sender cannot use PayID directly from overseas. However, if the sender uses a specialist provider, that provider may use PayID to credit your account as the final step of the transfer.

What if the sender can only use their bank?

If the sender's only option is a bank SWIFT transfer, ask for the sending bank's exchange rate in advance so you can compare it against mid-market. For large amounts, the sender may be able to negotiate a better rate through the bank's forex desk.

Is there a limit on how much I can receive?

No. There are no Australian limits on receiving international transfers. AUSTRAC records all transfers automatically, but there is no cap.