Country-Specific Guides: Receiving Money in 10 Key Markets

The volume of cross-border fund transfers continues to expand, with officially recorded remittance flows rising by 4.6 percent from USD 865 billion in 2023 to USD 905 billion in 2024, according to World Bank estimates (Migration Data Portal). These peer-to-peer transfers support livelihoods, underpin household budgets and, in some economies, represent a material share of GDP. “The resilience of remittances underscores their importance for millions of people,” observes Dilip Ratha, lead economist and author of recent World Bank research on remittance trends (World Bank) (World Bank Blogs).

Remittance transaction costs have edged down over the past decade but remain uneven across delivery methods and corridors. Digital channels have achieved average fees of 4.96 percent per USD 200 sent, versus 7.0 percent for non-digital channels (World Bank). Yet banks—despite their reach—often levy higher fees (around 11.8 percent), whereas mobile-money providers can offer the (cheapest way to get remittances), at roughly 4.5 percent per transfer (migrationpolicy.org).

Below is a transfer receivers guide to ten key markets—each section outlines prevalent international payout options and practical considerations for receiving money from overseas.

United States

The United States remains the largest single-country source of remittance outflows, yet domestic recipients rely chiefly on established banking rails and emerging digital wallets for the global payment receipt. Approximately 4.2 percent of U.S. households were unbanked in 2023, down from 4.5 percent in 2021 (FDIC).

• Bank account deposit: Automated Clearing House (ACH) and wire transfers via SWIFT or Fedwire deliver funds directly to checking or savings accounts. Many banks charge incoming-wire fees of USD 15–25; outgoing wires can cost USD 5–40 depending on provider (Wise).
• Prepaid debit and government cards: Unbanked beneficiaries often use the Direct Express® prepaid card for Federal benefit payments, enabling receipt via ATM or point-of-sale transactions without a bank account (Wikipedia).
• Money-transfer operators: Companies such as Western Union, MoneyGram and Ria offer cash pickup at thousands of agent locations; fees range from USD 3–10 plus an exchange-rate margin on smaller transfers.
• Digital wallets and P2P apps: PayPal, Venmo, Zelle and Wise Borderless provide “get paid internationally” solutions—some platforms waive incoming fees, though currency conversion margins apply.

United Kingdom

Remittances into the UK leverage Faster Payments (FPS) and SWIFT for bank credits, alongside cash pickup and digital wallets. The UK’s unbanked rate is under 2 percent, yet some lower-income or migrant households rely on alternative channels.

• Faster Payments: GBP-denominated transfers from EU-based banks clear within seconds; inbound transfers via SWIFT may carry beneficiary-bank fees of GBP 10–15.
• Money transfer operators: Western Union, WorldRemit and Xpress Money maintain a network of cash-pickup points; fees on GBP 120 reference transfers have averaged 6 percent (approx. GBP 7.20) in H1 2024 (Migration Observatory).
• Digital fintechs: Wise (formerly TransferWise) and Revolut offer real-time receipt to UK bank accounts at mid-market rates plus low fixed fees.
• Post office: The UK Post Office, in partnership with select MTOs, allows cash or postal order pickups in rural areas.

European Union

The Single Euro Payments Area (SEPA) provides euro-denominated credit transfers across 36 countries in under 24 hours at no additional fee; cross-border pay-ins within SEPA are effectively free.

• SEPA Credit Transfer: Standardized IBAN transfers clear at zero cost, a cornerstone of the EU’s cross-border pay-ins.
• SEPA Instant: Real-time euro transfers (up to EUR 100,000) at participating banks settle in under 10 seconds; fees vary by institution but often mirror domestic instant-payment charges (EUR 0–1).
• Non-SEPA corridors: Transfers from outside the EU use SWIFT, with beneficiary banks imposing incoming fees (EUR 10–20 typical).
• Fintech and e-wallets: Providers such as PaySend, Wise and Azimo support euro credit to EU accounts or card payouts, with fees of 0.3–1.5 percent.

India

India is the world’s top remittance recipient by volume (USD 100 billion+ in 2024), handled through formal banking channels and digital platforms.

• Bank deposits: Earnings remitted under India’s Rupee Drawing Arrangement clear via SWIFT into designated “NRE” or “NRO” accounts, with incoming charges capped under India’s Unified Payment Interface (UPI) system.
• Prepaid instruments: Many banks issue RuPay-branded prepaid cards that can be topped up from abroad, enabling ATM withdrawals or POS payments.
• IMPS/NEFT/RTGS: Digital payout options for domestic disbursement at tiered fees: IMPS (INR 2.50–5), NEFT (INR 2.50–25), RTGS (INR 2.50–50) (Remittance Prices).
• Nonbank financial institutions: XpressMoney, PayPal and Wise credit rupee wallets or bank accounts, often at exchange-rate margins under 1 percent.

China

China’s tightly regulated capital account channels remittances primarily through bank credits and licensed exchange houses.

• Bank account deposit: SWIFT remittances to Chinese bank accounts incur mandatory incoming fees (CNY 50–100) and may require supporting documentation under foreign-exchange controls.
• UnionPay accounts: Some institutions allow direct credit to UnionPay wallets or cards issued domestically, simplifying cashless access.
• Cross-border electronic payment: Digital platforms (e.g., Alipay HK, WeChat Pay HK) permit remittances into Hong Kong SAR, convertible into on-shore CNY via licensed intermediaries.

Brazil

Brazilian recipients use a mix of banking rails, correspondent-bank networks and MTOs for remittance receipt.

• TED/DOC: Interbank transfers using TED clear same-day at higher limits; DOC is slower but fee-free under certain conditions.
• Banco do Brasil post offices: Partner outlets facilitate cash pickup; fees range from BRL 10–25.
• Licensed MTOs: Western Union, MoneyGram and local exchange houses deliver cash or reloadable cards at service fees of 1–4 percent plus exchange-rate spreads.
• Digital channels: Wise and Remessa Online deposit into Conta Simples or other fintech accounts at near mid-market rates.

Nigeria

Nigeria leads Africa in remittance inflows (USD 25 billion+ in 2023). Recipients choose between banks, mobile money and exchange houses.

• Bank transfers: SWIFT credits into Naira accounts incur CBN-mandated fees and FX margins.
• Mobile money: MTN MoMo and other mobile wallets can receive international transfers, often at fees under 3 percent (migrationpolicy.org).
• Cash pickup: Over 5,000 agent points offer immediate cash payments; fees vary by corridor (3–7 percent).
• Digital banks: Providers such as Moniepoint and Kuda accept international bank credits at low or zero fees, offset by FX markups.

Mexico

Mexico is the world’s second-largest remittance recipient (USD 66 billion+ in 2023).

• SPEI: Banco de México’s real-time payment system receives USD-MXN credits through correspondent banks; fees range MXN 5–20.
• Cash pickup: OXXO, Elektra and BanCoppel outlets serve as pay-up locations for Western Union and MoneyGram transfers (fees 3–6 percent).
• Prepaid cards: Recipients reload Saldazo-style prepaid cards remotely, converting USD to pesos at fixed spreads.
• Bank deposits: BBVA, Citibanamex and Banorte accept SWIFT-based remittances into accounts, with beneficiary fees capped at USD 3–10.
• Digital wallets: Clip and Konfio integrate cross-border pay-ins, offering near mid-market rates plus modest flat fees.

Philippines

The Philippines remains among the top three global recipients (USD 38 billion+ in 2023).

• Over-the-counter and ATM: Landbank and BDO remittance desks and BancNet-affiliated ATMs dispense pesos from international wires.
• Bayad centers: Bayad, Cebuana Lhuillier and Palawan Pawnshop operate 8,000+ pay-out locations (fees 3–5 percent).
• e-wallets: GCash and PayMaya allow direct loads of funds from abroad, often at fees under 2 percent.
• Bank credits: SWIFT payments to Peso or FCY accounts clear subject to incoming fees (PHP 200–500).

Australia

Australia’s advanced payment infrastructure supports low-cost receipt of inbound transfers.

• Osko/PayID: Real-time AUD credit to bank accounts via NPP; most banks apply no inbound fees.
• SWIFT: Non-NPP transfers use SWIFT, with incoming charges of AUD 10–25.
• Digital remittance apps: Wise, OFX and WorldRemit deposit AUD at mid-market FX rates plus low fixed fees.
• Cash pickup: Western Union and PayPal Payouts offer Cash in Minute locations and prepaid card delivery (fees AUD 5–10).