A Beginner’s Guide to Sending and Receiving International Payments

Navigating the world of international payments might seem intimidating at first, especially if you’re new to cross-border transactions. Whether you’re a freelancer working with international clients, a business importing goods, or someone sending money to family abroad, it’s important to understand the basics.

This beginner-friendly guide breaks down how to send and receive international payments securely, affordably, and without confusion.

What Are International Payments?

International payments involve transferring money from a sender in one country to a recipient in another. This often includes currency exchange and the use of financial networks like SWIFT or online payment platforms. These transactions can be for personal reasons (like family support), business transactions, or service payments.

How to Send International Payments

Sending money internationally requires a few essential steps. Here’s what you need to know:

1. Choose a Payment Method

There are multiple ways to send money internationally:

• Bank Transfers: Traditional and widely used, but often slower and more expensive.

• Online Money Transfer Services: Platforms like Wise, Payoneer, and Remitly offer faster and cheaper solutions.

• Digital Wallets and Apps: Services like PayPal, Skrill, or Revolut are convenient for small transfers.

• Cryptocurrencies: Bitcoin or USDT can be used for peer-to-peer international transfers, but come with volatility and regulatory risks.
  

2. Gather Recipient Details

You’ll need specific information based on the method you choose:

• Full name

• Bank account number

• SWIFT/BIC code

• IBAN (if applicable)

• Recipient’s address and bank details
  

Mistakes in these details can cause delays or failed transfers, so double-check everything.

3. Understand the Fees

Sending money internationally isn’t free. Look out for:

• Transfer fees charged by the provider

• Exchange rate markups

• Intermediary bank charges (especially in SWIFT transfers)
  

Tip: Compare different services using online tools before committing.

4. Initiate the Transfer

Once you input the details and amount, the provider will process the payment. You’ll typically receive a confirmation and a tracking number.

5. Track the Transfer

Many providers allow real-time tracking so you can see the progress. Some bank transfers may take 3–5 days, while fintech options can complete transfers in a few hours.

How to Receive International Payments

If you’re expecting funds from abroad — whether as a freelancer, a business, or from family — here’s what you need to do:

1. Provide the Right Information

Give the sender accurate and complete details, including:

• Your name as it appears on your bank account

• Your IBAN or account number

• SWIFT/BIC code

• Bank name and address

• Preferred currency (if using a multi-currency account)
  

For services like PayPal or Wise, you may only need to provide your registered email address or account ID.

2. Choose the Right Account

Use an account that supports international payments and ideally minimizes fees. Some banks charge high fees for receiving international wire transfers. Consider using platforms like Wise or Payoneer that offer borderless or multi-currency accounts.

3. Watch Out for Currency Conversion Fees

If the money is sent in a different currency than your account, your bank or payment provider may apply their own exchange rate — which usually includes a markup. It might be cheaper to open a multi-currency account to avoid unnecessary conversions.

4. Confirm Receipt and Withdrawal Options

Once the money arrives, check the amount received after all fees. You can then withdraw it to your local bank account or use it within the platform (like spending via a Payoneer or Revolut card).

Tips for First-Time Users

• ✅ Compare Providers: Don’t go with the first service you find. Compare fees, speed, exchange rates, and support.

• ✅ Avoid Hidden Charges: Always ask for a full fee breakdown — including exchange rate markups.

• ✅ Use Secure Networks: Always use encrypted and reputable platforms. Avoid sending sensitive details over email or unsecured apps.

• ✅ Understand Processing Times: Not all methods are instant. Factor in the processing time, especially if you’re working on tight deadlines.

• ✅ Read Reviews: Choose platforms with strong reviews and responsive customer service.
  

Common Pitfalls to Avoid

• ❌ Incorrect Account Info: Always double-check recipient details.

• ❌ Sending Large Amounts Without Comparing Options: You could lose a lot on fees.

• ❌ Ignoring Local Laws: Some countries have restrictions on incoming foreign payments. Always check local regulations.

• ❌ Using Suspicious Platforms: Stick to well-known, regulated services to avoid scams.
  

Popular Platforms for Beginners

• Wise: Transparent fees, real exchange rates, and easy-to-use interface.

• Payoneer: Great for freelancers and businesses with global clients.

• PayPal: Convenient for casual use, but often has higher fees.

• Revolut: Ideal for those who travel or make frequent international purchases.
  

Conclusion

Making and receiving international payments doesn’t have to be complex. Once you understand the process, compare your options, and use the right tools, you can send and receive money globally with confidence.

Whether you’re getting paid by a client in another country or supporting family members abroad, this beginner’s guide should help you get started safely and efficiently.