Did you know Australia’s outbound remittance market grew 28.5% in 2024, reaching US$10.11 billion? That’s a lot of money being sent overseas, but receiving it isn’t always easy. High fees and poor exchange rates can leave you with less than expected.

Whether you’re a business owner looking to receive payments from international clients in Australia or a student waiting for tuition fees from loved ones, you need the most cost-effective method to receive your money.

This guide will show you the 5 cheapest ways to receive money from Australia. So, let’s get started.

Key Takeaways:

• If you want to receive money from Australia, Wise offers low fees and competitive exchange rates, especially for multi-currency payments.
• Remitly provides fast transfers with Economy and Express options, though Express transfers come with higher fees.
• Bank transfers are reliable but can be slow (up to 5 business days) and have high fees for international transactions.
• Services like Wise and Remitly allow easy conversion of AUD into other currencies but watch out for fluctuating exchange rates and extra charges.
• Western Union and Xoom offer cash pickup locations, so you don’t need a bank account to receive funds from Australia.

5 Cheapest Ways to Receive Money from Australia

1. Wise

Wise has made a name for itself lately, and honestly, we get why. There’s a lot to love, especially when it comes to receiving payments. The biggest perk? Wise lets you get paid in multiple currencies, including AUD, GBP, EUR, NZD, USD, and SGD.

Whether you’re dealing with clients from Australia or abroad, Wise offers competitive exchange rates and low fees, way better than what traditional banks can offer.

Despite its perks, it has a few drawbacks like poor customer support, KYC issues, technical glitches, and sudden account closures without explanation.

Here’s how to receive money from Australia with Wise:

1. Create an account and verify your identity (it’s quick).
2. Choose Australian dollars (AUD) as the currency for your Wise account.
3. Wise gives you your unique AUD account details, including a BSB and account number.
4. Send the BSB and account number to the sender in Australia.
5. The sender will transfer the money directly into your Wise account.
6. Once the money’s in, you can spend it directly or convert it to other currencies.

Pros:

• Uses the real exchange rate.
• Low fees.
• Fast transfers.

Cons:

• Limited countries for withdrawals.
• Can charge for small transactions depending on the currency.

2. Remitly

Remitly is a solid choice for receiving money from Australia, especially if you want a mix of speed and affordability. They offer both Economy and Express transfers, which means you can either save on fees or get your money ASAP. But keep in mind, fees and exchange rates vary based on how you receive the money.

Remitly Economy VS Express Transfers

Feature	Economy	Express
Speed	3 to 5 business days (slower)	Within minutes (almost instant)
Fees	Lower fees	Higher fees
Exchange Rate	Usually better (closer to market rate)	Slightly worse (they charge a small markup for speed)

While Remitly offers great services, some users report occasional issues like customer support delays, transaction hold-ups, and variations in fees and exchange rates.

To receive money from Australia via Remitly, the sender needs:

• Your full name
• Your bank details (if receiving a bank deposit)
• Your preferred cash pickup location (if applicable)

Pros:

• Competitive exchange rates.
• Express transfers are available.
  

Cons:

• Express transfers come with higher fees.
• Payout options are limited in some regions.

3. Western Union

Western Union is one of the biggest names in international money transfers and for a good reason. It’s everywhere. Whether you want to pick up cash at a local branch or have it deposited into your account, Western Union has you covered.

That said, fees can be a bit steep, especially if you’re converting currency. Also, some users have reported issues with inconsistent customer service, refund delays, limited staff knowledge, and outdated systems.

To receive money from Australia via Western Union, you’ll need:

• Your full name
• A valid ID (for cash pickup)
• Your bank details (if receiving a bank deposit)
• The Money Transfer Control Number (MTCN) from the sender (for cash pickup)

Pros:

• Available pretty much everywhere.
• No bank account is needed for cash pickups.

Cons:

• Higher fees for currency conversion.
• Exchange rates aren’t the best.

4. Xoom

Xoom, PayPal’s money transfer service, makes it easy to receive money from Australia straight into your bank account, mobile wallet, or as a cash pickup. It’s fast and convenient, but fees can add up, especially if you’re dealing with smaller amounts.

While it’s generally reliable, some users have experienced frequent problems like suspicious transaction flags, transaction failures, lack of transparency, and inflexible policies, which can make the experience less than seamless. Despite these, Xoom remains a popular choice for quick and straightforward transfers.

To receive money from Australia via Xoom, you’ll need:

• A Xoom account linked to PayPal or your bank
• Your bank details (for direct deposits)
• A mobile wallet account (if applicable)
• Your preferred cash pickup location (if received in cash)

Pros:

• Fast transfers.
• Multiple payout options, including bank deposit, mobile wallet, or cash pickup.

Cons:

• Fees can be high for small transfers.
• Exchange rates aren’t always competitive.

5. Bank Transfers

Bank transfers are a popular choice for people receiving money from Australia, especially when it comes to receiving larger sums. However, the high transfer fees can make you think twice before choosing this option.

Plus, if you’re after an instant transfer, you might want to consider an online service provider instead, as bank transfers can take up to 5 business days to process.

To receive money from Australia through a bank transfer, the sender will need the following details. Make sure you have all this info ready to avoid any delays.

• Full name
• Address
• Bank name
• BSB code
• Account number
• SWIFT/BIC code (if required)

Pros:

• Safe and reliable.
• Suitable for large transfers.

Cons:

• High fees.
• Poor exchange rates.
• Slow processing times.

Things to Consider Before Receiving Money from Australia

Whether you’re getting a personal transfer, business payment, or freelance earnings, there are a few key things you should know to avoid unnecessary headaches when you receive money from Australia.

Things to Consider	Details
Reporting Requirements	If you’re expecting a payment over AUD 10,000, make sure to remind the sender to report it to AUSTRAC. It’s all part of following the anti-money laundering rules.
Transfer Method	Choose how you’ll receive money: bank transfer, PayPal, Western Union, etc. Different methods come with their own timelines, fees, and terms.
Currency Exchange Rates	If receiving Australian dollars (AUD) into a different currency account, be aware of the exchange rates. Rates fluctuate, which can affect how much you actually receive. Plus, some services tack on extra fees for currency conversion.
Transfer Fees	Different services charge for sending or receiving international transfers. Make sure to confirm with the sender whether they’ll cover any fees or if you’re on the hook.
Bank Details	Double-check that all your bank details, account number, SWIFT/BIC code, and anything else they need are correct. If something’s wrong, it could delay the whole process.
Tax Implications	Some transfers may trigger tax obligations depending on the amount and local laws. It’s worth looking into or chatting with a tax professional to make sure you’re doing everything by the book.
Receiving Limits	Some banks or countries have limits on how much you can receive at once or within a certain time frame. Make sure you’re not about to hit any limits by checking with your bank or service provider before you receive money from Australia.
Time Zones	Australia’s ahead of most countries, so keep in mind that the time zone difference can affect when the money shows up in your account. If you need it by a specific day, factor in the time difference.
Recipient Identification	If you’re using a service like Western Union, you’ll likely need to show ID to pick up the money, especially if it’s a large sum.
Security	Make sure your transfer is secure, especially if you’re using an online platform. Watch out for scams and make sure the sender and service are both reputable.

By keeping these things in mind, you’ll avoid any hiccups and ensure that the transfer process goes as smoothly as possible.

Conclusion

Receiving money from Australia doesn’t have to be complicated or expensive. If speed is your priority, Remitly Express or Xoom will get your money to you quickly, though they come with higher fees. 

Western Union is a reliable choice with a vast network, but their exchange rates aren’t the best. If you want to keep more of your money, comparing fees and exchange rates across different services is the way to go. 

The right option depends on what works best for you, whether that’s getting cash in hand fast or making sure you’re not losing too much on fees when you receive money from Australia.

FAQS: How to Receive Money from Australia

What is the cheapest way to receive money from Australia?

The most cost-effective method to receive money from Australia depends on your priorities. Services like Wise offer low fees and competitive exchange rates. Wise is ideal for those looking for competitive exchange rates and multi-currency support.

How long does it take to receive money from Australia?

Transfer times can vary. Wise typically processes transfers within 1-2 business days. Bank transfers, however, can take up to 5 business days.

Are there any fees for receiving money from Australia?

Yes, most services charge fees for receiving international transfers. For example, Wise charges low fees, while PayPal Xoom can have higher fees for small transfers. Bank transfers also tend to come with hefty charges and poor exchange rates. Always check the terms before agreeing to the transfer.

Can I convert Australian dollars to another currency?

Yes, several services like Wise and Remitly offer currency conversion, so you can receive AUD and easily convert it to your preferred currency. Be sure to check the exchange rates and fees for currency conversions to make sure you’re getting a good deal.

Do I need to have a bank account to receive money from Australia?

Not necessarily. With DSGPay, you can receive payments in AUD even without needing a bank account. DSGPay gives you access to global virtual accounts, making it easy to collect funds from clients, marketplaces, platforms, or your family in Australia.

DSGPay: Your All-in-one Solution for Receiving Payments from Australia with Low Fees

Looking for an easy, low-cost way to receive money from Australia? DSGPay makes it simple.

Whether you’re a freelancer, business owner, e-commerce seller, or someone receiving support from family abroad, DSGPay helps you collect payments in AUD without the need for a traditional bank account.

Why Choose DSGPay for Receiving Payments from Australia?

With DSGPay, you can easily set up PayID to start receiving real-time payments into your AUD virtual account; no traditional bank account is needed.

PayID is a simple way to receive payments in Australia. Instead of sharing long bank account numbers, you can use an easy-to-remember name, phone number, or email address. Payments happen instantly between banks, any time of the day.

How DSGPay Helps You Receive Payments from Australia

• Open Your PayID Easily: Set up PayID under your business with DSGPay and start accepting instant payments.
• AUD Virtual Account: Receive payments into your AUD virtual account, just like a local Australian business.
• Multi-Currency Support: Hold, send, and convert AUD into 30+ currencies including USD, EUR, GBP, HKD, and more.
• Lower Fees: Save money compared to expensive international wire transfers.
• Competitive Exchange Rates: Get strong FX rates and seamless currency conversion all in one place.
• Instant Payment Processing: Receive and manage your money in real-time without long wait times.
• Easy Reconciliation: Create different PayIDs for customers or transactions to easily track payments.
• Track Payments in Real-Time: Always know where your money is and when it’s arriving.
• Convenient Mobile App: Manage your collections on the go with DSGPay’s easy-to-use mobile app.

With DSGPay, receiving money from Australia is fast, simple, and completely under your control, from instant collections to real-time tracking and currency management, all in one platform.