When someone sends you money from another country, the payment usually travels through the SWIFT network, a messaging system that connects banks globally. The process is straightforward in theory: the sender's bank sends the funds, one or more intermediary banks relay them, and your bank credits your account. In practice, the fees, timing, and information requirements vary by bank and by how you choose to receive.
This guide covers what information you need to provide, what fees to expect, how long the transfer takes, and how receiving into a multi-currency account compares to receiving into a traditional bank.
What information does the sender need?
Before someone can wire you money from abroad, they need your bank's receiving details. The exact fields vary by bank, but the standard set for an international wire transfer is:
Your full legal name as it appears on your bank account. A mismatch between the name on the wire and the name on the account can cause delays or rejection.
Your bank account number. For US accounts, this is typically a 10 to 12-digit number. For UK accounts, it is the account number plus sort code. For European accounts, it is the IBAN.
Your bank's SWIFT/BIC code. This identifies the bank internationally. It is 8 or 11 characters. Your bank can provide it, or you can look it up on the SWIFT directory.
Your bank's name and address. Some sending banks require the full branch address, not just the bank name.
Your address. The address on file with your bank.
Purpose of payment (sometimes). Some countries require the sender to state the reason for the transfer. India, for example, requires an RBI purpose code on every inward remittance.
How international wire transfers work
Most international wires travel through the SWIFT network. SWIFT itself does not move money. It sends standardised messages between banks that instruct them to debit one account and credit another. The actual funds move through correspondent banking relationships.
A typical international wire transfer involves three to four parties: the sender's bank, one to three intermediary (correspondent) banks, and the recipient's bank. Each intermediary can deduct a fee from the transfer amount. This is why the amount your sender sends is sometimes more than the amount that arrives in your account.
The sender can usually choose who pays the intermediary fees by selecting a fee instruction on the wire: OUR (the sender pays all fees), SHA (fees are shared), or BEN (the recipient pays all fees). If you are receiving payment for services rendered, you may want to ask the sender to select OUR so the full invoice amount is credited to your account.
What it costs to receive an international wire transfer
Fees at major US banks
If you receive international wires into a traditional US bank account, your bank may charge a receiving fee on top of whatever intermediary banks deduct in transit.
These fees are for the receiving bank only. On top of this, the sender's bank charges a sending fee (typically $25 to $50 for a US outgoing wire), and one to three intermediary banks may each deduct $10 to $30 from the transfer amount. On a $500 transfer, total fees across all parties can reach $50 to $100.
There is also the exchange rate. If the sender sends in a foreign currency and your bank converts it to USD, the bank typically applies a markup over the mid-market rate. This markup is not disclosed as a "fee" but can add 1% to 4% to the cost of the transfer, depending on the bank and the currency pair.
Fees when receiving into a multi-currency account
Multi-currency accounts like Grey work differently. Instead of receiving through a correspondent banking chain, you receive using local payment rails in the currency of the payment. For USD, you receive via ACH or FedNow using US domestic routing details. For GBP, you receive via FPS using a UK sort code and account number. For EUR, you receive via SEPA using an IBAN.
This avoids the SWIFT intermediary chain entirely for most transfers, which means no intermediary deductions and faster settlement. The receiving fees are typically lower and clearly disclosed.
On a $500 USD transfer received via ACH, the receiving fee is $4 (0.5%). Compare that to a traditional SWIFT wire, where the sender pays $30 to $50 to send, intermediaries deduct $10 to $30 in transit, and the receiving bank charges $0 to $15 on arrival. The total cost difference is significant, especially on regular transfers.
Also read: ACH, SWIFT, Wire and FedNow: What they are and when to use each
How long does it take to receive an international wire transfer?
Through the SWIFT network, most international wire transfers arrive within 1 to 5 business days. The range is wide because timing depends on the sending bank's processing speed, the number of intermediary banks involved, the destination country, and whether the payment is sent on a banking business day.
Through local payment rails (the route used by multi-currency accounts), transfers are typically faster because there are fewer intermediaries. ACH transfers to a Grey USD account arrive the same day. FedNow is instant. GBP via FPS is near-instant. The receiving side is fast; the main variable is how quickly the sender's bank initiates the payment.
How to receive an international payment with Grey
Instead of giving the sender your traditional bank's SWIFT details, you give them your Grey account's local receiving details. Here is the process.
1. Open your Grey account and complete identity verification. Grey provides you with dedicated account details in USD, GBP, and EUR.
2. Share your receiving details with the sender. For USD: your ACH routing number and account number. For GBP: your sort code and account number. For EUR: your IBAN and SWIFT/BIC code. These are the same details you would share from any bank account in those currencies.
3. The sender transfers using their normal banking process. From their perspective, they are making a domestic transfer (ACH in the US, FPS in the UK, SEPA in Europe), not an international wire. This is why there are no intermediary banks and no SWIFT fees on most transfers.
4. The funds arrive in your Grey account in the original currency. You can hold them in USD, GBP, or EUR, convert when you are ready, or withdraw to your local bank account.
5. Withdraw to your local bank. When you are ready to access the funds in your local currency, you can convert and withdraw them. Grey supports withdrawals to bank accounts and mobile money in Nigeria, India, Kenya, Ghana, South Africa, Egypt, and dozens of other countries.
For Indian recipients, the withdrawal generates a (Foreign Inward Remittance Certificate) on request, which is required for tax filing and GST refund claims.
Common problems when receiving international wire transfers
The received amount is less than expected. This usually means intermediary banks deducted fees in transit. Ask the sender for the MT103 document (the SWIFT payment confirmation), which shows exactly what was sent and any deductions along the way. If the sender selected the SHA or BEN fee instructions, intermediary costs are deducted from the transfer amount.
The transfer is delayed by more than 5 business days. Common causes: incorrect SWIFT code, the sender's bank holding the payment for compliance review, a public holiday in an intermediary country, or the payment arriving after the recipient bank's daily processing cutoff. Contact your bank with the MT103 reference number to trace it.
The sender used the wrong account details. If the sender entered an incorrect account number or SWIFT code, the payment may be rejected or credited to the wrong account. Most banks will attempt to return a misdirected payment, but this can take weeks and may incur additional fees. Double-check all details before the sender initiates the wire.
Your bank asks for documentation. Some banks, especially in regulated markets, may hold incoming international wires until you provide supporting documents: an invoice, a contract, or a letter explaining the source of funds. This is a standard anti-money-laundering procedure. Having your documentation ready before the transfer arrives avoids delays.
Frequently asked questions about international wire transfers
How do I receive an international wire transfer?
Provide the sender with your bank's name and address, your account number, the bank's SWIFT/BIC code, and your full legal name. The sender initiates the wire from their bank, and it typically arrives in 1 to 5 business days through the SWIFT network. Your bank may charge a receiving fee.
How much does it cost to receive an international wire transfer?
It varies by bank. Chase charges $15 per incoming international wire on standard checking accounts. Wells Fargo charges $0 on consumer accounts. In addition, intermediary banks may deduct fees from the transfer amount in transit, and the sending bank charges the sender a separate fee. Total costs across all parties can range from $20 to over $100 on a single transfer.
How long does an international wire transfer take?
Most international wire transfers arrive within 1 to 5 business days. The timing depends on the sending bank, the number of intermediary banks, the destination country, and whether the payment is sent on a business day. Transfers through local payment rails (ACH, FPS, SEPA) are typically faster because they avoid the SWIFT intermediary chain.
Can I receive an international wire transfer without a SWIFT code?
Not through the traditional SWIFT network. However, if the sender can make a domestic transfer in the same currency (for example, a US sender making an ACH transfer to your US-denominated account), no SWIFT code is needed. Multi-currency accounts like Grey provide local account details in USD, GBP, and EUR, allowing the sender to transfer domestically.
What is an MT103 and why does it matter?
An MT103 is the SWIFT payment confirmation document. It shows the amount sent, the sender and recipient details, the intermediary banks involved, and any fees deducted along the way. If your transfer is delayed or the received amount is less than expected, the MT103 is the document you need to trace the payment and identify where fees were deducted.
Do I have to pay tax on money received from abroad?
It depends on the nature of the payment and your country of residence. In the US, personal gifts from abroad are generally not taxable to the recipient, but you may need to report gifts exceeding $100,000 (Form 3520). Payments for services are taxable income. In India, foreign remittances are documented via FIRC and may affect GST and income tax obligations. Consult a qualified tax professional for your specific situation.
Is it cheaper to receive via ACH or SWIFT?
ACH is typically cheaper because it avoids the intermediary bank fees that SWIFT transfers incur. On a Grey USD account, receiving via ACH costs 0.8% (min $2, max $10), while receiving via Fedwire costs $20 flat. For most transfers under $5,000, ACH is the better option. The sender also pays less because ACH transfers are cheaper to initiate than SWIFT wires.
Grey is a financial technology company, not a bank. Banking services are provided by licensed banking partners. Fees are subject to change. This article is general information, not financial or tax advice. Consult a qualified professional for advice specific to your situation. Bank fee data sourced from publicly available information as of September 2026; verify with your bank before relying on these figures.
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