To receive a large payment from overseas in the UK, give the sender your account name, sort code and account number, your IBAN and your bank’s SWIFT/BIC code, and agree in advance which currency the money will arrive in. Expect a value date of one to a few working days, possible intermediary-bank deductions on SWIFT payments, and source-of-funds checks by your UK bank on a large credit. Fixing the exchange rate before the money lands protects its sterling value.
How do you receive a large payment from overseas in the UK?
Receiving money from abroad works in the opposite direction to sending it: the person or business paying you needs your details, and your UK bank or payment provider credits the funds once they arrive. For a large sum — a business sale, an overseas client invoice, proceeds from a property sold abroad, an inheritance or a matured investment — the details you supply and the currency you choose decide how much actually reaches your account.
The sender usually needs four things: your account name exactly as it appears on your account, your sort code and account number for a UK sterling account, your IBAN, and your bank’s SWIFT/BIC code. For payments arriving in a foreign currency, they may also need your bank’s full name and address. Sending the details in writing and confirming any change by phone protects both sides — the same discipline that applies when you verify a beneficiary before a transfer going the other way.
Timing is governed by the UK’s payment rules. Under the Payment Services Regulations 2017 (regulation 89), your provider must give the payment a value date and make the funds available to you no later than the business day on which the money is credited to your provider’s own account, where no currency conversion or a conversion between sterling and an EEA currency is involved. In practice, a SWIFT payment from outside Europe typically clears in one to a few working days; if it stalls, our guide to an international transfer that is delayed or on hold explains the usual causes.
Why did my international payment arrive short?
A payment can arrive short because banks along the SWIFT chain deduct their own fees, and because of the exchange rate applied on conversion. On a cross-border SWIFT payment, the money often passes through one or more correspondent (intermediary) banks, each of which can take a charge before passing the funds on.
UK payment rules limit these deductions on payments that fall within their scope. Regulation 84 of the Payment Services Regulations 2017 requires the payment providers involved to transfer the full amount and not deduct charges from it, and where your own provider takes its charge it must show you the gross amount and the charge separately. Many international payments — for example those in a non-EEA currency or from outside the EEA — fall outside that full-amount rule, which is why correspondent-bank deductions can still leave the sum short. Our guide to international transfer fees breaks down each layer of cost.
Money can also arrive in the wrong currency. If a payment routes through an intermediary that does not settle in your currency, it may be converted more than once — a UK-to-India payment can arrive as US dollars instead of rupees, and the same double-conversion can affect sterling receipts. Confirming the settlement currency and the routing before the payment is sent avoids most of these surprises, and getting the IBAN, SWIFT and clearing codes right keeps the payment on the direct route.
Should you receive the payment in pounds or in the foreign currency?
You generally have two options: let the sender or their bank convert to pounds and receive sterling, or receive the foreign currency and convert it yourself. The difference matters most on large sums, because the exchange-rate margin — not the visible fee — is where most of the cost sits. Whoever controls the conversion controls the margin.
| Approach | Who sets the exchange rate | Where the margin sits | Best suited to |
|---|---|---|---|
| Receive in pounds (sender converts) | The sender’s bank or provider abroad | Built into their rate and outside your control | Small amounts, or where speed matters more than the rate |
| Receive the foreign currency into a UK bank, then convert | Your UK bank | Your bank’s margin on conversion, applied when you convert | Convenience, if your bank’s rate is acceptable |
| Receive the foreign currency and convert with a specialist broker | You, at an agreed rate | A broker margin agreed with you and visible before you commit | Large or repeat receipts where the rate drives the outcome |
For a large receipt, taking the foreign currency and converting it yourself usually gives the most control, because you decide the timing and see the rate before you commit. A specialist broker can hold the currency, agree a rate with you by phone, and pay the pounds into your UK account. You can compare the mechanics against a GBP/EUR conversion or a corridor such as sending money from Asia to the UK.
What checks will your UK bank run on a large incoming payment?
Your UK bank or payment provider is required to carry out anti-money-laundering checks, and a large or unusual credit can trigger a request for information. Under the Money Laundering Regulations 2017 (regulation 28), regulated firms must apply customer due diligence and, where the risk warrants it, understand the source of the funds. On a high-value receipt that can mean being asked to evidence where the money came from.
Having the documentation ready keeps a large payment moving: a sale contract, completion statement, grant of probate, dividend notice or invoice, depending on what the money is. This is the same source-of-funds discipline that applies to receiving a large monetary gift. Providing it promptly is usually all it takes to release a payment held for a compliance review rather than a fault with the transfer itself.
Do you pay UK tax on money received from abroad?
Whether a payment from abroad is taxable depends on what it is, not on the act of transferring it. Moving your own savings into the UK is generally not a taxable event, whereas foreign income or a capital gain may be. GOV.UK guidance on tax on foreign income sets out when UK residents are taxed on money and gains arising overseas, and the position turns on your residence and the nature of the funds.
Because the rules differ for income, gifts, inheritances and capital gains, our guide to tax on money transferred to the UK from overseas covers the common situations in more detail. For anything specific to your circumstances, a qualified tax adviser or accountant is the right source of support.
How does the exchange rate affect a large sum you receive?
When a payment is denominated in a foreign currency, its sterling value moves with the exchange rate until the moment it is converted. A currency pair such as GBP/EUR is driven largely by the interest-rate differential between the Bank of England and the relevant central bank, so the pounds you ultimately receive can shift between the day a payment is agreed and the day it clears.
Consider an illustrative example. A UK business expecting €500,000 from an overseas client would receive about £427,350 at an illustrative rate of 1.17 (€500,000 ÷ 1.17). If sterling strengthens to 1.21 before the euros are converted, the same €500,000 becomes roughly £413,220 — about £14,000 less. Put another way, a 2% move in the rate is worth around £8,500 on proceeds of that size. A business receiving overseas revenue faces that swing on every payment.
You can protect against it. A forward contract lets you fix today’s rate for currency you are due to receive up to 12 months ahead, so the sterling figure is known regardless of what the market does in between; a market order can target a specific rate if you have flexibility on timing. Live pair ranges and central-bank dates sit on the currency forecasts page rather than in this guide, because those numbers change week to week.
Common mistakes when receiving a large payment from overseas
- Leaving the currency unconfirmed. Not agreeing the settlement currency in advance invites double conversion and an unexpected rate.
- Assuming the full amount will arrive. On out-of-scope SWIFT payments, correspondent-bank fees can be deducted along the way.
- Letting the sender convert by default. On a large sum that hands the exchange-rate margin to a bank abroad, outside your control.
- Ignoring the rate until the money lands. The sterling value moves the whole time a foreign-currency payment is in transit.
- Having no source-of-funds evidence ready. A large credit can be paused for a compliance check that a contract or completion statement would clear quickly.
- Giving details informally. An account number typed into a chat is easy to get wrong; confirm them in writing and by phone.
How a specialist currency broker helps when you receive a large payment
A specialist currency broker gives you a collection account to receive the foreign currency, an agreed rate set with a dedicated dealer, and pounds paid into your UK account — with the conversion margin agreed with you rather than built into the rate you are handed. For a large international transfer in either direction, that control over the rate is usually worth more than the headline fee.
Cambridge Currencies is a UK specialist currency broker; every transfer is completed by phone with a dedicated specialist, which also adds a human check on the details of a high-value payment. Client funds are safeguarded by our FCA-authorised partners Currencycloud (FRN 900199) and ScioPay (FRN 927951), held separately at a credit institution — explained in full on the safeguarding funds page.
Frequently asked questions
What details do I give someone to send me money from abroad?
Give your account name as shown on your account, your sort code and account number, your IBAN and your bank’s SWIFT/BIC code. For a foreign-currency payment, the sender may also ask for your bank’s name and address. Send the details in writing and confirm any change by phone.
How long does it take to receive an international payment in the UK?
A SWIFT payment from outside Europe typically clears in one to a few working days. Under the Payment Services Regulations 2017, your provider must make the funds available no later than the business day they are credited to its own account, where no non-EEA currency conversion is involved. Compliance checks, weekends and cut-off times can add time.
Why did I receive less than was sent?
The most common reasons are correspondent-bank fees deducted along the SWIFT chain and the exchange-rate margin applied on conversion. UK rules require the full amount to be transferred on in-scope payments, but many international payments fall outside that rule, so intermediary deductions can still occur.
Is it better to receive pounds or the foreign currency?
On a large sum, receiving the foreign currency and converting it yourself usually gives more control over the rate, because you choose the timing and see the rate before committing. Receiving pounds hands the conversion — and its margin — to a bank abroad. The right choice depends on the amount and how much the rate matters to you.
Will my bank ask where a large payment came from?
It can. Under the Money Laundering Regulations 2017, regulated firms must carry out due diligence and, where the risk warrants it, understand the source of funds. A large or unusual credit may prompt a request for evidence such as a sale contract, completion statement or grant of probate. Providing it promptly usually releases the payment.
Can I fix the exchange rate on money I am about to receive?
Yes. A forward contract can fix today’s rate for currency you are due to receive up to 12 months ahead, so the sterling amount is known in advance. A market order can target a specific rate if your timing is flexible. Both are arranged with a dedicated specialist by phone.
Do I pay UK tax on money received from overseas?
It depends on what the money is. Transferring your own savings is generally not taxed, while foreign income or a capital gain may be, based on your residence and the nature of the funds. GOV.UK sets out the position, and a qualified tax adviser can confirm how it applies to you.
Receiving a large payment from overseas?
Speak to a Cambridge Currencies specialist about receiving your overseas payment in the UK — from confirming the routing and currency to fixing the rate on a sum you are due. Every transfer is handled by phone with a dedicated dealer, and you can start with a look at your options for a large currency transfer.
