Receiving money from abroad into a UK bank account
An international payment can pass through correspondent banks and currency conversion before reaching a UK account. The amount credited can therefore differ from the amount the sender thinks they sent.
Give the sender the exact receiving details your bank specifies - usually the account name plus IBAN and BIC/SWIFT information for international routes. Ask which currency will be sent and who bears fees. Intermediary or recipient-bank fees can reduce the amount that arrives.
Start with the UK bank details required for incoming international money
Do not construct an IBAN from a sort code and account number unless the bank tells you to. Copy the international receiving details from online banking or the bank’s official help page, including any intermediary-bank instructions.
A wrong digit can cause rejection, delay or misdirection.
If someone sends €5,000 to a sterling-only account, the receiving bank may convert it at its own rate. If you hold a euro account, receiving euros directly may avoid one conversion.
Ask the bank what currencies the account can receive and what rate/fee structure applies before a large transfer.
Ask the receiving UK bank what details the sender should use and copy them exactly. Keep the account name, IBAN or other international identifiers and any bank address instructions together. Sending the right information at the start is easier than repairing an international transfer after it has entered the banking chain.
Worked payment checkpoint: for a £4,090 transfer, record the beneficiary details, currency, reference, time created, time approved and the date the recipient actually needs the money. If the status remains unclear for 17 hours, check whether the instruction is still queued, released or already debited before sending again. Preserve the confirmation and any bank case reference so a trace can follow one specific payment rather than a general description of missing money.
Agree currency and fee expectations before the sender pays
The sender may pay its own transfer fee, an intermediary bank may deduct a charge and the receiving bank may charge or convert the funds. The FCA has specifically highlighted that intermediary and recipient-bank fees can make the final amount lower than expected.
If an invoice requires the recipient to get exactly £10,000, confirm the fee option rather than simply telling the sender to “send £10,000”.
Cross-border payments can be delayed by time zones, correspondent banks, weekends, compliance checks or incorrect beneficiary details. If a payment is late, ask the sender for the transfer reference and any SWIFT tracking information its bank can provide.
Do not send a replacement transfer until both banks have established what happened to the first one.
Agree the currency before the sender presses send. If the sender converts into pounds, compare that exchange cost with receiving foreign currency for the UK bank to convert, where supported. Also agree who bears transfer fees so the recipient is not surprised when a £5,000 invoice produces a smaller net credit.
Worked payment checkpoint: for a £4,361 transfer, record the beneficiary details, currency, reference, time created, time approved and the date the recipient actually needs the money. If the status remains unclear for 7 hours, check whether the instruction is still queued, released or already debited before sending again. Preserve the confirmation and any bank case reference so a trace can follow one specific payment rather than a general description of missing money.
Track the payment without assuming arrival dates are guaranteed
A bank may ask about the source and purpose of a large incoming payment. Keep invoices, sale agreements, gift evidence or other documents that explain it.
That is especially important when the sender name does not obviously match the underlying transaction.
For recurring overseas income, run the comparison over several payments rather than one. A £7 receiving charge and a 2% exchange-rate margin on a monthly £3,000 payment can matter far more over a year than a one-off transfer fee. Ask the provider to show the exchange rate and amount credited, then compare the effective cost against an account that can hold the original currency.
Arrival times are estimates unless a service gives a specific guarantee. Keep the sender receipt, amount, currency, date and reference, then wait until the expected window has genuinely passed before starting a trace. Avoid sending a second transfer simply because the first one is not yet visible.
Worked payment checkpoint: for a £4,632 transfer, record the beneficiary details, currency, reference, time created, time approved and the date the recipient actually needs the money. If the status remains unclear for 14 hours, check whether the instruction is still queued, released or already debited before sending again. Preserve the confirmation and any bank case reference so a trace can follow one specific payment rather than a general description of missing money.
Prepare source-of-funds evidence for large or unusual receipts
A £5,000 incoming payment can produce three different surprises: the sender pays a transfer fee, an intermediary bank deducts a charge, or the receiving bank converts currency at its own rate. Ask whether the sender is sending pounds or foreign currency and whether the payment instruction is intended to leave fees with the sender, share them or deduct them from the amount. The exact options depend on the route, but the practical aim is simple: both sides should know whether the beneficiary needs to receive an exact sterling figure.
Give the sender the account details exactly as your bank provides them and preserve the payment reference. If the money is for a house deposit, tuition invoice or business shipment, leave time for compliance questions about source and purpose rather than treating an international transfer like an instant domestic payment. If £20,000 arrives as £19,930, ask for the transfer trace and fee breakdown before assuming the receiving bank has simply “lost £70”.
Do I need an IBAN to receive money from abroad?
For many international routes, yes. Use the receiving details your bank provides rather than trying to build them yourself.
Why did I receive less than the sender sent?
Exchange-rate margins and sender, intermediary or recipient-bank fees can reduce the credited amount.
Should the sender use GBP or the foreign currency?
Compare the conversion cost at both ends. The cheapest route depends on the accounts and providers involved.
For a large or unusual receipt, keep evidence of what the money represents: invoice, sale agreement, gift documentation, investment record or another ordinary source document. If the bank asks questions, respond with a coherent explanation and the original records rather than moving the money rapidly between accounts while the review is open.
Sources and verification
Daniel Foster - Payments & Digital Banking Writer
International receipts are easiest when three things are explicit before the transfer: the receiving details, the currency and who pays each layer of fees. Most unpleasant surprises come from leaving one of those undefined.
MyBankAnswers uses official provider and UK regulatory sources wherever practical. Information is general and does not constitute financial advice.