Receiving a money transfer from abroad is as easy as providing your bank information to the sender. However, the devil is in the details--in this case, how much that transfer could end up costing you. The process itself is very easy. There are also alternative methods to using your bank that you can explore.
Find out if your bank can receive foreign wire transfers. This should be readily available information on your bank's Web site. If not, ask customer service. You may also want to find out if the routing number is different for wire transfers.
Find out the details. How much will the transfer cost? How long will it take to receive the money? This information will help you decide if using other payment portals is better. For example, you can receive money for personal purposes at no cost to both you and the sender using PayPal, and it could be available instantly.
Provide your bank routing and account numbers to the person sending you the money.
Receive your money. If it is transferred to your bank account, it is ready for withdrawal. If you received it with an online payment service, such as PayPal, you may need to transfer it to your bank account or use a PayPal debit card to access the funds.
If any previously mentioned methods are not available to you, you can always use Western Union. Just go into your local Western Union office, and pick up your cash in person.
Another option is to use iKobo money transfer. This service allows you to send money to about 150 countries around the world where Visa cards are accepted or there is an exixting ATM network. If your sender transfers your money through iKobo, you will receive a reloadable, prepaid Visa card from iKobo in the mail that you can use at any ATM or for purchases wherever Visa is accepted. Your sender can also reload the card each time he or she wants to send you money, and you both can monitor the funds online.
Faith O has covered politics and general news in Washington DC, Chicago and Maryland. Her writing has appeared in the Associated Press, Prince George's Sentinel, Northwest Indiana Times, Chicago Defender and Daily Southtown, among others. She has a Masters of Journalism from Northwestern University's Medill School and a Bachelor's degree from Hampshire College in Amherst.