How to Receive Payments from Abroad? 15 Methods to Receive Payments from Abroad

Today, as a result of the world gradually acquiring a global dimension, people want to get information about receiving payments from abroad. Entrepreneurs, sellers and even students are seeking to open income doors by indexing their earnings to foreign currency.

Well, while there are organizations providing services for receiving money from abroad, if you still cannot decide what makes people curious, afraid, or ambitious, we invite you to read the information in the rest of our article.

How to Receive Payment from Abroad?

Constantly developing technological opportunities manifest themselves in the specific area of methods for receiving money from abroad as well. This process, which has gained modernization today through mobile applications and cryptocurrencies against traditional methods like EFT for many years, offers various opportunities to people. Both methods are divided into sub-branches within themselves. However, the important point here is the general principles and limitations of the method you plan to choose.

Traditional Methods for Receiving Money from Abroad

Within the scope of traditional money receiving from abroad, local banks contact banks abroad to make a national money transfer. This transaction costs the local bank a certain fee. The paid amount is reflected in the total by including BSMW, that is, Banking and Insurance Transactions Tax.

The ambiguous subject in traditional methods of receiving payment from abroad is the amount of commission to be paid to the institutions that act as intermediaries in the international transfer process. Because the amount to be paid here increases in direct proportion to the number of banks involved in the process of receiving payment from abroad.

How to Receive Money from Abroad via Wire Transfer (Havali)?

People or institutions wishing to receive a wire transfer from abroad must first have the same bank accounts with the other party. This method is not very preferable within the scope of e-export. Because the vast majority of foreign customers prefer different banks. Under these circumstances, trying to provide wire transfer transactions by using a common bank is a method preferred by limited people today.

How to Receive Payment from Abroad via EFT?

Unlike wire transfers, people who want to receive payment from abroad with EFT must be customers of different banks from the other party. Since the majority of customers living abroad are customers of different institutions than the banks in Turkey, the number of people working with this method is higher.

How to Receive Money from Abroad via SWIFT?

While money transfers are carried out in foreign currency domestically or internationally, all money transfers take place via SWIFT. SWIFT codes are codes used by banks to transfer money in foreign currencies. Each bank has its own unique SWIFT code. SWIFT codes consist of 11 letters, each of which is capitalized.

How to Receive Money from Abroad via Western Union?

Used actively in many countries and regions of the world, Western Union offers convenience for money transfer transactions from abroad. There is a very simple step that needs to be followed before making transactions through Western Union. First of all, you must choose the institutions where you can use or receive Western Union services. Then, after requesting the MTCN number from the person who sent the money, you can withdraw the money safely and comfortably.

How to Receive Money from Abroad via Credit or Debit Card?

Credit and debit cards, which are one of the ways people receive money from abroad today, are based on virtual POS agreements. Therefore, people who want to make transfers with credit or debit cards must sign this agreement. Otherwise, it is not possible for people to benefit from this opportunity.

What Are the Digital Methods to Receive Payment from Abroad?

Those looking for alternatives to receive payments from abroad instead of traditional methods can choose digital methods. By creating online e-wallets in payment systems such as Skrill, Stripe, and ecoPayz, receiving money from abroad can be carried out.

Fundamentally, each system receives payments by sharing account information after an account is created on its own platform. Afterwards, if you wish, you can transfer this payment to your own bank account.

How to Receive Payment from Abroad via Mobile?

If you are a merchant with a store on e-export sites, your customers can make mobile payments as permitted by the platform. With mobile payment, users have a certain limit and can complete their shopping within this limit by having it reflected on their phone bills.

How to Receive Payment with Skrill?

Known as an e-Wallet, Skrill is one of the most widely used applications for online shopping and spending. After logging into the Skrill application, transfer transactions can be carried out to a bank transfer, debit card, or credit card. While procedures in any transaction made on the application proceed very strictly, some deduction transactions may also be experienced.

How to Receive Payment with Stripe?

US-based financial service provider Stripe serves in 47 countries. To open an account, address and phone verification must be done in one of the countries served. To use Stripe in Turkey, Stripe Atlas should be preferred.

Payments can be received by establishing an online business through Stripe Atlas. The steps to follow at this point are as follows:

• Enter your personal information.

• Sign the company formation documents.

• Your company is established in Delaware.

• Obtain a tax number from the IRS.

After opening your company, you can receive payments from abroad by integrating into Stripe's payment system.

How to Receive Payment with ecoPayz?

You can open a free account with ecoPayz, which is used for international money transfers. You do not need any bank account or credit check for transactions. You can quickly receive your payments by sharing your account details with the other party on ecoPayz, which supports 50 currencies.

How to Receive Payment with QIWI?

Headquartered in Russia, QIWI provides its users with many opportunities, from online shopping to paying bills. Payments can be received quickly from anywhere in the world by opening a wallet account on QIWI.

After sharing the information of the wallet account you created on QIWI with the people or institutions you will receive payments from, you can receive your payments in Euros, Dollars, and Rubles.

How to Receive Payment with ePay?

ePay is a system that provides payment services with its unique electronic wallet system in the currency of more than 70 countries. Users can carry out their transactions by choosing the payment method that suits them best. In addition, accounts can also be created in European countries through ePay. To receive payments from abroad with ePay, you must first share your account information with the customer. After sharing your account information, the steps you need to follow are as follows:

• Log in to your ePay account.

• Click on the "Withdraw" tab located on the left side of the panel.

• Click on the "Receive Currency" heading and select the currency.

• Enter the details regarding the bank account you want to transfer the payment to, and click next.

How to Receive Payment with Hyperwallet?

Currently part of Paypal, Hyperwallet is the virtual payment system recommended by Amazon. Growing businesses prefer Hyperwallet to integrate the technology platform that allows tracking of earnings payments.

Hyperwallet is a payment platform that allows businesses to easily pay their workforce. For example, Amazon takes its own commission amount from your sales total and transfers the remaining earnings to your Hyperwallet account.

A 5% commission is collected for each money transfer you perform from Hyperwallet. The amount you request is transferred to your account within 1-3 business days.

How to Receive Payment with Payoneer?

Payoneer is known as an international payment system. Bringing fast solutions with its practicality and reliability, this payment system is preferred by thousands of businesses in more than two hundred countries. It provides transactions with bank transfers, debit cards, and online payments. At the same time, it adapts to new technological developments and benefits from many technologies up to banking infrastructure.

It is the most preferred payment system globally, and its biggest factor is that it can easily integrate with marketplaces like Amazon and Etsy, transferring seller payments instantly. If you have multiple store accounts, you can manage all of them in your Payoneer account without the need to open separate accounts, thanks to this payment system.

If we talk about commission rates, if you have a balance in your account, Payoneer will deduct $29.95 from you every year. $12.95 is taken to replace cards. If withdrawing money from atm with Payoneer Card is rejected or checking balance is requested, $1 is deducted. A payment of $3.15 is taken for ATM withdrawals. You will encounter another commission while withdrawing your money through ATMs within Turkey. Each bank has its own commission rates.

How to Receive Payment with TransferWise?

One of the most popular payment systems of technology in the developing and digitalizing world, TransferWise is a company that acts as an intermediary in money transfers globally, ensuring that money transfers are carried out quickly and easily.

One of the most important advantages of TransferWise is that it notifies you in advance if there is any deduction to be made by the company before the money transfer takes place.

If the first £500 is reached in your money transfer transactions, there is no additional fee deduction. For transactions exceeding the £500 limit, £50 is gifted to you for one time only.

How to Receive Payment from Abroad via Cryptocurrency?

To receive payment from abroad via cryptocurrency, first, the coin must be determined. Then, you must have a wallet number by creating a cryptocurrency wallet belonging to the coin you wish to receive payment in. You can then receive your payment by sharing your wallet number with the people or institutions making the payment.

What Are the Commission Rates for Receiving Payments from Abroad?

You can learn the commission rates you will pay according to the method you choose for receiving payments from abroad by examining the table below.

What Are the Requirements for Receiving Payments from Abroad?

No matter which system you choose for receiving payments from abroad, the first requirement you must fulfill is to register. Following registration, you must pay the deductions and commissions determined by the system for the transactions you will carry out. In addition, in order to receive payments by selling abroad, you must have a company that is an e-invoice taxpayer. Otherwise, you may face legal situations that could arise.