How to Receive an Inheritance from Overseas: A Step-by-Step Guide
Table of Contents
1. Use an International Bank Transfer
3. Choosing the Right Money Transfer Company
5. Receiving and Distributing Inheritance
7. Inheritance Tax Considerations
Receiving money from abroad doesn’t have to be complicated. With the right approach, it can be safe, fast, and cost-effective. This guide explains everything you need to know about transferring inheritance from overseas.
1. Use an International Bank Transfer
The most reliable way to receive inheritance funds from another country is through an international bank transfer. This allows money to move directly from a foreign bank account to your own, in your preferred currency.
You don’t need to open a foreign bank account. The transfer can be completed using either a traditional bank or a specialist money transfer service. While banks are convenient, money transfer specialists usually provide:
Better exchange rates
Lower fees
Personalised support
2. Understanding Costs
Sending money abroad can vary in cost. Large banks often charge 3–5% of the total amount, which includes fees and exchange rate markups.
A simpler way to compare providers is to focus on how much money you will actually receive. The higher the final amount, the better the deal.
Money transfer specialists are generally much cheaper than banks, especially for larger sums, and can save you 60–70% in total charges.
3. Choosing the Right Money Transfer Company
Not all transfer services are the same. Many modern options operate only as apps (e.g., Wise, Revolut, PayPal, Venmo, Zelle, Remitly, WorldRemit). While these apps are fine for small payments, they lack human support, which can be crucial when handling inheritance funds.
For larger sums or inheritance transfers, it’s best to choose a company that provides expert human guidance, so you know exactly how much you’ll receive and when the money will arrive.
4. Timing and Exchange Rates
Currency rates fluctuate constantly. Even small movements can significantly impact the value of your inheritance.
Overseas Payments works to secure the best exchange rates, minimise costs, and guide you through the transfer process with clear, jargon-free advice.
5. Receiving and Distributing Inheritance
We can accept inheritance payments directly from a solicitor or executor and, if required, distribute funds to multiple beneficiaries.
Note: You must be over 18 to open an account. If a child is a beneficiary, an adult will need to receive the payment and distribute it on their behalf.
6. Required Documentation
Both banks and money transfer companies must verify your identity before sending funds. This is standard due to global anti-money laundering regulations.
Usually, you will need:
Proof of identity (passport, drivers licence)
Proof of address (utility bill, bank statement)
Source of funds (probate documents from a solicitor)
Documents can be emailed or scanned. Once verified, transfers can often be completed within hours.
7. Inheritance Tax Considerations
Inheritance tax rules vary by country and can apply to the estate or the beneficiary. Because these rules are complex, it’s wise to consult an accountant to ensure compliance and avoid mistakes.
Quick Summary
Use an international bank transfer for safe, fast, and affordable overseas inheritance.
You don’t need a foreign bank account—funds can go directly to your existing account.
Money transfer companies are usually cheaper and more efficient than banks.
Choose a provider with human support for inheritance transfers.
Inheritance tax rules differ by country; professional advice is recommended.
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