Today, as a result of the world increasingly acquiring a global dimension, people want to obtain information about receiving payments from abroad. Entrepreneurs, sellers, and even students are in pursuit of opening income channels by indexing their earnings to foreign currency.
Well, if you still cannot decide what it is that makes people curious, afraid, or ambitious while there are institutions serving to receive money from abroad, we invite you to read the information in the continuation of our article.
How to Receive Payments from Abroad?
Constantly developing technological opportunities also manifest themselves in the specific methods of receiving money from abroad. This process, which has modernized today through mobile applications and cryptocurrencies against traditional methods such as EFT for many years, offers people various opportunities. 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 to Receive Money From Abroad
Within the scope of the traditional process of receiving money from abroad, local banks contact banks abroad to carry out a national money transfer. This transaction costs the local bank a certain fee. The paid amount is reflected in the total by including BSMV, namely the Banking and Insurance Transaction Tax.
The ambiguous issue regarding traditional international payment collection methods is the amount of commission to be paid to the institutions acting as intermediaries in the international transfer transaction. This is because the amount to be paid here increases in direct proportion to the number of banks involved in receiving payments from abroad.
How to Receive Money from Abroad via Wire Transfer?
People or institutions wishing to receive wire transfers from abroad must first have the same bank accounts as the other party. This method is not very preferred within the scope of e-export. Because the vast majority of foreign customers prefer different banks. This being the case, trying to provide money transfer with the use of a common bank is a method preferred by limited people under today's conditions.
How to Receive Payments from Abroad via EFT?
Contrary to wire transfer transactions, people who want to receive payments from abroad via EFT must be customers of different banks from the other party. Since the majority of customers living abroad are customers of institutions different from the banks in Turkey, the number of people working with this method is higher.
How to Receive Money from Abroad via SWIFT?
When performing foreign currency money transfers internationally or domestically, all money transfers take place via SWIFT. SWIFT codes are the 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 uppercase.
How to Receive Money from Abroad via Western Union?
Western Union, which is actively used in many countries and regions of the world, provides convenience for money transfer transactions from abroad. There is a very simple step to follow before making a transaction via Western Union. First, 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 Payments 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 transactions can be performed.
Basically, each system receives payments by sharing account information after an account is created on its own platform. Later, if you wish, you can transfer this payment to your own bank account.
How to Receive Payments with Mobile from Abroad?
If you are a seller who has 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 they can complete their shopping within this limit by reflecting it on their phone bills.
How to Receive Payments with Skrill?
Skrill, which has made a name for itself as an E-Wallet, is one of the most used applications in online shopping and spending. After logging in to the Skrill application, a transfer process can be carried out to a bank transfer, debit card, or credit card. While procedures progress quite strictly in any transaction carried out in the application, a number of deduction processes may also be experienced.
How to Receive Payments with Stripe?
US-based financial service provider Stripe serves in 47 countries. For account opening processes, address and phone verification must be done in one of the served countries. In order to use Stripe in Turkey, Stripe Atlas should be preferred.
An online business can be established and payments can be received 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 joining Stripe's payment system.
How to Receive Payments with ecoPayz?
You can open an account for free 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 information, which you opened in ecoPayz that supports 50 currencies, with the other party.
How to Receive Payments with QIWI?
QIWI, headquartered in Russia, provides its users with many opportunities from shopping on the internet to paying bills. By opening a wallet account through QIWI, payments can be quickly received from anywhere in the world.
After sharing the information of the wallet account you created via QIWI with the people or institutions you will receive payments from, you can receive your payments in Euro, Dollar, and Ruble.
How to Receive Payments 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 perform their transactions by choosing the payment method most suitable for them. Additionally, accounts can also be created in European countries through ePay. In order 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 must follow are as follows:
• Log in to your ePay account.
• Click on the "Withdraw" tab located on the left side of the panel.
• Select the currency by clicking on the "Receive Currency" heading.
• Click the next button by entering the details regarding the bank account you want to transfer the payment to.
How to Receive Payments with Hyperwallet?
Currently under PayPal, Hyperwallet is the virtual payment system recommended by Amazon. Growing businesses prefer Hyperwallet to integrate the technology platform that enables the monitoring of earnings payments.
Hyperwallet is a payout platform that enables businesses to easily pay their workforce. For example, Amazon takes its own commission amount from the total of your sales and transfers your remaining earnings to your Hyperwallet account.
A 5% commission is collected for every money transfer you perform from Hyperwallet. The amount you request is transferred to your account within 1-3 business days.
How to Receive Payments with Payoneer?
Payoneer is known as an international payment system. This payment system, which reaches quick solutions with its practicality and reliability, 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 advancements, benefiting from many technologies up to banking infrastructure.
It is the most preferred payment system globally, and the biggest factor in this is its ability to easily integrate in marketplaces such as Amazon, Etsy, and instantly perform seller payments. If you have more than one store account, thanks to this payment system, you can manage all of them in your Payoneer account without needing to open separate accounts.
If we talk about commission rates, Payoneer will deduct 29.95 dollars from you every year if there is a balance in your account. 12.95 dollars is charged to change cards. If a cash withdrawal transaction from an ATM with a Payoneer Card is rejected and a balance inquiry is requested, 1 dollar is deducted. A payment of 3.15 dollars is charged for ATM cash withdrawal transactions. You will encounter another commission while withdrawing your money through ATMs within Turkey. Every bank has its own commission rates.
How to Receive Payments with TransferWise?
TransferWise, one of the most popular payment systems of technology in the developing and digitalizing world, is a company that acts as an intermediary in money transfers in the global world and enables money transfers to be performed quickly and easily.
One of the most important advantages of TransferWise is that it notifies in advance if there is any deduction scenario to be made by the company before the money transfer takes place.
There is no additional fee deduction if the first 500 pounds is reached in your money transfer transactions. For transactions exceeding the 500 Pound limit; 50 Pounds is gifted to you for one time only.
How to Receive Payments from Abroad with Cryptocurrency?
To receive payments from abroad with cryptocurrency, the coin must first be determined. Then, you must have a wallet number by creating a cryptocurrency wallet belonging to the coin you want to receive payments in. Later, you can receive your payment by sharing your wallet number with the people or institutions that will make 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 prefer for your payment transactions from abroad by examining the table below.
MethodCommission RateEFTVaries from bank to bank.SWIFTVaries from bank to bank.Western UnionVaries according to currency.Credit or Debit CardVaries from bank to bank.SkrillVaries according to the transaction to be made.StripeVaries according to the region where the transaction will be made.ecoPayzCommission rates vary depending on the account type.QIWIBetween 0% and 12%ePay0.01 - 1000 Dollars: 20 Dollars1000 - 3000 Dollars: 42 Dollars3000 - 5000 Dollars: 65 DollarsPayoneer3%Hyperwallet5%Etsy PaymentsA 6.5%+3 TL commission is taken over each sale.TransferWise7.5 dollars from US Dollar payments. No commission is charged in other currencies.CryptocurrencyEach platform determines its own commission rates.
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 perform. Also, in order to receive payments by selling abroad, you must own a company that is an e-invoice taxpayer. Otherwise, you may face legal situations that may arise.
