Receiving Inheritance Money From Overseas: Save Every Penny
Table of Contents
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Table of Contents
When receiving inheritance from overseas, there are many considerations to make. These can range from getting money into your local account to understanding taxes.
Here, we'll look at the best ways to receive inheritance from abroad. We'll explore taxes in different countries and the best ways to receive your money.
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Way to receive inheritance money from overseas
Here's a quick roundup of the best money transfer services to receive inheritance from abroad.
Key Currency
Another provider with no limits, KeyCurrency is a good option for receiving your inheritance.
They don't charge fees for their transfers, but they only process bank transfers, and their serviced countries are quite limited.
You'll need to ask the customer service team for a quote rather than calculating fees yourself, and transfers can be slow.
But if you need to send a lot of money at once, they may be the provider for you.
Please share your experience with Key Currency
Would you recommend Key Currency?
Anonymous
Currency found in moneytransfers was not available through Key Currency
Anonymous
Make you pay deposit and then offer a terrible rate and if you want to cancel, then charge a huge amount of money to do so
Shokoko Bakava
It seems like a scam company! They force you to provide the most private information without giving you any details
Anonymous
No support for Norwegian or Swedish kroner Response from Key Currency: We do support Norwegian and Swedish kroner; we have a dedicated Scandinavian team.
OFX
With no maximum transfer limits, OFX is a good way to receive your inheritance from abroad.
They charge no fees on their transfers and add a small markup to their currency exchange rates.
They also service over 170 countries, with more than 50 currencies available.
OFX lets you monitor the exchange rates available before you make your exchange, so you can change the currency of your inheritance when to get a better deal.
The OFX fee structure is more opaque than some other transfer services, with no calculators available for their exchange rates, and customer reviews remain mixed.
Please share your experience with OFX
Would you recommend OFX?
Anonymous
They have limit amount
Anonymous
Not free service
Schuffner
all question answered, rechecked, not successful!
Jon
Free for two months than have to pay a monthly fee. I don't want to do that.
Anonymous
Plz give me my withdraw
Anonymous
Gives better exchange rate
Michael Patrick Briggs
It amazes me that a company dealing with your money can afford to be so cavalier with how they treat you. I made a transfer of AUD$3000 to two different recipients on a Monday, then apparently needed to verify my identity due to an update of location actioned by a staff member without my consent. I provided that on the Tuesday, and despite contacting OFX three times over the next few days, only got an update at 4.30pm Friday that more information was required. That came with a promise that if I got it to them fast, my transfers would be processed before 5pm. I sent the requested information within minutes - it is currently 5.30pm and nothing has happened. That means AUD$3000 has been sitting with them for a week, transfers don't occur on the weekend, and I have no faith it will even be Monday, because they only get back to me if I chase them. If you put AUD$3000 on the short-term money market along with money from the 100,000 other customers they cheat like this, you make some pretty good intertest off other people's misery. OFX should be ashamed of themselves and fined by the regulators - I'll certainly make sure at least one of those things happen, but otherwise highly recommend you choose another provider for international money exchange.
Wise
Wise is the best provider for large inheritance transfers. They offer the mid-market rate on currency exchanges, so you'll get exactly what your inheritance is worth when it's exchanged.
Fees are also reasonable, and you can calculate them online or in the app before you send any money as well as see how much the receiver will get.
With a large transfer limit of $1.2 million, you might be able to receive your inheritance in one go, rather than splitting it into different chunks and potentially getting charged for each transfer.
Wise frequently receives positive reviews on Trustpilot, Google Play, and the App Store. Most report a good fee structure and efficiency, along with how easy it is to use the service.
Please share your experience with Wise
Would you recommend Wise?
Russell Pinkes
I can’t send money to Belize
Katsiaryna
Once trying to open sire, was automatically blocked for no reason
Alan
Unable to transfer money from Philippines to any other country. Philippines Wise does not work
Anonymous
Retiro de dinero en transferencia
Uwe
great rates and service - unfortunately for some countries not yet available
Martin Premprakash Anantharaman
On the first transfer to a hospital in NY they were already screaming that this was a sure scam and the same on my next transfer to a fried in Nigeria. They then summarily closed my account TERMINATING THE RUNNING TRANSFER TO NIGERIA, claiming that, hold on, I was being scammed🤦♂️ Sure, I could have appealed but immediately found that I would have had to provide so much intrusive detail that I desisted.
Martin Premprakash Anantharaman
Setting up is a bit unwieldy if you want to make a one-off transfer, as you have to create an account with complete identification - but it works and the process as well as charges are great.
Anonymous
My brother wants to send me money from India to Nigeria but he's finding it difficult how can he do it
Mohammed
WARNING : Wise was Great until main office decided to ruin WISE By letting the TW India office control handling Random verifications and do what ever they want by insane replies and no replies etc. If you want to waste your time and enjoy a journey into Black Hole of Insane then go ahead and try WISE !
Anonymous
Can't receive money from php to idr so far
sudheir
They don't allow transfer to Brokerage firms from India
Anonymous
Good app to transfer money
Anonymous
I didn't find Cuba on your list.
Anonymous
cuba not work
Nina
I made a transfer to a Canadian company 1.5 months ago, and the funds have not yet been received. After multiple emails, Wise insists that the money was paid out. However, I have received an official statement from the recipient’s bank confirming that the money has not been received. Wise's complaints department sent me a final letter stating that, according to their records, the funds were paid out. Additionally, Wise states the following in their Customer Agreement regarding their responsibility for losses: Quote from Wise's Terms: "Our Customer Agreement also explains our responsibility for losses in Section 29: 29.1 Unforeseeable loss or damage. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your sign-up process. 29.9 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay because of things which are outside our control." Despite these terms, Wise has not been able to resolve this issue, and the money has still not been delivered as promised. I find it irresponsible that Wise does not conduct any investigations into the matter. The Canadian bank associated with Wise is unable to provide any information, as everything goes through Wise. Wise must be capable of tracking the funds and providing precise details about where exactly the money is, who received it, and to which bank account it was deposited. I would advise everyone to be cautious when transferring large sums of money with Wise. They are not capable of executing a secure money transfer!
Shengjie Yin
good and perfect
Tristan
Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business I am sharing my experience with Wise to warn fellow business owners about the serious risks and unacceptable practices you may encounter if you choose to use their services. My business, is a legally registered travel agency in the UK, and I relied on Wise to manage payments for my photography and cultural tours, primarily in South America. Things took a turn for the worse when Wise froze my account and accused my business of violating their Acceptable Use Policy, citing my once-a-year humanitarian trip to Cuba. Despite explaining multiple times that: No Cuba-related transactions were ever processed through Wise (I use a separate European bank for this purpose), My tours comply with the “Support for Cuban People” category authorized by OFAC, designed to help Cuban citizens outside state control, Wise completely ignored the facts. Their customer support team responded with automated messages, refused to engage in any meaningful dialogue, and even lied, claiming they didn't monitor my emails—despite clear evidence to the contrary. After days of chasing them and providing thorough documentation, they chose to close my account without justification. The Consequences: Wise left my business in chaos, disrupting essential transactions and client arrangements. Their rigid policies align with sanctions widely condemned by the global community, and in doing so, they indirectly support humanitarian suffering. The Bottom Line: Wise is unreliable, unresponsive, and unethical. If your business has any complexity or humanitarian focus, beware: Wise will shut you down without notice or explanation, and customer support will abandon you. Their actions have serious real-world consequences. Avoid Wise if you value your business stability or require ethical and accountable financial services. There are far better alternatives out there that won’t put your livelihood at risk Beware: Wise's Unethical Policies and Unresponsive Support Cost My Business
Anonymous
I have been a customer for a few years. Yes I love the instant deposits as I make around $1K. However as many non US entities Wise uses a bank out of New York. Therefore the TRANSFER and DEPOSIT from an account transfer can take 4 to 6 days. What this means is that you will not able to make another ACH transfer during this time. This is frustrating if you have to make a follow up transfer in a few days. All in all don't plan to make more than 4 transfer in a month because it may not fo through, Not sure if other transfer companies operate the same way but I am about to find out as I will try Revolute. Bottom linw will require you to use ANOTHER payment method like credit card or some other method. Understand this: YOU MAY HAVE THE MONEY IN YOUR ACCOUNT but they WILL NOT TRY TO VERIFY IT WITHIN THE THE PERIOD IT WILL TAKE THEM TO DEPOSIT IT IN YOUR ACCOUNT. To add insult to injury I called in and the agent siad that they can see that they got paid but the computer takes time to update/reconcille I guess! It is a slow system!
Anonymous
There is a lot of advice on RECEIVING INHERITANCE in the UK from overseas but nothing on the rules for SENDING money gifts to grandchildren living OVERSEAS and the rules on Inheritance Tax in that case.
Anonymous
The service is decent, nothing more. I have had security issues that are not quickly resolved. Call center personnel are average. The app is not, in general, user friendly. You should definitely do research on a variety of service providers before making a choice. Do not take the reviews at face value. I chose Wise based on positive reviews but now regret not doing more research on other companies.
Anonymous
So far so good
Daniel
I checked to see if Wise even sends money to Colombia. Colombia is not even in their list of countries. Why is it even advertising for Colombia?
Bill Sanders
I have used Wise for several years. They once rejected a large transfer because it was to a coal company. Apparently, they are a woke company! But they refused to tell me why. More recently, they required verification of my identity using a smart phone. I am 69 and never owned a cell phone because I don't need one. But they forced me to buy one, which I did last week. Getting the phone updates ate up all my data, so i got 1 GB more. I took 12 different pics of my passport and another 12 of my face for them. They rejected them - and are holding up my transfer. Now my phone ate up that gig of data and I must buy another gig (thru Tracfone) just to use the phone. What a hassle. This is not a photo studio! They know who i am already. Note: This comment has been edited by the MoneyTransfers.com team to align with our content guidelines.
Ziggy Meilus
It used to be always instant, now it may come right away or it can take 5 even 7 days to get the money.
Anonymous
i've heard of people having issues with accounts being locked/restricted, but i think that was mostly for business accounts, maybe they were locked for good reason. for me, i've had no issue with my account though i've only used it for small transfers and not very often, over the past 5+ years
Our video review of Wise
Consider this before receiving an overseas inheritance
When transferring a larger sum of money from abroad - regardless of the reason - one of your main concerns will be finding a provider that can send your money internationally for a fair fee and exchange rate not too far from the mid-market rate.
When looking to transfer your inheritance money back to your home country, here are a few things to factor into your decision:
Transfer fees
Most banks and money transfer services will charge a fee for an international transfer. This could be a fixed fee, or it could be percentage-based depending on how much you are sending.
Banks especially are known for charging high fees for international transfers, both for the sender and for the recipient.
That’s why our overall recommendation is to compare money transfer providers to find the best service for you.
If you are receiving a large inheritance from abroad (perhaps $10,000 or more), you may want to look for a specialist transfer broker who facilitates larger international transfers in particular.
Exchange rate
In addition, another charge to take into consideration when finding the best way to receive inheritance money from overseas is the exchange rate.
Often known as the hidden cost, banks and transfer providers will normally add a percentage-based markup on the mid-market exchange rate for international transfers.
Exceptions are transfer providers such as Wise and XE, who have a fixed fee structure to offer competitive exchange rates.
The markup added to the exchange rate can vary from anywhere between 0.5 - 3% for money transfer providers, and up to 5 - 6% for banks.
For large transfers in particular, you must compare providers and make sure you’re aware of the kind of margin you are being charged on top of the mid-market rate as this charge could amount to thousands being lost in fees.
Maximum sending limits
Many banks and transfer providers have a maximum sending limit within a certain period (within 24 hours or a week, for example).
You’ll want to make sure that you choose an operator that can send your inheritance money to you in one go, and that you also have all the documentation needed to prevent delays.
Most transfer providers and banks are fairly clear about their maximum sending limits, but you can also to help you find a tailored list of money transfer operators able to handle sending your funds from abroad.
Avoid high fees - compare before you send
Banks are known for typically charging higher transfer fees and a larger markup on the exchange rate than most money transfer providers, with margins up to 5% added on to the mid-market rate.
For example, receiving an inheritance of $100,000 from overseas could cost you $5,000 simply on the exchange rate when using a bank.
Comparing providers and finding the most competitive fees and closest exchange rate to the mid-market rate is therefore a prudent strategy to avoid losing more of your money to charges than necessary.
Taxes for receiving an overseas inheritance
What is inheritance tax?
An inheritance tax is paid by the person who inherits money, property, or other assets from a person who has died.
The amount that is taxable on an inheritance can vary depending on where you are in the world, so we’ve covered the main tax regulations when receiving an overseas inheritance in the UK, US, Canada, and Australia below.
Inheritance tax laws in the UK
In the UK, whether you need to pay tax on an inheritance from overseas largely depends on whether the individual can be considered domiciled out of the UK.
HMRC will recognize a change of domicile when there is clear evidence that the individual in question moved away and planned to live abroad permanently.
A few examples of this could include:
Working abroad
Owning property in a foreign country
Sending children to an overseas school
You should note, however, that HMRC may still consider the UK to be the individual’s official place of residence for inheritance tax if they lived in the UK for 17 of the previous 20 years, or if they had a permanent residence in the UK at any point in the last three years of their life.
In the UK, you will not need to pay tax on inheritance if:
The estate is valued below £325,000
Any inheritance above this threshold is left to a spouse or civil partner
Anything above the threshold is left to a charity
Find more information on the UK and inheritance tax from the GOV.UK website.
Inheritance tax laws in Canada
In Canada, there is no inheritance tax.
Therefore, whether you are receiving an inheritance from a relative who is not a resident of Canada overseas, or from a recognized Canadian citizen, your inheritance is not deemed as taxable income - rather, the estate pays all tax before you receive the inheritance.
With that said, you may be subject to taxation on any future income that may be generated from your overseas inheritance, even if it is not remitted back to Canada.
This is because Canadian residents are subject to tax on worldwide income.
Inheritance tax laws in the US
In the US, you will not typically be taxed if you are receiving an inheritance as a US person from a non-US person and the assets inherited are based outside of the US.
The taxes that could come into play when receiving an inheritance from abroad are:
Estate tax - Estate tax does not apply provided the individual bequeathing the inheritance to you was not a US national or a foreign national residing in the US. If the estate is located abroad, the estate tax will not apply. Rather, taxes are the responsibility of the foreign country in which the inheritance/estate is located.
Gift tax - Gift tax is only applicable when the inheritance asset transferred is within the United States. However, multiple rules apply under different circumstances (for example different rules apply for married couples).
Report your inheritance regardless of the circumstances
However, even if your overseas inheritance is not taxable, you will likely still need to report it to remain transparent about your accounts.
You will need to declare what you have been paid on your US tax return using Form 706-CE, which is Certification of Payment of Foreign Death Tax.
Completing this form will ensure the IRA knows that tax was paid on the inheritance you received before it was transferred to you.
Find more information on US estate and gift taxes from the IRS website.
Inheritance tax laws in Australia
An overseas inheritance is not taxable in Australia.
Unless.. it yields profits in the future
The only time there might be tax implications in Australia is if a part of the inheritance could continue to earn an income after the individual’s death.
For example, earning interest on a savings account or dividends from stocks If this applies to you, a tax return would be due on any income that is taxable from the estate until it has been administered in full.
Find out more about inheritance and tax obligations on the Australian government website.
A bit more on receiving inheritance from abroad
Do money transfer services offer advice on inheritance tax?
While they may not legally be able to provide advice, many money transfer services have lots of first hand experience with large transfers and taxes.
Your best option would be to use a managed money transfer service (also known as a money transfer broker) with dedicated support.
These brokers will be familiar with moving money for tax reasons, and many of them will submit necessary forms on your behalf.
This may cost you a bit more in fees but will still be cheaper than using your bank.
Why not use a bank to receive inheritance?
Banks are a popular and convenient choice, but they come with hefty fees.
For example, a transfer of $100,000 could add up to $5000 in fees with fewer support options compared to a dedicated money transfer provider.
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
Let's recap: Know the law to avoid being caught out
Even if inheritance tax does not apply in the country you are residing in, it’s important to make sure you are aware of any legal obligations or responsibilities you need to uphold when receiving an inheritance from abroad.
Equally, you’ll want to make sure you are using a suitable transfer broker when receiving your inheritance into your bank account.
Verifying that the company in question can transfer the funds without hitting the maximum sending cap and that you are not losing vast amounts of money in fees are two essential considerations.
Find the best way to receive inheritance money
Sources & further reading
Contributors
Yasmin Purnell
Artiom Pucinskij
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