The advertised fee is rarely where the money goes.
Compare the spread, not the fee
A bank charging a small fixed fee may take 2-4% on the exchange rate, which on a monthly salary dwarfs the fee. Check the rate against the mid-market rate on the day.
The three routes
- Bank transfer: slowest, usually worst rate, simplest paperwork
- Remittance platform: better rates, fast, you invoice directly
- Contractor payment platform: employer pays a fee, you get compliance help and predictable timing
Keep the paperwork
Whatever the route, retain invoices and remittance advice. Tax authorities in most countries want evidence of the source of foreign income.
Common questions
What is the cheapest way to receive foreign salary?
Usually a remittance platform quoting the mid-market rate. Compare the total received, not the fee.
Do I need a special bank account?
Not usually, but a bank familiar with inward remittance saves paperwork delays.