Money Transfer to and from Germany

handing money
Photo by Christian Dubovan on Unsplash

If you are moving to Germany you might want to send money home to your loved ones or to invest in property in your home country. No matter whether it’s a one-time payment to buy a plot or a recurring payment towards your pension fund or the EMI of your apartment back home. Whenever you are transferring money, you’ll need to check multiple factors in order to get the most out of your hard earned money.

Let’s have a closer look at factors which are important and also give you options which are used by a lot of expats here in Germany:

Transferring money to and from Germany can be a confusing process, especially if you are unfamiliar with the financial system in the country. 

 

Exchange rates

Checking the current exchange rate at oanda.com or google.com will give you a first indication of what to expect. Each money-sending service will have a slightly different – let’s call it “approach” – to the most current rate and whether or not they are passing on the market rate to you or not. So: not all banks/institutions and money transfer services offer the same rate to you as a sender. If you’re only sending a couple of 100EUR once in a while, the 1% difference in rates might not matter – but if you do this regularly or if it’s a large sum – you better shop around for a good exchange rate! The most popular providers are Xe, Wise and Remitly, for these services.

Commission and Charges

Over and above the “non-market” rate, the money-transferring services might / will charge some commission – after all – they are in the business to make a profit. These services should be showcasing these charges upfront and also make you aware of whether there are any additional charges to be expected from the receiving bank. Some services take a lump sum fee of a couple of EUR others might take a % of the sending amount. Here as well: it all depends on how much and how often you are sending money abroad.

Speed

Internet-based services that offer nothing else but money transfers, transfers will hardly take a day to arrive in your foreign bank account. Whereas your “home bank” (the one in which your salary gets credited) , might take days (if not a week +).

Ease of use

Living in the age of the internet, it definitely makes sense to also look at how easy it is to send money in order to support your loved ones. Does it take a couple of clicks on a webpage or do you need to fill out forms first and get a sign-off from the branch manager due to compliance regulations at the bank (been there, done that)?

Reliability

For obvious reasons: you do not want to trust your money to someone who’s not reliable. So please stick with brands, sites and banks you know. Ask your friends who already live here which services they use or check the list below.

Recommendation :
A few popular providers are:

Although Xe is rated as one of the cheapest online platforms, for money transfers, customer satisfaction in terms of service quality is a bit lacking compared to Wise or Remitly. Both Wise and Remitly, are highly rated across various online polls, in terms of reliability, exchange fees and customer satisfaction, and hence either of these is recommended.

 

FAQs

Several options for transferring money to Germany include bank transfers, money transfer services, and international wire transfers. The best option for you will depend on your specific needs and circumstances. Some factors to consider when choosing a method for transferring money to Germany include the amount of money you need to send, the speed of the transfer, and the fees and exchange rates involved.

To transfer money from Germany to another country, you will need to initiate a bank transfer or use an international money transfer service. The process for transferring money from Germany will depend on the specific method you choose. In general, you will need to provide the recipient’s bank account information and your own bank account information if you are transferring the money from a German bank account. You will also need to provide any necessary identification and documentation, and pay any applicable fees.

Yes, it is possible to use a credit card to transfer money to or from Germany. However, it is important to keep in mind that credit card transactions may be subject to fees and exchange rate charges, which can add to the overall cost of the transfer. It is also important to make sure that your credit card is accepted in Germany and that it has a high enough credit limit to cover the amount of money you need to transfer.

In general, there are no restrictions on transferring money to or from Germany. However, it is important to be aware of any laws or regulations that may apply to your specific situation. For example, there may be reporting requirements for transferring large amounts of money, or you may need to obtain special permission to transfer money out of the country in certain circumstances.

Yes, there may be fees associated with transferring money to or from Germany. The specific fees that apply will depend on the method of transfer you choose and the country where you are sending or receiving the money. It is important to carefully consider the fees and exchange rates involved when choosing a method for transferring money to or from German

Yes, it is generally possible to transfer money from a foreign bank account to a German bank account. The process for doing so will depend on the specific banks involved and the country where the foreign bank account is held. In general, you will need to provide the recipient’s bank account information, as well as your own bank account information if you are transferring the money from a foreign bank account. You will also need to provide any necessary identification and documentation, and pay any applicable fees.

Yes, it is generally possible to transfer money from a German bank account to a foreign bank account. The process for doing so will depend on the specific banks involved and the country where the foreign bank account is held. In general, you will need to provide the recipient’s bank account information, as well as your own bank account information if you are transferring the money from a German bank account. You will also need to provide any necessary identification and documentation, and pay any applicable fees.
The length of time it takes to transfer money to or from Germany will depend on the specific method of transfer you choose and the countries involved. Bank transfers and international wire transfers can take several business days to complete, while money transfer services may be able to transfer funds more quickly. It is important to keep in mind that the time it takes for a transfer to be completed may be affected by holidays and other factors.

Yes, it is generally possible to transfer money from a German bank account to a bank account in another country in a different currency. However, it is important to keep in mind that currency exchange rates may apply, which can affect the amount of money that is received by the recipient. It is also important to be aware of any fees that may be associated with transferring money between different currencies.

Yes, it is generally possible to transfer money online from a German bank account to a bank account in another country. The process for doing so will depend on the specific banks involved and the country where the foreign bank account is held. In general, you will need to provide the recipient’s bank account information, as well as your own bank account information if you are transferring the money from a German bank account. You will also need to provide any necessary identification and documentation, and pay any applicable fees. Some banks may also require you to visit a branch in person to initiate an international wire transfers.
For live interaction with other expats: join the discussion on this topic on facebookfacebook or Telegram logo.svgtelegram
2 comments
Leave a Reply
You May Also Like
german passport
Read More

Dual citizenship in Germany

For a long time, the dual citizenship was only possible in exceptional cases in Germany. That is now to change. For those affected, this is a welcome but very late reform.

insurance health
Read More

Private Health Insurance vs. Public Health Insurance in Germany 

Health Insurance is mandatory in Germany for all German citizens, expats & International tourists. Each month, you make a payment toward your health insurance, which also covers your medical expenses. Germany has two health insurance systems; private & public. One of the best healthcare systems in the world is found in Germany. The majority of German citizens and residents are covered by the government-run public health insurance programme, which is paid for by the taxpayers' contributions. In turn, regardless of income or status, everyone gets access to high-quality, cheap healthcare. However, there are some gaps left by the public health insurance system which one can fill by opting for a private health insurance plan.

How to get a job seekers visa in Germany
Read More

Your Guide to finding a Job with a German Job Seeker Visa

Are you thinking of moving to Germany in search of better employment possibilities? If that is the case then you need to apply for a Job Seeker Visa (JSV) which is a special visa, that allows an individual to enter the country or six months, solely with the purpose of looking for a job.

German Cuisine - more than pretzels Weisswurst and Beer
Read More

German Cuisine: A Culinary Journey Through Flavors and Traditions

We embark on a personal and flavorful journey through Germany's culinary landscape. Join us as we delve into the rich tapestry of flavours, influenced by regional specialities, and cultural traditions and experience an integral part of German culture. From hearty sausages to mouth-watering pretzels, German cuisine is a delightful fusion that captivates the senses.

university
Read More

Higher Education/University in Germany 

Germany is an incredibly famous non-Anglophone study global hotspots and with its cool student cities and unbelievably low (or no) tuition charges, it’s not difficult to figure out why.