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 :
- Wise (formerly known as Transferwsie)
- Xe
- Remitly
- Western Union (mostly used for cash transactions)
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.
2 comments