Instances of people living in different parts of the world sending money to Germany are fairly common. Fortunately, carrying out a money transfer to Germany is no longer as complicated or time consuming as it was until the late 1990s. Now, you get scores of specialist money transfer companies from which to choose, and while banks are still in the fray, they seem to be losing out to the competition.
Transfer Money to Germany
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Deutsche Mark (DEM) served as the official currency of West Germany from 1948 to 1990, and of unified Germany from 1990 to 2002. The euro (EUR) replaced the mark in 1999, although the mark remained in circulation until early 2002. One euro is divided into 100 cents. The euro is now the second most traded currency as well as the second largest reserve currency in the world.
To transfer money to a German bank account, you will need the bank’s SWIFT code. Here are SWIFT codes of some popular banks in Germany.
|HypoVereinsbank (UniCredit Bank)||Berlin||HYVEDEMM488|
Popular Currency Corridors
A considerable sum of money flows in and out of Germany regularly. In 2016, more than U.S. $16.68 billion was sent as remittances to Germany from different parts of the world. Over U.S. $23.21 billion made its way out of Germany as remittances in the same year.
The corresponding tables list how much money entered and left the country across its popular currency corridors in 2016. The numbers are listed in U.S. dollars.
How Do I Compare Companies When Sending Money to Germany?
Whether you wish to send money to Germany from USA, the UK, France, Switzerland, or any other country, comparing service providers requires that you pay attention to the same aspects.
- Cost effectiveness. Companies that work in transferring money to Germany tend to follow varied fee structures, and most provide different exchange rates. A simple way to find the cheapest way to send money to Germany is to look at how much money gets to the recipient through different service providers.
- Processing time. When you transfer money to a German bank account, the process might take up to five working days, depending on where you reside, the company you select, and the recipient’s bank. If you are in a hurry to transfer money to Germany, consider getting the recipient to collect the funds from a cash pickup location because these transfers tend to process in close to real time.
- Paying for the transfer. Just about every company lets you pay for your money transfer to Germany through your bank account. While not all accept debit and credit card payments, you may find the ones that do easily. Some companies even accept payments via region-specific methods such as SOFORT, iDEAL, ACH, and POLi.
- Customer support. Turn to review-based online platforms such as Trustpilot and Feefo to find out how customers of different companies rate their services. Some of the top companies provide local phone support in different countries and some provide chat support in different languages. Online support via chat and email is typically easier to find than over the phone support.
How to Transfer Money to Germany?
Narrowing down on the best way to transfer money to Germany depends on how you want to initiate the process.
- Online. Your bank might give you the ability to wire money to Germany by using its online platform. However, comparing its cost effectiveness and speed with leading online money transfer companies might be worth your while.
- Over the phone. Some companies let you begin the process of transferring money to Germany over the phone. Depending on the service provider you select, you may even get access to a dedicated currency dealer.
- In-person. While several banks let their customers send money to Germany in person, compare their services with money transfer companies that operate out of physical locations or have agent networks.
Lucas had to move to the UK because of work, while his wife and daughter stayed back in Germany. His wife had a job, but she did not make enough to cover for the household expenses as well as their home and car loan repayments. As a result, Lucas was to keep sending her some money each month. Upon getting to the UK, Lucas compared the services of a leading bank with that of a top money transfer company. The table below shows you the result of his comparison.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = EUR 1.0811||GBP 1 = EUR 1.1284|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 3,000||EUR 3,221.68||EUR 3,385.20|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 163.52|
The overseas money transfer company turned out to be a better alternative than the bank on multiple counts. It was more cost effective, it offered a quicker turnaround time, it allowed scheduling of transfers, and it also gave Lucas the option of locking in exchange rates for up to six months.
Cash Pickup Locations in Germany
Sending money to Germany quickly is possible if the recipient can collect the transferred funds from a physical location. Some of the top companies that have agent networks in Germany include Western Union, Ria, and MoneyGram.
|Western Union in Germany|
|Berlin Deutsche Postbank Rathausstr 5 Berlin||Geco Alexa Grunerstr 20 Berlin|
|Frankfurt International Exchange Intex Frankfurt Airport Terminal 2, Building 151, Arrival E Frankfurt||Geco Frankfurt Waechtersbacher Str 75 Frankfurt am Main|
|Ria in Germany|
|Berlin Dircksenstrasse 2 Bahnhof Alexanderplatz/Untergeschoss||MDS395 Friedrichstrasse 150-152 Berlin|
|Frankfurt Said El Hamdi Zeil 43 Frankfurt am Main||City Shop Kaiser Kaiserstrasse 57 Frankfurt am Main|
Safety Tips for Picking Up Cash in Germany
Crime levels in Germany are typically low and instances are violent crimes are rare. Remain vigilant at events that attract large crowds. Petty crime such as bag snatching and pickpocketing takes place in and around the big cities, at airports, at train stations, and at Christmas markets. Pickpockets also work in teams, distracting victims before they are targeted.
What Information Do I Need to Transfer Money to Germany?
The information you need to carry out a money transfer to Germany depends on the transfer method you select.
- Bank account. You will need the account holder’s complete name, an International Bank Account Number (IBAN), the receiving bank’s name, and the receiving bank’s SWIFT code.
- Cash pickup center. You will need the recipient’s complete name and the location of a suitable cash pickup center. To collect the money, the recipient will need to provide a reference number along with an acceptable form of ID.
Regulations When Transferring Money To and From Germany
There are times when you might need to report money transfers to and from Germany to Deutsche Bundesbank, the institution that is responsible for collating foreign trade related statistics. All transfers that exceed €12,500, and some that are below this amount, need to be reported.
If you enter Germany from a non-European Union country, you have to declare any amount over €10,000 to the relevant authorities.
When transferring money to Germany the next time, make sure you compare your alternatives well. Look for ongoing promotional offers as they can lead to added savings.
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