The best 4 ways to

Send Money abroad from Germany

sending money abroad in Germany

More and more financial services are popping up everywhere. But especially when it comes to sending money abroad, it is important to use a service that you can trust. We will show you the five best institutions and services for your international money transfer.

If you send money abroad from Germany, you have to distinguish between Euro and non-Euro countries.

It’s very cheap and simple to send money to another country within the Eurozone. So for example, sending money from Germany to France, to Spain or to Poland. For this you can just use a German bank account.

However, when it comes to sending money to a country with a different currency, then financial services like TransferWise are cheaper and faster.

In this blog, I am telling you of my own experiences with sending money from and to Germany.

I have personally used these services to transfer money between Germany and China, the UK, Canada, the US, France and Austria. So this blog is based on my experiences with these countries.

#1 Use Transferwise

to send money to non-Euro countries

Our number 1 for international bank transfers is TransferWise. It is particularly good for a money transfer to non-EU countries and if the currency is different.

For example, if you want to transfer money from Germany to the US, or from Germany to the UK, then you should choose TransferWise. This is because it gives you a pretty fair currency exchange rate. This way you don’t lose money exchanging Euro into Pound or US Dollar.

There are also similar money transfer services like CurrencyFair. They are all pretty much the same. I’m personally quite happy with TransferWise, as it is internationally recognised. It also offers transfer into pretty much all countries.

Why do I recommend it?

  • It’s one of the cheapest ways to transfer money internationally.
  • It’s simple: you use your debit card or a normal bank transfer.
  • The money usually arrives on the same day.

How does Transferwise it work?

TransferWise matches you with people sending their money in the other direction. As such, your money technically never leaves the country.

What you need to do

1. You enter how much you’re transferring and where to. You can send to your own account abroad or another person or business.
2. Pay TransferWise in your local currency. Use your debit card, just like shopping online, or make a normal bank transfer.
3. TransferWise converts your money at the mid-market rate and matches you with people sending in the other direction. That’s why it costs so little.
4. The converted money is sent to the target bank account. Everyone gets notified by email, so you always know where the money is.

use German bank account to send money abroad

#2 Use a German Bank Account

to send money to Euro-countries

It has become very easy to transfer money in between the Eurozone since 2012. This is because the EU introduced international bank account numbers all over Europe. So every EU-citizen has got IBAN and BIC codes now. They are the equivalent to the SWIFT code.

When should I use a normal bank transfer?

  • for bank transfers within the European Union
  • when the recipient has the same currency

It has become very easy to transfer money in between the Eurozone since 2012. This is because the EU introduced international bank account numbers all over Europe. So every EU-citizen has got IBAN and BIC codes now. They are the equivalent to the SWIFT code.

When should I use a normal bank transfer?

  • for bank transfers within the European Union
  • when the recipient has the same currency

How long does it take?

Usually it takes one to two working days to transfer money from one European bank account to another.

How much does it cost?

If you transfer money from a German to a French account, for example, it’s free and very quick (1-2 working days) when the two EU countries share the same currency. If the recipient’s account is in another currency, you may be charged for the transfer and it may take a little longer.

How does it work?

You can usually transfer money abroad from Germany using online banking. You need the IBAN and BIC of the recipient’s account. It’s very simple. Deutsche Bank, Berliner Bank, Postbank, Fideo are just a few German bank that offer you to do online banking with other European banks.

get German bank account

#3 Use Western Union

for the fastest money transfer

There are also financial services which you can use to make bank transfers all over the world. People only use these services, if circumstances are urgent. For example, if the money needs to arrive instantly. This is also the most expensive way to send money abroad from Germany.

If you want to transfer money extremely quickly, then go for Western Union. You have probably heard of it.

The main advantages:

  1. Availability ! It has branches all over the world. Really. Everywhere. You find several pick-up points in big cities like Berlin, London, Paris, Moscow, Munich, etc etc. But you also find branches in small towns and remote areas in Africa or South America.
  2. Speed ! The money arrives with the recipient within 10 minutes. Really. It is there almost instantly. Of course, this means that the service is more expensive than slower ways of transferring money. So if you want speed – go for Western Union.
  3. Trust ! Western Union has existed for decades. Everyone knows it. You can trust it. If something goes wrong, you have customer service all over the world. So no worries.

When is it good?

  • you need the fastest bank transfer
  • you don’t care about the costs to send money abroad
  • you don’t have a SWIFT or IBAN code

How much does it cost?

It’s the most expensive version. This service will take 5-10% of your transferred sum as commission.

How fast is it?

Apparently, they get the money transferred within 10 minutes. Again however, the fees are immensely high, so this option should only be considered if you are under intense time constraints.

How does it work?

Using the services of a non-banking provider such as a money transfer company means that they use its internal transaction system to transfer your funds; however, you must provide a valid ID and the recipient will be asked to provide a valid ID as well.

#4 Use PayPal

for free transfers between friends and family

Finally, you may want to use international online banks, such as PayPal.

Again, there is a fee involved (at least 4%). But the transfer is immediate, so it’s a good option if you have little time.

Note that both you and your recipient need a PayPal account for this. You usually use the normal PayPal for commercial transactions. For example, if you buy something online. You have an automatic buyer’s insurance.

But you can also use it to send money on a private basis.

For this, sign up with PayPal.me.

What is PayPal.me?

Here you can transfer money for free – but only between family members, colleagues and friends.

The only condition is that the money is sent privately. It must not be commercial.

How does it work?

You must have a ‘normal’ Paypal account to use this function. It takes 2 minutes to set up.

Note that it is only free, if you send money within Europe, and if it is the same currency.

Find out more information on www.PayPal.me

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