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Send Money To Germany

A large percentage of this money was sent through inter-bank transfers and partly through online money transfers and in-person transfers. Sending money to Germany, especially from outside the European Union comes with lots of regulations, exchange rate differences and fees. This guide helps you to put all this into perspective and make your next transfer home a breeze.

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How To Send Money To Germany

Sending money to Germany is simple and easy. Follow these steps to get started.

Find a Trusted Provider

Use our comparison table to find the best provider for your needs.

Sign Up and Deposit

Sign up with the provider and deposit the amount you want to transfer.

Transfer Money

As soon as you're ready, you can start sending money online.

Ways To Send And Receive Money In Germany

There are multiple ways to easily send and receive money in Germany but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money. 

Sending Money To Germany
Receiving Money In Germany

Ways to Send Money to Germany

There are several channels you can use to send money to Germany both from the EU and outside the EU region. How you choose one and leave the other is purely based on personal preferences.

International Wire Transfers

Bank transfers are the most popular ways of sending money to Germany. If you are sending from the EU you may be charged much lower fees than someone sending from outside the EU. Typically, when sending from North America (Canada or the United States), you will be charged around USD 45-50 flat fee to execute your transfer. Since this amount doesn’t change irrespective of how much you transfer, international wire transfers are best for transferring large amounts of money.

Another dimension to these transfers is that if you use a bank that has a branch office in Germany or a branch of a Germany bank in the country you are sending from, you may end up paying less in fees. Correspondent banks usually cause delays in transfers and a hike in fees.

If you share a bank account with your spouse, sending a transfer can be as simple as depositing into your own account. The other bit you need to be careful with when sending through wire transfers is the exchange rate. Most banks offer low exchange rates for transfers without communicating explicitly to the customer.

Germany being a developed economy has such a reliable network of banks with almost every person having a bank account. Within 3-5 days from initiating a transfer, the recipient in Germany should have received the money.

Online Money Transfer Services

Online money transfer services are becoming increasingly popular among Germans in the diaspora looking for ways of sending money home. The providers in this category are cheaper compared to banks, especially when sending small amounts person-to-person.

Even if you do not have a bank account in the host country, you can still send money through money transfer services. Some money remittance companies such as Payoneer, issue their own debit cards which makes it even easier for you to move money.

With online money transfer, you’ll need to sign up for an account, pay for your transfer through a debit or credit card or bank debit (ACH). Debit and credit cards are the fastest means of funding your transfer while for a bank debit it may take a few days to complete the funding of the transfer. You can send the transfer through the provider’s website or through a  mobile app.

There are two main ways of sending money to Germany using online money transfer providers.

Bank Transfer-When sending from North America or from within the EU, the transfers are delivered the same day into the recipient’s account. Most providers including Worldremit, TranferWise and Xoom offer this service.

Cash Pickup-This method involves sending money to the recipient to enable them to collect it in cash from their nearest payout location.  Cash pickups are instant. Xoom, MoneyGram and Western Union offer cash pickup services.

In-Store Cash Transfers

Even if you do not have a bank account, you can still send money to your loved ones through in-person cash transfers. Sending money through this method is easy and quick. You just need to locate a store near you, go in and complete a form, give the clerk the amount you want to transfer, show them your ID and that’s it! You will be given a unique code that you will send the recipient.

The only downside with these services is that they charge fees based on a percentage of the amount you send. For large amounts, this can be costly. The exchange rates given may also be unfavourable. Western Union and MoneyGram are the main in-store cash transfer methods. They also have a feature where they allow you to begin the sending process online and complete it in person at the nearest store.

What Is Needed To Send Money to Germany

Whether you are sending money to Germany using online money transfer services or in-store cash transfers, you’ll need to provide some information to facilitate the transfer. Most providers ask for the following information.

  • A government issued-ID document. If you are sending from the United States, you can use a passport, social security card or driving license.
  • The recipient’s name as it appears on their official documents
  • The address and phone number of the recipient
  • If you are sending directly to a bank account, the recipient bank details (bank name, branch and account number)
  • The amount of money you want to send

Depending on the country you are sending from, you may be asked to disclose the source and purpose of the money.

Best Ways To Send Money To Germany

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Top Provider
Amount Received
By Bank Transfer
€826.69
Fees: $5.00
Rate: 0.83084*
Payment Options
Speed
Debit Card
1-2 Hours
Credit Card
1-2 Hours
Bank Transfer
1-2 Hours
Key Features
First 3 Transfers Free
Cash pickup to over 170,000 locations
No domestic transfers
Amount Received
By Bank Transfer
€828.34
Fees: 0
Rate: 0.82834*
Payment Options
Speed
Debit Card
1-2 Hours
Bank Transfer
1-2 Hours
Key Features
No transfer fees
5/5 'excellent' rating on TrustPilot
£25 amazon gift card when you refer a friend
Amount Received
By Bank Transfer
€800.61
Fees: $10.00
Rate: 0.80869*
Payment Options
Speed
Bank Transfer
3-5 Days
Debit Card
3-5 Days
Key Features
Internationally renowned bank
Current Mid-Market Rate: 1 USD = 0.835858 EUR
* Some rates may be indicative.

Common Reasons for Sending Money to Germany

With most Germans in the diaspora working, doing business or in their retirement destinations, there are many reasons why they send money back home.

Repatriating Incomes

Expatriates abroad prefer sending their earnings home because they may not plan to stay out of the country all their lives.

Investment

Germany is a developed economy with lots of investment options in disruptive as well as legacy businesses. These opportunities attract inflows from Germans abroad.

Paying Employees and Contractors

Germans abroad with businesses back home may from time to time send money to pay contractors and employees.

Family Support

Those with families back home may send money regularly to supplement their incomes or directly support them in their day to day living expenses.

Others may be repaying debt or mortgages and have to honour the obligations as provided in the loan covenants they signed.

Why Send Money with a Money Transfer Service?

When sending money to Germany, you have the option of using bank-to-bank transfers. However, sending money using money transfer services is advantageous and convenient. Here are some reasons why you should consider money transfer services when sending your next transfer to Germany.

Ease of Set up

Signing up for an account, paying for your transfer, and sending money to Germany is much easier when done using money transfer service providers compared to banks. The time to set up is faster and account verifications if any take about 10 to 15 minutes at most.

Exchange Rates

Money transfer operators make their margin from exchange rate differentials. They charge a certain percentage off the midmarket rate. With that being said, these margins are normally narrow, up to 2.5% above the mid-market rate. When you exchange, you get more euros per unit of the sending currency.

Geographical Spread

Money transfer service providers have made contractual agreements with banks in different countries including Germany and have also set up cash pickup locations in different cities across Germany. This makes it easier to send and receive money irrespective of the country you are in.

Multi-Currency Support

Unlike banks, money transfer operators support both standard and exotic currencies. When sending from countries whose currencies are not frequently traded, money transfer service providers will still support and complete your transaction. For instance, WorldFirst supports 180+ currencies and  OFX supports over 190 currencies.

Speed of Transfer

Same or next day transfers are possible with money transfer services. For instance, if you send money from the UK to Germany and pay for your transfer using a debit or credit card, the recipient can get it in a matter of minutes or the following day.

Transfer Costs

Most transfer service providers charge lower transaction fees or even $0 fees for personal accounts and minimal charges for business accounts. This leaves you with more money to send to your family or invest.

Things to Consider When Sending Money to Germany

There are various aspects to consider when sending money to Germany. Three of the most outstanding factors are taxation, currency exchanges, and withdrawal limits.

  • Taxation -The money you receive as remittance from abroad is not taxable unless it is part of your earnings. In this case, you’ll be taxed on this income just like any resident. If there is a double tax agreement between the sending country and Germany you can claim any taxes already paid in the host country.
  • Currency Exchange – Since 2002, Germany has been using the Euro as its monetary unit. Anyone coming in with exotic currency or receiving money in a different currency that may not be generally acceptable has to exchange for the Euro. The easiest and quickest way to exchange currencies in Germany is through an ATM machine.
  • ATM Withdrawal Limits – Depending on your bank, you may have ATM withdrawal limits ranging anywhere between 500-1000 Euros. You should confirm with your bank so that you know how best to channel the transfer. 

When sending money to Germany, money transfer services can give you the best rates, charge you low transaction fees and even help you manoeuvre the money transfer complications, thanks to their transfer experts. To find out more about fees, take a look at our money transfer fees guide. 

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Looking to Send Money Somewhere Else? 

Sending money anywhere else in the world is as easy as sending money to Germany. If you're looking to send money to another country, here is the list of the most popular destinations.

Jonathan Merry

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com