Send Money To 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.