NOTMany Britons still live and work in Europe, so the demand for transferring money to German bank accounts – or vice versa – is still high. Buying and selling property abroad, sending money to relatives or transferring savings before repatriating to the UK are among the factors that make people think about how to to send money to Germany from the UK.
Whatever the reason, there are several ways to transfer money to Germany. However, depending on the currency exchange service you choose, the cost, the level of advice you receive, and the availability of personalized tools that can help you can all vary greatly.
This article explains how to send money to Germany in the most efficient and economical way.
How to send money to Germany
If you need to transfer money to Germany from your UK account, your instinct may be to go to your main bank, but that could leave you out of pocket. Banks and building societies often have high fees for international payments – including transfer fees of up to £30 for a single transaction – and offer less than competitive exchange rates.
Lower exchange rates mean you lose a significant portion of any large sum you transfer when you send money to Germany, while high fees can negatively affect smaller, more regular payments you make, such as as the transfer of your pension.
Another option is a money transfer service, which is typically used to send money when the recipient is abroad but does not have a bank account there. This can only be done at an agency and must be both deposited and collected in person in each country. While this can be a good option if you need to send money quickly to Germany, fees can be steep for a small amount and you’re unlikely to be covered if something goes wrong while your funds are in transit. transit.
A more cost-effective, efficient and secure way to transfer money to Germany from the UK is through a currency specialist, as you will benefit from competitive exchange rates, no transfer fees and a range of tools designed to save you time and money. With a specialist, you also have access to personalized expert advice, as well as the possibility of managing your own payments online or by telephone, according to your choice.
What details do I need?
To send money from the UK to Germany, you’ll need to provide your personal information, as well as that of the recipient in Germany, whether it’s your own account, an account for a business, or someone else. This includes:
- Your name and the recipient’s name
- Their account number
- Their contact details
- An International Bank Account Number (IBAN) for verification of their German bank account
You may also need to declare the reason for the transfer.
How to find a good exchange rate
Because specialist exchange services work in bulk, they can help you find a good exchange rate and often offer no transfer fees. Unlike banks and other non-specialist providers, these services also focus on designing tools to help you navigate fluctuating forex markets and get the most out of your money. For example, you might be able to lock in a great rate for your future payments with a forward currency contract, so you don’t miss out.
You can access such a facility through the Telegraph Media Group international money transfer service provided by moneycorp. In addition to competitive exchange rates between pounds and euros, moneycorp offers zero transfer fees, personalized advice from a currency expert and fast, secure service.
How much can I send online?
With a moneycorp online account, you can transfer up to £100,000 in 33 different currencies, including the euro. You can create an account in a few simple steps (or get help over the phone if you want) and once you’re set up, you can send, receive and hold funds in multiple currencies. To send money to Germany from the UK, just select Euros as the currency you want to transfer to, specify the amount you want to send and moneycorp will make sure your money gets there. where he should be.
If you want to send more than £100,000 or prefer to speak to someone about your transfer, you can also contact moneycorp via their telephone service.
With your account, you can also manage and track all payments, view live exchange rates, and sign up to receive alerts on forex market movements.
How long does it take to send money to Germany?
When you send money abroad, time is often running out. Using a specialist international payments provider, such as moneycorp, means your payments will arrive quickly and securely, usually within 1-2 days, with some payments even arriving the same day.
Send money to Germany today
Transferring through Telegraph Media Group’s international money transfer service gives you the tools and support you need to get the most out of your money with every overseas payment. With competitive Pound to Euro exchange rates and no transfer fees, this means you can be sure you’re getting the most out of your money.
moneycorp is a trading name of TTT Moneycorp Limited, which is authorized by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) to provide payment services.
The above article was created for Telegraph Financial Solutions, part of the Telegraph Media Group. For more information on Telegraph Financial Solutions, click here.
Information correct at the date of publication.