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Online money transfer companies typically offer the lowest fees and the most competitive exchange rates — often beating your local bank by a longshot. You’ll need to send cash if your recipient doesn’t have an account with a supported bank, so compare options to find the best deal for your situation.
Compare minimums, speed, fees and more when converting US dollars to euros in Germany.
Enter the amount you’re transferring to see how much will arrive at your destination.
Sign up and send money with a digital money transfer specialist in four steps:
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Germany. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Companies like XE and Wise specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s German bank account, often in as little as a day or two.
Services like MoneyGram and Western Union allow you to transfer cash for pickup at a local branch in Germany— often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
The euro is a popular currency, so your local bank may be able to exchange them. If your bank supports euros, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to Germany.
Let’s say you need to send $1,000 to family in Germany. Here’s what you might face as far as fees and exchange rates as of August 1, 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$0||$4.99||$50 + additional correspondent bank fees|
|Exchange rate||1 CAD = 0.624 EUR||1 CAD = 0.613 EUR||1 CAD = 0.598 EUR|
|Transfer speed||1-2 days||Minutes||2-5 days|
The bank option ends up being the slowest and gets the smallest amount of money to your recipient in Germany. If you go with the digital money transfer service, your recipient ends up with EUR€55 more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to Germany in as little as 15 minutes — just make sure there’s a cash pickup location near your recipient before sending.
Weigh costs and fees against convenience to best compare money transfer providers that send to Germany. Consider:
When urgency trumps cost to get your money to Germany quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. Germany’s exchange rate is based on the euro, which is flexible compared to the Canadian dollar. Because both are relatively stable global currencies, the CAD-EUR relationship typically doesn’t make sharp movements. Factors that influence the exchange rate include interest rates, economic stability and inflation.
To send money to Germany from Canada, you’ll need a government-issued ID and other documents, while documents needed to pick up money in Germany may be different by company.
To send money from Canada to Germany, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
In Germany, large money transfers may be subject to a gift or inheritance tax. The tax percentage is tiered, rising with the transfer amount. If your transfer reaches up to millions of euros, advise the recipient to speak to a tax specialist or tax lawyer in Germany to find out if any taxes apply.
If you send money via bank wire transfer, your recipient may be charged a fee to receive the funds. If you send from a bank, try to submit your transfer in the morning. Banks often have a cutoff time, and transfers submitted after this time will likely be processed the following day.
Sending your hard-earned money to Germany shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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