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Online money transfer companies typically offer the lowest fees and the most competitive exchange rates if you want to send money to Germany – 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.
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 Transferwise specialise 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 31 July 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||£0||£3.99||£20 + additional correspondent bank fees|
|Exchange rate||1 GBP = 1.10 EUR||1 GBP = 1.074 EUR||1 GBP = 1.083 EUR|
|Transfer speed||1-2 days||Minutes||2-5 days|
|Amount received||EUR€1,106.42||EUR€1,074.42||EUR €1,061.67|
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€44.75 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 transfer providers that send money 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.
If you don’t have a bank account, you can still use cash transfer services to send money to Germany. Similarly, a recipient can get the money with a cash transfer if they don’t have a bank account. These services are widely available around the world and although they’ll typically not be the cheapest available, they can be fast and convenient.
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. Because both are relatively stable global currencies, the GBP-EUR relationship typically doesn’t make sharp movements. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Track how the euro trades against the pound sterling in our historical rate chart.
To send money to Germany from the UK, 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 the UK to Germany, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
It shouldn’t cost a fortune to send money to Germany. Compare money transfer companies that specialise 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.
Small World offers competitive rates, instant transfers and multiple payment options to send money to more than 190 countries.
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