Send Money To Germany
Lies in the western part of the Europe,
Germany is Europe’s most industrialised and populous country. In the past five
years, the country has experienced the fastest pace of the growth in their
economy, while industries including automobile, chemicals, electronics and
energy played a vital role in the development of the economy.
However, the country played a vital role
and served as a key member in shaping up continent’s economic, political and
defence organisations. Germany shares a border with nine European countries,
while major attractions include Alps Mountains which force millions of
travellers from across the globe annually.
The capital of German is Berlin, while
being a part of the European Union the currency of the country is Euro.
Popular money transfer services that send to
The German Mark (DEM) was used to be the
official currency of the country until it was replaced by Euro in 1999. The
country secures the top position as the largest national economy in Europe and
fifth largest by nominal GDP in the world. However, being a founding member of
the European Union and Eurozone, the economic model of Germany is based on the
concept of the social market economy.
As a member of the European Union, the
official currency of the country is Euro, which is commonly used by the financial
institutions of the member countries.
Additionally, it is used by citizens in
fulfilling the needs of their daily transactions.
German Euro is broken into:
Coins: The eight coins and cents is differ
from each other in terms of design, colour and sizes.
Coins are divided in the
denomination of €2, €1, 50 cent, 20 cent, 10 cent, 5 cent, 2 cent and 1 cent.
Notes: €5, €10, €20, €50, €100, €200, €500.
Send Money with Bank Deposit
Germany has placed on top position for
remittance recipients from all over the globe. Bank transfers are the most
common and significant way, for sending and receiving money to German bank
account, while most of the Germans opt for banks in the transference of money.
When travelling to Germany, it is advisable
to open up a bank account for easy money transfers. Moreover, setting up a
German bank account can be highly beneficial for multiple reasons. Moreover,
setting up a bank account in Germany is mostly free of charges. However,
different fees are applied by banks in order to make money transfers to the
If you make transference of money on regular basis then it is
advisable to have a hand on knowledge about the rules and regulation for the
transference of money to EU and non-EU countries.
Moreover, it would take one to three days
for the transference of money, but if you are using a SWIFT bank account, it
could take weeks.
Another newer and cheaper way for the
transference of money is peer-to-peer banking, which makes the transfer around
80% cheaper than the normal bank transfers.
In addition, you can opt for the German
online account like DKB and Comdirect, which has gained popularity over the
period of time.
Send Money Through Cash Pickup
Over the years, the choice for money
transfers has been shifted to the online mode of payment and money transference
methods. As there are online options available in Germany that allow individual
to make the money transfer in an easier way.
If you are not opting for a bank
for the transference of money, then there are numbers of money transfers
services with cash pick up locations that allow the recipients to collect the
Sending money from Germany via money
transfers is a fairly quicker option for sending money abroad. The company
usually requires the following information for the transference of the desired
Desired amount for the transference
A filled out a form that has been provided by the firm.
The receiver from Germany can withdraw the
amount at the cash pickup office by showing the unique code that has been
provided by the money transferring firm.
MoneyGram and Western Union are the popular
money transferring agencies in Germany. These firms are suitable for
transferring a smaller amount of money. The cash pick up centres can be easily
found at the airports and central stations of Germany in the major cities.
However, this service is still not available in the rural areas of the country.
Money Transfer Regulations
Germany is one of the strongest economic
pillar of Europe and being the prominent member of Eurozone and the European
Union, the country implies same rules as rest of the members of the EU
There are several ways for sending and
receiving money from Germany, but an online mode for the transference of money
is turned out to be the most preferred one among Germans. However, banks in
Germany charge a different fee, if you are making transference to the non-EU
countries. The fees may vary from bank to bank. Additionally, if the amount
exceeds to 5000 euros, then the transfer would be free of cost
Moreover, the amount exceeding to €10,000
must need to declare to the customs as per the rules governed by the EU
Additionally, if you are planning to visit
Germany make sure to exchange your currency to euros, less popular currencies
only accepted at airports and international banking companies, while popular
currencies including British pounds, Us dollars, Swiss francs and Japanese yen
can be exchanged to euros at any bank in Germany.