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GERMANY

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. 
Germany

Popular money transfer services that send to
germany

  • Tramonex
  • Azimo
  • Ozforex

Currency Used

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 non-EU countries. 

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 money. 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 amount: 

 •    Payer’s ID 
 •    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 countries. 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 authorities.       

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.