The Best Way to Safely Transfer Money to Germany:
1. Compare your local banks and money transfer services
2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available
3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in Germany. You also may need to pay for the transfer before the money is sent abroad
How to Find the Cheapest Way to Transfer Money to Germany
Compare The Total Cost
The total cost of the transfer comes down to 2 things:
1. Transfer Fees
Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.
2. Exchange Rate Margin
There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.
Money Transfer Comparison Tool
Germany Money Transfer Guide
Transfering a Large Amount of EUR
If you are sending more that $10,000 between Australia and Germany, you should examine
1. Banks and money transfer companies that are regulated with a strong history of international payments
2. The exchange rate being offered
3. Any extra fees they charge
Our Verdict: For larger transfers, consider Transferwise. They give you the same exchange rate as you see on xe.com. They also offer a lower fee for amounts over $10,000.
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Moving from Germany to Australia
It’s no secret that banks impose a high international money transfer fee and it’s seldom you’ll receive the best possible exchange rate. Every Australian bank lets you transfer money to and from Germany, but not all will accept Euro (EUR).
The best possible exchange rate is unlikely to be offered at banks. On top of that, a high international money transfer fee will be imposed.
In this situation, an online money transfer service is one way to avoid these hefty fees. This is especially helpful if you prefer having the freedom to pick and choose your transfer provider.
Transfer service providers that allow you to transfer money from Australia to Germany include OFX, HiFx, torfx, WorldFirst, Commonwealth Bank, Westpac and ANZ.
Our Verdict: OFX for great exchange rates on AUD and EUR transfers to Germany. Particularly for payments under $10,000.
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Friends and Family
Perhaps you have been away from home for quite some time and would like to send a gift to your family. A transfer service like Western Union is a fantastic choice for transferring small amounts. On the other hand, there are other providers that will also offer to waive transfer fees if the amount is larger.
That’s why it is important to shortlist providers that suits your needs, and discuss your options with a currency exchange and money transfer specialist.
Our Verdict: With the right foreign exchange specialist, such as OFX it is possible to achieve a spread of 1% – and even lower, reduce or remove fees, create a strategy for purchasing currency and also access hedging tools.
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Buying or Selling Property
Select a provider with a strong presense in Australia and Germany. This will provide you with the support and flexibility you may require when purchasing a property.
Our Verdict: TorFX is an ideal choice for property settlement transfers. A local account manager will be appointed to guide you through each step. They are fully licensed in Australia and also offer a global support network.
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Business Currency Transfers
Transferring money for your business? Find the best option with these 2 key points:
1. The exchange rate margin – this is the difference between the wholesale exchange rate you can see on xe.com and the rate you get
2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders
Our verdict: TransferWise. Their borderless account is the best product for transferring money in and out of France. It’s almost fee free and they have no exchange rate margin.
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Tuition fees have become steep and ever-increasing. As an international student, you would expect to pay between $15 000 to $50 000 annually, depending on your course. Bring in accommodation, bills and living expenses to the equation and you’ll be dreading the escalating numbers.
For large payments like tuition, make sure you hunt down the best exchange rate.
Taking a part time course? With smaller payments, look out for the transfer fee that is being charged.
Our Verdict: Worldfirst. This is perfect for students and their parents paying the bills to save on hefty transfer costs.
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Fee Free Offer
OFX is a trusted partner of The Currency Shop. OFX customers using this link through The Currency Shop will not incur a transfer fee for their international money transfers, regardless of the size of the transaction.
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Minimum transfer $250. Please note that the receiving bank or intermediary bank may charge fees on transactions.
How To Transfer Money Online
Frequently Asked Questions
Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.
Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:
Setting things up (only has to be done once)
- Log on to their website and register your details. You’ll need to have some I.D handy
- Once your account has been approved, you’ll get a login and password
- Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”
- Get a quote for the amount you want to send
- Confirm the details including the rate and how much it is in Australian dollars
- You’ll get a deal confirmation. Finally you’ll need to pay them the Australian dollars before the money is sent.
1. A Bank
Banks in Australia have higher fees and uncompetitve exchange rates compared to German Banks. But this doesn’t mean you should never use an Australian Bank. They are still the quickest way to transfer between bank accounts.
This is a great option for anyone sending smaller amounts under $1000. The exchange rate you’ll get are comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.
3. A Money Transfer Company
Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you’ll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.
The banks and Paypal don’t have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to Germany and intend to use a money transfer company, make sure you check their minimum transfer amount.
To send money overeas, you’ll need the following information of the bank account you are sending the money to:
Beneficiary or Recipient Details
- The Account Name of your Recipient (person/business you are paying)
- Their address
- The SWIFT Code of their bank
A note about sending money to Germany:
It is particularly important to make sure ALL the bank details you use are correct. Banks are picky and will reject a payment even if a single digit is wrong or a single letter is out of place.
Here is a list of SWIFT codes for the biggest banks in Germany:
Deutsche Bank AG : DEUTDEFFXXX
Commerzbank AG : COBADEFFXXX
DZ Bank AG : GENODEFFXXX
KfW Group : KFWIDEFFXXX
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