From time to time, you’ll need to transfer money to your loved ones back at home. Also, on special occasions, someone might surprise you with a huge birthday gift check. So, how do you transfer money on internationally accepted currency such as Euro and USD to and from Germany? Before selecting a preferred method, there are things you need to consider, such as processing fees and processing speed. We have three modes of money transfer that are legally approved in Germany and secure for handling your money. They include Transfer to Bank Account, Transfer to a pick-up location, and Transfer to Mobile Wallets.
Other than processing time and processing fee charges, you must go for the best exchange rates too. In the long run, we want you to win in terms of transparency, objectiveness, and verifiability.
Here are the best ways to do International Money Transfers (To and From Germany):
Bank Transfers involves electronic transfer of funds from a bank in Germany to another one outside the country and vice versa. Also known as wire transfer, this is the safest way to transfer any amount of money in your currency of choice. However, the process is charged on a percentage of the total amount and might be a little bit expensive. In most cases, it also takes longer since money is processed on business days only. The two standard modes of bank transfers include:
- SWIFT Transfers
Society for Worldwide Interbank Financial Telecommunication (SWIFT) involves an eight or eleven alphanumerical character to do an international wire transfer. However, this platform doesn’t facilitate funds transfer but instead sends payment orders to affiliated banks. All you need is to have a banking correspondence with the recipient to enjoy full services.
- Bank Drafts
A bank overdraft will involve your bank debiting your account in favor of the recipient, or another bank in a different country. Bank overdrafts may also include bankers’ checks whereby the recipient can cash an equivalent amount of the overdraft. However, this mode can be expensive as some banks charge the fees on an interest basis.
- Money Transfer Agencies
If you don’t have a bank account, then you need not worry as Money Transfer Agencies are in place to remit your funds. Moreover, these are the quickest, cheapest, and surest ways with the best exchange rates ever. Take a look at the following International Money Transfer Agencies:
- Western Union
Western Union is a reputable communications and financial services provider that offers personal money transfers, commercial services, business payments, and money orders. You’ll deposit money at a Western Union branch, and the recipient picks an equivalent amount in a corresponding local branch.
- MoneyGram
MoneyGram mostly operates with financial institutions. We recommend that the recipient has a bank account with a local financial institution that has an affiliation with MoneyGram.
- PayPal
PayPal is an electronic platform that offers online money payments. You’ll have to open an account at their website where you can link it to your favorite checkout system. In some countries like Kenya, PayPal has partnered with mobile money wallets like Mpesa to make check out easier. The best checkout system with PayPal is local bank accounts that are affiliates of the website.
- Skrill
Skrill works more or less the same as PayPal. Your correspondent will need a Skrill account to effect payments. Later on, they can withdraw through li ked bank accounts. Skrill transactions literally take minutes for processing.
