If you need to send cash to Germany, the two most popular choices are to send a wire transfer through your bank or save on your exchange rates and processing fees with a specialist money transfer service.
Here we’ll run through the international payment options and how they stack up against each other so you’ll know all the answers to “how can I send money to Germany?”.
Bank Payments and Wire Transfers
Traditionally, bank transfers were one of the only ways to send money overseas. However, with digital innovations and the global banking market’s growth, there are now many other options, which are usually both quicker and cheaper!
Some factors to consider include:
- The bank processing fees; as steep as $45 for a single wire transfer.
- Charges at the recipient bank, as your payee will often have to pay another set of costs.
- Exchange rates, which are typically much less favorable through a generic bank.
- Time, with many bank transfers from the US to Germany, taking at least five working days.
You might find a range of choices through the same bank, such as bank-to-bank transfers, account-to-cash (where your payee needs to pick up cash in person), or cash-to-cash, usually for walk-up payments on both sides of the transfer.
Each of these payment options carries a different set of fees. If you’re using a cash transfer service through a bank, your recipient in Germany will generally pay a collection fee on top of the exchange rate commission and admin charges you have already paid.
Prepaid Debit Cards
Another option, most commonly used to send funds to traveling family members, is to look into a prepaid debit card.
These services work by allowing you to top up the balance on the account from the States, permitting the holder of the prepayment card in Germany to withdraw the cash.
The benefits are that you can usually replenish the cash balance via direct deposit, debit card, credit card, or through a checking account. In most cases, the money is available in a few minutes.
On the flip side, there are some costs to consider:
- Card activation fees are usually around $20 per prepayment card.
- Most accounts carry a monthly fee of $4 or $5.
- If the card is inactive and you want to keep the account open as a contingency, you will often be charged around $10 per month as a holding fee.
- Processing charges are levied whenever you add funds, check the balance, withdraw cash, or make a card purchase.
- In Germany, the ATM fees will also be deducted from the available cash.
- Delivery charges can also be hefty, so it’s wise to top up the card less often and with more funds, with a cost of around $10 a pop.
Repayment debit cards are good for younger travelers or as an emergency fund when working or visiting Germany, rather than a cost-effective option for worldwide money transfers.
International Money Transfer Services
Our final option, the most widely used and lowest-fee option, is to register with a specialist money transfer service.
If you’re wondering, “how can I send money to Germany without losing up to 10% of my cash value in banking fees”, this is the ideal solution!
Whether you want to send a one-off lump sum to Germany, make regular payments, or would like the option of accessing competitive exchange rates for commercial transfers or purchases, these providers are experts in the sector.
You can send payments via mobile, over the phone, or from a desktop to anywhere in the world. Transfer times range from a couple of minutes to a day or two, depending on which service you choose.
The exchange rates are among the best you’ll find anywhere. Given that their focus is primarily on making international payments quicker and more affordable, money transfer providers will work hard to offer you superior support.
Benefits include:
- More secure transactions, with remittances made directly to your recipient from the money transfer provider.
- Control, allowing you to pay the transfer company directly from any debit card, credit card, or checking account of your choosing.
- A faster transaction, with 24-hour European transfers a standard option.
- Cheaper fees, and lower rates, usually around 85% more cost-effective than making a payment to Germany through your bank.
Whichever options you choose for your payments, always take the time to read the small print and understand the fees and exchange rates you’re paying.
With Cashero, you can send money to another Cashero user in Germany easily, and it happens in an instant. We dare you to find a better option.
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