How to Transfer Money from UK to Germany (Made Easy)

Author, Mike Smith

Last Updated on August 16th, 2024

In this article, I’ll explain how you can transfer money from the UK to Germany easily and cheaply. You can find out how to make your money transfer to Germany without any of the usual financial jargon.

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Transfer Money to Germany in 4 Simple Steps

There are 4 simple steps for transferring money from the UK to Germany.

The steps remain largely the same, regardless of which provider you use.

Step 1: ID check

You’ll need to pass an ID check to set up an account with your chosen money transfer provider.

This is required to comply with anti-money laundering regulations.

For UK residents, a copy of your passport or driver’s license and a utility bill is typically enough to open your account.

It’s usually quick and straightforward.

An ID check is necessary regardless of the provider you use.

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Step 2: Secure an exchange rate

The exchange rate is the most important part of your transfer as it largely determines how much it costs.

The Pound to Euro exchange rate is needed for a transfer from the UK to Germany.

When the Pound is strong, you’ll get more Euros for your money.

So, you should aim to make the transfer when the Pound is strongest.

You should also be aware that some providers offer better exchange rates than others.

There’s also no ‘official’ exchange rate.

There is the interbank rate, which is what you’ll see displayed on Google.

This is used by banks to trade between themselves, and unfortunately, it’s not an exchange rate that customers like you or I can achieve.

You’ll want to get an actual exchange rate quote to see what you can achieve.

Once you’ve found an exchange rate you’re happy with, lock it in with your provider.

As a tip, many providers will require you to send in a percentage of funds as a deposit before you can lock in an exchange rate.

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Step 3: Send in your Pounds

Once you’ve agreed and secured an exchange rate, you’ll need to send in the total amount of Pounds to be converted.

Your provider will make it clear where you need to send the funds.

Once you send the funds, that’s your part done.

You can sit back and relax.

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Step 4: Your Pounds are converted to Euros

Your money transfer provider will convert your Pound into Euros at the exchange rate agreed upon.

It’s then just a case of waiting for your Euros to arrive in the German bank account.

You’ll just need to wait for the funds to clear at the receiving bank.

Once the funds arrive, their job is done!

For many people, making a large money transfer to Germany can be a momentous moment.

If that’s the case, open a bottle of champagne (or German gluhwein) to celebrate.

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The Best Ways to Transfer Money to Germany

Various methods are available for transferring money to Germany, these include:

• International Bank Transfer
  

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• Debit or credit card payment.
  

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• Google or Apple Pay.
  

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• SWIFT payment.
  

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• Cash pick-up service.

An international bank transfer is a good option for a transfer to Germany. It is one of the most secure methods and usually a lot cheaper than alternatives.

Money transfer services that offer bank transfers to Germany include your bank and currency brokers, it’s important to compare both before deciding on which you will use.

Banks

Banks may spring to mind when making a large money transfer to Germany.

Familiar? Maybe.

But cheap? Think again.

Most banks have big exchange rate margins on international transfers.

The exchange rate margin is the cost that’s built into your exchange rate.

From my experience, banks usually charge between 3%-4% on international transfers.

On a transfer of £100,000, this means a cost of £3,000 to £4,000.

This is hugely expensive.

It’s also annoying that as well as having huge charges, banks often have typical red tape and bureaucracy.

Currency Brokers

Currency brokers offer an alternative to bloated banks.

They are currency exchange specialists.

They transfer large sums of money all the time and don’t have expensive overheads.

This is how they can provide better exchange rates.

And how you can get a better exchange rate!

Ultimately, currency brokers make international transfers cheaper and give you a more efficient service.

Surely, it’s a no-brainer to use a currency broker rather than a bank for large international money transfers.

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What Information Do You Need for a Money Transfer to Germany?

I’m sure you’ll want to be as prepared as possible for sending money from the UK to Germany.

The best way to do that is by getting all the details and necessary information for the transfer ready beforehand.

This is the information you’ll need:

• Your name and the name of the recipient
  

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• The recipient’s account number
  

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• The recipient’s contact details
  

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• The recipient’s IBAN

If you’ve not heard of IBANs before, they are the number used to identify bank accounts from anywhere in the world.

In Germany, IBANs follow this format:

• Country code – DE for Germany
  

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• 2-digit check number
  

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• 8 digits for the German bank code
  

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• 10 digits for the individual bank account number

You’re looking for something that looks a little like this:

DE89 4806 0054 0623 0220 00

You can often find the IBAN on a bank statement or the bank’s website.

It’s not something that most people are familiar with though, so don’t worry if you can’t find it.

Call your bank or a currency broker who will be able to help you find it.

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How Long Does it Take to Send Money to Germany?

Money transfers from the UK to Germany are generally quite quick.

It typically takes 1-3 working days to transfer money from the UK to Germany.

As you’re sending money to the eurozone, the transfer will use the SEPA payment system.

SEPAs are one of the quickest types of international money transfers.

All in all, it should be a quick process of around 1-3 working days.

Weekends or bank holidays can affect the time taken too.

The currency exchange from Pounds to Euros is the quick part!

Most of the wait is down to clearing time at the banks.

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How to Avoid Paying Fees for a Money Transfer to Germany

Some international transfer providers add one-off fees to every transfer you make.

Again, it’s often banks that are guilty of adding these additional fees.

But a lot of the money transfer apps do the same thing.

As we’ve established though, there are costs already built into the exchange rate.

You shouldn’t be forced to accept these extra fees.

You’re just being charged twice for the same transfer!

I wouldn’t put up with this.

I’d recommend finding a currency broker, like Key Currency, that doesn’t charge you any additional fees.

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Making Sure Your Money is Safe

The best way to make sure your currency broker is safe is to make sure that they are Authorised by the FCA (Financial Conduct Authority)

All FCA Authorised currency brokers must keep your funds in ring-fenced and safeguarded client accounts.

This is the best way to ensure that your money is safe when transferring it to Germany.

Check the FCA register to see whether a currency broker is FCA authorised.

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How to Get a Great Exchange Rate on Transferring Money to Germany

The power to get a great exchange rate is in your hands.

In the perfect world, we’d all have the time to study currency markets in detail, speaking to all the experts possible to come up with the best time to make a money transfer.

But who’s got the time for that?

This is where we come in.

At Key Currency, your account representative will watch the currency market for you all day.

We’ll listen to the purpose of your transfer and discuss with you the best time to make your transfer.

You can even set up rate alerts when the Pound to Euro exchange rate hits a rate that you’re after.

If you were to use a bank or an app-based money transfer company, you’d be entirely on your own.

You’d be forced to manage the entire transfer by yourself and keep track of the exchange rate without the support of an expert.

With a large money transfer, that’s a lot of pressure.

I’m not sure I’d want the sole responsibility of transferring thousands to a different currency.

I’d want all the help I could get.

Let our account representatives analyse the market for you and help you make the best decision on the timing of your money transfer to get the best exchange rate possible.

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Quick Summary

1. To transfer money from the UK to Germany, you can use a bank or a currency broker.
   

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2. Transfers from the UK to Germany should take 1-3 working days.
   

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3. Your cheapest option to transfer money to Germany is usually a currency broker.
   

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4. Use a provider that doesn’t charge you unnecessary and annoying fees.
   

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5. Some currency brokers like Key Currency can assist you by watching exchange rates on your behalf.

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Author, Andrew Gibson

Last Updated on August 4th, 2024

There are several ways that you can make a large money transfer. I’ll explain the best, safest and cheapest options, as well as how to choose the right money transfer company.

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What are the costs of a large money transfer?

As a general rule, large money transfers get a better deal than smaller sums.

Like most other things in life, there’s a benefit to buying in bulk.

There are two types of charges for a large money transfer:

1. Fees
   

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2. Exchange rates

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Fees (and how to avoid them)

Everyone hates fees.

What’s more, when it comes to international money transfers, the fees are often hidden or impossible to figure out until after you’ve sent your money.

Banks are the masters of this game.

They tend to have an assortment of fees they add to international money transfers.

You may come across:

• Transfer fees (£10-£25)
  

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• Recipient fees (£10-£15)
  

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• Intermediary fees (£10-£20)
  

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• Priority payment fees (£20-£25)
  

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• Tracking fees (£15-£20)
  

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• Branch fee (£10-£20)

The list is long, right?

The exact cost varies from bank to bank, but the info above gives you a ballpark idea of what to expect.

These fees tend to be fixed regardless of the transfer size.

So even if you transfer a large sum of money, your bank won’t waive the fees.

Some money transfer companies also charge fees.

While I can’t list the fees for every company out there, the point is they aren’t necessary.

I believe companies make things complicated for a reason.

All these fees are just made up by companies to take an extra bite out of your money.

As a quick tip, some money transfer companies don’t charge any fees.

At Key Currency, we don’t charge any fees.

The cost of our service is included in the exchange rate. That way you don’t have to worry about any additional or hidden fees.

It makes it simple for our customers as they are clear on how much money they will receive.

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Exchange rates (this is a key cost!)

The exchange rate is the most important cost of transferring a large amount of money.

A large money transfer should receive a better exchange rate than smaller sums.

In foreign exchange, you may have come across ‘interbank rates’.

Interbank rates are like wholesale rates used by big banks to trade with each other.

The more money you send, the closer you can get to the interbank (wholesale) rate.

It’s worth noting, the exchange rates you see online are usually interbank rates.

They are not customer rates.

That key bit of information is often buried somewhere in the fine print (a legal disclaimer).

Here’s another tip for you…

If you use a comparison site or some online tool, it’s likely to be a teaser rate, and in my experience, it won’t be a live market rate. It’s often a waste of time.

When it comes to exchange rates, the best thing to do is get a quote directly from a money transfer provider.

At least if you get a genuine quote, you can budget your money effectively.

Whether you are looking to buy a property, boat, car, or investment, you want to have a clear idea of the sum of money you’ll be getting.

That’s why you want to get a genuine rate. You can firm up your plans.

Exchange rates can vary quite a bit.

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The best way to transfer a large sum of money

If you are looking to make a large money transfer, you have two choices:

• use a bank, or
  

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• use a money transfer company.

Both banks and money transfer companies tend to use SWIFT to make an international transfer. It’s a highly secure and standardised payment system.

The main difference between your options is the cost.

If you’ve already done a bit of homework, you will have noticed the high street banks aren’t that competitive on exchange rates and they charge a bunch of fees.

Also, if you are transferring over £50,000, you may find your bank will restrict the amount you can send. Money transfer companies don’t tend to have size limits.

By using a money transfer company, you can save up to 3%-4% on the exchange rate compared to a bank, which is why it’s the best way to transfer a large sum of money.

Bear in mind, large money transfers are highly sensitive to small changes in the exchange rate.

As a simple example, if you are planning an international transfer of £100,000, then a 3-4% difference works out at £3,000-£4,000 in extra exchange rate costs.

That’s a lot of money in anyone’s books.

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How to choose a money transfer company

If you’ve done a few searches on Google, you may already be confused about which money transfer company to use.

A lot of the companies look and sound the same!

But there are some critical differences.

I will give you a quick rundown.

Broadly speaking, there are 3 types of money transfer companies:

1. Money remittance companies
   

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2. Money transfer apps
   

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3. Currency brokers

Money remittance companies mainly deal in cash transfers.

The main players are Western Union, Money Gram, Remitly, and WorldRemit.

They can be expensive and typically have limits of around £2,000.

That’s no good for large money transfers.

Money transfer apps are the new kids on the block. These are effectively technology driven. You download an app and do it yourself.

Some of the better-known names are Wise, Revolut, Zelle, PayPal, Paysend, and CurrencyFair.

There’s no human interaction, and customer support is via email or web chat.

They can be cheap but may also have daily limits to contend with. In my experience, most people don’t want to send a large amount of money using an app.

The final type of money transfer company is a currency broker.

They tend to specialise in large international money transfers.

You will find currency brokers are usually a fair bit cheaper than banks and offer a better service (you get human-to-human contact).

Some currency brokers can also provide help in setting up your payment and guidance on exchange rates and the timing of your transfer.

This can ultimately save you from making a costly mistake by exchanging your money at the wrong time.

As currency brokers give you human help and don’t tend to have any limits on the amount you can send, they are an ideal option for transferring large sums of money.

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How safe is a large money transfer?

Anyone sending a large sum of money will naturally want some assurance of the safety and security of their money.

Fortunately, there are some ways you can get comfortable with this.

Banks and money transfer companies in the UK are normally Authorised and Regulated by the Financial Conduct Authority (FCA).

The FCA undergoes a thorough process before authorising a company and then requires those companies to follow a strict set of rules and procedures.

One of the key protections of an FCA-authorised company is that they must segregate customer funds.

It means customer money must be held separately from any company money in a safeguarded bank account.

That’s why it’s very important to only use an FCA Authorised company.

When choosing a money transfer company, you can check if they are Authorised by typing the company’s name into the FCA register.

You can also normally see the company’s FCA Authorisation number on the footer of their website.

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What information do you need?

To make a large money transfer, you need to gather some information about the recipient:

1. Name of the person receiving the money
   

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2. Recipient’s address
   

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3. Name and address of the bank receiving the money
   

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4. SWIFT code of the bank (also known as a BIC)
   

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5. Recipient’s bank account number (IBAN)

A currency broker can help you get this information if you want a helping hand.

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How a money transfer works (in 4 simple steps)

There are four steps to a money transfer.

The process is the same whether the sum you send is big or small.

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Step 1 – Register as a customer

Before you can make a money transfer, you will need to register as a customer.

You can register in minutes, either online or by phone.

Registering is an identification check.

It’s required by anti-money laundering rules.

If you have a residential address in the UK, it can be quick and easy to verify who you are.

Most UK citizens are identified using their name, address, and date of birth.

If you don’t have an address in the UK, then you may need to provide the usual proof of ID and proof of address.

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Step 2 – Secure an exchange rate

The next step is to lock in an exchange rate.

You let us know the currency you have and the currency you need, as well as how much money you wish to exchange. We will then provide you with the latest exchange rate.

You can decide whether to go ahead or not. Nothing will happen without your permission.

If you are happy to proceed, the exchange rate will be secured for you.

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Step 3 –Send us your funds

The next step is to send us the funds to exchange.

We will provide you with the details of our safeguarded client account.

You can send in the money via a normal bank transfer.

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Step 4 – Your money is converted & sent out

Once your funds are received, they will be converted into the currency you need at the exchange rate agreed with you.

The converted funds are then sent to the recipient bank account requested by you.

Most international money transfers take 2-5 working days to complete.

Your money is normally sent out the same day, but the receiving banks take a few days to clear your money into your account. That’s what takes time.

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Quick Summary

• Use a money transfer company that is Authorised and Regulated by the FCA as they are required to safeguard your money.
  

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• The main two costs of a large money transfer are the exchange rate and any fees charged.
  

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• A bank, money transfer app, or currency broker can transfer large sums of money internationally.
  

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• Currency brokers can be a good option for a large money transfer because they offer personal guidance, no size limits, and can be a lot cheaper than banks.

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