Exploring the transfer services available is essential if you want to transfer money from Germany to the USA.
Depending on your international money transfer needs, some services may be more favourable for you than others.
In this article, we’ll look at the steps taken to make a money transfer from Germany to the USA and your different options.
We’ll also review how much you can expect to pay, how long it will take, and the details you’ll need to provide.
Best Ways to Transfer Money from Germany
The best way to make an international money transfer from Germany is through your bank, a currency broker, or an online money transfer app. These three services are the most commonly used.
Why these three?
Each service will suit you better depending on why and how much money you’re transferring from Germany to the USA.
Let’s break this down.
Type of International Money Transfer | Best Option | Why? |
|---|---|---|
Small one-off payment | Bank | It is efficient and convenient as your account is already set-up. A one-off transfer fee to be paid. Exchange rate charges should have a manageable impact on the small amount being transferred. |
Small regular payments | Online money transfer app | On small international money transfers, fees are much cheaper than you bank. These won’t mount up as high compared to bank fees if you regularly transfer small amounts. |
Large one-off or regular payments | Currency Broker | Currency brokers usually charge no extra transfer fees for international money transfers and provide some of the most competitive exchange rates available. Saving you a lot of money on a large transfer abroad. If transactions don’t go smoothly, you have consistent personal support, which isn’t the case with the services above. |
The Cheapest Way to Transfer Money from Germany to the USA
An international bank transfer is one of the cheapest ways to transfer money internationally from Germany to the USA. Regardless of your money transfer provider, a bank transfer usually results in the lowest fees compared to other methods, such as debit or credit card payment, where extra charges are added.
The various methods of payment for international money transfers from Germany include:
- International Bank Transfer
- Debit or credit card
- Google Pay
- Apple Pay
- PISP
Not all of these methods will be available at each money transfer provider.
What are the costs involved?
An international money transfer from Germany to the USA will include two main costs.
These are added transfer fees by your service of choice and the exchange rate margin applied by the service.
These fees will vary depending on the provider you choose.
Banks are known to charge the highest on both transfer fees and the exchange rate margin.
You can avoid transfer fees by using a currency broker, as some companies, like ourselves at Key Currency, do not add these extra fees.
Regardless of the service you decide on, the exchange rate margin % will always be applied to your money transfer overseas.
Transfer Money to the USA from Germany in 3 Simple Steps
With Key Currency or any other independent money transfer service, transferring money to the USA from Germany can be completed in 3 steps.
1) Registration
First, you need to register with the service of your choice. This can be completed in a matter of minutes.
It involves a quick identification check for money laundering regulations and will include providing your full name, address, and passport number.
Once complete, you’re good to go and won’t have to register for future transfers internationally.
2) Secure a Euro-to-US Dollar Exchange Rate
The next step is to secure a Euro to US Dollar exchange rate for your money transfer.
Our team will work to find you the best rate available. The transfer will only occur with your consent to lock in the rate.
Once you’re happy with the quote, we will lock the rate in for you. From this point, the EUR to USD quoted rate will not change.
You will receive a confirmation email of the transaction and bank details of where to send your Euros.
3) Euros are sent, converted, and transferred
When we receive your Euros, we will convert them into US Dollars.
You will also have provided details of where we need to send the money; this can be to your US bank account or a specified recipient.
Once we have the above, we will complete the transfer.
Done!
How Much Will German Banks Charge for a Money Transfer to the US?
Banks are notoriously expensive for transferring money internationally, so it’s always important to explore your options.
Below are a few of the most popular German banks and how much they will charge for a money transfer to the USA.
Bank | Transfer Fee/Charges |
|---|---|
Deutsche Bank | 1.5% margin of the total amount sent, €1.55 SWIFT fee + €25 fixed fee. |
DZ Bank | 2.5% margin of the amount transferred. |
HypoVereinsbank | 2.9% margin on the amount transferred. |
Commerzbank | 1.5% margin on the amount transferred. |
Based on our research, if I were looking to transfer 100,000 Euros to the US, these would be the following charges with the banks above:
- Deutsche Bank: €1,525.55 (combined transfer fee & exchange rate margin).
- DZ Bank: €2,500.
- HypoVereinsbank: €2,900.
- Commerzbank: €1,500.
German banks add their own margin on top of EUR to USD. The chart below is the market pair itself, so you can see if a quote is sitting high or low.
EUR to USD rate = 1.10288952
This data uses the mid-market rate. For an exchange rate on your money transfer, please get a transfer quote.
Not sending today? The euro to dollar forecast is a read on where the pair may head next.
What Bank Details Will be Needed for a Germany to USA Money Transfer?
Providing your service of choice with the correct recipient information is vital for everything to go as smoothly as possible.
To send money to the USA from Germany, you will need to provide:
- Name of recipient
- Account name
- The routing number of the account (9 digits long)
- Bank account number (10-12 digits long)
You may be unfamiliar with what a routing number is…
Put simply, a routing number, also known as an ABA or ATN, identifies where a bank account was opened in the United States. This helps your money be transferred to the correct account.
A routing number can be found on a cheque or by logging in to online banking.
Currency brokers can assist you with finding this information if required.