| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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OFX (prev. OzForex) | AUD $10,000.00 | No Fee | 0.6026 | 1-3 days | more... |
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TorFX | AUD $10,000.00 | No Fee | 0.6042 | 1-3 days | more... |
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Currencies Direct | AUD $10,000.00 | No Fee | 0.6042 | 1-3 days | more... |
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Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
Germany and Australia have strong bilateral ties in investment, trade, education and migration. In fact, according to the Australian Department of Foreign Affairs and Trade, more than 900,000 Australians claim to be of German descent. The free floating Australian dollar (AUD) is a freely convertible currency, and Australian authorities do not restrict international transfers, making it easy to send money to Germany. Outgoing money transfers are regulated by the Australian Securities and Investment Commissions (ASIC).
Australian nationals who will be staying in Germany for up to 90 days, including both tourist and business travellers, do not require a visa to enter Germany. However, your passport or other travel ID should be valid for at least three months at the time that you plan to travel. As an Australian native, you may apply for a residence permit when you arrive in Germany. The application forms are available free of cost both in paper format and online at the official website of a German embassy or consulate general. Australian natives who plan to stay in Germany for more than 90 days must obtain a visa. Although the cost is currently €60, students under the age of 25 and family members of foreign diplomats may be subject to a fee waiver.
International study programmes are a frequent driver of money transfer from Australia to Germany. The two countries have over 300 linkages in research and development through several major universities and colleges. Germany has become even more attractive for university education as tuition is now free in all states at public universities for both national and international students pursuing an undergraduate degree. In many cases, the only costs will be administrative and enrolment fees, in addition to living expenses.
As a result, Germany is currently the fourth most popular destination in the world for tertiary education. How much you stand to pay for your education while in Germany is highly relative to the level of degree, the particular institution, the duration of the course and the particular German state in which you reside. Private universities, who are dependent on tuition fees as a major source of funds, usually cost as much as €20,000 for each year of study. Australians can also benefit from several scholarship opportunities available through the Group of Eight Universities as a move to enhance research opportunities for eligible students who are between the ages of 18 and 30.
Bilateral trade in goods and services is another key factor driving money transfers from Australia to Germany. Germany is Australia’s tenth largest trade partner in goods. Australia mainly imports German-made cars, putting the trade balance in Germany’s favour, whereas its major exports are gold coins, legal tender and metal ores.
Australian investments in Germany amounted to about $48.9 billion in 2013. This represents foreign direct investment (FDI) and portfolio investment. For example, Australian Industry Funds (AIF) bought 40 percent of the shares in the 50Hertz Transmission company. CSL Behring is a major manufacturer operating in Germany as well as the Australian investment bank, Macquarie.
Germany has a dense, sophisticated banking network; online banking is widely available, making it easier to manage funds held in the country. The major banks include Commerzbank, Westdeutsche Landesbank, PostBank and Bayerische Vereinsbank. In order to open a bank account, you will require some form of ID, such as your passport, visa or residence card if you are an expat, and proof of address. Some banks require a nominal amount in order to open a new account. You can also transfer money from Australia to Germany direct to bank, but that may take several weeks.
If you plan on travelling with your pet to Germany, there are some strict controls that must be taken into consideration beforehand. You must be able to prove that your pet has been vaccinated against rabies in order to avoid being quarantined upon arrival in Germany, as is the case in most countries.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
