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The Western Union Company is a financial services and communications company based in the United States.
Banks are the most expensive way to do an international money transfer, the quotes from the providers above show you the typical savings that can be made. All providers on FXcompared.com are regulated in the UK by the FCA, in the USA by FinCEN, In Canada SSC and Australia, ASIC.
We check all rates regularly and this quote is an actual quote of the average from UK banks for this month. It includes all major and small banks. Lloyds, Barclays, HSBC, Santander, NatWest, RBS, Coutts, Handelsbanken, Metro bank and more - tracked every month. We obtain our rates via our IMTI platform.
There are no restrictions if you want send money from the United Kingdom to Germany. In 2020, Germany was the UK’s second largest trading partner, receiving 10.7% of the country’s exports, while being the source of 13.4% of imports in the first quarter of the year. Prior the Brexit, Germany was also one of the most popular countries for Brits to emigrate and retire abroad.
German and British citizens wishing to relocate to the other county, whether for work or retirement, will need to apply for a visa following Brexit. In Germany, UK citizens are now subject to the same requirements as other non-EU citizens, such as those from the US or Canada.
Meanwhile, in the UK, German citizens must apply for a visa under the UK's new points-based immigration system, which prioritised skilled workers and those in shortage occupations.
Germany has become an increasingly popular destination for UK retirees, with 14,700 UK citizens living in the country as of 2017. However, Brexit may see this number decline, as UK citizens no longer have freedom of movement within the EU, and so will need to apply for a Visa to retire in Germany. The UK state pension can be paid to expats in Germany. You can then make a regular money transfer to Germany from your UK account into a German bank account to support your retirement.
Germany has one of the lowest rates of home ownership in the developed world, estimated by the government at 51% in 2017. There are several policy and historical reasons for this, but UK expats moving to Germany may still prefer to buy their home rather than rent. Foreign nationals are freely able to buy property in Germany, but while foreign nationals are able to secure domestic mortgages, funding is normally capped at around 60% of the purchase price. As such, it will be necessary to transfer money to Germany for a deposit, if it has not been built up locally.
The process of buying property in Germany is not vastly different from that in the UK, although, like in the rest of Europe, a notary (Notar) is needed to check the title deeds and oversee the signing of the contract. Estate agents (Makler) charge a commission of 3-7% of the total purchase price, which is agreed in advance, and can be paid by the buyer, the seller or both. The Notar will also usually receive the funds from the buyer on behalf of the seller, who will then receive them once the transfer of ownership has been completed by the land registry. Total transaction costs can be expected to be in the region of 10-15% of the property value.
Inheritance law and tax work very differently in Germany compared to the UK, so specialist legal and accounting advice should be sought before you send money to Germany to purchase the property. Superficially, it is worth knowing that there is no estate tax in Germany. Rather, inheritance tax (Erbschaftssteuer) is applied to each individual heir or beneficiary and not on the entirety of a German estate. The UK Germany Double taxation Convention ensures that no taxes are paid twice, however. Whether resident or non-resident, it may be advisable to make a will according to German law in the event of purchasing property. If a decendent possesses more than one citizenship at the time of death, German law disregards any non-German citizenship in determining the laws applicable to the estate. There is no capital gains tax on real estate held for longer than 10 years, but will start at 25% if sold within that time.
Germany is the UK’s largest source of imports and supplied goods and services worth £70.1bn (EUR80.8bn) in 2019, 13.4% of total UK imports. This is considerably higher than the £56.8bn – 10.7% of the total – that the UK exported to Germany that year. Imports from Germany are dominated by motor vehicles and parts, followed by machinery and chemicals.
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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.
