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Exchange rates update frequently and the pricing shown in the comparison tables is indicative only
and based on a first time transfer for a new customer signing up via FXcompared. The pricing does not
reflect any special rates individual customers may be offered by a provider, either on sign up or rates
for any repeat transfers. FXcompared is not an FX trading platform and should not be used to inform any
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The information presented in the review is accurate as of the date of the review.
Check with the providers directly for the most current information.
FXcompared does the research to help you compare international money transfer providers from around the globe.
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy
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Being a member of the single currency Eurozone, Germany does not impose any currency controls and has completely deregulated all individual and business transactions between residents and non-residents
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Latest prices for transferring money from UK to Germany
Exchange Rates as of 15 January 2021, 22:00
OFX (UK)
Est. 1998
OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
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. Germany is the UK’s largest trading partner, receiving 10% of the country’s exports, while being the source of 13.8% of imports (ahead of the Netherlands, in second place, with 8.5%). Germany is also one of the most popular countries for Brits to emigrate and retire abroad.
Visas and immigration
Thanks to European Union (EU) free circulation policies, German and British citizens wishing to relocate to the other county, whether for work or retirement can do so freely without the need for a resident or a work permit. However they must have a valid passport.
Retirement and pensions
Germany has become an increasingly popular destination for UK retirees, with some 39,000 retirees settling there as of 2012 according to the UK’s Department of Work and Pensions and the Institute of Public Policy Research. This makes Germany the eighth most popular overseas retirement destination by numbers; as a proportion of retirees to total UK residents there, however, Germany is number one, with retirees accounting from around 40% of the total. The UK state pension can be paid to expats in Germany, but the EU has ruled that the UK is not obliged to adjust pension payments in line with inflation. You can then make a regular money transfer to Germany from your UK account into a German bank account to support your retirement.
Buying property in Germany
Germany has one of the lowest rates of home ownership in the developed world, estimated by the government at 43% in 2013. 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.
UK to Germany trade
Germany is the UK’s largest source of imports and supplied goods and services worth £57.4bn (EUR71.8bn) in 2013, 13.8% of total UK imports. This is nearly double the £30.7bn – 10% of the total – that the UK exported to Germany that year. In the first three quarters of 2014, Germany was the source of £42.7bn of goods imports, equivalent to 14.3% of the total. Imports from Germany are dominated by motor vehicles and parts, followed by machinery and chemicals.
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from UK to Germany. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
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.
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