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. The single European currency, the euro (EUR), is the second most traded currency globally after the US dollar. Sending money to Germany or transferring money from Germany is not restricted, whether within or to/from or outside the EU.
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Money can be freely transferred to Germany and sent out of Germany, though resident individuals or corporations are required to report any international transfers they send or receive that exceed a value of €12,500 to the central bank for statistical purposes. In accordance with national laws to prevent money laundering and terrorism financing, banks are required to confirm the customer identity for any bank account deposit over a value of €15,000.
Sending money to Germany from within Europe has been vastly simplified in the last two decades. The introduction of the single currency in 1999 has made the transfer of money between the 18 member countries cheap and fast as the zone has created a single payment system. This single payment system extends to Iceland, Liechtenstein and Norway, despite their retaining independent currencies.
The value of the euro faltered with the 2008 global financial crisis and the resulting economic downturn in the Eurozone, which affected countries such as Greece, Italy and Spain more heavily than the anchor economies, France and Germany. Nonetheless, the euro is one of the world’s most successful currency unions, and it serves as the peg for two common currencies in Francophone Africa, the Central African CFA franc (XAF) and West African CFA franc (XOF). Within Germany, euros are most frequently exchanged with the US dollar, Swiss franc and British pound. Because of the current uncertainty surrounding Brexit, the strength of the euro has hit some of its highest ever levels compared to the pound.
Germany’s foreign exchange volume is driven by a number of factors, including migration, investment and foreign trade – in 2019, Germany had the third-largest share of global trade, after China and the US. Germany’s total exports of US$1.4bn and total imports of US$1.2bn mean that it has a trade balance of US$200m. Germany has the largest economy in Europe and has shown the most robust performance throughout the Eurozone crisis. However, stagnant population growth has created significant demand for skilled workers, encouraging strong migration flows from emerging economies both within and outside the EU.
The creation of the monetary union resulted in the adoption of a single monetary policy set by the European Central Bank (ECB). Germany’s central bank, Deutsche Bundesbank,
Money can be freely transferred to Germany and sent out of Germany, though resident individuals or corporations are required to report any international transfers they send or receive that exceed a value of €12,500 to the central bank for statistical purposes. In accordance with national laws to prevent money laundering and terrorism financing, banks are required to confirm the customer identity for any bank account deposit over a value of €15,000.
Sending money to Germany from within Europe has been vastly simplified in the last two decades. The introduction of the single currency in 1999 has made the transfer of money between the 18 member countries cheap and fast as the zone has created a single payment system. This single payment system extends to Iceland, Liechtenstein and Norway, despite their retaining independent currencies.
The value of the euro faltered with the 2008 global financial crisis and the resulting economic downturn in the Eurozone, which affected countries such as Greece, Italy and Spain more heavily than the anchor economies, France and Germany. Nonetheless, the euro is one of the world’s most successful currency unions, and it serves as the peg for two common currencies in Francophone Africa, the Central African CFA franc (XAF) and West African CFA franc (XOF). Within Germany, euros are most frequently exchanged with the US dollar, Swiss franc and British pound. Because of the current uncertainty surrounding Brexit, the strength of the euro has hit some of its highest ever levels compared to the pound.
Germany’s foreign exchange volume is driven by a number of factors, including migration, investment and foreign trade – in 2019, Germany had the third-largest share of global trade, after China and the US. Germany’s total exports of US$1.4bn and total imports of US$1.2bn mean that it has a trade balance of US$200m. Germany has the largest economy in Europe and has shown the most robust performance throughout the Eurozone crisis. However, stagnant population growth has created significant demand for skilled workers, encouraging strong migration flows from emerging economies both within and outside the EU.
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The creation of the monetary union resulted in the adoption of a single monetary policy set by the European Central Bank (ECB). Germany’s central bank, Deutsche Bundesbank, supervises the domestic banking system and oversees the smooth operation of cash and electronic payments.
Like most EU countries, Germany has an independent Financial Intelligence Unit, which falls under the central bank’s authority, to monitor suspicious financial transactions and prevent money laundering.
Resident companies are required to pay corporate tax, or personal income tax in the case of partnerships, at the federal level and variable trade taxes at the municipal level. According to Germany Trade & Invest, the average corporate tax rate generally was 30% in 2019.
The country also offers a variety of fiscal and other incentives for foreign investment, which vary by region and are set by the German Federal Ministry for Economic Affairs in coordination with EU policies. We recommend consulting the economic ministry website for regular updates to these conditions.
The euro is made up of 100 cents. Euro banknotes are printed in denominations of €5, €10, €20, €50, €100, €200 and €500. Coins are available in values of 1, 2, 5, 10, 20 and 50 cents, and €1 and €2. Each member country’s central bank issues its own banknotes and coins – the latter have national designs on one side and common designs on the other. All euro currency from any country is accepted within the currency zone.
supervises the domestic banking system and oversees the smooth operation of cash and electronic payments.
Like most EU countries, Germany has an independent Financial Intelligence Unit, which falls under the central bank’s authority, to monitor suspicious financial transactions and prevent money laundering.
Resident companies are required to pay corporate tax, or personal income tax in the case of partnerships, at the federal level and variable trade taxes at the municipal level. According to Germany Trade & Invest, the average corporate tax rate generally was 30% in 2019.
The country also offers a variety of fiscal and other incentives for foreign investment, which vary by region and are set by the German Federal Ministry for Economic Affairs in coordination with EU policies. We recommend consulting the economic ministry website for regular updates to these conditions.
The euro is made up of 100 cents. Euro banknotes are printed in denominations of €5, €10, €20, €50, €100, €200 and €500. Coins are available in values of 1, 2, 5, 10, 20 and 50 cents, and €1 and €2. Each member country’s central bank issues its own banknotes and coins – the latter have national designs on one side and common designs on the other. All euro currency from any country is accepted within the currency zone.
All of the money transfer companies and services listed above are fully safe to use. Each of the above are authorised and regulated by the relevant financial authorities in each jurisdiction and are licensed to provide transfer services.
The length of time it takes to fully complete a money transfer will depend entirely on the service used and what currency you want to transfer. Transfers sent using banks — such as bank to bank transfers — will typically be quite quick, often taking between 1–2 working days. For more precise estimates, you should always check the estimated time with the relevant provider. Debit card and credit card payments might also take less time.
To use FXCompared to make a money transfer from UK to USA, the first step is to use the above table to compare the rates from the various providers. To find the best provider to transfer GBP to USD, consider factors including price, speed and its overall rating. Once you have made a decision, simply click the green button to get taken through to the provider’s website. From there, you will be able to sign-up and register for an account. Once the verification process is complete, you can initiate the transfer.
The majority of transfers overseas will be made using a bank to bank transfer, although there are a number of other methods available. This includes cash, debit and credit card, as well as digital wallets. The methods available to you will depend on what provider you chose to make the transfer with.
Although the prices shown above are generally accurate with market rates in real time, there may be some slight differences when you finalise your order. Exchange rates will fluctuate over the course of the trading day based on real-time market data. As such, when you are looking to transfer money to UK from US, for example, there may sometimes be a delay in how they are reported. Price fluctuations may also be caused by the individual site in question, depending on what services they have available.
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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.
