The Deutsche Mark (DEM) served as the official currency of West Germany from 1948 to 1990, and of unified Germany from 1990 to 2002. The euro (EUR) replaced the mark in 1999, although the mark remained in circulation until early 2002. One euro is divided into 100 cents. The euro is now the second most traded currency as well as the second largest reserve currency in the world.
To transfer money to a German bank account, you will need the bank’s SWIFT code. Here are SWIFT codes of some popular banks in Germany.
|HypoVereinsbank (UniCredit Bank)||Berlin||HYVEDEMM488|
Lucas had to move to the UK because of work, while his wife and daughter stayed back in Germany. His wife had a job, but she did not make enough to cover for the household expenses as well as their home and car loan repayments. As a result, Lucas was to keep sending her some money each month. Upon getting to the UK, Lucas compared the services of a leading bank with that of a top money transfer company. The table below shows you the result of his comparison.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||GBP 1 = EUR 1.0811||GBP 1 = EUR 1.1284|
|Transfer fee||GBP 20||GBP 0|
|Amount received for GBP 3,000||EUR 3,221.68||EUR 3,385.20|
|Transfer time||2 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 163.52|
The overseas money transfer company turned out to be a better alternative than the bank on multiple counts. It was more cost effective, it offered a quicker turnaround time, it allowed scheduling of transfers, and it also gave Lucas the option of locking in exchange rates for up to six months.
Sending money to Germany quickly is possible if the recipient can collect the transferred funds from a physical location. Some of the top companies that have agent networks in Germany include Western Union, Ria, and MoneyGram.
|WESTERN UNION IN GERMANY|
|Berlin Deutsche Postbank Rathausstr 5 Berlin||Geco Alexa Grunerstr 20 Berlin|
|Frankfurt International Exchange Intex Frankfurt Airport Terminal 2, Building 151, Arrival E Frankfurt||Geco Frankfurt Waechtersbacher Str 75 Frankfurt am Main|
|RIA IN GERMANY|
|Berlin Dircksenstrasse 2 Bahnhof Alexanderplatz/Untergeschoss||MDS395 Friedrichstrasse 150-152 Berlin|
|Frankfurt Said El Hamdi Zeil 43 Frankfurt am Main||City Shop Kaiser Kaiserstrasse 57 Frankfurt am Main|
Crime levels in Germany are typically low and instances are violent crimes are rare. Remain vigilant at events that attract large crowds. Petty crime such as bag snatching and pickpocketing takes place in and around the big cities, at airports, at train stations, and at Christmas markets. Pickpockets also work in teams, distracting victims before they are targeted.
The information you need to carry out a money transfer to Germany depends on the transfer method you select.
There are times when you might need to report money transfers to and from Germany to Deutsche Bundesbank, the institution that is responsible for collating foreign trade related statistics. All transfers that exceed €12,500, and some that are below this amount, need to be reported.
If you enter Germany from a non-European Union country, you have to declare any amount over €10,000 to the relevant authorities.