Send Money to Germany from the UK

Sending money to Germany from the UK can be simple and efficient if you choose the right service and follow the necessary steps. This guide will provide you with all the essential information to ensure your money transfers are secure, cost-effective, and fast. So, here you will learn about the best methods to send money to Germany from UK. Also, this page of Sterling FX helps you to choose the best money transfer method according to your needs.

Best Methods to Send Money to Germany from the UK

A bank transfer is a safe way to send money to Germany. All the banks of the UK are registered under FCA. So, you don't need to be concerned when choosing a bank transfer. But they charge high costs. Also, they don't offer competitive rates and add a 3%-6% markup on the exchange rate.

Online money transfer services are the cheapest way to send money to Germany. They specialise in money transfer and currency exchanges. They offer competitive exchange rates. Also, they charge lower fees than the banks. Thus, it becomes the best way to send money to Germany.

This is an easy way to send money to Germany from UK. To utilise these platforms, first, you need to link your bank account or debit card to the platform. Then, you can send the money to the recipient's mobile number or email.

Cash pick-up is the best way to send money to Germany when your recipient doesn't have a bank account. With this method, the recipient can receive the money instantly after you've sent the money to them. They can collect the cash from any designated location in Germany. Also, the transfer time is comparatively shorter.

You should always consider these four factors when before you send money to Germany from the UK -

Online money transfer service providers offer mid-market exchange rates, but not all do. So, compare different service providers according to their exchange rates and then select the one that offers the best rate for the money transfer UK to Germany. Another important point to be noted is that banks don't provide competitive rates.

The banks have the highest charges to send money to Germany from UK. They include service charges, exchange rate mark-ups, and interbank charges. However, international money transfer services come with comparatively low transfer fees. Even these services offer zero transfer fees for new users and seasonal discounts.

Usually, it takes 1-3 days to money transfer UK to Germany through online money transfer services. However, the banks take more time to transfer the money. It will take between 3-5 days to transfer your money to Germany. However, bank holidays or weekends can affect the transfer.

You should choose a service provider who is authorised by the Financial Conduct Authority (FCA). The FCA ensures your protection against fatal financial risks like money laundering, etc. Thus, the FCA-authorised services shield your funds against financial scams.

A transfer fee is nothing but the charge levied by banks and the money transfer services to transfer your money abroad. It includes the cost of processing the money transfer from one location to another. In this case, it refers to the processing cost of money transfers from the UK to Germany. This payment can vary by the bank/money transfer service you've chosen, the amount of transferable money, etc.

The exchange rate indicates the value at which one currency is converted to another. The value here is dynamic and depends upon the supply and demand rate. Moreover, it can be changed based on the economic and political conditions of the sender and the recipient's country. Most of the currency exchange platforms and online money transfer services offer mid-market rates. But the banks don't offer mid-market rates.

To avoid hidden fees, you need to check the interbank rates. By checking these rates, you can find out if there is any hidden cost in your transfer fee. You can easily find out the interbank rates online. Again, some service providers add a mark-up to the interbank rates. So, you need to choose a platform with a minimum interbank rate and mark-up.

Another good way to get rid of these interbank rates is that you can choose a service provider who has strong relationships with the recipient's bank in Germany. It will reduce the interbank rates, the mark-up over it, and also reduce the overall costs.

If you've chosen a bank transfer method, you must contact their customer service or visit the bank branch. Then, you have to provide the transaction details to the assistant and ask them to track your transfer. After tracking it, they will inform you about the status. But if you've chosen any online money transfer service, you can track the status directly from their website with the tracking ID.

The time taken for the money transfer UK to Germany depends upon several factors, such as the service you have chosen, the amount of money, the day of the initialisation of the transfer (weekend or holiday), etc.

Generally, money transfer services send your money instantly or within 1-3 working days. However, banks take more time as they transfer the money within 3-5 days.