Top 6 German Money Transfer Services

To and From – UK, Europe, US, Canada, and Australia

Money transfers to and from GermanyInternational money transfers to Germany or from Germany can be a tricky prospect with many great options to choose from.

Here is the deal:

The key is to choose the right service to match your needs.

For example, some services are better for smaller amounts while others are far better for larger amounts. To help with this we divide up who does what best and explain why. This is a great start, but there are a few more important things you need to know.

Let’s dive in.

Disclosure: This post contains affiliate links which often saves you money! 🙂 For more information, see my disclosures here.

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Country Notes (to and from these countries)

Snapshot Table

Important Factors

Sending Cash Below €300 EUR

In the past, services like Western Union (review) or MoneyGram may have been your only way to send cash from Germany. These days there are less expensive services which also have excellent customer service for sending money to family or friends.

Sending cash into Germany however is still somewhat limited (simply because most people are happy to receive money into a bank account) and in this case Western Union or RIA may be your best options.

If you can send money to a bank account, see our next section which will almost certainly be cheaper and easier too.

If you really need cash, RIA is generally a little cheaper than Western Union, but Western Union agent locations are integrated pretty much everywhere (including PostBank and many agent outlets). Here is their agent locator.

Best Below €7000 EUR

Review of TransferWiseFor the majority of people sending amounts below €7000 where a bank account can be used to receive the money, TransferWise (review) is our top pick due to its combination of competitive fees, extremely transparent fee structure, great service and smooth online experience.

But depending on your needs, others may be better.

For example, CurrencyFair (review) will generally be the least expensive in this category due to its P2P business model and it does also offer more control over your money.

WorldRemit (review) is also a strong choice if you need the ability to send cash and still want a first rate service for sending money to a bank account.

You might also like: TransferWise vs. WorldRemit and TransferWise vs. CurrencyFair.

Best Above €7000 EUR

For larger transfers, being able to speak on the phone can be critical to ensure transfers run smoothly. This is due to money laundering laws in Europe and worldwide which mean that as amounts increase (above €7000 EUR) banks and money transfer companies need to do more to comply with regulations. Generally this just means you need to provide more ID and companies designed to handle larger amounts tend to do this at the outset. However banks (particularly the sending bank) often have their own set of rules like daily limits which can complicate things. This is why services with strong telephone support are so important in this category and a money transfer service can be extremely helpful in the whole process.

Review of OFXFor english speaking service we recommend OFX (review) is the best option. TorFX (review) is also a standout if you prefer to do everything on the phone.

If you would much prefer to speak in German, XE (review) is our top choice.

All three score highly in all important aspects for this category including great online services, low costs and telephone support.

Country Notes (To and From)

For a quick overview and to save money, don’t miss the snapshot table below.

UK

From the UK to Germany

Sending cash can be expensive by Western Union will be able to get it done.

Review of WorldRemitFor slightly larger amounts (or even small amounts to a bank account), you will save a bundle (below €7000 EUR/£5000 GBP), TransferWise and WorldRemit are good options.

For your larger transfers from the UK to Germany, OFX and TorFX offer great rates and robust phone support.

From Germany to the UK

If cash is required in the UK, Western Union may be your best bet just simply because of its network of locations. It will also most certainly be more expensive than sending to a bank account.

Review of TorFXFor amounts below over €7000 EUR/£5000 GBP TransferWise is hard to beat especially if you consider TransferWise started in the UK so there are some service benefits.

For those large and extra large transfers OFX is generally recommended or TorFX if you prefer having a dedicated customer service person allocated to your transfers.

They’re all registered in the UK (regulated by the FCA) and licensed to handle large transfers in the UK and across Europe.

Rest of Europe

For your EUR-EUR micro transfers, WorldRemit lets you move money with zero fees. The money arrives in your recipient’s account the next day.

For countries that don’t use the EUR (like Sweden), CurrencyFair and TransferWise offer great rates.

US

From the US to Germany

For affordable next day transfers, TransferWise offers low fees and a relatively fast service.

For your larger transfers – $7000 USD/€7000 EUR and above – OFX offers excellent rates and is regulated by the FCA in the US and also has physical North American offices for their “dealers”.

From Germany to the US

For amounts below over €7000 EUR TransferWise is a winner.

Looking to transfer a large amount (€7000 EUR and above) – OFX is our top pick. Being regulated in the UK and US is also a great bonus along with 24/7 telephone support.

Canada

From Canada to Germany

While TransferWise’s fees are low, the money takes a bit to arrive in Germany (3-5 days). So if fast transfer isn’t a priority, you can save big with TransferWise.

For your larger CAD-EUR transfers to Germany, you can’t beat OFX’s rates and customer service. They also have an office in Toronto which can be very helpful.

From Germany to Canada

For your EUR-CAD transfers below €7000 EUR from Germany, TransferWise offers the best of speed, cost, and service (fees as low as €4 for sending €300-€500 EUR).

CurrencyFair is even more affordable for your smaller transfers (€7000 EUR and below).

For large transfers (above €7000 EUR) to Canada from Germany, OFX has affordable rates and great customer service.

Australia

From Australia to Germany

TransferWise is great for those smaller transfers (below $9500 AUD/€7000 EUR).

OFX is a fine choice for larger transfers (above $9500 AUD/€7000 EUR).

Both have offices in Australia which can be helpful.

From Germany to Australia

For smaller transfers, TransferWise is great below $9500 AUD/€7000 EUR.

OFX is once again our top pick for larger transfers (above $9500 AUD/€7000 EUR).

Both have offices in Australia which can be helpful.

Snapshot

Service Name

Countries

Service

Regulated (see Safety below)

Size of amount ideal for

Fees

Offers

TransferWiseUS,
Europe
Online/
phone
USA,
Canada,
Australia,
UK
Small
amount
0.6%-2%
of the
transfer
amount,
no mark
up on
exchange
rate.
See exactly what you pay here and compare
WorldRemitUK,
Europe,
US,
Canada,
Australia
OnlineUKSmall
amount
Flat fee
ranging
between
$3.99 and
$24.99 USD
3 free transactions, use code ‘3FREE”
CurrencyFairUK,
Australia,
South Africa
OnlineIreland,
Australia
Small
amount
Fixed
fee + %
of transfer
amount
Get your first 10 transfers fee free
TorFXUK, AustraliaPhone/ OnlineUK, AustraliaLarge AmountMargin on
the exchange (no transaction fees)
Click here to get all transactions free
XEUK,
Europe
OnlineUK, US,
Canada,
Australia
Large
amount
No flat
fee; only
charges a
margin on
the
exchange
rate
(0.3-1.2%)
XE charges no transfer fee
OFXUS,
Canada,
Australia
Online/
Phone
US,
Canada,
UK,
Australia
Large
amount
Flat
($15 USD)
fee +
margin on
the exchange
rate for
all amounts
below
$10,000 USD
OFX may charge a fixed fee of $15, however if you click here you can avoid these fees all together.

 

Important Factors

Cost

Cost is a huge deciding factor when you’re choosing the right money transfer company for your specific needs (and the reason we suggest you steer clear of international transfers with your bank).

Typically, transfer fees vary based on the amount, chosen speed, funding method, and the target currency.

TransferWise and OFX have the very low costs especially when you take into consideration that they both guarantee the rates you lock in while waiting for you fees to arrive.

Another important aspect people often miss is that both services maintain a huge network of local bank accounts as part of their back end infrastructure. Generally you will not have any thing to do with these accounts, but they mean that your bank accounts at either end of the transaction will not hit you with unexpected and often quite expensive fees.

Service

Of course, online or by phone – great service always appreciated but this is one area that is super important.

The range of services offered and especially customer support if help is needed are particularly important.

For smaller transfers generally an online focused service can be ideal – helping to keep costs low and also provide a seamless (sometimes even enjoyable) experience.

When larger transfers come into play so do more regulations and with that potential snags in the smooth flow of funds. This is why we recommend services that have strong telephone support!

Speed

Everyone wants their money to arrive as fast as possible. Typically this comes at a significant cost.

The lowest cost options are generally the slowest, simply because of the time it takes banks at either end to transact.

To speed things up, some services (like TransferWise) enable you to optionally fund transactions with a debit card or credit card. Unfortunately in each case these options attract additional fees from the card operators which they need to pass on.

That said, if you are transacting within Europe and the UK, transaction times can be just a day or two even for least expensive options. Between Germany and North American or Australasia and you need to add an extra working day or two on to this.

Safety & Security

Is your money safe with a currency transfer company?

Absolutely.

All currency transfer companies are licensed financial institutions and are required to adhere to the same legal provisions applicable to banks.

They also use industry-leading encryption to protect your money and your personal data online (on their website and mobile apps) as well as conduct regular audits to prevent financial crimes (such as fraud and money laundering.

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