International money transfer resources

Send money to Germany

Article by Mozo

Thanks to this modern world with live in, sending money to Germany is a relatively stress free and economical exercise. With advances in technology, there are many easy and convenient ways to transfer money and many purposes for sending funds to Germany such as – to support friends or relatives living there, pay for school or university fees, to purchase goods and services for your business or to pay royalties and wages. Whatever your purpose for making an international money transfer to Germany, make sure you take the time to compare and analyse exchange rates and fees before booking the deal. You want to ensure you receive as many Euros as possible for your Australian dollars.

Remember this guide is informing people about transferring money to Germany not those wishing to travel there. If you’re planning a holiday or business trip to Germany, head to the Mozo travel money section of our site.

Choices for transferring money to Germany

Foreign exchange specialist


  • Foreign exchange specialists offer attractive exchange rates compared to the banks
  • Fees are low and some might even waive them if you meet particular requirements
  • They offer a wide range of currencies to exchange in


  • Some providers have a minimum and maximum transfer limit which may not work in your favour
  • Technical issues can delay the transfer



  • Convenient and fast if you need to make a small one off transfer
  • Good option if you’re in a hurry as you don’t need to set up an account with an IMT specialist
  • The money is debited directly from your account then transferred


  • The bank’s exchange rate is often a lot more expensive than a foreign exchange provider
  • Banks usually charge high conversion fees as well as a sending and receiving fee
  • The bank’s rates may ‘change without notice’ so you may not end up with the red hot rate you expected

Standard wire transfer


  • Bank to bank transfer
  • Recipient can access funds within minutes of the transfer happening
  • There’s the option of picking up the funds in cash from a branch in Germany


  • The exchange rate generally isn’t as good as a bank or foreign exchange specialist
  • For amounts greater than around $5000 you may have to visit a branch to make the transfer


John has set up a graphic design business in Berlin, and has employed 250 staff. He’s deciding whether or not to stick with his Australian bank to transfer the monthly staff wages or to open an account with a foreign exchange specialist. To get the best value for his money John compared the differences between a bank and a foreign exchange provider. Excluding fees and charges, Mr Smith realised he can save himself hundreds of dollars and by choosing a foreign exchange specialist over a bank.

Bank Foreign Exchange Provider

Exchange rate

1 AUD buys €0.5889 EUR

1 AUD buys €0.6240 EUR

Amount received for AUD$10,000

€5,876 EUR

€6, 209 EUR

Transfer time

2-5 days

1-2 days

Transfer fees

In person $30, online $22


Make sure you compare the day’s best exchange rates right here!

Feature to consider when comparing transfer providers

Regardless of your reason for sending money to Germany or whether it’s a one off or regular transfer, make sure you consider the following features when comparing providers. Each item can make a huge difference in how much and how quickly your recipient will receive their money.

  • Exchange rate: This is one of the most important aspects to consider as the current exchange rate will determine how much you’ll get for your Australian dollars. The higher the exchange rate, the more Euros you will receive. Don’t go with the first provider you come across, take the time to compare exchange rates, a cent or two difference could make a huge impact on your final amount.
  • Fees: As you would have learnt above, fees and charges can vary quite significantly between banks and money transfer specialists. General fees to be wary of include: a transfer fee, a sending and receiving fee, a cancellation fee and an amending fee.
  • Minimum/maximum: Some international money transfer providers set transfer limits; this is the maximum and minimum amount you can transfer at a time or even a month.
  • Transfer time: This is the time it takes from the moment you book the transfer to the second it hits the recipient’s account. Sending money can take between 1 and 5 days, depending on the provider.
  • Transfer options: With the advancement of technology there’s no shortage of efficient and convenient ways to send money to Germany. These include: online, on the phone, in person at a branch and some providers even have an app you can use.

Checklist when making an international money transfer to Germany

So you’ve compared providers and considered the features that best suit your transfer needs now it’s time to gather all the information required to book the transfer. While each provider might require slightly different information, here’s the general info you’ll need.

  • Personal details: Name, address, date of birth, phone number
  • Account privacy: You’ll need to create a username, password and security question
  • Account details: Account number from which the transfer money will be deposited from
  • Recipient’s banks details: Full name and address of the bank where the money is being transferred to including the SWIFT/BIC code
  • Recipient’s personal details: Name, address and bank account details
  • Amount: How many Australian dollars would you like to send or how many Euros would you like the recipient to receive.


Q1. What’s the best option for making a small one off money transfer to Germany?

PayPal is a safe, trusted and affordable method for sending small one off transfers. The transfer is can be done electronically, only takes a couple of minutes but both you and the recipient will need a PayPal account. For convenience, you can also use your local bank but the exchange rate will be pretty poor and as we mentioned above their fees and charges are pretty hefty.

Q2. I need to send money to Germany on a regular basis what type of provider should I choose?

To save yourself time and more importantly money, a foreign exchange specialist such as OFX is definitely your best option. Your recipient will receive thousands more in Euros over the years with a foreign exchange provider than if you make the regular transfers with a bank.

Q3. What is a spot deal?

This refers to an arrangement with a provider where you lock in the current exchange rate immediately with a legal binding of converting one currency for the other within 24 hours of booking the deal.

Q4. What is a SWIFT or BIC code?

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) or a Bank Identifier Code (BIC) is an 8 or 11 digit code that identifies banks around the world. This code is used to transfer money between banks via international wire transfers.

Q5. Can I track my international money transfer to Germany?

Yes, you can check the status of your money transfer by checking in with your provider online or by phoning them.

Q6. What happens if I need to cancel my transfer?

As long as the recipient has not yet received the funds, you should be able to cancel the transfer but it may come as a charge. Check with your provider.

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