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Germany to UK Money Transfer Guide

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    Transfer Money from Germany to UK

    Regency FX makes the transfer of money to Germany painless. How? Well, at Regency FX we help you achieve the most from your international money transfers from Germany and, therefore, from the currency you are converting.

    As an independent currency specialist we have lower overheads than the banks which enables us to pass on the savings to you making the cost of your transfer of money from Germany to UK more acceptable for our clients.
    International money transfers from Germany has never be more cost effective. We can discuss and agree on the right time to exchange your money rather than using a bank or online-only system and having to accept the rate they give you on the day.

    All money transfers from the Germany to UK are conducted through safeguarded client accounts.
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    Transfer Money from Germany to the UK (Clear & Helpful Advice)

    There are four simple steps when it comes to transferring money from Germany to the UK these are: identity check, get an exchange rate, make your payment and finally your money is sent out.

    1

    Identity check

    Before you can send money from the UAE to the UK, you need to be identified.

    There is a legal obligation to verify customers sending money internationally due to global anti-money laundering regulations.

    The check only applies to new customers.

    Once your set-up, you can skip this step if you are sending money back to the UK on a regular basis.

    For British expats, it is usually straightforward. If you still have an address in the UK, it’s even quicker.

    2

    Lock in an exchange rate

    Once you are set up, a bank or money transfer company will quote you their current exchange rate.

    When moving money back to the UK, you are selling Dirhams and buying Pounds.

    This is sometimes written as AED/GBP.

    The exchange rate moves throughout the day. It’s up to you whether you go ahead at the quote given.

    If you are happy to proceed, the bank or money transfer company will lock-in your rate at that time.

    Shortly after, you will receive an email confirming all the details of your transaction.

    3

    Pay for your money transfer

    Banks will require your Dirhams upfront before they will agree an exchange rate.

    However, a money transfer company will allow you to lock-in a rate before you send your Dirhams in.

    This might be an advantage if you see a favourable rate and want to lock it in before it moves.

    On the confirmation transaction, you will be given the bank details of where to send your Dirhams.

    This will be to a safeguarded Dirham-denominated client account.

    4

    Your Dirhams are converted into Pounds

    Once your Dirhams are with your bank or money transfer company, they will convert them into Pounds Sterling at the rate agreed, then send the Pounds to the UK bank account you request.

    That's it.

    What are your options?

    There are two main options when it comes to transferring money from Germany to the UK which are: using a bank or using a money transfer specialist.

    Banks may seem more appealing as your money is already in your account however, banks have high charges and daily limits on how much you can send.

    Banks also do not offer much help with the process as it is not their area of expertise.

    Banks specialise in small payments.

    Money transfer specialists have lower costs and they specialise in larger regular amounts.

    What are the costs involved?

    There are two main costs involved, these are:

    1. Transfer Fees
    2. Exchange Rates

    Most people are aware of the transfer fees but not so many people are aware of the exchange rate costs!

    Transfer Fees

    Transfer Fees are a standard fee charged per transfer.

    Generally, the main banks will charge these fees.

    A lot of money transfer companies will not charge this fee.

    The Deutsche Bank in Germany charge €11.55 or 0.15% of the total amount of money.

    The Commertzbank charge €12, €25 or €75 dependent on the amount of money you are sending.

    Compared to the UK banks, the German banks have high fees.

    UK banks normally charge £15 to £30 per transfer just for reference!

    To avoid paying fees like this then use a money transfer specialist!

     

    Exchange Rates

    Exchange rates are not standard, every bank and money transfer company set their own.

    Most companies make their money from the exchange rate.

    Banks do not have very competitive exchange rates.

    Many people will still go with their bank as they're not aware that there are other options out there.

    The main banks in Germany charge 1.5% to 3% in exchange rate costs.

    For a €100,000 transfer you would be paying €1,500 to €3,000 in exchange rate costs!

    The larger the amount of money you send, the better the exchange rate that is offered.

     

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    What is the timeframe?

    It usually takes 1 to 3 working days to transfer money from Germany to the UK.

    This can vary depending on if it is a public holiday, time zones, daily cut off times and the banks you use to transfer the money.

    The daily cut off time is around 4pm, if you send the money after this time then it will be counted as the next working day and will take longer to reach the destination.

    Is Cyprus to the UK money transfers safe?

    As there are a lot of British expats in Cyprus the money transfer path is very safe.

    However, when looking at money transfer companies you need to ensure that the company is regulated by the FCA (Financial Conduct Authority).

    If they are regulated by the FCA then they are required to keep your money in a separate, safeguarded client account away from the company’s funds.

    You can check to see if a company is regulated by the FCA by checking the online FCA register.
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    Getting the best exchange rate

    The exchange rate is one of the main factors when it comes to transferring money abroad.

    With a transfer of €200,000 a change as tiny as 1% could cost or save you €2,000!

    Small changes like this are very common and frequent!

    It is difficult to pick the best time to exchange money.

    Online-only operators such as PayPal and TransferWise will not offer the same service as they a do-it-yourself platform.

    This basically means that you need to get all the information and enter it yourself, this can lead to multiple mistakes and that can cost you a lot of money.

    These platforms thrive with the smaller, irregular amounts.

    Picking the right time to exchange money can save you a lot of money.

    Money transfer specialists such as ourselves at Regency FX can assist you through the process, watch the rates for you and even notify you if the rate moves in your favour!
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    Are all the rates you see online real?

    No, they are not.

    A lot of online platforms such as XE, Oanda and Daily FX provide live rates.

    The rates that you are seeing on here are not actually available to customers!

    They are known as ‘interbank rates’ and they are only available for the banks themselves or large financial constitutions.

    They are not even available to large corporations that trade in the millions every day!

    To make sure you get a real quote, make sure to get it from a money transfer company or a bank!
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    How safe are money transfer specialists?

    You need to know that your money is safe when being transferred abroad.

    The main way in which you can check to see if they are safe is by checking to see if they are regulated by the FCA (Financial Conduct Authority).

    If they are regulated by the FCA then they are required to keep your money in a separate, safeguarded client account, away from the company’s funds.

    You can check to see if a company is regulated by the FCA, you can check on the FCA register online!
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    Who are we?

    Regency FX are a UK based independent currency broker, specialising in high volume transfers.

    We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

    All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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    The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

    They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

    Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

    We can monitor the market on your behalf enabling you to budget more effectively.

    As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

    Get a quote and see how we stack up.

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