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.
There are two main costs involved, these are:
Most people are aware of the transfer fees but not so many people are aware of the exchange rate costs!
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 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.
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.
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.
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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