Sending money from Germany is straightforward for transfers within Europe and only slightly more involved for destinations outside the EU. Your cheapest and fastest option depends on where the money is going, how much you’re sending, and how quickly it needs to arrive. Here’s what you need to know about each method, what it costs, and the legal reporting rules that apply to larger transfers.
Transfers Within Europe: SEPA
If you’re sending euros to another bank account in the European Economic Area (which includes all EU countries plus Iceland, Liechtenstein, and Norway), you’ll use the SEPA system. SEPA transfers work much like a domestic bank transfer. You need the recipient’s IBAN, and the money typically arrives within one business day. Most German banks charge the same fee for a SEPA transfer as they do for a domestic one, which is often zero for standard current accounts.
SEPA Instant transfers settle in seconds rather than hours. Under EU rules that took effect in January 2025, any bank that offers standard SEPA transfers must also offer SEPA Instant, and the fees for instant transfers cannot exceed what the bank charges for regular ones. In practice, this means many German banks now process euro-to-euro transfers across borders almost immediately at no extra cost. Check your banking app for an “instant” or “Echtzeitüberweisung” option when initiating the transfer.
Transfers Outside Europe: Your Main Options
Sending money beyond the SEPA zone, whether to the U.S., India, Turkey, or elsewhere, involves either your bank’s international wire service or a dedicated money transfer provider. The cost gap between these two routes can be significant.
Bank Wire (SWIFT Transfer)
Your German bank can send money to virtually any bank worldwide using the SWIFT network. This is reliable but expensive. Deutsche Bank, for example, charges 1.5 per mille (0.15% of the amount) with a minimum of 10 euros for an online transfer, plus a 1.55 euro SWIFT messaging fee and a 25 euro flat fee to cover intermediary bank costs. A paper-based order costs even more. So sending 2,000 euros to a U.S. bank account could cost roughly 30 to 40 euros in fees alone, before the exchange rate markup.
Speaking of exchange rates, banks add a spread on top of the interbank rate. Deutsche Bank’s published markup on EUR/USD conversions is 0.005 dollars per euro, which on a 2,000 euro transfer works out to about 10 dollars. For less commonly traded currencies like the Turkish lira, South African rand, or Mexican peso, the markup jumps to 2% of the converted amount. Bank wires typically take two to five business days, depending on the destination country and whether intermediary banks are involved.
Online Money Transfer Services
Dedicated transfer services generally beat banks on both price and speed. The most widely used options from Germany include:
- Wise uses the real mid-market exchange rate with no hidden markup, then charges a transparent percentage fee that varies by currency. Delivery goes to bank accounts and mobile wallets. It’s often the cheapest option for medium to large transfers.
- Remitly focuses on transfers to developing countries and offers bank deposit, debit card, mobile wallet, and cash pickup. Fees are low, especially for larger amounts.
- Western Union and MoneyGram have the widest physical networks if your recipient needs to collect cash in person. Fees tend to be higher than app-based competitors, but the convenience of cash pickup in remote areas is hard to match.
- Xoom (owned by PayPal) supports bank deposit, debit card, mobile wallet, and cash pickup, with competitive pricing on popular corridors like Germany to the Philippines or Mexico.
- OFX targets larger transfers (often 1,000 euros and up) and negotiates tighter exchange rates for bigger amounts, making it a good fit for expats moving savings or paying overseas tuition.
With any of these services, you’ll fund the transfer from your German bank account via SEPA (free and fast) or by debit card. The service then converts the currency and delivers it to the recipient. Most transfers arrive within minutes to two business days depending on the destination and delivery method.
What Each Transfer Actually Costs
The true cost of any international transfer has two parts: the upfront fee and the exchange rate markup. A service advertising “zero fees” may still cost you 1 to 3% through a poor exchange rate. Always compare the total amount your recipient will receive, not just the fee line.
For a typical 1,000 euro transfer to a non-euro country, bank wire fees (including the exchange rate spread) might total 30 to 50 euros. The same transfer through Wise or Remitly often costs 5 to 15 euros all in. The savings grow with larger amounts. On a 10,000 euro transfer, the difference between a bank and an online service can easily exceed 100 euros.
The 12,500 Euro Reporting Rule
Germany requires residents to report cross-border payments that exceed 12,500 euros (or the equivalent in another currency) to the Deutsche Bundesbank. This applies to both incoming and outgoing payments involving a non-resident, whether you send the money yourself or a business pays on your behalf. Transfers below this threshold are exempt.
The report is submitted electronically through the Bundesbank’s General Statistics Reporting Portal (known as AMS). If you’re an individual who only occasionally sends or receives large international payments, you can report by phone instead, using the Bundesbank’s free hotline at 0800 1234 111. This is a statistical reporting obligation, not a tax. It doesn’t trigger any additional payment, but failing to report can result in a fine.
Your bank will not file this report for you. It’s your responsibility as the sender or receiver. If you’re transferring money to buy property abroad, sending an inheritance, or moving a large sum to your own foreign account, the rule applies regardless of the purpose.
Identity Verification Requirements
Before you can use any transfer service from Germany, you’ll need to verify your identity. German anti-money-laundering rules require financial service providers to confirm who you are before processing transactions. If you already have a German bank account, your bank has already completed this step.
For new accounts with online transfer services, you’ll typically go through one of several identification methods. VideoIdent lets you verify via a live video call, usually available daily from 8 a.m. to 10 p.m. PostIdent allows you to verify in person at any of over 8,500 post offices across Germany. Some services also support eID verification using the electronic function of your German ID card or residence permit, which takes about two minutes on your phone. You’ll need a valid passport or national ID card for any of these methods.
How to Choose the Right Method
Your decision comes down to three factors: where the money is going, how the recipient needs to receive it, and how much you’re sending.
For euro-to-euro transfers within the EEA, use your bank’s standard SEPA transfer. It’s free or nearly free, and SEPA Instant gets the money there in seconds. There’s no reason to use a third-party service for this.
For transfers outside Europe to a bank account, compare Wise, Remitly, and OFX for the specific currency corridor. Enter your amount on each service’s website to see the exact fee and the amount your recipient will get. For transfers over 5,000 euros, OFX often edges ahead on the exchange rate.
If your recipient needs cash, Western Union, MoneyGram, or Remitly are your best options. Check which service has pickup locations near your recipient. Western Union has the largest global network, but MoneyGram and Remitly may offer lower fees on specific corridors.
For very large transfers like property purchases or business payments, a bank wire gives you a documented SWIFT confirmation that some institutions require as proof of payment. The higher fee may be worth the paper trail. Some online services also provide transfer confirmations that satisfy these requirements, so ask the receiving party what they need before defaulting to a wire.