Keep Convenience And Fees In Mind Before You Make A Money Transfer To Germany

Previously, you could send an international money order

, but since the German post office does not accept these anymore, your options mainly involve the Internet.

Before you decide on a particular way to make a money transfer to Germany, consider the financial facts. German currency used to be the Deutsche Mark, but officially changed to the euro in 2002, which is equal to 1.956 Deutsche Marks. One euro is worth 1.399 U.S. dollars, so keep this in mind when sending money to Germany, as your money will automatically be changed to the euro once it enters Germany.

Since the German banking systems work differently from that of the United States, sending a regular check is out of the question unless you happen to have a German bank account. However, you should not have an issue sending funds through a money transfer service. In this situation, you would locate an agent near you, pay a fee, and supply the name and location where your family member will pick up the funds in Germany. Depending on the company, the fee will either be a percentage of the amount of money you are sending or a flat rate. Your family member will then supply a password to show that the money is indeed for them, and will not usually have to pay a fee. There are more than ten locations for your relative to pick up money in Frankfurt alone, which is known as the financial capital of Germany, and hundreds all over the rest of the country. This method is best for one-time transactions, and fees usually range from $8 to $14 to send up to $1000.

If you need to make a money transfer to Germany frequently, you should think about using a prepaid debit card. You would simply choose a company to use, mail a debit card to your family in Germany, and then add funds to it as you wish through the company's website, or even over the phone. The fee to do so is usually about $5 no matter the amount, so putting a lot of money on it at one time is more cost-effective than adding small amounts. There is also a small transaction fee of under a dollar each time your family member uses the card. However, the card's convenience is typically worth the small fees.

Considering the past popularity of the Eurocheque card in Germany, as well as the current Electronic Purse Card, called the Geldkarte, prepaid debit cards are quite desirable. They provide convenience, though many German vendors do charge a small fee when using one, similar to the United States. For this reason, it is best to use a prepaid debit card when making a money transfer to Germany frequently.

by: Peter Frampton

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