Best way to transfer money from Germany?

happylilly

Hello, not sure whether this is the best place to ask this question, so please feel free to move to a more appropriate forum.


I live in the UK and also have a savings account in Germany. I now need this money and was wondering what the best way of transferring it to the UK would be, without losing too much money in the currency exchange.


As I will be travelling to Germany soon, I could also bring the money over in cash and then pay it into my bank account here.


Any ideas? Thanks for your help!!!

grumbler

http://www.mycurrencytransfer.com/money-transfer-to-UK/5000-EUR

https://www.fxcompared.com/money-transfer/Germany-UK?amount=5000&bType=1&aDir=0&ref=filter

mgdavid

Does the 'savings account' have a sort code and account number (and therefore an IBAN number) like a current account?
Do you have online or telephone banking? (makes it painless).
If so then use an FX broker like CurrencyFair.com or Transferwise (there are others).

pinkdalek

I think you would lose more if you brought it over in cash due to the exchange rates.
You generally get a slightly better rate sending it as a transfer, plus it is a lot safer.

I would imagine asking the German bank to send in Sterling rather than Euros may help to save costs also at this end?

grumbler

pinkdalek wrote: »

I think you would lose more if you brought it over in cash due to the exchange rates.
You generally get a slightly better rate sending it as a transfer, plus it is a lot safer.

You don't mean a bank transfer, do you?

I would imagine asking the German bank to send in Sterling rather than Euros may help to save costs also at this end?

I would imagine it would cost a flat fee plus ~3% for currency exchange plus, possibly, a flat fee on UK side for an incoming foreign transfer, plus, possibly a fee from an intermediary bank.

The best buyback rate I see is 1.397 today, that is just 0.5% worse than the interbank one:

http://travelmoney.moneysavingexpert.com/buy-back/euros/5000#results

http://www.oanda.com/currency/converter/

pinkdalek

grumbler wrote: »

You don't mean a bank transfer, do you?

I would imagine it would cost a flat fee plus ~3% for currency exchange plus, possibly, a flat fee on UK side for an incoming foreign transfer, plus, possibly a fee from an intermediary bank.

The best buyback rate I see is 1.397 today, that is just 0.5% worse than the interbank one:

http://travelmoney.moneysavingexpert.com/buy-back/euros/5000#results

http://www.oanda.com/currency/converter/

Transfer - yes bank transfer, wire transfer, telegraphic transfer, whatever you want to call it.

Sending it in sterling may cost the customer less as the bank may not charge a fee for the money coming into the account. If it came in a non-sterling currency the bank in the UK will charge the customer a conversion fee. The customer would still likely pay a fee in Germany to send it either in Sterling or Euro.

grumbler

pinkdalek wrote: »

Sending it in sterling may cost the customer less as the bank may not charge a fee for the money coming into the account.

If the bank charges a flat fee for incoming international transfers, then the currency of the transfer doesn't matter.

If it came in a non-sterling currency the bank in the UK will charge the customer a conversion fee.

Whatever bank does the conversion, the charge is likely to be about the same ~3%.

jonesMUFCforever

In UK most banks will not let you do external transfers from a savings account - if this is the case in Germany going to collect it may be the best option.

happylilly

Thanks everyone, that's really helpful.
Half of the money is actually in a current account so transferring it shouldn't be a problem, will have to check transfer options for the savings account, thanks for pointing that out.
I shall look at the FX Brokers, thank you grumbler and pinkdalek.

ST-User

I'm using Transferwise for my overseas transfers, saving a lot on bank transfer fee and also on the exchange rates.
They use the daily MIDDLE rate for conversion and ask 0.5% for the transfer.