How to send money from Canada to Germany? What are the methods of sending money from Canada to Germany? How to transfer money from Canada to Germany as quickly as possible? In this article, we are going to answer all these questions and explore the best way to transfer money from Canada to Germany. Stay with us until the end of the article
About 180,000 Germans emigrate abroad each year, with the Canada being one of their main destinations. Germans in the Canada who want to send money home for their loved ones want a quick, inexpensive, and hassle-free transfer. They also want to make sure that their friends and family receive the most money sent, not that it is wasted on low exchange rates and high costs. Here are some key factors that Germans need to know when sending money from the United States:
How do I send money from Canada to Germany?
Traditional transfer methods such as banks, post offices and transfer centers are a good way to send money to people who find technology challenging. However, online money transfer platforms offer a fast and cost-effective way to send money to Germany because there is no need to travel to the bank, wait in long queues and pay more transfer fees.
How much does it cost to send money to Germany?
If you want to send money from the United States to a bank account or card in Germany, sending your funds with Paysend costs only $ 2, no matter how much you want to transfer. Our low cost means your recipients have even more money to spend. For example, if you want to send $ 500 or $ 5,000 from the United States to Germany, it will only cost you $ 2 to transfer.
How much does my recipient receive?
Paysend uses competitive exchange rates, and we offer a low-cost option to send money to Germany or 70 other countries around the world from the United States, along with our low fees. You can get exactly how much your recipient in Germany will receive on our home page.
How long does it take to transfer money to Germany?
Money sent using Paysend usually arrives within a few minutes of being sent to your recipient in Germany, although it may take up to three business days if your recipient’s bank processing time is not fast.
faster and cheapest ways to send and transfer money from Canada to Germany
More and more financial services are appearing everywhere. But it is important to use a service that you can trust, especially when sending money abroad. We will show you the top five institutions and services for your international money transfer. Sending money to another country in the Eurozone is very cheap and easy. For example, sending money from Germany to France, Spain or Poland. You can only use a German bank account to do this.
However, when it comes to sending money to a country with a different currency, financial services like TransferWise are cheaper and faster for example send and transfer money from Canada to Germany. I have personally used these services to transfer money between Germany and China, Britain, Canada, the United States, France and Austria. So this blog is based on my experiences in these countries.
Use Transferwise
To send money to non-euro countries Our number one for international bank transfers is TransferWise. It is very suitable for transferring money to non-EU countries and if the currency is different.
For example, if you want to transfer money from Germany to the Canada or from Germany to the United Kingdom, then you must select TransferWise. This is because it offers you a perfectly fair exchange rate. This way you do not lose the exchange of Euros to Pounds or US Dollars. There is a currency transfer service similar to CurrencyFair. They are all almost the same. Personally, I am completely satisfied with TransferWise, because it is internationally known. It is also transmitted to almost all countries.
Why do I recommend it?
This is one of the cheapest ways to transfer money internationally.
It’s simple: you use a cash card or a regular bank transfer.
Money usually arrives the same day.
How does Transferwise work?
TransferWise matches you with people who send money to other destinations. Likewise, your money will never technically leave the country. 1. Enter your deposit amount and location. You can send to your personal account abroad or another person or business. 2. Pay TransferWise in your local currency. Just like shopping online, use your cash card or make a regular bank transfer. 3. TransferWise converts your money at the average market rate and matches you with people who send in the other direction. That’s why it costs so little. 4- The converted money will be sent to the target bank account. Everyone is notified by email, so you always know where the money is.
Use a German bank account for send and transfer money from Canada to Germany
Since 2012, money transfers between the euro area have become much easier. This is because the European Union has introduced international bank account numbers throughout Europe. So now every EU citizen has received the IBAN and BIC code. Are equivalent to SWIFT code.
When should I use a regular bank transfer?
For bank transfers in the EU When the recipient has the same currency Since 2012, money transfers between the euro area have become much easier. This is because the European Union has introduced international bank account numbers throughout Europe. So now every EU citizen has received the IBAN and BIC code. Are equivalent to SWIFT code.
When should I use a regular bank transfer?
For bank transfers in the EU When the recipient has the same currency How long does it take? It usually takes one to two business days to transfer money from one European bank account to another. How much does it cost?
For example, if you transfer your money from a German to a French account, when the two EU countries have a common currency, it is free and very fast (1-2 working days). If the recipient’s account is in another currency, the transfer fee may be deducted from you and may take a little longer.
how it works?
You can usually transfer money abroad from Germany using online banking. You need IBAN and BIC account receiver. It’s very simple. Deutsche Bank, Berliner Bank, Postbank, Fideo are just a few German banks that offer you online banking with other European banks.\
Western Union for send and transfer money from Canada to Germany
There are also financial services that you can use to make bank transfers around the world. People use these services only in emergencies. For example, if money needs to arrive immediately. It is also the most expensive way to send money from Canada to Germany.
If you want to transfer money very fast, go for Western Union. You’ve probably heard of it. Main benefits: access ! It has branches all over the world. Really everywhere. In big cities like Berlin, London, Paris, Moscow, Munich, etc., you will find several pickup locations. But you will also find branches in small towns and remote areas in Africa or South America.
Speed ! Money arrives with the recipient within 10 minutes for send and transfer money from Canada to Germany. It’s really there almost immediately. Of course, this means that the service is more expensive than slower money transfer methods. So if you want speed – go for Western Union. Trust Western Union has been around for decades. Everyone knows it. You can trust it. If something goes wrong, you have customer service around the world. So no worries
When is good? You need the fastest bank transfer You do not care about the cost of sending money abroad You do not have a SWIFT or IBAN code How much does it cost? It is the most expensive version. This service will receive 5-10% of the transferred amount as a commission.
How fast is it?
Apparently they receive the transferred money within 10 minutes. But again, these costs are very high, so this option should only be considered if you are severely limited in time. how it works? Using the services of a non-banking service provider such as a money transfer company means that they use its internal trading system to transfer your funds. However, you must provide a valid ID and the recipient will also be asked to provide a valid ID.
PayPal
For free transfer between friends and family Finally, you may want to use international online banks such as PayPal. Again, there is a cost (at least 4%). But the transfer is immediate, so if you have little time it is a good option. Note that both you and your recipient need a PayPal account to do this. You usually use regular PayPal for business transactions. For example, if you buy something online. You have automatic buyer insurance.
But you can also use it to send money privately. To do this, sign up with PayPal.me. What is PayPal.me? Here you can transfer money for free – but only between family members, co-workers and friends. The only condition is that the money be sent privately. It should not be commercial.
how it works? You must have a “normal” Paypal account to use this feature. Setting takes 2 minutes. Note that it is free only if you send money from within Europe and in the case of a single currency. Visit www.PayPal.me for more information.
Paypal or Westernunion ? which is better for send and transfer money from Canada to Germany?
Western Union is the surname for international money transfers. The money is sent directly to the recipient’s bank account or funds are available to raise money in person from one of the 550,000+ representative locations in more than 200 countries around the world. Just go to Western Union’s Canadian website and click on “Send Money”. Enter your transfer rate and confirm both how to send and how to receive it. (Alternatively, you can go to a Western Union location in person and have a company representative arrange the transfer for you.) Delivers money to your recipient’s bank account or cash vans at locations around the world.
PayPal is an online service for paying merchants and sending money to friends, family or anyone with a PayPal account. To transfer money via PayPal, you and your recipient must create a free PayPal account. Then transfer your PayPal balance, bank account, credit card or debit card to your recipient’s PayPal account. After receiving the money, your recipient can keep the funds in their PayPal account or withdraw the money to their bank account. Funds held in a PayPal account can be used to pay for purchases wherever PayPal is accepted as the payment method.
In 2018, PayPal Xoom launched an international money transfer service that allows you to transfer money to recipients’ bank accounts abroad, to international banks and retailers to receive cash or even Send to mobile phones outside of Canada to receive minutes and prepaid data Xoom phone plans can not be used to send money within Canada and recipients of Xoom transfers do not need a PayPal or account to receive their money They do not have Xoom. PayPal and Xoom use different payment structures for international money transfers. In this article, we are comparing Western Union and PayPal
which has lower exchange rates for send and transfer money from Canada to Germany
Western Union has a variety of charging methods, where the amount depends on how the money is sent (online or at the Western Union branch), how the money is received (cash or direct deposit to the recipient’s bank account) and the country of destination. . Western Union and PayPal are secure, though Western Union is a little more anonymous. Consider the following real-life examples to give you an idea of how to pay.
If you want to send $ 700 from Canada using the Western Union online service to receive cash from the recipient, the following fees apply based on the recipient country: Canada: $ 51 * US: $ 51 * France: $ 35 * India: $ 25 * If you physically go to a Western Union branch to send $ 700 and the recipient wants to receive the money in cash, the costs change as follows: Canada: $ 44.50 * US: $ 42 * France: $ 40 * India: $ 14 *
However, if the money was transferred directly to the recipient’s bank account, the costs would be significantly reduced. (Note that transfers to bank accounts are made only through Western Union online services and not through a branch representative.) Canada: $ 19 * US: $ 19 * France: $ 19 * India: $ 15 *
PayPal rates
When you send money directly from your PayPal account, you can transfer it to your friends and family in Canada for free. If you instead send money to a recipient in Canada via your credit or cash card, you will pay 2.9% of the transfer amount + a fixed fee of $ 0.30 per transaction.
If you send money from your PayPal account to the United States or most European countries, you will be deducted $ 2.99 per transaction. However, if you send money from your PayPal account to any other country, the cost of each transaction will increase to $ 4.99. If you decide to pay by credit or debit card from your PayPal account instead of cash, you will be deducted 2.9% extra transfer fee + fixed fee. Fixed costs for countries outside of Canada are usually between a few cents and 50 cents.
Young man gets confused about calculations Image: Getty Images If this was not enough to get you involved in finding a calculator, PayPal will also charge a currency conversion fee if you send your funds in a different currency than what you receive. Also takes from you. The transfer fee is 3.0% for CAD and USD trades and at least 3.5% for other trades (but not more than 3.7%).
other considerations
Because you can keep multiple currencies in one PayPal account, this can also apply to funds transferred in Canada. So, if you live in Canada and you are sending money to someone else in Canada, but this money is from USD in your PayPal account, you have to pay the currency conversion fee, because your USD funds have to be converted to CAD
If all this is confusing, do not worry. Here are some examples to help you keep your mind on the maze of PayPal transfer costs. These are the fees you will pay if you want to send $ 700 CAD to recipients living in the following countries: Canada (fixed cost C $ 0.30) Paid from PayPal account: No charge * Paid by credit or cash card ($ 700 cost 0.029 X) + 0.30 cost of bed = $ 20.60 *
conclusion
ow to send money from Canada to Germany? What are the methods of sending money from Canada to Germany? How to transfer money from Canada to Germany as quickly as possible?With PayPal you can get a stronger exchange rate, but if you send a large amount, you can pay much higher fees. In that case, the Western Union Cash Pickup may be your best bet. Instant transfer is possible with Western Union and PayPal, but depending on how you transfer money, Western Union processing time can be longer.
The above methods of transferring money from Canada to Germany each have advantages and disadvantages that you can choose carefully. If you have any questions about transferring money from Canada to Germany, you can ask us via the contact link
