Transfer Money (Überweisung)
Transferring money from your account to someone else’s account is one of the fundamental tasks that must be performed on having a bank account (Girokonto). Every day, millions of transfers are made to pay phone bills, house rent or even to your family back home in foreign country.
This article explains all you would need to know about money transfer from a German bank account.
Prerequisite for making a money transfer
In Germany you can make a money transfer to a third party if you have a Girokonto bank account. Other bank accounts such as Savings account or the deposit account will only enable you make a transfer to your own bank account.
Transfer without a bank account in Germany: You can also make a transfer by depositing cash in a bank and without a need for a bank account. For this you will need a Zahlschein and deposit it in a bank with accepts such transfer. Please note that not all banks offer such payment facilities, and a fees for such service can sometimes be upto €20.
Transfer money between German Bank accounts
This is a normal bank transfer which can be made through your bank, either using internet banking or by using the bank branch. How to make a money transfer to another bank account in Germany from a German bank account
You can use the transfer for either a one time payment or a standing instruction.
Money transfer or Überweisung : This is a simple one time money transfer either using online banking or the payment slip. Read more for details and information required to make a transfer.
Standing instructions for money transfer: This is used for regular monthly payments which are made on a particular date to the payee. For example, you can configure a standing instruction for monthly rental payment to your landlord.
Direct Debit : This is used when a contract is made with companies to authorize them to debit from your account. For example, a Landshriftmandat (Direct debit) is made with a Telephone company or Insurance company when making a contract. Learn more about Direct Debit (Lastschriftmandat)
In case you made a wrong transfer, you have some time initiate a charge back. Learn more about what to do if you made a incorrect transfer and initiate a charge back.
Money Transfer to another bank account in EU
SEPA transfers provide the facility to make the transfer from one bank account in Germany to a bank account in another EU country, say Greece. SEPA uses the same nomenclature for bank account numbers and provide transfer which cost the same as though it was made to a German bank account. If your bank does not charge for a transfer within Germany, a transfer to an EU bank account should also be free of cost. However, they may charge transaction charges if there is any changes in the currencies involved (GBP, CHF etc). Learn more about SEPA money transfer.
International money transfer
There are different options for an international money transfer from your German bank account to a bank account in a foreign country.
There are two modes of international transfer are:
1) Bank to Bank transfer (e.g, SWIFT Wire transfer)
2) Third Party money transfer options (e.g, Western Union, Paypal, and other internet transfer companies such as Xendpay, Transferwise, Azimo etc). Review of the three cheapest money option services to send money from Germany.
3) You can also get your own local bank account details in Europe, UK, US, Australia and New Zealand with the TransferWise Borderless account.