Sending Money Abroad — SWIFT, Wise and Fees

Sending Money Abroad

Many people in Germany regularly send money to family in their home countries. Costs and duration vary significantly depending on the method.

SWIFT (Traditional Bank Transfer)

• Standard for transfers outside the EU (SEPA area)
• Through your bank (Sparkasse, Volksbank, etc.)
• Fees: €15–50 per transfer
• Exchange rate: Often unfavorable (1–3% bank markup)
• Duration: 2–5 business days
• Required: IBAN and BIC/SWIFT code of recipient

Wise (Formerly TransferWise)

• Online service for cheap international transfers
• Fees: Approx. 0.5–2% (depends on currency and amount)
• Exchange rate: Real mid-market rate (no markup)
• Duration: Often 1–2 business days, sometimes minutes
• Example: €1,000 to Turkey — Bank: approx. €30–50 vs. Wise: approx. €5–10

Other Providers

SEPA Transfer (Within the EU)

• For transfers to EU/EEA countries in euros
• Fees: Same as domestic transfer (€0)
• Duration: 1 business day
• Also applies to: Croatia, Romania, Poland (in euros)

Reporting Threshold: €12,500

• Transfers of €12,500 or more abroad must be reported to the German Bundesbank
• Report: Online via the General Reporting Portal for Statistics (AMS)
• Failure to report = Administrative violation (fines up to €30,000)
• Also applies to cash during entry/exit over €10,000 (customs declaration)

Tips

• Compare both fees AND exchange rates — the rate often matters more than the fee
• Wise or Revolut are usually the cheapest option for regular transfers
• Avoid PayPal for larger amounts (poor exchange rate)
• For cash transfers via Western Union: recipient only needs an ID and transfer code

As of March 2026. All information provided without warranty.