How to Send Money to Germany from Canada?

Last Updated: 27 Apr 2024

Knowing how to find the best way to purchase Euros will help you get great value and reduce the cost of currency conversions.

If you have suppliers or customers in Germany, your business cash flow depends on keeping your profit margins predictable. A Euro purchase order or invoice payment with just a few cents in currency exchange rate fluctuations can affect the transaction by thousands of dollars.

Do the math: If you purchase a shipment of German auto parts for your business worth 50,000 Euros, a currency fluctuation of just 3 cents in the Euro exchange rate could result in a $1,500 loss or gain depending on how the currency moves.

What is the best way to send money to Germany?

The most optimal way to send money to Germany is by choosing the quickest method with the lowest transaction charges. When dealing with German suppliers, it is easier to pay them in Euros. Paying your European supplier in Canadian or U.S. dollars entails currency conversions and foreign currency conversion charges, leading to unnecessary costs for your overseas purchase.

Dealing in Euros gets the funds to your overseas suppliers more quickly by simplifying the transaction and reducing the chances of accounting errors that can accompany invoices requiring adjustments due to currency exchange fluctuations.

What is a good Euro exchange rate?

You can save thousands of dollars on international transfers if you know how to get the best exchange rates.

Knowing where to find the best place to exchange money is key to doing business globally. You have two main options for exchanging currency: your bank or a foreign exchange (FX) specialist, like MTFX.

While your bank may seem like an obvious place to start, they don’t always offer the best exchange rates available and can charge transfer fees of up to CAD 100.00 per transaction, which quickly adds up if you need to make transfers often. In contrast, MTFX takes pride in its commitment to personalized service and cultivating robust client relationships. The company strives to offer advantageous exchange rates and nominal transfer fees, enabling clients to optimize the value of their international transactions.

Who can use MTFX to transfer Euros to Germany?

Both companies and individuals can use MTFX to transfer money to Germany.

Why do individuals send money to Germany from Canada?

Individuals usually send money to Germany from Canada for the following reasons:

Individuals making purchases in Germany.
Individuals purchasing homes or businesses.
Individuals investing in Germany.
Individuals moving to Germany.

Why do companies send money to Germany from Canada?

Companies usually send money to Germany from Canada for the following reasons:

Companies making supplier payments in Germany.
Companies purchasing goods and services in Germany.
Companies making payments in Germany.
Companies making investments in Germany.

What bank details are needed to transfer money to Germany?

When sending money to Germany from Canada, you will need:

Beneficiary's name
Beneficiary's address
Beneficiary's account number
Bank's name
Bank's Swift code
Bank's address
Reason(s) for transfer

Make sure to provide all the necessary information to ensure a smooth transaction.

How to send money to Germany from Canada?

With MTFX, a trusted money transfer service provider that ensures seamless international payments with no hidden charges, sending money to Germany from Canada has never been easier and more straightforward. To learn how follow the steps below:

International payment providers:

Visit our website.
Register with the necessary information.
Specify the amount you wish to send and review the fees and exchange rates (CAD/German Euro).
Entrust the task to MTFX, and they will take care of the rest.

Can I set up a regular money transfer to Germany?

Once you have registered for your MTFX Business Account you can automate your payments to your German suppliers with an all-in-one business solution. Quickly accessible with 24/7 access, the MTFX platform simplifies payments and speeds up invoice processing through electronic payments.

With MTFX automation technologies, error-prone manual data entry is eliminated. Automation technologies validate the data and transfer your funds—including batch payments—securely and quickly.

If you are planning on paying a large invoice to a European supplier and having a 30-day cushion to pay it? You probably want to take advantage of an optimal exchange rate and get a heads-up. If so, sign up for the MTFX currency rate alert.

Send money to Germany now

Whatever your reason for transferring money to Europe is, you can save money with MTFX.

How efficient is it? Turnaround is fast, and you can set up Euro transfers for supplier payments, purchase of goods, property purchases, monthly mortgage payments, and even Euro tuition payments for those studying in Europe

What help do I get? You also get free expert guidance from a personal account manager throughout the process.

How secure is it? A secure online platform is available 24/7, so you can send payments whenever needed.

Open an account today with MTFX and enjoy competitive exchange rates, low transfer fees, and quick international money transfers.

FAQs

1. How can I send money from Canada to Germany?

Sending money from Canada to Germany has become more convenient in recent years. While traditional, bank transfers often come with high fees for international transactions. Consider using services like MTFX, which provides competitive exchange rates and lower fees than banks.

2. How long will transferring money from Canada to Germany take?

It depends on the method you choose to send funds. However, sending money with a service like MTFX typically takes 1-2 business days for the funds to arrive in the recipient's account.

3. How much does it cost to transfer money to Germany?

With MTFX, you can send money abroad for as little as $15 in transfer fees. Plus, transactions over $10,000 incur no additional fees, making MTFX significantly more affordable than banks, which may charge up to $50 for the same service.

4. Is it safe to send money to Germany from Canada online?

Indeed, when you choose MTFX, you can rest assured that your online money transfers to Germany are safe. It is officially registered and regulated by FINTRAC, guaranteeing the highest levels of safety and security.

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