• Germany's news in English
 
expat_finances
What's the best way for expats to transfer money abroad?
Photo: Philip Brewer/Flickr

What's the best way for expats to transfer money abroad?

TT/The Local · 11 Apr 2016, 09:02

Published: 24 Feb 2016 09:02 GMT+01:00
Updated: 11 Apr 2016 09:02 GMT+02:00

And then there are those little things that still make a huge difference in the long run – like how to send money back home, or from home to your new location.

A recent analysis by consumer research organization Which? found that expats transferring money overseas can lose out on massive sums of money depending on what service they use.

Make the wrong choice and you could lose hundreds of euros.

Which? examined 16 different providers including big banks and other international payment providers, testing how much bang customers get for sending their bucks abroad.

Transfer service CurrencyFair – founded by expats, for expats – came out on top.

In comparison to bank Santander, which came in last place, CurrencyFair offered users €400 more on a payment of £10,000, even beating out competitors like TransferWise and HiFx.

"Perhaps unsurprisingly, the banks were bottom of our rankings," the report states.

So what exactly is CurrencyFair, and how do they give expats such good deals?

“CurrencyFair is a way of transferring money internationally without involving international transfers," cofounder Brett Meyers explains.

The Australian expat found he was losing hundreds on poor exchange rates when he moved to Ireland, and decided to solve the problem on his own, launching CurrencyFair in 2010 with several colleagues.

“It works on the principle that I might be sending euros back home to Australia for Christmas, at the same time there’s plenty of people with Aussie dollars that want euros,” Meyers says. “For example, a person who emigrated there needs to send money back to pay the mortgage.”

The service charges just a €3 fee per transaction, cutting out the middleman present in a bank transfer - and saving customers money.

With 18 currencies offered, the service has quickly become a natural choice for expats, and since its launch users have used CurrencyFair to transfer more than €3 billion.

“CurrencyFair’s online platform makes exchanging and sending currency around the world simple," one reviewer writes of the service.

"Rates are transparent, each transaction status is regularly updated and the platform is very easy to use and user friendly. Most importantly, for regular users, the savings can be substantial.”

Click here to try CurrencyFair today

This article was produced by The Local and sponsored by CurrencyFair.

 

For more news from Germany, join us on Facebook and Twitter.

TT/The Local (news@thelocal.se)

Today's headlines
Pegida take to Dresden streets - to march against Pegida
Pegida demonstrators. Photo: DPA

Followers of the xenophobic Pegida movement marched in two factions on Monday evening in the capital of Saxony, brandishing fierce accusations of treason against one another.

Analysis
Is it fair to call the AfD far right?
AfD leaders, from left, Georg Pazderski, Frauke Petry and Jörg Meuthen. Photo: DPA.

The AfD has been dubbed "far-right" over the past year as it has taken on a tougher stance against immigration and made gains in state elections. But at what point does one call a group far-right?

Dresden police guard Islamic buildings after mosque attack
The Dresden mosque that was hit by a homemade bomb attack on Monday. Photo: DPA.

All Islamic buildings in the capital of Saxony have been put under police protection on Tuesday after explosive devices were detonated at a mosque and a congress centre in the city.

Germany blocks WhatsApp data transfers to Facebook
Photo: DPA

German data protection authorities on Tuesday said they had blocked Facebook from collecting subscriber data from its subsidiary WhatsApp, citing privacy concerns.

Stuttgart fest pulls in twice as many boozers as Oktoberfest
Is this Oktoberfest or is this Stuttgart's Cannstatter Volksfest? Can you tell the difference? Well, it's Stuttgart. Photo: DPA.

Apparently Munich is no longer the top place to wear lederhosen and down beer one litre at a time.

The Local List
10 German films you have to watch before you die
Photo: DPA

These films are so good, not even The Cabinet of Dr. Caligari made the list.

Young man destroys 17 cars after visiting Oktoberfest

Early on Monday morning a drunk 29-year-old trashed 17 cars after staggering out of Oktoberfest into the Munich streets. It was one of several eye-popping crimes from "Wiesn" over the past few days.

VW emissions scandal
Audi tech chief leaves after reports link him to 'dieselgate'
Audi's head of technical development Stefan Knirsch stepped down on Monday. Photo: DPA.

Audi's head of technical development stepped down "with immediate effect" on Monday, the luxury carmaker announced, after German media accused him of involvement in parent company Volkswagen's "dieselgate" scandal.

Deutsche Bank shares hit lowest level in quarter century
Photo: DPA.

Shares in Deutsche Bank, Germany's biggest lender, sank to a historic low on Monday after reports at the weekend that Berlin had refused state aid for the embattled lender.

The Local List
The 10 worst German cities for students to find digs
Photo: DPA

It's the start of autumn, which means the start of the university year. But along with the excitement comes the stress of finding housing - and in some glamorous locations this can be a nightmare.

Sponsored Article
The Inner Circle: the secret to dating in Berlin
Lifestyle
15 pics that prove Germany is absolutely enchanting in autumn
Sponsored Article
Why Jordan is the ‘Different’ East
Lifestyle
10 German films you have to watch before you die
Lifestyle
6 things about Munich that’ll stay with you forever
Lifestyle
10 pieces of German slang you'll never learn in class
Sponsored Article
Retiring abroad: ensuring your health is covered
National
Seven great reasons to stay in Germany this September
National
Ouch! Naked swimmer hospitalized after angler hooks his penis
National
Six reasons why Berlin is now known as 'the failed city'
National
15 tell-tale signs you’ll never quite master German
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
Culture
7 American habits that make Germans very, very uncomfortable
Rhineland
Story of a fugitive cow who outwitted police for weeks before capture
Sponsored Article
The Inner Circle: the secret to dating in Berlin
Culture
Eleven famous Germans with surnames that'll make your sides split
Lifestyle
The best ways to get a visa as an American in Germany
Gallery
Germany's 17 Olympic gold medals in pictures
14 facts you never knew about the Brandenburg Gate
Society
Ten times Germans proved they really, really love beer
National
Six things you need to know when moving to Germany
Travel
These 10 little-known German towns are a must see
International
German scientists prove birds can sleep while flying
Technology
London v. Berlin: Which is better for startups?
Lifestyle
13 mortifying mistakes German learners always make
Travel
Enter if you dare: Berlin's best abandoned haunts
Lifestyle
10 rookie errors all Brits make when they arrive in Germany
6,591
jobs available
Toytown Germany
Germany's English-speaking crowd