The route to transfer money from Germany to Canada is well-traveled. This is due to the long-lasting power of Canadian currency and political and economic stability.
Also, the Canadian economy reached a GDP of $1.7 trillion in 2019. CAD (Canadian Dollar) has become among the most popular currencies.
This article will give you a deep blog into how to transfer money from Germany to Canada easily and securely and vice versa.
Reveal the best way transfer money from Germany to Canada and vice versa
Best way to transfer money from Canada to Germany – through a bank?
Canada and Germany don’t share the same continent but there is a close connection between them. Germany is a pivotal economic partner for Canada. About a million people travel between the two countries each year.
Also, both of them enjoy a strong commercial relationship of trade and investment. In 2011, Canadian exports to Germany were estimated at $6.9 billion while Canada’s imports from Germany were $19.0 billion.
Germany-Canada service trade was about $5.4 billion in 2021. Germany is an important market for Canadian direct investment abroad.
In addition, Many Canadians have family in Germany, or travel for pleasure or have a second home there.
Thus, it’s necessary to know more about other ways of transferring money from Canada to Germany.
When it comes to transferring from Canada to Germany, you can think of a bank as an international transfer solution because it’s reliable and secure. Traditionally, bank transfers have been a popular method to send money online from Canada to Germany.
However, banks seem to charge higher fees compared to an online remittance service or transfer provider. Thus, banks can be a costly solution for transferring money to Germany.
If you need to send a large sum of money from Canada to Germany via a bank, make sure that you undertake a thorough review of all details of the transaction fees and the exchange rate that your bank offers to you.
Typical services/providers to transfer money from Germany to Canada
In the evolution of several Fintech startups in finance and remittances, you can consider one of them for sending funds overseas.
The Germany to Canada money transfer market is greatly competitive, and there are several services to satisfy your transfer demands.
Choosing a provider depends on some certain factors. Cost is of paramount importance, but convenience and speed are worthy of consideration, also.
Below are some of the optimal suggestions:
DNBC Financial Group
DNBC Financial Group provides various services: digital payment, and payment transactions, including transfers of funds, money remittance. This enables clients to use the global markets ecosystem to achieve the goals.
DNBC Financial is now present in the European Union, Viet Nam, Singapore, Hong Kong, the United Kingdom, the United States, and Canada. And of course, it’s a good choice if you use DNBC to transfer money from Germany to Canada.
Bank drafts are widely used by banks when handling other banks and when a creditor or a seller doesn’t accept ordinary checks from a buyer or a debtor from another country.
Money Transfer Agencies
Generally speaking, these are much faster and more reliable than traditional banks.
So simply, you will give your cash to the agency service/provider and write the beneficiary details down and inform the address to get money. The beneficiary then goes to the same branch/service in their country with their ID and receives the cash.
Some typical names are: MoneyGram, Western Union, Paypal…
Tips of international money Transfers
Here are helpful tips to save money when transferring money from Germany to Canada or to anywhere in the world.
Search around and compare to pick the best option.
Transfer a large amount once, instead of transferring many smaller amounts.
Don’t pay for speed if there is no need. You can save a lot by taking a longer time period.
Make transactions in the morning because most banks have an early cut-off time in the afternoon. Your transfer at that time can’t be sent until the next day.
Focus on your total cost. The fees you pay may be low, but the exchange rate is high.
Sometimes the sender and the receiver will get a better deal with remittances if the sender transfers money in the local currency, then the receiver will convert the amount into the local currency to have a better exchange rate.
About DNBC Financial Group
We provide full online payment experience, which allows you to make transactions around the clock in more than 170 countries and in different currencies.
You can easily and securely transfer money from Germany to Canada with our service.