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Transfer money from UK to Germany

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This sort of question comes up regularly on TT - I have written on some threads that I have used MONEYCORP a number of times (last time December 2020) and all went well.

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My wife and I have Starling Bank accounts, though not sure if you have to be UK resident to open them.  You get a £ account and a € account.  Transfers into and out of each are by normal BACS or SEPA transfers.  Between the two you get the Mastercard rate, which is about the best you'll get as a retail customer. You then suffer a 0.4% fee.

 

For me the benefit is that it all stays in your account/bank and you can leave the £ until the £/€ rate suites you and then transfer to the € and when ready move it to your German account.  You get a Mastercard debit card too and can link that to either the £ or € account depending on where you are when wanting to use your funds.

 

As of writing for £1,000, Starling would give you a net 1,171.62€, Wise would give you 1,172.34€ and Moneycorp, well, you'll have to check as I am not signed up for them... 

 

Whatever you use, you'll need to consider the requirement to report transfers over 12,500€ to the Bundesbank. These FAQs may help  FAQ zu grenzüberschreitenden Zahlungsmeldungen (bundesbank.de).  What I am still not clear on, based on FAQ 5, is whether you need to report self-to-self transfers.  It appears to suggest not but most comments I have seen on here (?) and elsewhere, seem to suggest that it is still necessary to report such personal transfers.  At the end of the day it's just a phone call I guess.

 

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1 hour ago, GaryC said:

Whatever you use, you'll need to consider the requirement to report transfers over 12,500€ to the Bundesbank.

 

I moved more than 12500 from UK to DE a number of times in the past years and never reported anything (not intentional, I just didn't think of it). Nobody came up saying anything, not yet at least. All accounts in my name, my address.

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1 hour ago, Gambatte said:

 

I moved more than 12500 from UK to DE a number of times in the past years and never reported anything (not intentional, I just didn't think of it). Nobody came up saying anything, not yet at least. All accounts in my name, my address.

 

If you transfer cash (i.e. savings) from UK to DE then the Bundesbank is not interested - despite what your local bank will say.

 

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5 minutes ago, HEM said:

 

If you transfer cash (i.e. savings) from UK to DE then the Bundesbank is not interested - despite what you local bank will say.

 

That is certainly what the FAQ seem to say.  Same seems to apply if you carry the cash in your pocket too.

 

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10 hours ago, HEM said:

If you transfer cash (i.e. savings) from UK to DE then the Bundesbank is not interested - despite what your local bank will say.

 

if not cash, what are then the transfers you should report to them?

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14 hours ago, GaryC said:

My wife and I have Starling Bank accounts, though not sure if you have to be UK resident to open them.  You get a £ account and a € account.  Transfers into and out of each are by normal BACS or SEPA transfers.  Between the two you get the Mastercard rate, which is about the best you'll get as a retail customer. You then suffer a 0.4% fee.

 

We had Starling in the UK as well and did exactly this to transfer our funds from £ to € and then into our DE bank account in 2019. We asked Starling if we would have to close our accounts once we no longer lived in the UK and they said they didn't care where you lived as long as you could have a UK address attached to the account (I got the same response from Nationwide as well) - so my mother gets all my banking junk mail now, sorry mum!

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30 minutes ago, HEM said:

Like if you sell funds in the UK & transfer that money to DE.

I was afraid of an answer like this. Or if you prefer, I am stupid and I still don't get it

 

Imagine this: 2019, you reside in the UK and with your cash savings you buy 20k of shares.

Next, in 2021, these two scenario:

 

1) the day after you moved to DE, sells those UK shares for 22k cash, move the cash to DE.

Is this moving cash savings? Need to inform anyone?

 

2) you sell those 22k for cash the day before moving to DE, and the day after your move, move the cash.

Is this moving cash savings? Need to inform anyone?

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You need to report when you get money from somebody else, in this case from the person/bank/broker you sold your shares to.

If you get over 12,500€ in one transaction from another person, you have to declare it, even if you don't send the money to Germany.

The only exception is if this is money paid out because of a loan.

 

The Bundesbank has published a flyer on this "Reporting made simple": https://www.bundesbank.de/resource/blob/804692/631d8f750051a0d462cec236c9696a4b/mL/einstieg-in-das-meldewesen-data.pdf

 

--> the easiest way to report is by e-mail to: szawstat-private@bundesbank.de

That way you will have proof of what you reported and when.

 

There is also a phone hotline (0800 - 1234 111, free, can only be reached from a German landline) at the Bundesbank for reporting, but good luck proving later on what you said on the phone.

 

2 hours ago, Gambatte said:

1) the day after you moved to DE, sells those UK shares for 22k cash, move the cash to DE.

Is this moving cash savings? Need to inform anyone?

You need to report the sale to the Bundesbank, since you got more than 12,500€ from another person (= the buyer of your shares) in one go.

So to be clear: the reportable transaction here is the sale, since it was the transaction with another person and since it was for over 12,500€.

The moving of money from your own UK account to your own German account is not reportable.

 

If you had sold the shares in two different transactions, one getting you 12,000€ and one 10,000€, you would not need to report anything.

 

2 hours ago, Gambatte said:

2) you sell those 22k for cash the day before moving to DE, and the day after your move, move the cash.

Is this moving cash savings? Need to inform anyone?

The sale happened before you became subject to German rules (= before you became an "Inländer") --> you don't need to report it.

You then moving money you got from the sale, i.e. from "you" to "you", is never reportable.

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That is really helpful as so many people have been unclear as to what the requirements are, so thanks for posting...

 

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Ok after completing our first transaction using Wise (Transferwise), I can say we are very happy.

Note. if you transfer a large amount then "diligence" department require a bit of documentation before allowing access to the funds.

Eg. 3 months bank statement of the source account, letters that confirm how funds were accrued & purpose, especially if any of it is gifted.

But they were quick to respond & get through the process. :D

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On 6.8.2021, 19:52:00, GaryC said:

That is really helpful as so many people have been unclear as to what the requirements are, so thanks for posting...

 

 

I can only second that.  I had no idea that the proceeds from the sale of property in an overseas country heading into my bank account in that same country has to be reported to the Bundesbank.  Time to play catch-up football. 

 

Another Bundesbank reporting question: since my bank has a relatively small daily electronic transfer limit, and I haven't been able to get over there for 19 months, I have been using Wise in a slow water-torture drip from my overseas bank to Germany.  Non of the transfers are near the 12.5k euro limit, but the total is in the six figures now. Do I have to report these transfers? I've seen differing information about this. 

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I have reported stuff (very late) and they have never asked for anything as back up.  Just a "thankyou for telling us" email.  It was money going from my account in UK via WorldFirst and into my account here.  Over the limit amounts.  My bank account here flagged it on my bank statements saying needed to be reported.

 

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1 hour ago, snowingagain said:

 It was money going from my account in UK via WorldFirst and into my account here.

 

That does not interest the Bundesbank regardless of the amount.

 

Quote

My bank account here flagged it on my bank statements saying needed to be reported.

 

My Sparkasse keeps doing that every time my UK pensions arrive (each around 400 or 500 Euros).

They are just wrong (as the lower limit is 12,500 Euros anyway & computers are good at comparing numbers & even adding them).

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22 minutes ago, HEM said:

 

They are just wrong (as the lower limit is 12,500 Euros anyway & computers are good at comparing numbers & even adding them).

 

Ok, but mine was always over that limit.  But must admit I did not report for some as did not spot it and had no idea.

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2 hours ago, HEM said:

 & computers are good at comparing numbers & even adding them).

I love this😂

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