Best way to receive money from abroad in Germany

We’re looking at the most common options to receive money from abroad in Germany and comparing each option for the things that matter the most: cost, speed and security. We’ll also explore how Wise offers a transparent, low-cost alternative that helps expats keep more of their money.

What you need to know before receiving money from abroad

Getting paid from overseas isn’t always as simple as the sender pressing “transfer.” The amount that arrives in your account can be shaped by fees and exchange rates and not every service offers the same level of protection.

Understanding the following factors before you choose a method can help you avoid unwanted surprises and make sure more of your money reaches you safely.

Key factors to consider

• Transfer fees and hidden costs: Some providers charge a flat fee, while others take a percentage. Extra charges can also appear if intermediary banks are involved. With Wise, fees are shown upfront so you know the exact amount you’ll receive into your account.
• Exchange rates and margins: Banks often add a markup to the exchange rate to generate profit on currency transactions. Wise uses the mid-market rate with no hidden markup to keep more money in your pocket.
• Processing speed: Depending on the method, transfers may arrive instantly, within a day, or after several business days, so consider how urgently you need the funds.
• Required documentation: Larger transfers may require additional information, such as proof of income or the source of funds. 
• Security and regulation: Always use providers authorised by regulators such as BaFin in Germany. Licensed institutions must follow strict rules that help protect your money.

What bank details are needed to receive money

To make sure your transfer arrives without delays, you’ll need to give the sender specific details. The exact information can vary depending on the country the money is coming from and the method your sender chooses, but you’ll generally need to provide:

1. Your full name and address as they appear on your bank account
2. Your bank’s name and branch address
3. Your account number or IBAN (International Bank Account Number)
4. Your bank’s SWIFT/BIC code for international transfers
5. A payment reference or purpose of transfer, if required by the bank

Within the EU and EEA, many payments are sent through SEPA (Single Euro Payments Area), which usually requires just the IBAN and can be faster and cheaper than SWIFT transfers. 

Comparison Table: Best ways to receive money from abroad

There are plenty of ways to receive money from abroad when you live in Germany. To help you decide, here’s a side-by-side look at the most common methods:

Method	Typical fees	Processing fees	Minimum/maximum amounts	Best for	Security level
Multi-currency accounts (Wise)	Free to receive domestic payments in 8+ major currencies (except SWIFT and USD wire payments*)	Instant to 1 day	There are no limits on how much you can receive to your account in most currencies	Expats, freelancers, or anyone who frequently gets paid in different currencies	High – regulated in Germany and abroad. Uses encryption and two-factor authentication.
Bank wire transfers (SWIFT / SEPA)	SWIFT: Free to up to 25 EUR plus possible intermediary and receiving bank charges.  SEPA: often free or very low cost.	SWIFT: 2–5 business days. S SEPA: usually 1 business day	Suitable for large transfers, some banks set daily, weekly or monthlylimits	Those with existing bank accounts and larger transactions	Very high – processed by licensed banks with bank-level security
Online money transfer services	Fees are shown upfront, usually lower than banks.  Receiving is usually free but depends on the payment method	Instant to several working days depending on the currency, country and payment method	Flexible limits depending on provider	Frequent or one-off payments such as salary or family support	High – licensed operators in Germany and abroad. Encryption and two-factor authentication are often used
Digital wallets (PayPal, Skrill)	Often free to receive but expect a fee of around 3% for conversion or withdrawal	Usually instant between wallets	Low to medium amounts	Small, quick transfers or online purchases	High – but buyer protection applies more to purchases
Cash pickup services (Western Union, MoneyGram)	Higher sender fees and exchange markups. Receiving is usually free	Minutes to a few hours	Usually capped, but varies by provider	Recipients without bank accounts. Less common in Germany	Good – secure providers, but carrying cash has risks
International money orders	Small fixed fee for purchasing and processing	Several days to weeks	Low limits	Rare in Germany today, but still possible through some international providers	Secure, but slow and outdated

*Some additional fees may apply for Business accounts

6 Best ways to receive money from abroad in Germany

1 Multi-currency accounts (Wise, Revolut)

Best for: Expats, freelancers and anyone who needs to receive flexible, low-cost payments in euros without losing money to poor exchange rates.

Multi-currency accounts let you receive money in the same currency your sender uses, so you avoid unnecessary conversions at marked-up bank rates, which can be quite expensive. Wise offers local account details for more than eight major currencies, including EUR, USD and GBP, which means you can receive funds free of charge* as though you had a local bank account in those countries.

Other providers such as Revolut also offer multi-currency features and support holding and exchanging 30+ currencies. Local and SEPA payments are free to send and receive and there’s no maximum limit you can receive into your Revolut account via bank transfer.

• Typical fees: Free to receive domestic payments in 8+ major currencies with Wise*. 
• Processing times: Often instant between accounts or up to one day for international transfers.
• Exchange rates: Wise applies the mid-market rate with no hidden margin. Other providers often add a small markup.
• Limits: There are no limits on how much you can receive to your account in most currencies with both Wise and Revolut.
• Safety: Providers are licensed and regulated in the EU and abroad, with security features like two-factor authentication, encryption and biometric logins and payment authorisations.

*Except for SWIFT and US wire transfers. Some extra fees may apply for business accounts.

2. Bank wire transfers

Best for: Large, one-off international transfers or when both sender and receiver prefer a trusted, well-established bank.

Bank wire transfers are one of the most established ways to move money across borders. Payments from outside Europe usually travel via the SWIFT network, which involves intermediary banks. Each bank in the chain may deduct a fee, making it hard to predict the final amount you’ll receive. Transfers within the EU or EEA use the SEPA system, which is much cheaper and faster, usually credited within one business day.

The advantage of bank wires is convenience and security. If you already have an account with a German bank such as Deutsche Bank or Commerzbank, funds arrive directly into your account without setting up anything new. Banks also provide in-person support at branches, which many customers find reassuring.

• Typical fees: SEPA is usually free or very low cost while SWIFT wires can cost up to 25 EUR for the sender, and intermediary charges may decrease your final amount.
• Processing time: SWIFT can take two to five business days, while SEPA is much faster and usually takes one working day.
• Exchange rates: Most banks add a margin to the exchange rate, which increases costs.
• Limits: Vary by bank and account type. Some banks set caps on daily or monthly incoming transfers.
• Safety: Very high. Banks are licensed in Germany and use strict bank-level anti-fraud measures.

3. Online money transfer services (Wise, Remitly)

Best for: Fast, low-cost international payments with transparent pricing.

Online money transfer services connect senders and receivers directly, avoiding intermediary banks and tend to offer lower fees and better exchange rates than traditional banks. Wise, for example, lets you receive money with local account details in more than eight major currencies at no cost (except SWIFT and USD wire payments). You can also hold balances in over 40 currencies until you’re ready to convert them and Wise-to-Wise transfers are often instant.

Remitly is another option widely used in Germany. Senders can pay using a card or bank account, and recipients can choose a bank deposit, cash pickup, or mobile wallet depending on the country. While faster delivery options with Remitly often come with higher fees, standard transfers are more affordable.

• Typical fees: Free to receive domestic payments* in 8+ major currencies with Wise (except SWIFT and US wires). Remitly fees vary by speed and payment type.
• Processing time: Many transfers arrive instantly or within one day.
• Exchange rates: Wise uses the rmid-market rate. Remitly sets its own rates, which includes a mark-up.
• Limits: Wise has high limits, making it suitable for both small and large payments. Senders can send up to 30,000 EUR per transfer with Remitly.
• Safety: Licensed providers with encryption and fraud protection.

* Some extra fees may apply for business accounts.

4. Digital wallets (PayPal, Skrill.)

Best for: Quick personal transfers, small amounts and online purchases.

Digital wallets make it simple to receive money online with just an email address or username. Transfers between wallets are usually instant, and you can spend your balance directly or withdraw it to your German bank account. 

The convenience is high, but costs rise when you switch currencies or take money out. For example, PayPal and Skrill both charge around 3% percent extra when you convert or withdraw in a currency different from your primary one. They’re also less suitable for larger amounts, as limits may apply.

• Typical fees: 3% percent for currency conversion or withdrawal.
• Processing time: Instant when sending wallet-to-wallet or one to three business days when sent to a bank account.
• Exchange rates: Wallet providers usually add a margin to the market rate.
• Limits: Sending limits depend on account verification and the transaction type. Often best for small to medium amounts.
• Safety: Wallets are regulated in the EU and often use security features like two-factor authentication and encryption.

5. Cash pickup services (Western Union, MoneyGram)

Best for: Recipients without bank accounts or anyone who needs money quickly in cash.

Cash pickup services let you collect money at designated partner locations, such as kiosks, post offices, or supermarkets. Western Union and MoneyGram both have networks in Germany and transfers usually arrive in minutes, but fees are high and exchange rates are less favourable than digital options. Carrying cash also adds a security risk in itself, so always make sure you’re in a safe location when collecting your money.

• Typical fees: Can be higher than digital or bank transfers when the sender or recipient chooses cash pickup or instant collection.
• Processing time: Minutes to several hours depending on the service and location.
• Exchange rates: Typically a mark-up on the exchange rate.
• Limits: Cash pickup’s can have lower or set limits, but these vary by provider and sending country. 
• Safety: Providers are regulated, but handling physical cash can involve personal risk.

6. International money orders

Best for: Rare cases where electronic transfers aren’t possible.

International money orders work like prepaid cheques that can be mailed and cashed at banks or post offices. However, they tend to be rare and are largely outdated in Germany, with most people prefering modern methods like bank transfers and digital platforms for sending international payments. Some international providers may still offer them, but the process is slow and there are usually fees for both the sender and receiver, alongside low sending limits and poor exchange rates.

• Typical fees: A purchase fee + potential additional fees to cash 
• Processing time: Up to several days depending on the postal service.  
• Exchange rates: Providers tend to apply a margin.
• Limits: Low compared to other methods.
• Safety: Funds are prepaid, so funds are guaranteed, but risks include loss or fraud in the post

Step-by-step guide: How to receive money from abroad

When someone sends you money from another country, a few simple steps can help it reach you quickly and safely. Think of it as ticking off a short checklist rather than dealing with complicated paperwork.

Step 1: Choose your method

What matters most to you? Is it speed, low fees, or the convenience of using an account you already have? You might prefer a bank transfer, a multi-currency account like Wise, or a digital wallet if you only need to receive a small amount.

Step 2: Gather your details

Most transfers need your full name and address, your IBAN, and your bank’s SWIFT or BIC code. For transfers within the EU, your IBAN alone is often enough. 

Step 3: Share your details with the sender

Share your details carefully and double-check them before the transfer goes ahead. Even a small mistake in your IBAN or account number can cause problems, so it’s worth taking the extra moment to be sure.

Step 4: Track the transfer

Most providers give you tracking tools so you know where your money is. That way, you’re not left guessing and can plan around when the funds will arrive.

Step 5: Receive and verify funds

Once the transfer shows up in your account, wallet, or at a cash pickup point, make sure the amount matches what you expected after fees and exchange rates. 

How can I receive money safely?

It’s normal to feel a little cautious when waiting for money from abroad, especially if it’s a large amount or something you rely on regularly. The good news is that a few simple habits can make the whole process much safer and give you peace of mind.

• Choose a regulated provider you can trust: Only use services that are licensed by recognised authorities. In Germany, providers should be authorised by BaFin (Federal Financial Supervisory Authority) or hold an EU licence. 
• Double-check your details before sharing: A small mistake in your IBAN, SWIFT, or address can cause delays or even send money to the wrong place. Take a moment to confirm your account details before passing them to the sender.
• Ask for confirmation and tracking: Most banks and online services now offer tracking tools so you can follow your transfer from start to finish. Ask your sender to share confirmation details with you so you always know where the money is.
• Use account security features: Set up two-factor authentication and real-time alerts in your provider’s app. That way, you’ll know straight away when money arrives or if there’s any unusual activity on your account.
• Stay alert to scams: Never share passwords or security codes by email or phone. If you get a message that doesn’t feel right, contact your provider directly instead of replying. 
• Keep support details handy: Have your provider’s customer service contact saved in case you need to follow up quickly. Knowing who to call makes resolving any issues far less stressful.

What is the cheapest way to receive money?

No one wants to see their transfer chipped away by hidden fees or poor exchange rates. Unfortunately, that’s exactly what can happen with some bank transfers when intermediary banks are involved. It’s not always clear in advance what those charges will be, which makes it harder to know the final amount you’ll actually receive.

Wise offers a transparent option. You see all fees before the transfer is sent, and the money is exchanged at the mid-market rate with no hidden markup. Receiving money is free in more than eight major currencies when you use local account details* so more of what’s sent actually arrives in your account.

Tips to minimise costs when receiving money from abroad

• Compare exchange rates and fees: Small differences add up quickly, especially for larger transfers. Always check a few providers before confirming a payment.
• Consider timing for better rates: Exchange rates move throughout the day and week. If your transfer isn’t urgent, you may save money by waiting until you get a better rate.
• Choose transparent providers: Services like Wise show you every fee upfront and use the mid-market exchange rate, so you always know what you’ll receive.
• Use low-cost transfer networks where possible: SEPA transfers within the EU and EEA are usually free or very low cost, making them a good choice for payments in euros.
• Take advantage of Wise’s free receiving feature: With local account details, you can receive money free of charge in more than eight major currencies*. You can also hold over 40 currencies and convert them when the time is right.
• Avoid unnecessary conversions: Where possible, accept the money in the same currency it was sent. For example, if your family sends GBP, receiving it into a multi-currency account before converting can work out cheaper.

* Not free for Swift transfers, or wire transfers in USD. Some extra fees may apply for business accounts.

Common problems and how to solve them

Even when you use trusted services, international transfers can sometimes run into hiccups. Here are some of the most common issues and what you can do if they happen.

Transfer delays

Most transfers arrive within the expected timeframe, but delays can occur if intermediary banks are involved or if extra checks are required. Start by checking the provider’s tracking tool and asking the sender for confirmation details. If the money hasn’t arrived after the usual processing time, contact your provider’s support team with the transfer reference.

Missing payments

An expected payment that doesn’t appear can be worrying. In most cases, it’s caused by incorrect details, such as a mistyped IBAN or SWIFT code. Double-check the information you gave your sender and ask them to confirm their side of the transfer. Your provider can trace the payment and usually return it or redirect it once the issue is identified.

Incorrect exchange rates

Sometimes the amount you receive is lower than expected because of exchange rate markups or hidden fees. To avoid this, use providers like Wise that show you the rate and fees upfront before the transfer is made. If you think you were charged incorrectly, reach out to the provider with a copy of the transfer receipt to resolve the discrepancy.

Documentation issues

Larger transfers may trigger requests for extra paperwork under anti-money laundering rules, such as proof of identity, source of funds, or supporting documents. Even though it can feel inconvenient, it’s important to remember that it’s a legal requirement. Having digital copies of your passpor and recent bank statements ready can speed up the process and help your transfer go through without unnecessary delays.

Conclusion 

Most international payments to Germany arrive safely, but the way you choose to receive them can make a significant difference. Some people prefer the security and familiarity of their bank, while others look for the flexibility of a multi-currency account that avoids costly conversions. Digital wallets or cash pickups might suit smaller amounts, although they usually work out more expensive in the long run.

The important thing is finding the option that fits your needs and gives you peace of mind. Wise is built with transparency at its core, showing you all fees upfront and using the mid-market exchange rate. With free receiving in more than eight major currencies*, it helps you keep more of what’s yours.

* Not free for Swift transfers, or wire transfers in USD. Some extra fees may apply for business accounts.

FAQ

How long does it take to receive money from abroad?

Transfers through Wise or other specialist providers often arrive the same day, and Wise-to-Wise payments can even be instant. SEPA transfers within the EU usually take one business day, while SWIFT bank wires can take two to five business days if intermediary banks are involved.

What’s the cheapest way to receive money from overseas?

The cheapest way to receive money from overseas is usually through a multi-currency account like Wise. You can receive payments for free in more than eight major currencies* and convert at the mid-market exchange rate without hidden markups. Bank wires, on the other hand, often involve flat fees plus intermediary charges and markups on the exchange rate, which makes them more expensive overall.

* Not free for Swift transfers, or wire transfers in USD. Some extra fees may apply for business accounts.

What information do I need to provide to receive money?

You’ll usually need your full name and address as they appear on your bank account, your IBAN and your bank’s SWIFT/BIC code to receive money. For transfers within the EU, only your IBAN is required thanks to SEPA. Some providers may also ask for a payment reference or the reason for the transfer. 

Is it safe to receive money from abroad?

Receiving money from abroad is safe if you use a regulated provider which sets strict security standards. Providers like Wise also safeguard customer funds in separate accounts and use tools such as two-factor authentication and encryption to keep your transfers secure.

Is Wise safer than Bank transfer? 

Both Wise and conventional bank transfers are considered safe options to receive money from abroad. Bank wires are backed by well-established banks and their vast networks, while Wise is regulated in the EU and applies robust security measures. For many expats, Wise feels flexible because you can receive multiple currencies into one account and always know exactly how much you’ll get.

Useful Resources

• Deutsche Bundesbank – Germany’s central bank with statistics, reports, and guidance on payments and financial stability
• BaFin (Federal Financial Supervisory Authority) – The official regulator for banks and payment providers in Germany.
• Federal Ministry of Finance (Bundesministerium der Finanzen) – Government information on finances, tax rules, etc. 
• Finanztip – An independent German consumer site that compares financial services such as banks and transfer providers. 
• Wise – Receive money with local account details, hold balances in 40+ currencies, and convert using the mid-market exchange rate.