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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 is undoubtedly dependent 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 best way to send money to Germany is the quickest method with the fewest transaction charges. When dealing with German suppliers, it is easier to pay them in Euros. Paying your European supplier in Canadian dollars or U.S dollars requires currency conversions with foreign currency conversion charges adding unnecessary costs to 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 money transfers if you know how to get the best exchange rates 

Knowing where to look for the best place to exchange money is key to doing business globally. You have two main options when it comes to exchanging currency: your bank foreign exchange (FX) specialists, 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 add up if you need to make transfers often

Who can use MTFX to transfer Euros to Germany?

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

Individuals

• People sending money to family or friends or themselves in Germany
• Studying in Germany
• People who are transferring money to Germany for investment purposes
• People who are moving to Germany

Companies

• Companies making supplier payments to Germany
• Companies importing goods or services from Germany
• Companies making payments to Germany

What bank details are needed to transfer money to Germany?

When sending money to your German suppliers, your vendor must have a bank account to deposit the funds.  

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

1. Beneficiary name
2. Beneficiary address
3. Beneficiary IBAN account number
4. Bank name
5. Bank address
6. Bank swift code
7. Reason for transfer 

Your bank may offer currency exchange rates, but MTFX has currency exchange rates from 2 to 5% better. Wire transfers between your business and your overseas supplier can be processed between one and two days. 

So, the short answer is that all you need to know is the payment details for your German supplier and MTFX does 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 your 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 Europe today

Whatever your reason for wanting to transfer money to Europe, you could 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, meaning you can send payments whenever you need to.  

Register with MTFX online today for your business account. Start sending money to Europe at the cheapest exchange rates with the highest convenience.

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