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.
What is the current Canadian Dollar to Euro rate?
Who can use MTFX to transfer Euros to Germany?
Both companies and individuals can use MTFX to transfer money to Germany.
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 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:
Beneficiary IBAN account number
Bank swift code
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.
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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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.