Money Mover Country Report - Germany

Posted on the 21st February 2017 by Dorianne Sager in Country Reports

About

Dating from the Holy Roman Empire in the year 962, few countries have a history as complex - or conflicted - as Germany. Determined to overcome the legacy of WWII and drop the shackles of its past, Germany shifted its famous efficiency into overdrive and emerged from the rubble of the Berlin wall to become an economic powerhouse and a guiding force for political security in Europe. With its rescue of Greece from financial crisis and its commitment to replacing nuclear and fossil fuels with clean energy, to its large-scale acceptance of refugees fleeing war-torn Syria, Germany’s new legacy as a global leader proves the old German adage: “to change and to improve are two different things.”

And now it would appear that Germany is also the latest tourist hotspot. Over the past decade, the number of tourists flocking to Germany to experience its majestic scenery, rich and diverse culture, renowned beer halls (there are 1,300 breweries in Germany producing over 5,000 brands of beer!) and gourmet sausages (there are 1,200 different varieties!) has been steadily increasing. If the free-flowing beer and the sausages on every street corner aren’t enough reason to visit, a 2016 global poll compiled by U.S. News & World Report, voted Germany as the best country in the world.

Trade and Industry

Germany is Europe's largest economy and the fourth largest in the world. Main areas of industry are: automobiles, precision engineering products, electronic and communications equipment, chemicals and pharmaceuticals. University education is free in Germany and hence it has a highly skilled and educated population with low rates of unemployment. Companies like Volkswagen, Mercedes and Siemens are, of course, global success stories, but according to the Federal Ministry for Economic Affairs, ninety-nine percent of German companies are small and medium-sized enterprises. They are known as the “Mittelstand” and provide more than 60 percent of all jobs in Germany. A large majority of these companies are innovative and technology driven and are considered world leaders in their field.

Exports

Germany's main export partners are the US, France, the UK and the Netherlands. Automobiles make up the largest segment of exports at 11.6%, while crude petroleum is the largest import at 4.7%.

Imports

Germany’s main import partners are the Netherlands, China, France, the US and Italy. According to World’s Top Exports 71.8% of Germany’s total imports by value in 2015 were purchased from other European countries. The largest segments of imports are machines, engines, pumps, electronic equipment and vehicles. Followed by oil, pharmaceuticals and plastics.

Currency

The Deutsche Mark (DEM) was issued by the Allied Occupation in 1948 and was the official currency of West Germany until 1990. After reunification of Germany in 1990, it remained the official currency until 2002 when it was replaced by the Euro. The Deutsche Bundesbank, Germany’s Federal Bank, has guaranteed the exchange of DEM cash to Euros indefinitely.

Currency Pairs

The Euro is one of the world’s major currencies. The EUR to USD currency pair is the most traded pair with a daily trade volume of nearly 30% of the entire FX market.

The most common Euro minor currency pairs or major crosses are EUR to GBP, EUR to CHF, EUR to CAD, EUR to CAD, EUR to AUD and EUR to NZD.

Making payments

Germany is a very popular destination for international payments due to its large manufacturing industry. Germany is a low risk country and there are no known issues with making payments to Germany.

Types of payments

All payments are sent via SWIFT and although we can send all supported currencies to Germany, the majority of Money Mover customers send Euros.

Payment information

We can dispatch funds the same day for payments in Euros to Germany as long as we receive funds prior to the cut off time of 14:00 (GMT).

We provide flexible payments for the following Euro currency pairs:

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