Money Transfer to Germany
I have already written that uni-assist or the universities themselves require a fee for university applications in Germany. Whether it is a university application or opening a blocked account, money transfers can be a real problem. Although the acceptance of credit cards by Uni-assist makes it easier to some extent, the fact that some universities require money transfers and that these transfers are subject to high commission costs are factors that make it difficult. Not to mention the extra money paid due to the high exchange rate difference of the banks.
For this reason, I wanted to talk about Wise, which has lower exchange rates and commissions. Formerly Transferwise, this organization has now changed its name to “Wise”. It stands out as a simple to use and reliable transfer method. Whether you are sending money to school or to a blocked account, it is possible to handle these transfers with lower commission rates.
How to Open a Wise Account?
Wise is not just for sending money to schools or to a blocked account, but also when you’re looking for a place to rent. What do you mean? Here’s how: When you are looking for a rental property in Germany, you will be asked for a SEPA payment form and you must have a bank account for this. However, in order to open a bank account, you must first have a permanent place of residence. It is a vicious circle and the easiest way to get around this is to open a EURO account through Wise.
The Euro account you open through Wise is with a Belgian bank and can be used for SEPA payment. And you can do it here without going to Germany. To do this, you must first become a member of Wise. Membership is free. Moreover, if you become a member from this link, you will not pay commission for your first 500 Euro transfer. *
Due to regulations, you will be asked to verify your identity, which you can do with ID photos and your phone’s camera. The Wise platform is a safe and legal platform used by millions of people around the world. Do not have any reservations. First, your account will be opened in your local currency and you will be asked to transfer a small amount of money to this account to identify it as yours. Once your account is approved, you will have the opportunity to open accounts in more than 50 currencies and countries.
SEPA Instructions via Wise
You can create your EUR account by clicking on the Plus ( + ) button on the main account screen and selecting the currency Euro. You now have a EUR account in Belgium and an IBAN number. From here you can send or receive money from any bank in the European Union.
I am giving the membership link again * I highly recommend it for every student going to Germany. You will need it a lot, especially in the search for accommodation. I had many clients who had problems because they did not have a bank account. At that time, I was unaware that there was such an opportunity.
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*In order to prevent the publication of irrelevant advertisements on the site, I am going to partnership agreements with reliable corporate companies instead of buying advertisements. You will not have any additional obligations or payments for these corporate services you will access through the site.