Transferring Your Money and Residing in Germany



There are many expat communities in Germany and their economy is very similar to that of the UK. Euro exchange rates are maintaining in recent times, and many more people from the UK are considering relocating to a European destination. Remember to do your research before you depart tough, as there are some legal and financial issues that you will need to know in order to save yourself time and money.

If you plan to stay in Germany for more than 3 months, you will need a residence permit for your stay. Documents will be required to be shown to attain a residence permit, but the required documentation can vary between areas. You will almost certainly need a valid passport, proof that you have somewhere to live in Germany, and also proof that you can financially support yourself. In some areas, you may also be required to show proof of skills, marriage, pensions or health insurance. There are 2 types of residence permits which are limited and unlimited. Limited means you must leave Germany within a certain amount of time, whereas unlimited entitles you to stay for an unrestricted amount of time. Expats from an EU member state are pretty much guaranteed an unlimited residential permit, however there are some things which can affect your entitlement, such as a criminal record or no evidence that you can support yourself in Germany.

Expats from an EU nation are also given the same rights to work as German nationals, with Germany having a similar situation as in the UK for employment statistics. Work and living permits from non-EU residents will almost certainly be needed, however, Germany’s immigration laws are tailored to appeal to the highly qualified so if you deem yourself to fit in to this category, you may well enhance your chances of getting a job.

With the currency being the Euro, there are plenty of ways to exchange your currency. When transferring large amounts though, for property purchase, rent and living etc, make sure you get the best exchange rates possible. The average marker of €1.15 to the Pound has been consistent for a while now, but make sure you save money on commission and transfer fees when transferring money to Germany as these can often severely hamper the final amount you receive when exchanged in to Euros. We find that using a foreign exchange company like RationalFX can save you a lot of money on money transfers as there are no unidentified fees or commission deducted from your transfer!

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