Germany Banks handling US personal checks

[Dave 330i]

I want to send a personal check around $1000 in USD to a friend in Germany. Will he have any problem getting his German bank to credit him in equivalent euros?

[JSpira]

Should be no problem but he will probably incur fees and clearing might take a while. I would transfer the money instead or even send it via paypal.

[Dave 330i]

Should be no problem but he will probably incur fees and clearing might take a while. I would transfer the money instead or even send it via paypal.

I have a paypal account, but I used it so infrequently, I forgot how to use it.
The transaction I want to make is not a buy/seller agreement. It's just cash advance to a friend.

When I go into tab "send money" does the receiver have to have a paypal account and an email address associated with the account? Also, is there a trasaction fee?

[JSpira]

I think the recipient doesn´t have to have an account but probably needs to open one to receive the funds when notified of the transfer. That is just a guess on my part. Are there fees? Of course. They are in business to make money.

[BayAreaBMWFan]

I answered your question in the Off Topic section.
I have sent money to Germany via PayPal but it was for an EBay transaction.

[Dave 330i]

I think the recipient doesn´t have to have an account but probably needs to open one to receive the funds when notified of the transfer. That is just a guess on my part. Are there fees? Of course. They are in business to make money.
For my consideration of whether an US check or paypal makes sense, I like to know the time it takes to process a check from USD to euros, and what fees are associated with using a check and paypal. Anyone?

[Dave 330i]

I answered your question in the Off Topic section.
I have sent money to Germany via PayPal but it was for an EBay transaction.
Thanks.

[JSpira]

For my consideration of whether an US check or paypal makes sense, I like to know the time it takes to process a check from USD to euros, and what fees are associated with using a check and paypal. Anyone?
Paypal´s fee should be on the company´s Web site. The recipient would have to enquire with his Bank for his fees and clearing time.

[johnf]

For my consideration of whether an US check or paypal makes sense, I like to know the time it takes to process a check from USD to euros, and what fees are associated with using a check and paypal. Anyone?I haven't deposited a dollar cheque for quite a few years but I remember it used to take a bit under a week to clear. If I calculate things correctly, my bank, the Deutsche Bank, would charge ca. 22 euros / $30 to deposit a $1000 check. I am not sure what they would take on the $/euro conversion: I assume around 1%. Your friend should ask his bank.

[mason]

How about a bank draft in Euro denomination??

[bimmer_fam]

FYI

Western Union will charge $68 to transfer $1,000, Money Gram will charge $14.99 (their site has conflicting info, so double check...) for $1,000 transaction...

Both will take minutes to process...

Good luck!

[johnf]

How about a bank draft in Euro denomination??From which bank and who is doing the drafting?

Another alternative for the OP, would be to get the BIC (SWIFT) and IBAN codes from his friend and wire funds directly into his account. That works pretty well within Euroland. I don't have any experience from the U.S.

[jagu]

How about western union for less than $15?
He can also collect it in $ or Euros.

[johnf]

Which Western Union service are you thinking about?

I just tried their Money in Minutes online calculator.

It claims a $1000 transfer would cost someone in CT $1068 to send. It further estimates a German receiver would see 691.16 euros after conversion. At today's exchange rate, that works out to $948.66 or almost a $120 (12.6%) fee. Ouch.

[JSpira]

Which Western Union service are you thinking about?

I just tried their Money in Minutes online calculator.

It claims a $1000 transfer would cost someone in CT $1068 to send. It further estimates a German receiver would see 691.16 euros after conversion. At today's exchange rate, that works out to $948.66 or almost a $120 (12.6%) fee. Ouch.
Yikes, I'm in the wrong business. Almost 13% in seconds. That is a great return. :angel:

[DXK]

I do wire transfers: your US bank to any other bank in the world, available next day.
In any case, keep in mind you're not only going to pay the fees, but lose on the both ends of transaction when translated to Euros. Buy rate vs. the sale rate + the $ is the weaker currency so the demand is lower thus the spread against the $ is higher

[mason]

From which bank and who is doing the drafting?

Another alternative for the OP, would be to get the BIC (SWIFT) and IBAN codes from his friend and wire funds directly into his account. That works pretty well within Euroland. I don't have any experience from the U.S.

The giver goes to the bank to order a draft. It is an official check. Bank typically charges anywhere from $15~$30. If the customer has high end account, big balance or good relationship with the branch, it might even waive the charge.