Moving savings to Germany
#1
Just Joined
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Joined: Nov 2017
Posts: 1
Moving savings to Germany
Hello all,
I am emigrating to Berlin in December. I work for a money transfer company and have secured a cost-price FX transfer of my savings to a German bank account, which I intend to do ASAP given that Sterling is probably a little overpriced in the medium term.
My question is simple: do I need to worry about paying any tax if I move the entire lump sum to my German bank account? My intention is to save the money for 6-12 months before using it to buy a property in Germany.
In addition, my understanding is that money in a German bank account is insured up to 100,000 euros. Does anybody have any information to contradict this?
Thanks,
Alex
I am emigrating to Berlin in December. I work for a money transfer company and have secured a cost-price FX transfer of my savings to a German bank account, which I intend to do ASAP given that Sterling is probably a little overpriced in the medium term.
My question is simple: do I need to worry about paying any tax if I move the entire lump sum to my German bank account? My intention is to save the money for 6-12 months before using it to buy a property in Germany.
In addition, my understanding is that money in a German bank account is insured up to 100,000 euros. Does anybody have any information to contradict this?
Thanks,
Alex
#2
Account Closed
Joined: Dec 2011
Posts: 0
Re: Moving savings to Germany
The German bank may ask you to prove where you are tax resident (banks, including UK banks such as my own, are increasingly requiring such proof from non-residents).
That's correct. The insurance is against the bank going bust (not, for example, against your account being hacked).
#3
Re: Moving savings to Germany
Hello all,
I am emigrating to Berlin in December. I work for a money transfer company and have secured a cost-price FX transfer of my savings to a German bank account, which I intend to do ASAP given that Sterling is probably a little overpriced in the medium term.
My question is simple: do I need to worry about paying any tax if I move the entire lump sum to my German bank account? My intention is to save the money for 6-12 months before using it to buy a property in Germany.
In addition, my understanding is that money in a German bank account is insured up to 100,000 euros. Does anybody have any information to contradict this?
Thanks,
Alex
I am emigrating to Berlin in December. I work for a money transfer company and have secured a cost-price FX transfer of my savings to a German bank account, which I intend to do ASAP given that Sterling is probably a little overpriced in the medium term.
My question is simple: do I need to worry about paying any tax if I move the entire lump sum to my German bank account? My intention is to save the money for 6-12 months before using it to buy a property in Germany.
In addition, my understanding is that money in a German bank account is insured up to 100,000 euros. Does anybody have any information to contradict this?
Thanks,
Alex
No tax involved. But If you intend to buy a home in Germany I assume you have a great deal more than 100,000 euro.
If you are particularly paranoid, use several banks.
Last edited by Novocastrian; Nov 16th 2017 at 8:29 pm.
#4
Re: Moving savings to Germany
There should be no problem, but DO inform your German Bank beforehand so they know that it's a genuine transfer of funds and what it's for. All international transfers are subject to monitoring theses days.