We are often asked “what is the best way to convert your USD to EUR while you are stationed in Germany?”. You may want to convert euros cover rent, utilities, a mortgage and even just for spending money.
What is the best way to convert your USD to EUR while you are stationed in Germany?
Establish an ITS Account
This is an account known as “International Treasury Service” that you set up through myPay that will allow you to set an allotment up to your German bank account. This means the funds are deposited directly into your German account on the same day you would have gotten paid to your US account. No more ATM trips, no more deposits, no more need for a credit card or check! Best of all, these transfers are done at the updated market rate meaning you are no longer paying for a ridiculous exchange rate that can be as high as 1-2.5% depending on the bank you’re working with.
There are several steps to setting up an ITS account, but at the end of the day it is quite easy. We have several white paper downloads we can send you to help you get everything set up.
Sign up to receive your free white paper downloads by clicking the request button below.
Establish An Account on Wise.com (Formerly known as “Transferwise”)
You can join Wise here using the Mitchell Consulting team Link: https://wise.com/invite/u/robertm5324