Transfers

Transfers are essential banking transactions, but typically incur fees. The exact value of these fees will depend on the type of account you have and the individual policy of your bank or building society.

Transfers are particularly common in Germany. When shopping online, some stores will offer you the chance to pay using a bank transfer rather than a debit or credit card. Transfers are also used to pay salaries, bills, and move money between accounts.

When you go to make a transfer you will be asked to enter the account number of the recipient, their name and their Bank's 'Bankleitzahl', or BLZ. This is their bank's 'code' which enables the electronic transfer to be directed to the correct financial institution. Your BLZ is printed on the back of your electronic account card. You will also be asked to enter a TAN number, or iTAN: these are codes which prove that you have the authority to request the transfer. When you open an account in Germany you will be sent a list of TAN numbers. When someone transfers money to your account they will need to know your full name, account number and BLZ.

If you have transferred money to the wrong account, be aware that your bank may not be able to cancel the transfer. The person who receives the money is not obligated to return it to you: make sure that you check all the details of your transfer before confirming the request. If you have made a mistake, contact your bank as soon as possible: they may be able to cancel the transfer if they are told about the error within a few hours of its occurrence.