We had the same concern and have found a solution. Let us introduce you to an amazing money transfer service provider, Wise (formerly TransferWise), that makes cross-border money transfers easy and safe.

Why Wise?

Convenience

It is fast, easy, and simple to transfer money overseas using Wise.

The transfer process is completely online and works seamlessly across devices. You can transfer money from your home country to Germany from the comfort of your home, day or night, on any device - be it a smartphone or tablet.

All you need to do is create a free Wise account and follow their simple instructions. Your recipient doesn't need to have a Wise account to receive your money.

We mentioned that transfers with Wise are fast, but just how fast? The answer is, it takes only a few days or sometimes just one day! It's possible for the money to show up in the recipient's account the next day after you send it. The speed of your international money transfer is especially important for those who are applying for a blocked account. For example, with EDUBAO blocked account, we will automatically issue a blocked account confirmation for your visa application once the money has successfully arrived in your blocked account.

Lowest possible and no hidden fees

Overseas transfers at Wise use the mid-market exchange rate, or what Wise calls the real exchange rate. It's the rate you see on Google, XE, or Yahoo Finance. This will save you from the expensive exchange rates that are often disguised as zero commission or free transactions.

You will see the cost of your overseas transfers upfront and be guaranteed that you will only pay what you see.

High security

Wise is a member of the Financial Conduct Authority (FCA), an organization that protects consumers against fraud, unfair pricing, and ensures a healthy operating environment for financial firms to develop. In other words, you are protected by Wise just as much as you would be by banks.

Step-by-step guide: how to transfer money via Wise

Are you impressed by what Wise has to offer and considering using Wise to transfer your money to Germany or other countries worldwide? In that case, here's a guide to using Wise in detail. Follow these steps and rest assured that your money will be sent to wherever it's supposed to be in the blink of an eye!

Step 1: Go to Wise's website and create a free account.

This is the website: Wise.com. Depending on your country, it may take up to 4-5 days to verify your account.

Step 2: After logging in, you will see the following page. Let’s click on “Send money”.

Step 3: Check the fees upfront

On the right side of the page is the Wise calculator which shows you all the fees charged upfront and the date on which your money will arrive at the recipient's account.

Let's say you're sending money from India and you want the recipient in Germany to receive exactly 1000 euros, insert this amount in the “recipient will get exactly” and choose the currency as EUR.

Wise will do the maths and show you the total amount you need to send so that the recipient in Germany will get exactly 1000 euros. The total amount you need to send already includes the INR-EUR exchange rate and fees charged by Wise, which is 1,951.79 INR.

Step 4: If you're not transferring money on behalf of anyone else, click on 'Personal' and fill in your information

Step 5: Click on the recipient. Simple, right? Let’s say you’re sending money to someone else

Step 6: Fill in your recipient’s details

IBAN is an international identification number for a bank account, typically used for international transfers. Your recipient should provide you with their IBAN, or you can request it from them. Otherwise, you won't be able to send the money.

Step 7: Identity verification (tentative)

For your first transfer with Wise, you need to verify your account by uploading a photo of your ID document such as a passport, national ID, or driving license. Please note that PDF format is not accepted.

Step 8: Review details of your transfer

You will see all the details of your transfer including the amount, your information, and your recipient's information. Please review everything carefully and make any necessary changes. There's no need to worry as long as all the information is accurate.

Step 9: Let’s go to the very last part: How would you like to pay?

There are four options namely debit card, POLi bank transfer, credit card, and bank transfer. Each payment option has its own advantages and disadvantages, but for now, we will focus on bank transfer, which can be slightly more complicated than the other options. The good news is it can save you from daily limits (unlike debit card), security risk (unlike POLi transfer), or additional fees (unlike credit card).

Wise will provide you with their bank details based on the location of your original bank account. For instance, if you are sending money from an Indian bank account, you will receive Wise's Indian bank details.

Please remember to use the reference number provided by Wise so they can identify you as the sender. You should include this number in the transfer description, which is typically optional from the sending bank but is required in this case. Don't forget the reference number!

Finished with all the steps? You can now relax and enjoy as Wise will handle the rest of the international money transfer process for you. No more complicated procedures!

You can use Wise to send money to your blocked account at EDUBAO. It's fast, cost-effective, and secure, as you can see. If you have any questions regarding the transfer and blocked account, let us know. You’re never alone on your journey to Germany!