Robert Mitchell provided this useful information 4 years, 7 months ago:

How to convert your US Dollars to Euro?

I am often asked what is the best way to convert your USD to EUR while you are stationed in Germany. This may be to cover rent, utilities, a mortgage and even spending money. We touched on this topic previously here in EverythingKMC but new details are available and I want to have a new thread for simplicity.

For some time it has been the belief of many that the cheapest way would be to use either an American Debit or Credit Card. This was a great way to go but you still were paying 1% fees roughly. In some cases you were getting the fees waived or some cards were free all together however you were still going to the ATM every month to get your rent and spending money from a US account and then depositing it in a German account.

Some people were also writing checks from their US account and depositing them in to a German account at a Volksbank or a Kreissparkasse. This was a reasonable way to go and you were paying around 1% on the exchange as well. Again, you were watching rates and going to the bank continually to make sure your German account had funds in it.

The above were some ways that I used to recommend to our customers but newer paths have been developed and refined leaving the above obsolete and quite frankly too much work.

What we do for our customers is help them to establish an ITS account. This is an account that you set up through myPay that will allow you to actually set an allotment up to your German bank account. This means that the funds are deposited into your German account on the same days that 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 actual market rate meaning you are no longer paying for a ridiculous exchange rate that is seen as 1-2.5% depending on the bank you're working with.
There are several steps to setting up an ITS account, we have several attachments we can send to help you along the way but at the end of the day it is quite easy.

Set up an ITS account and establish an allotment that can cover your rent, utilities and spending money and know that you will always have Euro in your account at the best possible rate. You can update the allotment amount as you wish by logging into my pay and simply changing the amount.

Over the next few days I plan to attach links on my website that you can follow to download the attachments. In the meantime send an inquiry email and we can forward you a step by step email for setting up your ITS account.

1

4 years, 7 months ago

Great info! Thank you for posting. I am going to put a link to this topic, in the old topic, so people will be directed here.

1
4 years, 7 months ago

Thanks for the info Robert! I'll definitely send an email for the step-by-step. Anything I can do to avoid multiple ATM euro pull/deposit trips per month would be great. And thanks again for helping us get settled into our house, we love it!

Mike

4 years, 5 months ago

@robertmitchellell

By chance have you posted the link with details on how to set up an ITS account? I would love to set this up.

4 years, 5 months ago

Quote by txgarcia:
@robertmitchellell

By chance have you posted the link with details on how to set up an ITS account? I would love to set this up.


Seems Robert is missing in action. I have emailed him and called him several times, but I haven't heard back from him. I finally gave up trying.

4 years, 5 months ago

Thanks @Joftaa

4 years, 5 months ago

Quote by txgarcia:
@robertmitchellell

By chance have you posted the link with details on how to set up an ITS account? I would love to set this up.


There's no link. You need to contact your respective payroll rep and tell them what you want to do. They should have you do the following (cut and paste from when Robert helped me):

- Fill out the OF1199 (Must write anywhere on the form how much U.S. Dolars you want taken out of each paycheck)
- Email completed OF1199 and certification statement stating, "I have read and understand the attached documents which informs me of my responsibilities along with the requirement to report to the IRS any foreign bank accounts containing $10,000 or more" to: YOUR PAYROLL POC
- Log in to MyPay and start a new Allotment with the information in the attached email.
- Email the POC and state the Allotment was started in MyPay/
- Wait for a confirmation email and you are done.

1
4 years, 5 months ago

Awesome thanks Bergman!! I'm assuming you have successfully completed this. Can you confirm what the exchange rate is? Is it at market rate?

4 years, 5 months ago

Quote by txgarcia:
Awesome thanks Bergman!! I'm assuming you have successfully completed this. Can you confirm what the exchange rate is? Is it at market rate?


The rate changes eveytime I get paid, but the market rate is used. The best part is the deposit hits my German account on payday - there's no delay.

4 years, 5 months ago

You just made my day!

4 years, 5 months ago

Quote by Bergman:
There's no link. You need to contact your respective payroll rep and tell them what you want to do. They should have you do the following (cut and paste from when Robert helped me):

- Fill out the OF1199 (Must write anywhere on the form how much U.S. Dolars you want taken out of each paycheck)
- Email completed OF1199 and certification statement stating, "I have read and understand the attached documents which informs me of my responsibilities along with the requirement to report to the IRS any foreign bank accounts containing $10,000 or more" to: YOUR PAYROLL POC
- Log in to MyPay and start a new Allotment with the information in the attached email.
- Email the POC and state the Allotment was started in MyPay/
- Wait for a confirmation email and you are done.



The link txgarcia was talking about is the one Robert Mitchell said he'd be posting. He never posted it. Not here, or on his own site.

4 years, 5 months ago

Quote by JOFTAA:
The link txgarcia was talking about is the one Robert Mitchell said he'd be posting. He never posted it. Not here, or on his own site.


http://www.dtic.mil/whs/directives/infomgt/forms/eforms/of1199i.pdf

4 years, 5 months ago

Hey guys It is on my website now. You can see the link here

http://mitchell-investment.de/how-to-convert-your-us-dollars-to-euro/





Here is a copy and paste of the steps along with the link

Fill out the OF1199: You need to fill out the desired amount in U.S. Dolars you want taken out of each paycheck.

Email completed OF1199 and certification to your payroll point of contact. Include in this email a short message statement stating that you have read and understand the attached documents informing you of your responsibilities along with the requirement to report to the IRS any foreign bank accounts containing $10,000 or more.

Log in to MyPay and start a new Allotment with the information attached below

Email the POC and state the Allotment was started in MyPay

Once you receive a confirmation email and you are done.

Below you can follow the link to download 5 files that contain step by step direction for setting up your ITS account.

https://www.dropbox.com/sh/yso0niprngt0m85/AACjCdltVF36NI1_jvSYNqiha?dl=0

4 years, 5 months ago

I looked at your site the other day, and that info was not there. I guess you updated it due to popular demand. Thanks.

Bergman posted some of that info in his post, just before your post.

4 years, 5 months ago

Quote by JOFTAA:
I looked at your site the other day, and that info was not there. I guess you updated it due to popular demand. Thanks.

Bergman posted some of that info in his post, just before your post.


Yes, Bergman posted the information that I gave him when he set up his ITS account. I did only update my website today as I've been so busy. Unfortunately setting up the ITS account information on my website did not get done as quickly as I desired. It still isn't how I envisioned but I am not tech savvy enough to get it how I want!!

This was something we tried to get the word out on to help people, I hope that some can use it to save a few dollars each month! It is undeniably the best way to convert your money!

4 years ago

I just spoke with our payroll POC about the process I found on here to create an allotment to a german bank account. Up until today he didn't think this was possible, said in the recent past DFAS would not allow it. So here's my question, does anyone have a payroll POC in the area that has worked this process (Army, AF, doesn't matter)? My Payroll POC in Wiesbaden says he would really like to talk with a payroll person who is familiar with this. Then perhaps I'll be his guinnea pig.

Would you like to contribute? Add your reply to this topic