Robert Mitchell provided this useful information 6 years, 3 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

5 years, 8 months ago

Quote by kyhoods:
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.


Who do you work for?

5 years, 7 months ago

Quote by Bergman:
Who do you work for?

Army Corps of Engineers

5 years, 7 months ago

Right - so that makes sense then. I thought you'd be at USAREUR in WI and since they are the ones doing this process for everyone to include 21st TSC down here, I was wondering what was up. I'll PM you the POC since I'm not so sure she'd want her info out here - not to mention the POC will change over time.

5 years, 7 months ago

It all worked out great, apparently our payroll folks contacted your POC because this afternoon an e-mail went out to all employees stating they could now set up allotments into foreign accounts.

5 years, 7 months ago

Quote by kyhoods:
It all worked out great, apparently our payroll folks contacted your POC because this afternoon an e-mail went out to all employees stating they could now set up allotments into foreign accounts.


Glad to hear it!!

5 years, 7 months ago

Ok folks, now I'm looking for some advice on the best way to move a large sum of money (for home purchase expenses) out of my US bank to my new German bank account. I was considering using XE trade.

5 years, 7 months ago

Quote by kyhoods:
It all worked out great, apparently our payroll folks contacted your POC because this afternoon an e-mail went out to all employees stating they could now set up allotments into foreign accounts.


Pretty funny how no one in finance / hr etc knows about this or how to set it up. I get "my finance office said it can't be done " three times a week. A few days later it's sorted out....

5 years, 4 months ago

Hello all, I'm new to the KMC area (2wks on ground). I'm AD Air Force and the Ramstein Finance office told me today that I cannot setup an ITS and that the DoD is not allowed to transfer money to international accounts.

Is this something that only GS civilians can do?

If AD can do it what reg can I point our finance office to in order to prove that it can be done?

Thanks for the help

5 years, 4 months ago

Quote by FalconXtreme:
Hello all, I'm new to the KMC area (2wks on ground). I'm AD Air Force and the Ramstein Finance office told me today that I cannot setup an ITS and that the DoD is not allowed to transfer money to international accounts.

Is this something that only GS civilians can do?

If AD can do it what reg can I point our finance office to in order to prove that it can be done?

Thanks for the help


Army AD and civs do it. The transfer is not to an international account it's to the U.S. Treasury - they do the international part.

5 years, 4 months ago

Quote by FalconXtreme:
Hello all, I'm new to the KMC area (2wks on ground). I'm AD Air Force and the Ramstein Finance office told me today that I cannot setup an ITS and that the DoD is not allowed to transfer money to international accounts.

Is this something that only GS civilians can do?

If AD can do it what reg can I point our finance office to in order to prove that it can be done?

Thanks for the help



Hey extreme. Unfortunately the AF is not allowing their active duty and civilians to use the ITS program based on understandable budget reasoning.

Active army, army civilians, DLA, teachers and retirees however are still Able to use ITS to transfer direct to German accounts. So your finance is not 100% accurate with their statement. DOD is fully capable but the AF is not compliant.

I do think with a little go around of finance an AF member could get th job done but that's just speculation.

5 years, 4 months ago

Well that stinks. So what do you think is my best way to save money converting USD to Euro with out being about to use the ITS method?

5 years, 4 months ago

Quote by FalconXtreme:
Well that stinks. So what do you think is my best way to save money converting USD to Euro with out being about to use the ITS method?


Use the search box at the upper right and search keywords: save euro

There are several threads on this. I am only asking you to search because you'll have a lot of choices of threads to read, so rather than post them all here, I am guiding you to them.

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