108
This is either a scam, or a legitimate error by the sender [more likely a scam, just due to statistical likelihood, though details are unclear]. Either way, the money isn't yours, and eventually you will need to pay it back, when the problem is discovered.
Don't wait for someone to contact you. Lodge a formal notice with your bank (ie: in writing, with ...
79
Logistics of borrowing in a different country aside, financially if the reason the interest rates are higher is because inflation is expected to be higher, you might be trading smaller interest payments for the depreciation of your mortgage payment in the foreign country.
So let's look at this scenario:
the balance on the mortgage is 10,000,000 XYZ (where ...
64
As indicated in comments, this is common practice in the US as well as EU. For example, in this Fox Business article, a user had basically the same experience: their card was replaced but without the specific merchant being disclosed. When the reporter contacted Visa, they were told:
"We also believe that the public interest is best served by quickly ...
42
I am Swiss but I will attempt to answer this as good as possible:
1 Storage
You get a bank account. Done. A bank account doesn't get you a lot of interest, but it is a safe way of storing the money and you'll have access to it at any time.
2 Bureaucracy
Germany is a little more bureaucratic than Switzerland but a simple bank transaction should be enough.
3 ...
34
I am from Germany and occasionally avoid Umlauts because I use a non-German keyboard layout. So I might share some experience here.
Usually, the German financial institutions are ok with ue, ae, oe, sz/ss in upper- and lower-case variant. In the wild, even minor variants of the account holder name seem to be ok. What's most important is the IBAN, and the ...
34
Ok So I worked some time in the insurance industry, in Germany, so here is what´s relevant for you:
Car insurance is mainly priced by 4 factors:
Your track-record "Schadenfreiheitsklasse" - you can take that with you whenever you change the insurance company. It will be lower the more years you drive and go up if you have an accident. The old company is ...
30
I'm currently living in Germany and can borrow a substantial amount of money at almost no interest, effective 3.4%.
Do you know what you are allowed to use that money for? A mortgage for a home in Germany? Different purposes cause different interest rates and conditions, e.g. a mortgage is cheaper than a consumer credit, which in turn is cheaper than a ...
25
Currently only one company builds, maintains and operates these H2 Stations.
Its the H2 MOBILITY Deutschland GmbH & Co. KG which in turn are six companies (Air Liquide, Daimler, Linde, OMV, Shell and TOTAL).
So its not a law and more market dynamics as it is a monopoly.
24
Which charitable cause is the most worthwhile one?
That's a very broad and difficult question, both ethically and practically. I do not fathom to estimate whether a dollar spent on vaccinations in country A is worth more or less than a dollar spent on education in country B, clean drinking water in country C, helping the homeless in country D, protecting a ...
24
Since 18 September last year, the European Central Bank has paid -0.5% on overnight deposits from Eurozone banks. If the bank is charging you -0.4% interest, they’re still doing better than they would be if they weren’t lending the money out.
23
The big risk is that there is a major shift in exchange rates.
As pointed out in D Stanly's answer exchange rates can shift in the long term due to differing inflation rates in the two countries but more importantly for you they can also shift rapidly and unpredictably in the short term due to political/economic events.
So suppose there is an event that ...
23
I'm from Germany as well and I tried to collect as much information as possible the last month. However, the subject is very complex and depends on a lot of factors.
From what I heard so far (having friends working at big banks), it's typical to have a mortage lasting for 30+ Years. So I'm pretty sure you could afford the house with your current income, ...
22
Since the transaction was not your bank's mistake (but a decision by the Indian government) why should your bank bear the cost of the unsuccessful transaction?
Your bank charged a fee for a service that you were willing to pay for. You might be able to negotiate a full or partial refund, and I have done the same with my own bank for fees that I didn't feel ...
answered May 3 '17 at 13:49
NL - Apologize to Monica
32.3k19 gold badges82 silver badges142 bronze badges
22
Chances are umlauts are ignored/implicitly converted anyway.
SWIFT symbols
It is important to remember that cross-border payment form can only be filled in with SWIFT symbols. If illegal symbols are used, the system will give an error message and it will not be possible to confirm the payment.
SWIFT symbols include the following:
SWIFT symbols
...
20
Given your specific situation, being debt free and in Germany where there are supportive social structures in place for potential unemployment etc, I would consider the following:
Depending on your industry and how easy it is to get a new job if suddenly let go, have a small emergency fund. Nothing fancy needed especially if you live in a city where public ...
20
I find the possible answers to your specific question fascinating:
If it is true, why do insurance companies do that?
In the US there have been studies that show a correlation between higher credit scores and lower risk to the insurance company (and vice versa). Here are some examples:
Texas Business Review, 2003
Federal Trade Commission, 2007 with the ...
20
A simple insolvency or bankruptcy of a broker shouldn't affect that status of ETFs and stocks you own, because they are not part of the assets of the broker. This is different from fractional-reserve banking where the funds you deposit are reinvested elsewhere.
However, there is always the risk that a broker is acting dishonestly, and that the stocks their ...
18
Could this be some kind of weird (and honestly really badly thought out) scam
If 2 months have gone by and you haven't got a phone call / email; this looks less likely like a scam. Scammers don't wait for such a long time and put so much money with every chance to loose it.
It looks more like an error from Sender; i.e. incorrect account number quoted. The ...
17
I'm almost in the same situation as you.
Here is what I'm doing.
Get enough cash on hand to handle every likely emergency.
I hold 10.000€, which can keep me afloat for several months, with unemployment insurance well over a year.
Buy ETFs each time you have above 3000€ saved up. I buy these:
HSBC S+P 500
C.S.-MSCI PACIFIC
UBS-ETF-MSCI EMERGING MARKETS
...
16
You're clearly aware of the subjective nature of your question, so I won't hit too hard on that point, but I think it would be worthwhile to spend a bit of time focusing on the type of impact you'd like to have.
You clearly want to make an impact, so it would be helpful to think about issues that matter to you. Comparing causes is like comparing apples to ...
15
First, save up at least 3000 EUR and put it into a Tagesgeld account. That's your emergency fund for when you need money quickly.
Second, allow yourself some luxury. Have fun, do some travelling. You've earned it.
Third, investing. There are many options and opinions, but I favor putting the same amount each month directly into stock index funds or ETFs with ...
14
Two main questions you need to consider:
1. Interest rates
What are interest rates like in Germany right now? You need to be comfortable with the payments at the current rate and also at potentially up to as high as 15%. As a VERY rough rule of thumb, every 1% on the interest rate means an extra $100 / month / $100k borrowed (using $ as a "generic ...
14
I'm German, but not a lawyer, so I can't really make sense of the statute of the Entschädigungseinrichtung alluded to in another answer. But the reputed German finance/consumer magazine "Finanztest" explains that your securities are yours and remain yours, even if your broker goes bankrupt. In case of bankruptcy, your broker has to transfer your ...
13
Do I have to pay taxes on the distributions?
Yes, you generally pay Kapitalertragsteuer (the capital gains tax), Solidaritätszuschlag (the solidarity tax), and (if you are registered as a member of a religious organization) Kirchensteuer (the church tax). If the ETF is registered in a foreign country, you may also have to pay Quellensteuer (the withholding ...
13
This is scam. No one offers commission for a purchase manager.
Once you start communicating there are different ways this will proceed. All of them you will lose money
13
There are a lot of differences between being a regular employee ("Unselbstständig") and being a freelancer ("Selbstständig") in Germany.
With regular employees, the insurances for health, care, pension and unemployment are all compulsory and are shared between employee and employer. They are handled similar to income tax: as percentual deduction from your ...
12
This is not a problem. SWIFT does not need the Beneficiary Account Currency. The settlement account [or the Instruction amount] is of interest to the Banks. As I understand your agreement with client is they pay you "X" EUR. That is what would be specified on the SWIFT along with your details as beneficiary [Account Number etc].
Once the funds are received ...
12
There is no reason why that wouldn’t work, and there should be no additional cost just for living abroad. However, the bank may bill you more for actions that actually cost more, such as sending replacement cards to you.
You should notify the bank of your new address soon, because if they find out that your old address is no longer valid (due to a returned ...
12
Here's the general order of things:
Keep 3-6 months of expenses in a savings account for emergencies (lose your job, car accident, mauled by dingos, etc.)
Pay down all your debt as fast as possible.
Make sure you're contributing ~15% to your 401k, IRA, or similar personal retirement account.
Invest everything else into a brokerage account for long-term ...
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