Get paid fast for your unused currency from Germany. The US dollar/German mark converter is provided without any warranty. On the black market the exchange rate was about 5 to 10 East Ms for a DM (when travel was permitted, e.g. The euro is divided into 100 cents and are issued in 2, 1, 50c, 20c, 10c, 5c, 2c, and tiny 1c denominations. From 1871 to 1914, the mark, also known as the gold mark, was the official currency of the German empire and was backed by the gold standard, which means that the value of one mark was fixed at 0.358 grams of gold. This is for informational purposes only. Prior results do not guarantee a similar outcome. The currency symbol is $. Hardly do any of these still exist in circulation, and they have no real value. The Bundesbank provides a new procedure for the automated download of statistical data sets. Enter the amount to be converted in the box to the left of German Mark. At that time the currency had reached its highest value. Since Germany moved to the euro in 2002, the deutschmark, or mark, is no longer in circulation, but it still can be sold or exchanged. USD - US Dollar Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. By that time, the legal tender status of the German Mark expired, and it ceased to be accepted as a valid legal tender for any transaction. On 31 December 1998, the European Central Bank (ECB) fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = 1. The 1000 Mark note, which used to be worth up to 50 pounds before world war one, was worth 16.70 pounds in June 1919, and by December of the same year, had dwindled even further to 5.40 pounds, and by 1923, it was worth less than half a penny. The German Bundesbank had a very rigid policy that ensured that the German Mark was one of the worlds most stable currencies even at the worst of times. At Leftover Currency we specialize in the exchange of obsolete currencies, like the Deutschmark. 2003 - 2023 Mataf - 20 years at your service - version 23.02.01.us.na English Franais Indonesia espaol Ting Vit hrvatski Trke portugus lietuvi magyar italiano romn polski . Need to know when a currency hits a specific rate? The exchange rate advertised at exchange bureaus is usually lower than mid-market, as they disguise extra commission into the rate. Cloudflare Ray ID: 7a2c22302aa98cd6 A common mistake that tourists make is returning home with foreign currency in their pocket. The Deutsche Mark (DM) was the primary currency of Germany until 2002, when it was replaced by the Euro. The Papiermark was used in the industrial revolution that began in Germany and was the effective currency for much of the secret rearmament that Hitler executed, but that is not the thrust of this piece. PKI - Public Key Infrastructures, Certificate Policies (CP) and Certification Practice Statements (CPS), Stock reports on external claims and liabilities, Stock reports on cross-border equity investments, PRISMA: Refining and improving the supervisory reporting system, Training for the Bundesbank's Intermediate Service, Bachelor of Science in Applied Computer Science, Work placements for secondary school students, DEM 2 coin, first issue (minting date 1951), banknotes and coins issued prior to 20 June 1948, 50 Mark BdL note II (green), issued in 1948 (this banknote may be submitted together with an application for reimbursement to the Bundesbanks National Analysis Centre at the Regional Office in Mainz or to any other Bundesbank branch). Can I still exchange German marks for US dollars? We suggest you take out large sums of money at key points in your trip, to avoid paying frequent ATM fees. DM banknotes Pictures and information on DM banknotes and coins, BBK3 and previous series. Prices might differ from those given by financial institutions as banks (Board of Governors of the Federal Reserve System), brokers or money transfer companies. Answered: I plan to take crisp $100 bills to Thailand to exchange during our travels. OpenMarket Tender Operation System (OMTOS), Overview Each year more than 70 million people visit Munich, making it one of Germanys most popular cities. How to exchange Deutsche Mark banknotes for cash? History. The German Mark (DEM) is obsolete. In order to pay for the war, and to protect the reserves of gold, Germany abandoned the gold standard, which meant that the Reich banknotes, which could, a priori, be exchanged for gold, ceased to be exchangeable for gold. For airports and hotels, the primary customer is you - the tourist. At that time the currency had reached its highest value. Live tracking and notifications + flexible delivery and payment options. Advanced research will save you time and money. Several global banks maintain a foothold in Germany; Deutsche Bank, Commerzbank, and Citi, to name a few. Visitors to East Germany were required to exchange Deutsche Marks with Ostmarks at 1:1. Please complete the forms and print them double-sided if possible. We no longer accept the following banknotes and coins for exchange: In certain cases, foreign banknotes and coins may still be exchanged in their country of origin (see Foreign exchange). This website is using a security service to protect itself from online attacks. Use "Swap currencies" to make United States Dollar the default currency. When you arrive in Munich, you'll find currency exchanges at both Munich Airport and Munich Heimeranplatz station. This German Mark and United States Dollar convertor is up to date with exchange rates from February 28, 2023. You can email the site owner to let them know you were blocked. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. International Central Bank Dialogue, Overview Check how far their offered exchange rate deviates from the real mid-market rate. You can travel to Munich knowing youve got options for foreign exchange. You can exchange them for legal tender in euros, but Germans still hold deutschmarks. There is one baseline exchange rate which is sometimes called the interbank rate, or the mid-market exchange rate. 1 USD to DEM - Convert US Dollars to German Deutsche Marks Xe Currency Converter Convert Send Charts Alerts Amount 1.00$ From USD - US Dollar To DEM - German Deutsche Mark (obsolete) 1.00 US Dollar = 1.84 08149 German Deutsche Marks 1 DEM = 0.543238 USD DEM replaced by EUR We use the mid-market rate for our Converter. Whether youre travelling to Germany for business or pleasure, one things for sure: you neednt worry about finding an ATM. Exchange money from US dollars to Euros with low and transparent fees, Receive money with local details in 10 different currencies, Euros included. It is not intended to amount to advice on which you should rely. In the press area, you will find press releases, speeches, guest contributions and interviews with Bundesbank Executive Board members as well as further press materials. Currency Converter DEM/USD. They became obsolete in 2002 when they were replaced by the Euro. Click on United States Dollars or German Marks to convert between that currency and all other currencies. Please do not hesitate to contact us if you have any further questions. The maximum was reached on Monday, 7 February 2022, the minimum on Tuesday, 27 September 2022. One EUR is equivalent to 1.95583 DEM. The red-sealed 1000- mark Reich banknote, dated 1910, and was printed until the end of World War One. From 1990, after the Unification, to 2002, when the euro replaced it, the official currency was the Deutsche Mark. Needless to say that this caused a proliferation of banknotes that had no real value, as they were printed on demand and used at will, leading to a period of hyperinflation. The Bundesbank says it will continue to exchange deutsche marks indefinitely and without limits . The International Monetary Fund With a strong economy, business investment in Germany continues to increase. Former national banknotes and coins, such as Deutsche Mark or Spanish pesetas, can in most cases still be exchanged for euro. Berlin is a wonderfully creative and expressive city. The Staatsbank der DDR issued Mark banknotes from 1949 until 1989. The exchange rate for the United States Dollar was last updated on March 2, 2023 from The International Monetary Fund. Within this yearly figure are over 6 million people visiting for the Munich Oktoberfest - the largest beer festival in the world. It is among 19 Eurozone countries that use this currency. The currency code for US Dollars is USD. This German Mark and United States Dollar convertor is up to date with exchange rates from March 3, 2023. More information: currency converter. 100 US dollars = 170.9403 German marks. The best day to change US dollars in German marks was the Tuesday, 27 September 2022. 51.75.121.129 Instead, plan ahead so that you only change the cash youll need. Our currency rankings show that the most popular German Deutsche Mark exchange rate is the DEM to USD rate. Don't get overcharged when you send money abroad. The USD conversion factor has 6 significant digits. This currency calculator is provided in the hope that it will be useful, but WITHOUT ANY WARRANTY; without even the implied warranty of MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. In 1957, Germany, along with five other nations, founded what was known as the European Economic Community, the predecessor of what is currently the European Union. You can find this rate on Google or via our online currency converter. Any higher denomination, according to the company, was issued before 1948 and is too old to redeem. Not only does Wise use the real mid-market exchange rate to convert your money (which almost always beat the banks), but since your currency is received and sent via local banking systems in both your home country and in Germany, all those nasty international bank fees magically disappear. Send money online fast, secure and easy. The action you just performed triggered the security solution. However, some smart economic planning was used to avoid what would have been a fiasco, as it would have led to a concentration of wealth in the hands of those in the East. You wont receive this rate when sending money. German Marks are now obsolete. Established by the Soviet Union in 1949, the Democratic Republic of Germany introduced its own local version of the Mark. The Bundesbank exchanges only Deutsche Mark banknotes and coins for euro here. The legal tender status of the Deutsche mark ended on the 31st of December 2001, with the euro replacing it as legal tender as from January 1st, 2002. The best day to change German marks in US dollars was the Monday, 7 February 2022. The exchange rate had fallen to its lowest value. Thus, given that these notes were printed in such copious quantities, they are today worth very little, even to collectors and members of numismatic societies. German Deutsche Mark to US Dollar Exchange Rate Chart Xe Historical Currency Exchange Rates Chart Convert Send Charts Alerts Popular German Deutsche Mark (DEM) Pairings US Dollar 1 DEM equals to 0.545339 USD 0.0000 (0.00%) Weekly View chart Euro 1 DEM equals to 0.511292 EUR 0.0000 (0.00%) Weekly View chart British Pound 1 DEM equals to 0.453309 GBP If you wish to send us Deutsche Mark cash with an equivalent value of 15,000.00 (~ DEM 29,337.45) or more, please contact us in advance by telephone or email. One Deutsche Mark was divided into 100 Pfennig. Performance & security by Cloudflare. Enter the amount to be converted in the box to the left of German Mark. With the war notes being almost worthless, and the German economy in dire need of rebuilding, the Paper Mark, or Papiermark, was issued. An exchange rate is the value of one currency for the purpose of conversion to another. Also, be sure to keep an eye on your coins and spend them while in Munich - youll not be able to exchange coins when you return. FCCE USA LLC. The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs. This meant that newly set up loan banks could quite simply print money, and use it without having to worry about backing it with gold. The code is EUR. Click to reveal If youre keen on avoiding high exchange fees, check if your home bank has branches or partnerships with other banks in Munich. The Deutsche Mark was introduced as the official currency of East Germany in 1990, setting the pace for the unification in October of the same year. The exchange rate had fallen to its lowest value. But you shouldn't necessarily use the first exchange bureau you see. This is the truest exchange rate, and you should use it as a benchmark for comparing other offered rates. So is the German mark worth anything or how much for a German mark can one get today? 100 US dollars = 203.8213 German marks. With the dual bachelor's degree in applied computer science, we offer an attractive career in the world of information technology. The East German DDR mark banknotes were replaced by Deutschmark banknotes in 1990. Because it is no longer a valid means of exchange for commodities, the German Mark is not exactly a valid currency in any country, other than Germany, where it even has to be exchanged for the euro to be of any value. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. The Bundesbank published various studies and conference proceedings, resulting from the research activities of its employees and guest researchers. 1.00 DEM Deutsche Mark = 0.550319 USD US Dollar: 1.00 USD US Dollar = 1.817128 DEM Deutsche Mark : Amount: From: In August 1914, this standard was abandoned. Converter You are currently converting foreign exchange units from German mark to United States dollar 1 DM = 0.56387755102041 $ German mark DM United States dollar 0.56387755102041 $ ~= 56 2/5 Conversion base : 1 DM = 0.56387755102041 $ Conversion base : 1 $ = 1.7734346724575 DM Switch units Starting unit Americas Brazilian real (BRL) However, the German Mark continued to be accepted as a medium of payment as a result of a joint declaration of retail and banking associations, up until the 28th of February of the same year. We accept the following banknotes and coins for exchange: banknotes issued by the Bank deutscher Lnder (BdL) banknotes issued by the Bundesbank Federal coins denominated in Deutsche Mark or Pfenni g The worst day to change US dollars in German marks was the Monday, 7 February 2022. Before 1871. Below are a few options to check out while in Munich: Munich is a tourist city, so tourist traps exist. The symbol for USD can be written $. One can exchange German marks through certain banks and currency services, such as Deutsche Bundesbank Eurosystem and Euro Coin Exchange. Euro (EUR) and United States Dollar (USD) Currency Exchange Rate Conversion Calculator. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. These are the average exchange rates of these two currencies for the last 30 and 90 days. Deutschmark is the English name for the old German currency; in German, it is Deutsche Mark. History. The United States Dollar is also known as the American Dollar, and the US Dollar. The currency symbol is $. It is also possible to exchange Deutsche Mark banknotes and coins by sending them to the Mainz branch by post. Germany has had five kinds of marks in its history, and it is essential to know them to be able to ascertain if they have any value as of today. The action you just performed triggered the security solution. They are not transactional rates. We will then let you know what information and documentation we require to process your application. Losers in a war are hardly in a position to dictate terms, so Germany and its economy were at the mercy of the victors and their economic forces. These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods. By 1924, the highest German banknote in circulation was the One Hundred Trillion Mark banknote, which was worth about five pounds sterling. These currency charts use live mid-market rates, are easy to use, and are very reliable. Overview of Deutsche Bundesbank branches in alphabetical order, Exhibition: Money in caricature and satire, Overview More information: currency converter. Answered: I plan to take crisp $100 bills to Thailand to exchange during our travels. Since Germany moved to the euro in 2002, the deutschmark, or "mark," is no longer in circulation, but it still can be sold or exchanged. Exchange bureaus will charge you a commission for their service, whether this is quoted upfront or hidden in their exchange rate. The exchange from DM to Euro is possible indefinitely and free of charge atthe branches of Deutsche Bundesbank and by mail via the Mainz branch. This is what occurs when you select to be charged in your home currency, and end up being charged more than necessary for the conversion. Prices might differ from those given by financial institutions as banks (Board of Governors of the Federal Reserve System), brokers or money transfer companies. Panel on Household Finances (PHF), Overview Federal Reserve quotations switched from the mark to the reichsmark on October 29, 1924. From 1948 to 1990, the official currency was the Deutsche Mark in West Germany and the East German Mark in East Germany. Mobilisation and Administration of Credit Claims (MACCs), OpenMarket Tender Operation System (OMTOS), Overview One hundred pfennig make up one deutschmark, commonly abbreviated as mark, D-mark or DM., The Best Benefits of HughesNet for the Home Internet User, How to Maximize Your HughesNet Internet Services, Get the Best AT&T Phone Plan for Your Family, Floor & Decor: How to Choose the Right Flooring for Your Budget, Choose the Perfect Floor & Decor Stone Flooring for Your Home, How to Find Athleta Clothing That Fits You, How to Dress for Maximum Comfort in Athleta Clothing, Update Your Homes Interior Design With Raymour and Flanigan, How to Find Raymour and Flanigan Home Office Furniture. 100.00 US dollars = 170.75 German marks Historical US dollar / German mark History of daily rates USD /DEM since Friday, 4 February 2022. We use the mid-market rate for our Converter. However, by keeping your eye on the world market and your currency pairing, you might be able to pinpoint the most favourable time to convert your money. Here you will find information on the bank sort code file and on the bank sort code update service. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods. One can exchange German marks through certain banks and currency services, such as Deutsche Bundesbank Eurosystem and Euro Coin Exchange. The web service offers an interface for programmatic access. Our goal is to provide a safe, trusted, and reliable platform for those wanting to sell their unused foreign currency. We exchange both Deutschmark coins and banknotes. Global Conversion: convert Malaysian ringgit to Indian rupee, German mark (DEM) to US dollar (USD) Converter, German marks to US dollars conversion table, euro to Czech Republic koruna exchange rate, Vietnamese dong to Bangladeshi taka today, British pound to Botswanan pula historical. The East German Marks were exchanged at the rate of 1:1, for the first 4000 Marks, and 2:1 for larger amounts. However I read that they will not exchange money with counterfeit mark. The symbol is and it was created by a German, Arthur Eisenmenger. Know the actual exchange rate in the 1970s); the East German government credited exports at a rate of 4.4M:1DM. Check live rates, send money securely, set rate alerts, receive notifications and more. The ECB does not exchange any banknotes or coins. However I read that they will not exchange money with counterfeit mark. Euro Coin Exchange has a Dollars for Deutschmarks program that exchanges deutschmarks coins and bills, up to 1,000 DM, for U.S. dollars. D-Marks are no longer a valid means of payment in Germany. The DEM conversion factor has 6 significant digits. From 20September, the Money Museum presents a new special exhibition that approaches money from a unique perspective, viewed through the lens of caricature and satire. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. Law had demanded that each issue or set of notes printed was backed to at least one-third of its value by gold bullion. A Mark had been the currency of Germany since its original unification in 1871. Convert currencies now See how it works Popular currencies We carry over 135 currencies, including the most popular and some rare. The main factors affecting the current rate include interest rates, debt ratios, economic growth and relative inflation rates. 100.00 German marks = 58.57 US dollars The worst day to change German marks in US dollars was the Tuesday, 27 September 2022. By 1948, when the allies occupied Germany, following the end of World War II, each of the Allies was printing its currency in the zone it held. Please send the cash you wish to exchange with a completed copy of the application form Exchange DM-EUR (see below) to the address given on the application form. Although German mark notes and coins are no longer legal tender, most of those issued after June 20, 1948 can be exchanged for the equivalent value in euro at Deutsche Bundesbank branches or by post. Before 1871. from the mark to the reichsmark, where 1 reichsmark = 1,000,000,000,000 mark. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Create a chart for any currency pair in the world to see their currency history. Exchanging DM for euro The exchange from DM to Euro is possible indefinitely and free of charge at the branches of Deutsche Bundesbank and by mail via the Mainz branch. | | | Catal | esk | Dansk | Deutsch | | English | Espaol | Eesti | Suomi | Franais | Gaeilge | | Bosanski jezik | Magyar | Indonesia | slenska | Italiano | | | | Lietuvikai | Latvijas | | Melayu | Maltija | Nederlands | Norske | Polski | Portugus | Romn | | Slovensky | Slovenski | Shqiptar | | Svenska | | Trke | | Ting Anh | | , Add currency calculators or rates to your website | Like Coinmill on Facebook, Copyright (C) 2003-2023 Stephen Ostermiller | Privacy Policy, Add currency calculators or rates to your website. Since Germany moved to the euro in 2002, the deutschmark, or mark, is no longer in circulation, but it still can be sold or exchanged. Hamburg, Mecklenburg-West Pomerania and Schleswig-Holstein, Overview Your IP: The Staatsbank der DDR issued Mark banknotes from 1949 until 1989. For example, some hotels have been known to charge commission fees of up to 20 percent per withdrawal. Print the charts and take them with you in your purse or wallet while you are traveling. It was replaced with the Euro (EUR) on January 1, 1999. You can email the site owner to let them know you were blocked. On 31 December 1998, the European Central Bank (ECB) fixed the irrevocable exchange rate, effective 1 January 1999, for German mark to euros as DM 1.95583 = 1. You can also download the bank sort code files. The maximum was reached on Tuesday, 27 September 2022. Your IP: Be sure to compare the offered rate against the current mid-market rate, to be sure youre getting the fairest deal. Use "Swap currencies" to make United States Dollar the default currency. International Central Banking Courses, Regular refinancing and fine-tuning operations, Pandemic emergency purchase programme (PEPP), Securities lending under the APP and PEPP, Overview Germany is part of the Euro Zone and as such, operates using the euro. Banknotes are issued in 500, 200, 100, 50, 20, 10 and 5 domination. All my $100 bills have a horizontal counterfeit line on it. This website is using a security service to protect itself from online attacks. 2021 - All Rights Reserved |. Exchange rates are constantly fluctuating - they can even change from one minute to the next. How much is a German mark in US dollars? Research Data and Service Centre, Overview Please make sure to provide your IBAN correctly. (see link below) www.euromoney24.com - here you can exchange your leftover. note on Bidwell at left: Wise uses the real exchange rate; making them up to 8x cheaper than your bank. Avoid what is known as dynamic currency conversion. The company directs customers to the nearest retail location to find out if a particular currency is available for exchange. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. The East German DDR mark banknotes were replaced by Deutschmark banknotes in 1990. The Travelex currency service company, which has locations in most major airports and many banks, exchanges and buys some foreign currency. When you arrive in Munich, youll find currency exchanges at both Munich Airport and Munich Heimeranplatz station. On the other side, in what was known as East Germany, there was a Deutsche Mark too, commonly known as the Eastern Mark, or the OstMark. However you can take a look at foreigncurrencyandcoin.com homepage to see how much do we offer today and visit our page about German marks exchange to get more details. Need to know when a currency hits a specific rate? From 1914 to 1923, the official currency was the German Paper Mark. USD to DEM currency chart. Create a chart for any currency pair in the world to see their currency history. The exchange rate had fallen to its lowest value. Best places to exchange currency in Berlin, Money in Germany: Banks, ATMs, cards & currency exchange, Best places to exchange currency in Hamburg, S-Bahn Ladenpassage im UG, Arnulfstrae 1, 80335, Schillerstrae 23A, 80336 Mnchen, Germany. Better yet, if either you or a friend has access to a EUR bank account in Munich, you can use Wise to make the transfer ahead of time to send money to Germany. Please ask your delivery service provider whether and how cash (especially coins) can be sent and how to correctly pack, declare and, if necessary, insure your cash. The Bundesbanks up-to-date statistical data in the form of time series (also available to download as a CSV file or SDMX-ML file). The currency code for German Deutsche Marks is DEM. Macroeconomic accounting systems, Prices and yields of listed Federal securities, Real interest rates on households' deposits, Budgetary developments in Germany (national accounts), Budgetary developments in Germany (public finance statistics), System of indicators for the German residential property market, System of indicators for the German commercial property market, Overview 2003 - 2023 Mataf - 20 years at your service - version 23.02.01.us.na English Franais Indonesia espaol Ting Vit hrvatski Trke portugus lietuvi magyar italiano romn polski . Wise uses the real exchange rate; making them up to 8x cheaper than your bank. Where can I exchange German marks for money? There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Rhineland-Palatinate and Saarland, Research Council, Research Professors and Research Fellows, Overview The new notes were issued at the rate of one to one (1DM = 1 RM) for salaries and rent, and one to ten (1DM = 10 RM) for the remainder in private non-bank credit balances. Convert your leftover Deutsche Mark banknotes to cash using our hassle-free online exchange service. So even if a sign claims no commission, be wary. All my $100 bills have a horizontal counterfeit line on it. Their location offers convenience, but youll pay for this in higher fees. Don't get overcharged when you send money abroad. There was friction as the Mark which replaced the Rentenmark in the west was issued earlier, causing an influx of the now worthless RM to the east where it still had worth. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. From 1948 to 1990, the official currency was the Deutsche Mark in West Germany and the East German Mark in East Germany. Established by the Soviet Union in 1949, the Democratic Republic of Germany introduced its own local version of the Mark. Youll find plenty of exchange bureaus, but the best way to obtain Euros is to withdraw money via an ATM. We ask for your understanding request that you refrain from enquiring about the status of processing. And as at 2017 a total of 12.64 billion Deutschemarks remained in circulation, squirreled away in old cupboards. Germany won't accept Deutsche Marks as valid currency any longer, but you can exchange them into Euros at Bundesbank (the German Central Bank) branches or by mail. From 1871 to 1914, the German empire had the Mark as its currency. From 1924 to 1948, the official currency was the German Reich mark. Xe Historical Currency Exchange Rates Chart, Mar 4, 2023, 11:06 UTC - Mar 4, 2023, 11:06 UTCDEM/USD close: 0 low: 0 high: 0. Performance & security by Cloudflare. The currency code for US Dollars is USD. The currency code for US Dollars is USD. If youre planning a visit to the festival, or to enjoy the citys beauty at any other time of the year, this is your guide to the best places to exchange your money. Currency Exchange Rate for Deutsche Mark DEM to US Dollar USD. The currency code for German Deutsche Marks is DEM. The amount of Deutsche Mark cash determined by the Bundesbank will be converted into euro at the aforementioned exchange rate and this euro amount will be transferred to the bank account indicated in the application form without any further information.
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