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Notarised escrow with a non‑EUR deposit: exchange timing, bank blocks and notary practice (Sep 2026)
How German notaries, banks and buyers typically handle a purchase deposit paid in a non‑EUR currency: what the notary’s Anderkonto rules require, which exchange‑rate sources are used, why non‑EUR transfers can be held, and practical contract clauses and checklist for foreign buyers.
Short legal framework: the notary’s Anderkonto and AML checks
German notaries routinely use an Anderkonto (notary escrow account) for property transactions when a justified security interest exists. The Bundesnotarkammer requires that an Anderkonto be held at a licensed credit institution or the Deutsche Bundesbank and that accounts be run under the chamber’s conditions. Notaries also operate under the money‑laundering rules for real‑estate transactions (Geldwäschegesetz / implementing guidance for the real‑estate sector): unusual payment structures or transfers involving high‑risk jurisdictions can create FIU reporting obligations for the notary. These rules explain both why notaries may insist on a clear, documented payment route and why they may refuse or delay handling funds until compliance checks are complete. (Bundesnotarkammer guidance; see sources.)
Why currency and timing matter: SEPA vs non‑EUR flows
SEPA infrastructure covers euro transfers within the SEPA area and is predictable. A deposit in any other currency (USD, GBP, CHF, etc.) is not a SEPA payment: it will travel as an international transfer (SWIFT/MT or ISO‑20022) and typically passes through correspondent banks. That increases both cost and operational complexity: receiving banks in Germany publish earlier cut‑off times for non‑EUR incoming orders, and individual banks reserve the right to perform manual checks that delay final credit to the notary’s account. Practically: non‑EUR transfers can take several business days to be available as cleared funds on an Anderkonto compared with same‑day or next‑day euro SEPA credits. (See a German Sparkasse price‑and‑service schedule and payment processing table.)
Which exchange rate to use (and how to fix it)
Parties must specify in the contract which rate, which source and which date determine the EUR amount. Two common, clear options are: 1) fix by the ECB euro foreign exchange reference rate published for the relevant currency on a named calendar date (the ECB publishes daily reference rates at about 16:00 CET on every working day); or 2) fix by the value date when cleared funds are credited to the notary’s Anderkonto, using the bank’s buying rate plus an agreed spread. Using the ECB reference rate is common because it is public and reproducible; using the notary’s bank rate keeps practical control with the bank but must specify whether charges and spreads are deducted. Whichever you choose, put exact wording in the contract (source, publication time, and whether the result is rounded) and tie seller obligations (handover / release) to the actual cleared credit on the Anderkonto.
Bank blocks, cut‑offs and practical timing rules
Operationally, two timing risks cause delays: (a) local bank cut‑off times for processing non‑EUR incoming orders (some banks show cut‑off around midday for non‑EUR instructions) and (b) manual compliance checks (KYC/AML) that hold funds until documentation is provided. To avoid surprises, instruct your bank early, ask for the bank’s published cut‑off times for the receiving account, and allow several business days for routing through correspondent banks. Provide the notary with the payer’s payment confirmation or the receiving bank’s statement as evidence of value arrival. If the seller requires immediate funds, consider agreeing a bank guarantee or a German bank escrow in EUR as alternatives.
Notary practice and safeguards you should expect
Expect the notary to: require transfer instructions in the contract; record the agreed exchange rule; demand evidence that funds have been credited to the Anderkonto before releasing keys or instructing Grundbuch entry; and to carry out the AML checks required by the money‑laundering rules for property. Notaries commonly decline to treat a mere payment order as equivalent to cleared funds: payment must be actually available on the Anderkonto if the release of ownership or possession depends on it. Older case law and current chamber guidance emphasise the notary’s duty to inform parties if unusually long holding periods are expected. If timing is critical, add explicit deadlines (calendar date/time) and require the exact method for measuring the exchange rate (for example: "ECB euro reference rate for USD on the business day before notarisation at 16:00 CET").
Practical checklist for foreign buyers (what to do now)
1) Decide the contract formula for conversion: name the source (ECB or a named bank), the date/time and rounding rule. 2) Tell your bank the receiving Anderkonto details early and request the bank’s cut‑off for non‑EUR transfers; plan for several business days. 3) Ask your bank for written payment confirmation (transaction reference / SWIFT copy) and give a copy to the notary. 4) Agree who pays conversion spreads and correspondent bank charges (commonly the buyer). 5) If the seller will not release possession without immediate cleared EUR, negotiate a German bank guarantee or an EUR escrow instead of a non‑EUR deposit. 6) Ask your notary to record the exchange rule and the condition for release (cleared credit on the Anderkonto). For legal questions about wording or tax consequences, consult a German notary and a tax adviser; nothing in this guide is personalised legal or tax advice.
Nothing on this page is investment, tax or legal advice. Price bands are indicative asking prices and disagree between sources by design. Verify every figure with a qualified German notary, tax adviser (Steuerberater) or lawyer before committing capital.
