If you want to send money to Austria and are thinking about turning to your bank, take time to consider other options. This is because most banks continue offering less than favorable exchange rates while charging steep fees. Specialist money transfer companies, on the other hand, serve as more cost-effective alternatives, and you get to choose from several depending on where you live.
Transfer Money to Austria
- User RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
OFX
- 9.1/10
- Online
PhoneOne off transfers Regular transfers - Two Transfers Fee Free
First 2 Transactions Free - USD$0
£0
CAD$15
AUD$15
€10 - 1 - 3 Days
- Their website is also responsive so it auto-scales to your screen size.
- $250 / £100 / €250
WorldRemit
- 9.4/10
- Online OnlyOne off transfers Phone assistance available
- First 3 Transfers Fee Free.
Your first overseas transfer Fee Free! Learn more - $3 - 4For example. Sending €10,000
from Australia would incur
€50 fee + 4-5% exchange
rate fee on top of market rates. - 1 - 3 Days
- Regular payments to PayPal registered merchants is possible.
Regular payments to family or friends PayPal accounts is not currently possible. - Their website is responsive so it auto-scales to your screen size.
- €/£/$1
TransferWise
- 9.3/10
- Online OnlyOne off transfers Regular transfers
- ~0.5%Min and Max Fees apply.. Learn More
- 1 - 2 Days
- £1 / $1Min and Max Fees apply.. Learn More
XE.com
- 9.1/10
- Online OnlyOne off transfers Phone assistance available
- NO FEES
- NO FEESXE.com transaction fees are contained within the exchange rate offered.
- 1 - 2 Days
- Regular payments to PayPal registered merchants is possible.
Regular payments to family or friends PayPal accounts is not currently possible. - Their website is responsive so it auto-scales to your screen size.
- €/£/$1
While someone might want to receive money in an Austrian bank account, someone else may want to get money in Austria from a cash pickup location. If speed might be a priority for some, some others may favor cost-effectiveness. What this goes to show is that you need to pay attention to your individual needs before selecting a service provider. Here are aspects that need your consideration:
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
From 1925 to 2002, the Austrian schilling (ATS) was used as the official currency in Austria, although the German Reichsmark was declared legal tender between 1938 and 1945. Form 2002, the euro (EUR) has been used as the legal currency in Austria. The euro is divided into 100 cents.
If you plan to transfer money to an Austrian bank account, the details you will need include:
- The recipient’s complete name
- The recipient’s account number
- The receiving bank’s name
- The receiving bank’s IBAN and Swift/BIC Code
Given below are SWIFT codes of some popular Austrian banks:
| Bank | Branch | Swift Code |
|---|---|---|
| UniCredit Bank Austria AG | Vienna | BKAUATWW |
| Raiffeisen Bank International Ag | Vienna | RZBAATWWPOP |
| Volksbank International Ag | Vienna | VOINATW1XXX |
| Erste Group Bank Ag | Vienna | GIBAATWGXXX |
Popular Currency Corridors
More than U.S. $2.8 billion flowed into Austria as remittances from different countries in 2016. In the same year, more than U.S. $3.8 billion made its way out of the country in remittances. The tables below give you an indication of the popular currency routes, and the money that flowed both ways in 2016. Incidentally, neither Austrian currency to USD (United States dollars) nor Austrian currency to INR (Indian rupees) or British pounds (GBP) feature in the top five outgoing corridors.
Incoming
| Country | Currency Pair | Amount |
|---|---|---|
| Germany | EUR-EUR | $1,082,000,000 |
| Switzerland | CHF-EUR | $356,000,000 |
| United States | USD-EUR | $300,000,000 |
| Canada | CAD-EUR | $130,000,000 |
| Australia | AUD-EUR | $119,000,000 |
Outgoing
| Country | Currency Pair | Amount |
|---|---|---|
| Germany | EUR-EUR | $826,000,000 |
| Hungary | EUR-HUF | $377,000,000 |
| Serbia | EUR-RSD | $338,000,000 |
| Czech Republic | EUR-CZK | $251,000,000 |
| Nigeria | EUR-NGN | $178,000,000 |
| Bosnia-Herzegovina | EUR-BAM | $176,000,000 |
How Do I Compare Companies When Sending Money to Austria?
If you want to select a money transfer company to send money to Austria, or to convert Austrian currency to U.S. dollars, Hungarian forint, Serbian dinar, or any other currency, pay attention to these aspects.
- Cost effectiveness. Do not get carried away by fee-free transfers or highly competitive exchange rates, because one can make up for the other. To keep it simple, look at the amount the recipient stands to receive at the end of the transfer.
- Speed. If your transfer falls under the Single Euro Payments Area (SEPA) network, it may process in one to two working days. If your transfer originates outside of the European Union, it may take up to six working days. If speed is your priority, consider sending money to a cash pickup location. These transfers usually process in real time.
- Payment methods. Paying using a bank account transfer is among the most common method. Some companies let you pay using debit and credit cards, although this usually comes at an additional cost. A handful of companies also accept payments through region specific methods such as iDEAL, SOFORT, and POLi.
- Customer service. This aspect is important because there is no telling when you might need to contact a company representative. You may find companies that provide local phone support in different countries, and most good ones provide online support via chat and email. Turn to online platforms such as Trustpilot and Feefo to find out what previous customers of companies you shortlist have to say.
How to Send Money to Austria?
You get to choose from different methods when it comes to initiating your transfer.
- In-person. One way to send money in-person is to contact your bank. Alternatively, you may turn to a specialist money transfer company that operates out of a physical location near you.
- Over the phone. Some of the top money transfer companies let transfer money to Austria over the phone by giving your access to currency brokers.
- Online. While your bank might give you the ability to send money overseas using its online banking system, you are better off turning to a specialist money transfer company. Most of the leading companies provide apps for mobile devices.
Case Study
Julia moved to Switzerland because of work but her mother and younger brother continued living in Austria. Since they depended on her financially, it was upon her to keep sending them money regularly. She used a prominent Swiss bank for the first three months, and it was only upon the insistence of a co-worker that she decided to compare her alternatives. This is what she found.
| Bank | Money Transfer Service | |
|---|---|---|
| Exchange rate | CHF 1 = EUR 0.8425 | CHF 1 = EUR 0.8674 |
| Transfer fee | CHF 5 | CHF 0 |
| Amount received for CHF 2,000 | EUR 1,680.78 | EUR 1,734.80 |
| Transfer time | 3 to 5 days | 1 to 2 days |
| Transfer options | Bank account | Bank account |
| Difference of | EUR 54.02 |
Choosing the money transfer company over her bank ensured that Julia’s mother received a little extra money each month, and it got to her sooner. In addition, the money transfer company gave Julia the option of scheduling her transfers in advance and even locking in exchange rates when they seemed favorable.
Cash Pickup Locations in Austria
If the recipient is in quick need of the money you plan to send to Austria, turning to a company that has cash pickup locations is your best bet. Companies such as Western Union, MoneyGram, and Ria have a physical presence in this country.
| Western Union in Austria | |
|---|---|
| Vienna Interchange Stephansplatz 9 Wien, Vienna | Postamt 1010 Fleischmarkt 19, Vienna |
| Graz Postamt 8010, Neutorgasse 46, Graz | Postamt 8016, Gleisdorfergasse 4, Graz |
| MoneyGram in Austria | |
|---|---|
| Vienna Green Call, Steinbauergasse 1, Vienna | Ipsun Kettenbruckengasse 18 / 2, Vienna |
| Graz B.F.S. Afro Shopping Center, Eggenberger Strasse 46, Graz | International Telephon Discount, Griesplatz 11, Graz |
Safety Tips for Picking up Cash in Austria
Austria has low levels of crime, although you should exercise some caution. There have been instances of pick pocketing in and around cafes, restaurants, hotel lobbies, shopping areas, tourist attractions, train stations, and public transposition. Take basic precautions when collecting money from a cash pickup center, and if you plan to receive a large sum consider taking someone you trust along.
Keep your belongings within your sight at all times. Be particularly vigilant if you take a night train into or out of the country.
What Information Do I Need to Send Money to Austria?
The transfer method you choose had a bearing on the required information.
- Bank account. You will need to provide the recipient’s complete name, a bank account number, the receiving bank’s name, as well as the receiving bank’s SWIFT/BIC code and IBAN.
- Cash pickup location. The information needed in this case limits to the recipient’s name and a desired cash pickup up location. To collect the transferred money, the recipient will need to provide a reference number along with an acceptable form for identification document.
Regulations When Transferring Money to and From Austria
Austria does not have its own set of regulations surrounding currency control, and transfers to and from the country are governed by the European Central Bank’s single monetary policy. Österreichische Nationalbank (Austria’s central bank) oversees payment systems to make sure that the country’s financial sector remains stable.
There are no restrictions of moving money in or out of the country, no matter whether you’re a resident of the country or not. However, transfers of more than €10,000 need to be declared to relevant European Union authorities.
While Austrians are taxed on income they earn outside the country, Austria has treaties with several other countries to avoid instances of double-taxation.
Pros and Cons of Relocating to Austria
Pros
- English is commonly used, along with German
- Rates well in overall health and wellbeing
- Rentals are affordable
- Central location in Europe presents multiple travel opportunities
- Can hire domestic help for around €25 per hour
Cons
- Private schooling in expensive
- Public schooling requires knowledge of German
- Local attitude toward expats can be unwelcoming
- Buying a home is expensive
- Food is expensive
Next Steps
You may want to convert Austrian money to U.S. dollars, Swiss francs, or Serbian dinars; or you may want to send money to Austria in a different currency. In any such case, make sure you compare the top money transfer companies according to where you live. If you find a suitable promotional offer, it can result in even more savings.
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