Start maximizing the power of your currency with our Austria Money Transfer Guide.
No matter if you want to send money to or from Austria, the following Foreign Exchange companies will offer you services and benefits that outmatch anything that your local banks can provide.
The Guide’s Topics:
- Cheapest Way to Send Money to Austria
- Best Company to Transfer Money from Austria
- Today’s Euro Rates
- Reasons to Move Funds into Austria
- Regulation and Limitations
Best Company To Transfer Money To Austria
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
CurrenciesDirect is the company with the biggest presence around the globe. They have 18 local offices across 4 continents. This is one of the reasons they can provide a zero fee transaction. For more info be sure to check out their website and fill a form to get a free quote.
WorldFirst has at its disposable 130 currencies to work with at any given time. And with the except of the USA and Australia (higher minimum amount), all the transfers over €1000 will be completed for free – no transaction fee.
Want to know more about their service or start using their mobile app? Be sure to check out their website and get all the information you need.
Best Company to Transfer Money from Austria
|Min. Transfer: € 100.|
Transfer: Online or by Phone.
Why Them? Over 150,000 Active Clients. £4.5Bn Transferred Annually. 18 Worldwide Offices.
Supported Regions & Currencies
Being part of the European Union, it means that the companies we have listed have no territorial restrictions and can provide their services to every city and region of Austria.
Currencies: Both CurrenciesDirect and WorldFirst have been serving clients from EU like Italy, Lithuania, Poland, Switzerland, Germany, Cyprus, Belgium or Estonia, as well as other countries on other continents like New Zealand, Brazil, Philippines or Ghana.
Tip: In case your need is represented by frequent transactions of low amounts, we recommend using TransferWise because they have low and fixed fees. With our two previously listed companies, the benefits grow as the transfer amount grows.
Today’s Foreign Exchange Rates for EUR
Why Send Money To An Austrian Bank Account
Tourism: Austria is well known for being a great tourist destination in both Summer and Winter. In Winter, the Alps attract many tourists in the world-renowned ski resorts while in the Summer, many people come to get a taste of the history and culture that the cities of Vienna and Salzburg have to offer.
Real Estate: The most important city in Austria is Vienna where the real estate market largely sailed through the 2008 recession unscathed. Even if the growth has slowed down a bit, there is still room for improvement. This makes it still a great investment opportunity for those looking to diversify their portfolio.*This is also the reason many are sending money to Lithuania in recent times.
Thinking Of Relocating To Austria?
If you consider moving into Austria and live there as an expat, you may find the following information helpful.
Advantages Of Moving To Austria:
- High Level of English: Many of the jobs and day-to-day interactions happen in both English and German.
- Affordable Housing to Rent: A furnished two-bedroom apartment is on average 2,150 EUR per month in major city centres.
- Affordable Domestic Help: Average hourly rate for domestic help is 25 EUR per hour.
Disadvantages Of Moving To Austria:
- High Tuition for Non-German Speakers: If you want to enrol your child in public school, they have to be fluent in German. If they are not, you will pay 18,000 EUR per year for private school.
- Cost of Food is High: For example, the average cost of 500g of cheese is 7.50 EUR.
- Real Estate is Costly to Purchase: Average price of a home is $850,000 USD.
How To Easily Send Money To Austria
If you’re looking for a cost-effective and easy way to transfer money overseas, your best bet is to send your money to Austria with FX companies. Not only are these companies cheaper than other options, in some cases, they are even free.
Furthermore, they allow you to send your money to Austria online, meaning that you can avoid the hassle and wasted time that comes with standing in line at a bank or remittance company. This is the reason that many real estate agents are recommending the use of FX companies when dealing with overseas clients that want to buy a house or any kind of properties abroad.
But how are they able to do it so cheaply? Because they buy currency in large volumes and get wholesale prices. So when a customer makes an international transfer, they indirectly help them re-sell the currencies at a higher margin while still providing you with a great exchange rate.
What you need to send money to Austria
- Bank Name and Address
- Swift/BIC Code
- Account Number
- Receiver’s Complete Name
After you have provided the details listed above, the process is pretty simple:
- Create a free account with the company.
- Receive a quote from one of the dealers.
- Send the money to your account so you can fund the transfer.
- Get confirmation from the dealer you worked with that the transaction is completed.
Our Company Recommendation:
- Send Money to Austria: Companies that provide international money transfers to Austria.
- Send Money from Austria: Companies that take on Austrian Customers.
Regulations and taxes when transferring money to and from Austria
Austria has no regulations or currency controls, as a member of the single currency Eurozone. Transferring money in and out of Austria is not restricted for non-residents and residents alike. This applies even to countries outside the Eurozone.
The Eurozone’s single payments system for all member states, as well as Iceland Liechtenstein and Norway, has simplified money transfers.
Austria is a popular destination for international trade, due to its highly advanced economy.
Österreichische Nationalbank (the central bank of Austria) oversees payment systems to ensure the stability of their financial sector.
The European Central Bank (ECB) sets the single monetary policy.
Transfers in and out of Austria do not require government approval, but statistical data of high-value transfers must be reported to the central bank.
Individual travellers are permitted to carry up to EUR10,000 in cash out of the country.
Transfers over EUR10,000 must be declared to European Union authorities.
Taxation on foreign income
High-income taxes are implemented on personal income earned in Austria. Businesses pay a relatively low flat rate of 25% but must pay a minimum of EUR1,092, even if they do not earn any income.
Austrian residents are taxed on any foreign income.
Non-residents are taxed only on income originating in Austria. Double tax treaties are in place to avoid double-taxation.
Biggest banks in Austria
- Bank Austria
- Erste Group
- Volksbank AG