Sending Money Overseas: Australia To Austria

There are several ways to send money from Australia to Austria, each with its own pros and cons. These include using a bank transfer, specialist money transfer service, e-wallet, or visiting a physical money remittance store.

The best method for you will depend on your specific requirements and circumstances. For example, if you need your money to arrive quickly, cash pickup may be the best option, as your recipient will be able to instantly access the money from their agent location in Austria.

On the other hand, bank transfers are typically the cheapest way to send money, with Revolut and Western Union offering some of the lowest fees.

Bank transfers

If you decide to use a bank transfer, you will need the following information:

• Your personal information, including your full name, address, date of birth, and valid ID.
• The recipient's name and contact information, including their address and phone number.
• The recipient's bank details, including the account number, SWIFT or IBAN, and their bank branch's address.

To initiate the transfer, follow these steps:

• Compare your options and choose a bank or money transfer service that suits your needs.
• Provide your name, address, contact details, proof of ID, and method of payment.
• Enter the recipient's details, including their name, contact information, and bank account information.
• Enter the transfer amount and review the fees, exchange rates, and transfer speed.
• Complete the transfer and keep the transaction reference number to track your transfer.

It is important to note that the turnaround time for a bank transfer to Austria can take longer, usually 2-5 days, compared to other methods such as cash pickup or mobile wallet transfers.

Cash pickup

If you need to send money to Austria from Australia, there are several options available to you. One option is to use a cash pickup service, where the recipient can collect the money in person from an agent location. This option is often fast, with some companies offering cash pickup within minutes.

Some of the companies that offer cash pickup services include Western Union, MoneyGram, and Remitly. Western Union has a large network of agent locations in Austria, making it a convenient option for cash pickup. MoneyGram is another option, but it is only available in 7-Eleven stores in Austria. Remitly is a specialist money transfer company that offers cash pickup as one of its payout options.

To use a cash pickup service, you will typically need to follow these steps:

• Create an account with the provider and provide your contact details.
• Verify your account by uploading an image of your ID documents.
• Add the transfer amount and choose your preferred payment method.
• Provide the recipient's details, including their name, address, and phone number.
• Select a convenient location for the recipient to pick up the cash.
• Pay for the transfer using a bank account, credit card, or debit card.

It's important to note that cash pickup services can often be one of the most expensive options for sending money internationally, as they are prioritised and can be instant. Additionally, some card issuers and credit card companies may charge additional fees for using these services.

Mobile wallet

To send money to a mobile wallet, you will need to ensure that the recipient has activated a Mobile Wallet with one of the partner mobile phone providers in their country of residence. You can then use a money transfer service, such as Western Union or Revolut, to send money to their mobile wallet.

• Go to the Western Union website or download the Western Union app.
• Sign up for a free online account.
• Enter the amount you want to send and select Austria as the recipient's country.
• Select "Mobile Wallet" as the receiving method.
• Choose your preferred payment method: credit card, debit card, instant bank transfer, or bank transfer.
• Enter the recipient's details, including their phone number and Mobile Wallet details. Ensure that the recipient's name matches their official ID.
• Once your transfer is completed, you will receive a confirmation via SMS with the transaction number (MTCN). You can use this number to track the status of the money transfer in real time.

Revolut also offers mobile wallet transfers, although this feature is listed as "coming soon" on their website.

It is important to note that some mobile phone providers may charge additional fees for using mobile wallet services, such as SMS and account over-limit fees. Therefore, it is recommended to review the terms and conditions of the service before initiating a transfer.

Home delivery

If you're looking to transfer money from Australia to Austria from the comfort of your own home, there are several options available to you.

Firstly, you can use an online money transfer service. Examples of these include Wise, PayPal, OFX, Remitly, CurrencyFair, and Instarem. These services typically offer low fees and fast transfer times. For instance, Wise and Remitly offer transfers within a few days, while Instarem claims to transfer money from Austria to Australia in just a few minutes.

Another option is to use a foreign exchange broker, also known as a forex broker. You will first need to deposit the funds you want to transfer into the forex broker's account, and then they will exchange your money and send it on to the recipient. Forex brokers often provide a range of transfer tools and exchange services, such as free transfers, online money transfers, better exchange rates, and 24-hour support.

Additionally, you can use mobile banking apps to transfer money. If you already have an account with an Austrian bank, you can download their mobile banking app and use your existing account information to create an app profile and access all the features.

Finally, you can use a wire transfer service such as Western Union, MoneyGram, or Exchange4free. These services typically charge higher fees, but they can send money quickly to almost anywhere in the world.

When choosing a method, it is important to consider factors such as transfer speed, fees, exchange rates, security, and convenience.

Online money transfer providers

Wise (formerly TransferWise)

Wise offers a fast, low-cost, and secure way to send money from Australia to Austria. They provide transparent fees and exchange rates, with no hidden charges. Wise only charges a small, flat fee and a percentage of the amount being converted. They also offer a dedicated support team for large transfers. Wise is highly rated, with 4.3/5 stars from 226,927 reviews on Trustpilot.

Western Union

Western Union is a well-known money transfer service that offers competitive exchange rates and low fees, starting from $0. They are one of the fastest options, with transfers often arriving within minutes. Western Union is a good choice for both bank transfers and cash pickups.

Revolut

Revolut is a fast and affordable option for sending money to Austria. They offer instant transfers and competitive exchange rates. Revolut is particularly cost-effective for bank transfers, with no transfer fees and a low markup on the exchange rate. They are a safe and regulated provider, overseen by Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC).

OFX

OFX provides fast and secure online money transfers from Australia to Austria. They offer competitive exchange rates and efficient transfer times, with most transfers completed within 1-2 business days. OFX is regulated by ASIC and AUSTRAC, ensuring the safety of your funds. There are no limits on the amount of money you can send to Austria with OFX.

Monito

Monito is a money transfer comparison engine that helps you find the best option for your needs. They compare fees, exchange rates, transfer speeds, and other factors to recommend the most suitable provider. Monito only recommends regulated and secure companies and has helped users save millions in fees. They offer detailed reviews and in-depth evaluations of various money transfer services.

When choosing an online money transfer provider, it is important to compare exchange rates, fees, transfer speeds, and the safety of the provider. Additionally, consider the payment and deposit methods available, as these can impact the cost and speed of your transfer. By using an online money transfer provider, you can send money from Australia to Austria quickly, securely, and at a lower cost compared to traditional bank transfers.

Frequently asked questions