Sending Money Abroad: Austria To India

There are several ways to send money from Austria to India. One way is to use an online provider such as Wise, Remitly, Panda Remit, or Western Union. These providers offer low fees and competitive exchange rates, but it's important to compare the costs of different options before choosing one. Another option is to use a money transfer service such as Money Gram or Western Union, where the sender fills out a form and submits the amount and fees to a clerk. The recipient can then collect the money from a convenient location by showing their ID. However, these services may have inadequate locations and higher fees.

Online transfers are the best option

There are several online money transfer services that offer this, including Wise, RemitGuru, Western Union, and Xoom. These services offer fast, convenient, and secure ways to send money abroad.

Wise, for example, offers low fees and uses the mid-market exchange rate, providing transparency and ensuring you get a fair deal. They also offer dedicated support for large transfers.

RemitGuru also offers a convenient, safe, and swift online remittance service with excellent customer support and a user-friendly interface.

Xoom, a PayPal service, allows you to send money for cash pickup or bank deposit in Austria. They offer secure online transactions, and your money is typically available in minutes.

Online providers almost always offer better exchange rates than banks, and with advancements in technology, it is now easier and safer to transfer money online quickly.

Use a money transfer app

Using a money transfer app is a convenient and often cost-effective way to send money from Austria to India. Here's a step-by-step guide on how to do it:

Step 1: Choose a Money Transfer App

There are several money transfer apps available in the market, such as Wise (formerly known as TransferWise), Remitly, Western Union, Xoom (a PayPal service), and Monito. Compare the fees, exchange rates, transfer speeds, security features, and customer reviews before selecting one that best suits your needs.

Step 2: Create an Account

Sign up for an account with your chosen money transfer app. You will typically need to provide your email address and create a password. Some apps may also offer the option to sign up using your Google or Facebook account.

Step 3: Enter Transfer Details

Once you have created an account, log in and enter the amount you want to send. You will then need to select the currency you are sending (Euro) and the currency your recipient will receive (Indian Rupee). Additionally, you may be able to choose the delivery speed, with faster transfers sometimes incurring higher fees.

Step 4: Add Recipient Information

Provide the details of the recipient in India, including their name, address, and bank account information. Double-check this information to avoid any delays in the transfer process.

Step 5: Choose a Payment Method

You can typically pay for your transfer using a bank account, debit card, or credit card. Some apps may offer additional payment methods, so be sure to check with your chosen provider.

Step 6: Confirm and Track the Transfer

Review the transfer details, including the amount, fees, and exchange rate. Then, confirm the transfer. You should be able to track the progress of the transfer through the app, and some providers will also notify you when the money has been delivered.

It is important to remember that exchange rates and fees can vary between providers and are subject to change. Always review the terms and conditions of the money transfer app before initiating a transaction. Additionally, using a secure internet connection can help protect your financial information during the transfer process.

Send money to a bank account

Online providers almost always offer a much better rate than the one used by banks. Here are some of the online providers that you can use to transfer money from Austria to India:

• Wise: This provider has the best ratings from customers. It charges a small, flat fee of 374.35 INR + 1.33% of the amount that's converted. Wise uses the mid-market exchange rate and shows its fees upfront.
• Remitly: This provider is known for its zero transfer fees and/or preferential exchange rate on your first transfer.
• Remitout: This provider is only available for Indian students.
• Instarem: This provider offers preferential pricing for new users.
• Western Union: This is a popular provider with the biggest agent location network.
• Panda Remit: This provider is often the fastest option to send money from Austria to India.
• Profee: This provider is often the cheapest option to send money from Austria to India.
• Revolut: This provider offers zero transfer fees on your first 3 transfers.
• XE Money Transfer: This provider is popular with Monito users.
• CurrencyFair: This provider offers zero transfer fees on all transfers for 3 months.
• WorldRemit: This provider offers zero transfer fees on your first 3 transfers with the code 3FREE.
• Skrill: This provider offers 5 EUR off your first transfer.
• OFX: This provider is not recommended due to consistently poor exchange rates, high fees, and low customer satisfaction.
• Moneycorp: This provider is not recommended due to consistently poor exchange rates, high fees, and low customer satisfaction.

When sending money from Austria to India, you will need the following information about the recipient:

• Name
• Address
• Phone number
• Account information (account number, IBAN, BIC, etc.)
• Bank name and address

Send money to a mobile wallet

Sending money to a mobile wallet in India from Austria can be done quickly and easily with Western Union.

How to send money to a mobile wallet:

• Go to the Western Union website or download the Western Union app and sign up for a free account.
• Enter the amount you wish to send and select India as the recipient's country. Choose 'Mobile Wallet' as the receiving method.
• Select your preferred payment method: credit card, debit card, instant bank transfer, or standard 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 the transfer is complete, you will receive a confirmation via SMS with a transaction number (MTCN). You and the recipient can use this number to track the status of the money transfer in real time.

Security measures:

Western Union encrypts your transfers and is committed to keeping your data secure. Mobile operators also secure their customers' Mobile Wallets with a PIN and other security measures.

Other options:

Monito is a comparison app that can help you find the best way to send money internationally. It compares fees, exchange rates, and customer satisfaction ratings for different providers. According to Monito, Remitly is a good option for sending money to a mobile wallet and is rated 9.3/10.

Compare transfer services

When comparing transfer services to send money from Austria to India, there are a few key factors to consider: cost, speed, convenience, and security. Here are some of the top transfer services for sending money from Austria to India, along with their features:

Wise (formerly TransferWise)

Wise offers fast, low-cost, and secure online money transfers from Austria to India. They use the mid-market exchange rate and charge a small, flat fee for transfers, making them a transparent and cost-effective option. Wise also provides dedicated support for large transfers. The company is highly rated by customers, with a score of 9.5/10 on Monito and 4.3/5 on Trustpilot.

RemitGuru

RemitGuru is a user-friendly online remittance service that offers convenient, safe, and swift transfers from the Eurozone to India. They have a strong focus on security, ensuring that your data and money are safeguarded throughout the transaction. RemitGuru also provides excellent customer support and has received positive reviews from users.

Western Union

Western Union is a well-known and trusted money transfer service, offering transfers to over 200 countries and territories. They provide flexible ways to send and receive money, including bank accounts, mobile wallets, and cash pickup options. Western Union has a mobile app that allows you to send money on the go and track exchange rates in real time. However, their fees can be costly, and the exchange rates may favour the transfer service provider.

Xoom (A PayPal Service)

Xoom is a convenient and secure way to send money from Austria to India. It is part of PayPal, leveraging the trust and security of the PayPal platform. With Xoom, you can send money for cash pickup or bank deposit in Austria. Cash pickup is typically available in minutes, and bank deposits arrive within 3.5 hours if the transaction is created by 16:00 GMT+1. Xoom offers multiple payment options, including PayPal, bank account, credit card, or debit card.

Monito

Monito is a money transfer comparison app that helps you find the best ways to send money to India from Austria. It compares fees, exchange rates, and customer satisfaction ratings from different providers, allowing you to make an informed decision. Monito only recommends regulated and secure companies and has saved its users nearly $40 million in fees.

Frequently asked questions