Transfer Money To Austrian Iban: A Simple Guide

If you're looking to send money to an Austrian bank account, you'll need to use an IBAN (International Bank Account Number). An IBAN is a unique set of characters that helps banks process international transfers. It combines local bank details into one string of characters, making it easy to identify the account you're sending money to. In Austria, an IBAN consists of 20 characters: a two-letter country code, two check digits, five characters from the bank's SWIFT/BIC or bank identification number, and an 11-digit code for the bank account number. It's important to provide the correct IBAN to avoid delays and additional charges.

IBAN vs. SWIFT code

IBAN, or International Bank Account Number, is a unique set of characters made up of up to 34 letters and numbers that help banks process international transfers. It combines local bank details into one string of characters, making it easy to identify the account when sending or receiving money. The IBAN print format adds one space after every four characters, while the electronic format contains no spaces.

The IBAN system was first developed in 1997 by the International Organization for Standardization (ISO), an international standard-setting body composed of representatives from various national standards organizations. It is now used in most European countries, as well as many countries in the Middle East, North Africa, and the Caribbean.

A SWIFT code, on the other hand, is a standardized international code that identifies a financial institution. It is assigned by the SWIFT system, a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. The code consists of a four-letter bank code, a two-letter country code, and a two-digit code that indicates the location of its head office. The last three characters are optional if the bank wants to specify a particular branch.

While an IBAN identifies an individual bank account, a SWIFT code identifies a specific bank or branch. Both are essential for transferring money overseas and play a crucial role in the smooth functioning of the international financial market. Banks and countries determine whether individuals need an IBAN, SWIFT code, or both to make an international money transfer.

IBANs are commonly used for transfers in the EU and neighboring countries, while SWIFT codes are more universal and the default standard outside of Europe. In addition, while IBAN is mainly used by banks, SWIFT codes are also used by other institutions such as clearinghouses and brokerages.

How to find an IBAN number

An IBAN, or International Bank Account Number, is a unique set of characters made up of up to 34 letters and numbers that help banks process international transfers. Each character set in an IBAN number shares a specific piece of information with banks.

IBAN numbers were created to simplify the transfer of money overseas, but they are also used in some countries for domestic transfers. They include information about the account holder's specific bank, the country that bank is in, and a combination of other account details.

• Check your debit card. Some countries display IBANs directly on their bank cards, while others don't.
• Contact your bank to request it.
• Check the top of bank statements or your bank's online banking app.
• Use an online IBAN calculator.

Sending money from a non-European country

If you are sending money from a non-European country to an Austrian bank account, you will need to provide the recipient's International Bank Account Number (IBAN) or bank account number and the Business Identifier Code (BIC). The IBAN is a unique set of characters—a combination of up to 34 letters and numbers—that helps banks process international transfers correctly and efficiently. The BIC, on the other hand, is a standardised international code that identifies a financial institution.

To send money to an Austrian bank account, you can use a bank transfer, your debit or credit card, mobile or online banking, or a foreign exchange service. If you are sending money from a non-European country, it is important to note that the fees for international transfers can be high, and the exchange rates offered by banks may not always be favourable.

There are alternative options to sending money internationally, such as using a foreign exchange broker or a money transfer specialist service like Wise, which offers a multi-currency account and tends to provide better exchange rates and lower fees.

It is worth noting that banks are prohibited by law from charging higher fees for cross-border transfers in euros than for domestic transfers. However, if the transfer involves a currency conversion, a fee may be charged for the conversion, and banks are required to inform customers of these fees and applicable exchange rates.

To find your IBAN, you can log in to your online banking, check your bank statement, or use an IBAN finder tool.

IBAN checker tools

When sending money to an Austrian IBAN, it's important to ensure that the IBAN is correct to avoid delays or additional charges. IBAN checker tools can help you with this. These tools are designed to validate an International Bank Account Number (IBAN) and ensure it adheres to the correct format.

The IBAN checker engine on IBAN.com supports 97 countries, including 37 SEPA countries. It can identify 97 distinct data structures and perform IBAN format, check digit, and length validations. This engine can also identify the bank owning the account, its country, address, and Business Identifier Code (BIC). IBAN.com also offers a free demo of their IBAN SUITE service, which can be integrated into ERP, CMR, or other software.

Bank.codes also offers an IBAN checker tool that supports all SEPA countries and banks. This tool will check the length of the IBAN, perform mathematical checksum calculations, and analyse the IBAN to break down the country, BBAN, local bank code, local branch code, and local account number. Additionally, bank.codes provides an IBAN finder tool to help you find an IBAN if you're sending money to someone overseas.

It's recommended to use these IBAN checker tools to validate the accuracy of an IBAN before making an international transfer. By doing so, you can help ensure that your payment is routed effectively to the recipient's bank and avoid potential delays or additional charges.

Alternatives to bank transfers

If you want to send money to an Austrian IBAN without using a bank transfer, there are several alternative options available. Here are some of the most popular methods:

Money transfer services: Services like Western Union allow you to transfer money directly from your bank account to the recipient's bank account in Austria. You can also use a credit or debit card to fund the transfer. Western Union offers fast, reliable, and secure money transfers to Austria from anywhere in the world.

Online money transfer apps: There are several online money transfer apps available, such as Wise (formerly TransferWise), that allow you to send money to Austria from the convenience of your mobile device. These apps often offer low fees, competitive exchange rates, and fast transfer times. Wise, for example, lets you send money from your bank account, debit card, or credit card, and the recipient receives the money directly into their Austrian bank account.

Digital wallets: Digital wallets, such as Apple Pay or Google Pay, can be used to send money to Austria if you have enabled them on your phone. However, be cautious of extra charges as some banks may consider these payments as cash withdrawals.

Credit or debit cards: You can use your credit or debit card to fund an international money transfer. Paying with a debit card is usually cheaper than using a credit card, as credit cards typically incur higher processing fees.

SWIFT transfers: SWIFT is a global interbank messaging network used for sending and receiving instructions for international money transfers. While this option may be more expensive and time-consuming than other methods, it could be useful if you need to send a large sum of money and want to utilise the secure network provided by SWIFT.

Foreign exchange brokers: If you are transferring a large amount of money (e.g., upwards of €30,000), consider using a foreign exchange broker. These specialists can negotiate favourable exchange rates on your behalf, making it a cost-effective option for transferring significant sums of money across borders.

When choosing an alternative to bank transfers, be sure to compare the fees, exchange rates, transfer speeds, and security measures offered by each service to find the best option for your specific needs.

Frequently asked questions