Wiring Funds To Austria: A Secure Transfer Guide

If you're looking to transfer funds to Austria, there are a few different ways to do so. You can use a bank transfer, your debit or credit card, mobile or online banking, or a foreign exchange service. Bank transfers are usually the cheapest option, but they can take a few days to clear. Cross-border euro bank transfers within Europe may qualify for the Single Euro Payments Area (SEPA) agreement, which makes international transfers the same cost as local ones. Online money transfer services such as PayPal and OFX are also an option, but they may include a cross-border fee. If you're in a hurry, a wire transfer service like Western Union, MoneyGram, or Exchange4free can get your money to its destination in a matter of minutes.

Online money transfer services

• PayPal: PayPal is a well-known online payment system that allows you to make international money transfers. It is a fast and easy option, but it may not be the most affordable choice for large transactions due to its cross-border fee, which ranges between 0.4% and 2%.
• OFX: OFX offers fast, secure, and efficient online money transfers from the United States to Austria. They provide 24/7 customer support and are FinCEN and state-regulated. While they do charge bank fees for wire transfers, they also offer Direct Debit as a payment option.
• Wise: Wise, formerly known as TransferWise, is a popular option for sending money to Austria. They offer fast, low-cost, and secure online money transfers with transparent fees and the mid-market exchange rate. Wise also allows you to track your transfer online, in-app, or via SMS.
• Remitly: Remitly is a specialist international money transfer service that offers transfers to 147 countries, including Austria. They are known for having competitive rates and low fees, especially for new customers.
• XE: XE offers online and in-app money transfers to over 60 countries. They provide competitive exchange rates and transfer times, although fees and delivery times may vary depending on the destination and payment type.
• CurrencyFair: CurrencyFair is a cheap and fast international money transfer service, offering flat fees and competitive exchange rates. They support transfers in 15 currencies and provide same-day or next-day delivery for many routes.

When choosing an online money transfer service, it is important to compare fees, exchange rates, transfer speeds, and security measures to find the best option for your specific needs.

Traditional bank transfers

Your bank may be the most straightforward option for making an international money transfer to Austria. However, this does not necessarily imply that it is the most cost-effective approach. Bank-to-bank transfers are typically safe, but banks do not always provide the same online tools as companies that exclusively provide money transfer services. As a result, banks may charge higher transfer fees than, say, foreign exchange brokers, which are less expensive because they handle a larger volume of transfers.

In most banks in Austria, international bank transfers can be done online, in a branch, or over the phone, and it usually takes a few days for these transfers to clear. Additionally, cross-border euro bank transfers within Europe may be eligible for the Single Euro Payments Area (SEPA) agreement, which facilitates international transfers at the same cost as a local transfer.

Transfers within the European Union are free of charge if you have the BIC and SWIFT codes on hand. If you have the BIC and SWIFT codes for your transfer to an EU country, the bank will not charge more than a domestic transfer. A SWIFT transfer is one of the safest and quickest ways to transfer money, and it usually takes a few hours to complete.

Transfers to and from Austria can take weeks, especially between non-affiliated banks. Bank transfers in Austria are usually quite fast and straightforward, but this is not always the case for international transfers.

Generally, bank transfers are one of the more expensive options for sending money abroad from Austria. For example, certain retail banks charge more than €30 in fees, and their exchange rates are not always transparent, often incorporating a 5 to 7% margin on top.

Overall, traditional bank transfers are a reliable but potentially costly way to send money to Austria.

Foreign exchange brokers

To use a foreign exchange broker, you will first need to deposit the funds you want to transfer into the broker's account. This is usually done entirely online. The broker will then exchange your money and send it on to the recipient. Your bank may charge a fee for transferring the money into the broker's account, but this is typically only the cost of a local bank transfer or free.

Using a foreign exchange broker can be a good option if you are planning to transfer large amounts of money abroad. They can offer competitive deals that let you lock in exchange rates, which can be useful for expats who may have mortgages abroad or need to pay international school fees or transfer salaries.

Some foreign exchange brokers operating in Austria include TorFX and the global money transfer platform Wise.

Transfer fees and rates

When it comes to transferring money to Austria, there are a variety of options available, each with its own associated fees and rates. Here is an overview of the transfer fees and rates for different methods:

Bank Transfers

Bank transfers are a common method for sending money internationally, and in Austria, this can be done online, in a branch, or via phone. While convenient, bank transfers are often one of the more expensive options. Certain retail banks charge fees upwards of €30, and their exchange rates may include a margin of 5-7% on top of the market rate. These fees may apply even if the transfer is conducted online or through a banking app. However, some new digital banks, such as N26, offer low-cost alternatives with monthly account service fees ranging from €0 to €16.90 per month and no additional transaction fees.

Online Money Transfer Services

Online money transfer services, such as PayPal and OFX, offer several advantages. Transfers between accounts on the same platform are often instant and highly secure. Additionally, these services are regulated and licensed, ensuring the safety of transactions. However, the fees for these services vary, with PayPal's cross-border fee ranging from 0.4% to 2% of the transferred amount. While convenient and fast, this option may not be the most cost-effective for larger transactions.

Wire Transfer Services

Wire transfer services, such as Western Union, MoneyGram, and Exchange4free, offer quick and efficient ways to send money globally. These services can be accessed online, over the phone, or in-store. While they provide rapid transfers, often within minutes, the fees can be relatively high, potentially exceeding 5% of the transferred amount, depending on the destination.

Foreign Exchange Brokers (Forex Brokers)

Foreign exchange brokers, or forex brokers, are specialized companies that offer online international money transfers. They provide a range of benefits, including free transfers, better exchange rates, 24-hour support, and the ability to set your own exchange rate minimums and maximums. Utilizing a forex broker can be particularly advantageous for large transactions, as they often offer competitive deals and allow you to lock in exchange rates.

Transfer speed

The speed of a wire transfer to Austria depends on the provider and payment method used.

Bank Transfers

Transfers between banks can take a while, especially between non-affiliated banks. Bank transfers in Austria are usually fast and straightforward, but international transfers can take weeks.

SWIFT Transfers

One of the fastest methods of transferring money is via the SWIFT network. A SWIFT transfer normally completes in a few hours and the funds should be available within 24 hours, although this can take longer.

Money Transfer Agencies

Money transfer agencies such as Moneygram or Western Union are generally faster than traditional bank transfers, taking around 10 minutes.

Online Money Transfer Services

Online money transfer services such as PayPal and OFX can be instant if both the sender and recipient have an account with the same provider. International money transfers to Austria are usually completed within one to five working days.

Wise

Wise is a popular platform for transferring money to Austria. It offers instant, same-day, and one-day transfers on many popular routes.

Frequently asked questions