Lexi Webster
Austria uses the Euro as its currency, which is divided into 100 cents. Foreign currency can be exchanged at banks, bureaux de change, and post offices. It is recommended to compare rates to avoid high fees. ATMs are also widely accessible, and foreign debit cards can be used to withdraw cash. However, it is advised to inform your bank or card issuer that you're travelling abroad to avoid any issues with your card being locked due to suspicious activity. Additionally, card merchants or ATMs may offer to charge you in your home currency through a service called Dynamic Currency Conversion (DCC), but this may result in a markup of four percent or more.
| Characteristics | Values |
|---|---|
| Currency in Austria | Euro |
| Euro banknotes | 5, 10, 20, 50, 100, 200, and 500 EUR |
| Euro coins | 1 and 2 euro coins |
| Cents | 1, 2, 5, 10, 20 and 50 |
| Exchange venues | Banks, Bureaux de change, and post offices |
| Exchange rates | Compare rates to avoid high fees |
| Bank timings | Monday, Tuesday, Wednesday, and Friday from 8 am to 3 pm, and Thursday from 8 am to 12.30 pm, reopening from 1.30 pm to 5.30 pm |
| ATM services | Available 24/7, with some closing after midnight |
| Card logos | Look for card logos at the entrance |
| Dynamic Currency Conversion (DCC) | Markup in price, sometimes at four or more percent |
| DenizBank AG | Offers attractive exchange rates at low commission |
| Wise multi-currency card | Lets you hold and exchange 40+ currencies and manage your money from your phone |
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What You'll Learn
Currency exchange at banks and bureaux de change
Banks
Austrian banks are typically open Monday, Tuesday, Wednesday, and Friday from 8 am to 3 pm, and on Thursdays from 8 am to 12.30 pm, reopening from 1.30 pm to 5.30 pm. It is recommended to notify your bank or card issuer that you will be travelling abroad to avoid any issues with your card being locked due to suspicious activity.
You can exchange currency at banks, but be mindful that they may offer less favourable exchange rates compared to the mid-market rate, which is the benchmark of what your money is truly worth. Banks may also charge additional fees for their services.
Bureaux de Change
Bureaux de change, also known as currency exchange offices or bureaus, can be found in big cities like Vienna and Salzburg. They often advertise "0 fees" or "no commission", but this is not always accurate. Their exchange rates may be lower than the mid-market rate, and they may also charge service fees.
It is recommended to compare their offered rates with the mid-market rate to determine a fair deal. Centrally located bureaus may offer better rates due to competition.
General Tips
- Using ATMs is a good alternative to in-person exchanges as they provide a fairer exchange rate.
- Always choose to be charged in the local currency, EUR, to avoid additional fees and poor exchange rates.
- Withdrawing larger amounts less frequently can help reduce ATM fees.
- Ensure your banknotes are in good condition, as merchants in Austria may refuse to accept damaged or torn currency.
- Consider using a prepaid travel card or a multi-currency card, which can offer lower fees and better exchange rates.
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Using a multi-currency card
A multi-currency card, such as the Wise Multi-Currency Card, can be used for everyday spending in Austria. This card offers competitive exchange rates and low transaction fees. You can easily order the card online and use it to pay for things in Euros. With a multi-currency card, you can also avoid the hassle and cost of exchanging cash locally.
- Better exchange rates: You can often get a better exchange rate with a multi-currency card than you would when exchanging cash. This is because card providers often offer rates that are closer to the market rate, whereas cash exchange services may charge higher fees or commissions.
- Lower costs: In addition to better exchange rates, multi-currency cards often have lower transaction fees, helping you save money on your trip.
- Convenience: With a multi-currency card, you can easily manage your travel spending and avoid carrying large amounts of cash, which could be lost or stolen.
- Security: Many multi-currency cards offer secure transactions and allow you to cancel your card immediately if it is lost or stolen.
- Flexibility: You can use your multi-currency card to pay for things in stores, restaurants, and hotels that accept card payments. This can be more convenient than always having to carry cash.
When using a multi-currency card in Austria, there are a few things to keep in mind:
- Notify your bank: Before you leave for Austria, remember to notify your bank or card issuer that you'll be travelling abroad. This will help prevent your card from being flagged for suspicious activity and locked.
- Dynamic Currency Conversion (DCC) : When using your card in Austria, you may encounter DCC, where you are offered the option to be charged in your home currency rather than Euros. It is generally recommended to decline this option, as it often comes with unfavourable exchange rates and additional fees.
- ATM fees: While ATMs in Austria rarely charge on-site withdrawal fees, your card issuer may charge international withdrawal fees. To avoid unexpected fees, check with your card provider before your trip to understand any applicable charges.
- Card acceptance: While card payments are widely accepted in Austria, it is not universal. Smaller shops, cafes, and grocery stores may only accept cash or have minimum purchase amounts for card payments. Always carry some cash with you, and check with venues beforehand if you're unsure.
- Card limits: Keep in mind that some activities, such as renting a car, may require a deposit, which can quickly reach your card limit. It is recommended to have multiple means of payment available and to separate them in case of theft.
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Exchanging currency at the airport
If you need to exchange currency at the airport when you arrive in Austria, there are several currency exchange counters at Vienna International Airport (VIE). These are located at Terminal 1, the F Gates, the Transit Area, the G Gates, and the northern and southern parts of Arrivals. The exchange counters are operated by Interchange and are open daily, with hours ranging from 05:00 to 23:00, depending on the location.
It's important to note that the exchange rates at the airport may not be as favourable as those offered elsewhere. For example, the mid-market USD exchange rate at the time of one visitor's trip was 0.9026 Euro to 1 US Dollar, but the rate offered at the airport was 0.7282 EUR/USD, which was 19.3% lower than the market rate. Similar disparities were observed for other currencies, such as GBP and CHF.
While the airport exchange counters may be convenient if you need cash immediately upon arrival, you may want to consider other options for exchanging currency in Austria. Banks, bureaux de change, and post offices offer foreign exchange services, and it's worth comparing rates to get the best deal. Austrian banks are generally open Monday to Friday, with some closing at noon on Wednesdays and Thursdays and reopening in the afternoon.
To avoid high fees and get a better exchange rate, consider using a card designed for travel, such as the Wise Card, which offers the real exchange rate and is widely accepted in Austria. Alternatively, you can withdraw Euros from ATMs at the airport or elsewhere in the country using a debit or credit card, although fees may apply.
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Dynamic Currency Conversion (DCC)
Austria's currency is the euro, which is used across the eurozone's 20 member states. This makes travelling easier, as there is often no need to exchange money. Card payments are widely accepted in Austria, but not everywhere, and eurozone guests are usually not charged extra fees.
DCC transactions are usually carried out by third-party operators in association with the merchant, and not by a card issuer. The merchant, the merchant's bank, or the ATM operator will usually impose a markup on the transaction, in addition to the exchange rate that would normally apply. The markup can be as high as 18%.
Proponents of DCC argue that customers can better understand prices in their home currency, making it easier to keep track of expenses. Opponents, however, argue that DCC markups are usually higher than card issuers' currency conversion fees, and opting for DCC will result in a higher cost for the cardholder.
It is recommended that you reject DCC transactions at an ATM in a foreign country. If you can't take out cash without conducting a DCC transaction, find another ATM.
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Euro banknotes and coins
Euro notes come in a variety of colours and sizes, ranging from 120 by 62 millimetres to 160 by 82 millimetres for the first series and 120 by 62 millimetres to 153 by 77 millimetres for the second series. They feature many complex security features, such as watermarks, invisible ink characteristics, holograms, optically variable inks, and microprinting that document their authenticity. The average life of a euro banknote is about three years before it needs to be replaced due to wear and tear, but this varies depending on the denomination. For example, €5 banknotes last less than a year on average, while €500 banknotes can last over 30 years.
Euro coins have a national side that indicates the country of issue, although not necessarily the country of minting. The European Central Bank (ECB) closely monitors the circulation and stock of euro coins and banknotes and works to ensure an efficient and smooth supply of euro notes throughout the eurozone. The ECB also publishes information on the amount of counterfeit banknotes removed from circulation every six months. In 2009, they reported the highest-ever number of counterfeits, with 860,000 removed items, a rate of 64 per million banknotes in circulation.
If you need to exchange foreign currency for euros, you can do so at banks, bureaux de change, and post offices in Austria. DenizBank AG offers attractive exchange rates at low commission, but it's worth comparing rates at different institutions to avoid high fees.
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Frequently asked questions
Foreign currency can be exchanged at banks, bureaux de change, and post offices. It is recommended to compare rates to avoid high fees. Austrian banks are generally open from Monday to Wednesday and Friday, from 8 am to 3 pm, and on Thursdays from 8 am to 12.30 pm, reopening from 1.30 pm to 5.30 pm.
It is advisable to carry only small amounts of money in case of theft. It is also recommended to have some cash on hand for small purchases. Ensure that your banknotes are in good condition as merchants will sometimes refuse to accept damaged banknotes.
It is recommended to get familiar with the exchange rates offered locally and online. Avoid exchanging currency at the airport as captive markets often result in poor exchange rates. Using a multi-currency card can be a good option as it lets you lock in the exchange rate and make payments without any extra fees.
