Send money internationally to Austria (EUR) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Austria
What is the best EUR exchange rate today?
How much does it cost to send money to Austria?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
A few figures about demographics and remittances in Austria
How many Austrians are abroad?
Around 500'000 Austrians actually live outside Austria, of which 200'000 are in Germany, 60'000 in Switzerland, 50'000 in the United States of America.
How many foreigners are in Austria?
1,3 million of foreigners live in Austria, of which the most represented are: 200'000 come from Germany, 175'000 from Serbia, 165'000 from Turkey, 140'000 from Bosnia and Herzegovina, 62'000 from Romania, 59'000 from Poland, 49'000 from Czech Republic, 40'000 from Hungary. This is according the United Nations report 2013.
Given that Germany is the country which holds the widest Austrian community, it is not surprising that remittances to Austria mainly come from Germany. The country received a total of 3,1 billions $ in 2015, 1,1 billion$ sent from Germany (according to the World Bank report 2015).
What solutions exist to send money to Austria?
From the European Union:
Making international money transfers within the European Union is now (in theory at any rate) easier and less costly than it used to be, as a result of EU moves to create a single system for electronic payment borders.
If you transfer Euros between countries within the European Union (plus Iceland, Liechtenstein, and Norway) then the charges that apply should be same as those that apply to corresponding transfers within a country.
From outside the European Union:
There are no international conventions, so each bank is free to apply their own charges.
The first place many people go when they need to send money abroad is to their bank. While banks can certainly send money overseas for you, they unfortunately charge huge fees for doing so and offer exchange rates far below the mid-market rate.
You better have to look at a money transfer company to wire funds. There are plenty of options out there to send money to France. These companies are specialized in international transactions and can offer much better exchange rates than any major bank. They usually also charge lower fees and guarantee fast and secure transfers. The best practice is to compare the solutions with a comparison service for international money transfers.
Rates and Fees of remittances to Austria
Below an analysis of average rates of sending 1'000� from Germany to Austria (by bank transfer delivery or cash delivery) with different money transfer companies:
What to compare?
- Payment method: your options are bank transfer, credit card, debit card or cash deposit. The transfer can be more expensive or slower depending on the method used. Generally speaking, a bank deposit will take longer than a card or cash deposit, but a transfer by card is more expensive.
- Delivery method:many options are available to receive the money on the other side: bank deposit, cash pickup, prepaid debit card, ATM withdrawal or SWIFT. There are also options like email, mobile recharge, mobile wallet (not so used in France), and home delivery.
- Speed of transfer:the speed of the transfer is dependent on the chosen MTO. Generally, if you need an urgent transfer, the fastest way to send money abroad is to pay it by credit card and to receive it by cash pick-up or via mobile or to use the MTO's express service. This will be more expensive.
- Transfer cost: there are two types of fees charged on a transaction. There are the flat fees which depend on the amount sent. And then there are what we call the �hidden fees�, those related to the exchange rate charged by the money transfer operator. What often occurs when comparing operators is that we only look at the transactions fees announced. But you also have to look at the exchange rate used! This can make comparing costs very complex because you have to consider the total cost of the transfer and not only look at the fix fees announced by the MTO.
- User experience:comparing the transfer delay and the transfer cost is important. Another important aspect to consider is the ease of the service. Some services are easy to use while others can reveal a nightmare experience.