Find the Best Ways to Transfer Money from Australia to Austria
How does it work?
Sending Money to Austria
There are so many ways to transfer money from Australia to Austria, it can be hard to work out the best way to do it. Some money transfer services are cheaper while others are fast. Some offer cash pick up while others will do it fee-free.
Sending money to your family and friends
It can be enormously rewarding to help your family or friends out with their finances. For small regular payments you need to be careful of the fees you’re being charged. If you’re sending larger amounts, you need to pay close attention to the exchange rate offered for your transfer. Here are some money transfer goals that may apply to you:
- Reduce your money transfer fees
- Give your family and friends the Euros they need, fast
- Conveniently make regular payments for what you can afford
If you want to achieve any of these goals we recommend using a money transfer specialist to transfer money from your account to your family members account overseas. It's similar to a bank, but with much lower fees and better exchange rates.
When sending money to family and friends, consider TransferWise
TransferWise is one of the best money transfer providers around. They combine low fees with the same exchange rates as you’ll find on Google or XE. Their percentage-based charges depend on how much you send to your family, so you can send money as often as you need without paying more. For amounts above $10,000 they reduce their fees.
- Clear and transparent exchange rates fees
- The online experience is first class
- You can pay via bank transfer, credit or debit card
- There’s no minimum transfer size
- Their Borderless Account is like a foreign currency account
- You can't pay for your transfer via cash or cheque
- There’s limited customer support, you can’t call them so need to interact via email or through their website
- They don’t support all global currencies
Transferring large amounts of money
If you're sending a large amount of money to Austria, the most important things to consider are:
1. The safety and security of your money
2. The exchange rate being offered
3. Any extra fees
The most important part of any payment overseas is the safety of your money. When it comes to international money transfers, Australia is one of the most highly regulated countries in the world. This doesn’t mean there are no scams, but it does give you the opportunity to do your homework first on the company you're thinking of using.
The exchange rate you receive is the most important cost to focus on. Even the smallest difference in an offered rate can be a huge change in costs when you're transferring $10,000 or more.
One of the biggest problems with transferring large amounts overseas is trying to work out all the costs involved. Each bank or money transfer company charges different fees.
When sending large amounts, consider TorFX
TorFX specialise in making transfers of higher amounts. A big reason why we like them for making large transfers, is that they provide a personal account manager for every customer. Having someone to talk to is particularly important when sending a large amount of money.
They also offer much better rates for large transfers and don't charge any fees. While their email and phone support is exceptional, their online platform is not the easiest to use. Which can be frustrating if you like doing everything online. Also, keep in mind that they may not be the cheapest option for smaller transfers.
- No transfer fees
- Highly competitive exchange rates
- Assigned account manager
- Range of transfer options
- Limited exotic currencies available
- Exchange rates on small transfers aren't great
- Website experience could be better
Transfer Cash to Austria
Western Union has the largest network and is competitive for certain destination countries like India. On the other hand, WorldRemit is usually cheaper and their online service is easy to use. MoneyGram is our least favourite. MoneyGram charge a variable transfer fee so your fee changes every time you send cash internationally.
For cash transfers, consider WorldRemit
WorldRemit offers a same day service to selected banks around the world. They have a large presence in Asian countries, so they’re a great choice if that’s where your recipient is.
WorldRemit always displays the expected delivery time before you pay for the transfer, so you know exactly how long it will take. If you want transparency, this is the company for you.
- Some reports of delayed account set up
- Some reports of glitching in the app and website
Helpful information, tools and videos
Here at The Currency Shop, you’ll learn how to save on transfer fees when sending money overseas from Australia.
We have fast and easy guides and tools including:
How to transfer money to an Austrian bank account
What information do I need to make a transfer?
To send money to Austria from Australia, you’ll normally need the following information:
- Your name, address, identity verification and payment details.
- The name and address of the beneficiary or recipient you’re sending money to.
- The recipient’s bank account details including the name of the bank and account number.
- In all cases you will need to provide the IBAN, BIC or SWIFT code.
How long does it take to send money to Austria?
It depends on the provider you choose, how you pay for the transfer and how the recipient wants to get the money. Most money transfers to Austria via a specialist provider will take 0 to 2 days.
How can I pay for my money transfer to Austria?
Depending on your provider, there are several different ways to pay. Many providers accept direct bank transfers, wire transfers, or debit or credit card payments. They may charge a small additional fee, depending on how you decide to pay.
Is it safe to use The Currency Shop to compare?
Yes. The Currency Shop holds an Australian Financial Services Licence (462269) and is a member of the Financial Ombudsman Service. We closely vet our providers and only partner with the largest, safest and most trusted money transfer companies in the world. That just makes sense.
How does The Currency Shop make money?
The Currency Shop does not charge you. Instead, we receive a referral fee from the banks and money transfer companies that we are partnered with. This does not affect the price you pay.
Keep your transfer fees to Austria to a minimum
Learning about currency transfer fees isn’t anyone’s idea of a good time, so we’ll keep this brief! When you convert Australian dollars to Euros and send that money to Austria, your bank, PayPal or a specialist currency transfer company may charge you in several ways:
As an increase on the standard exchange rate
this is the most common way you’ll be charged, and it’s simply a slightly worse exchange rate than the base exchange rate*. For example, the base exchange rate might be $100 AUD to €63 Euros, but a currency exchange provider offers you €61 Euros for $100 AUD.
As a commission or service charge
some providers deduct an additional percentage commission or service charge on the money you’re sending.
*The standard exchange rate is also known as the standard, mid-market or interbank exchange rate.
Some providers charge just one type of fee, whereas others combine fees in different ways. In most cases, a specialist, lower-cost currency provider will only charge between 0.5 percent and 1.5 percent of the amount you’re sending. For more information, check out this video.
When we calculate how much your recipient will get in our money transfer comparison tool, we take into account all of the different fees. Trust us to keep things simple!
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