Avoid high fees and bad exchange rates when sending money to Austria from Australia.
Whether you're sending money to Austria for the first time, or if you're doing it frequently - it pays to know the best options.
Depending on your situation, some money transfer companies are better than others. We've looked at your best options for larger transfers, transfers back into Australia, sending money to family, for property, business or study.
There is also a handy money transfer comparison table that will help you find the cheapest way to transfer money based on your currency and amount.
Why Are You Transferring Money to Austria?
The best way to send money to Austria can depend on the reason you're making the transfer. Choose the situation that most suits yours below and click on the title.
Calculate the Cheapest Way to Transfer Money to Austria
How It Works
Enter currency and amount you need
Compare great exchange rates from top providers
Make the transfer right in the provider website!
Transferring a Large Amount of EUR
If you are sending a large amount of money between Australia and 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
When transferring a large amount of money, consider using XE Money Transfers
Outside of a bank, XE is one of the largest and safest companies in the world. They are a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year.
They offer better rates for large transfers, charge no fees and have good customer service if you need help with your transfer.
Transferring Money Back to Australia from Austria
If you are receiving money from overseas or need to transfer money back to Australia, finding the best option isn’t as simple.
The most important things to consider are having customer support both here and overseas and the exchange rate.
When transferring money back to Australia, consider using TransferWise
TransferWise offers you the wholesale exchange rate that you see on Google. They also reduce their percentage based fee for larger amounts.
They have a global network of customer support hubs with extended hours. We also like that you can contact them by email, online, or via facebook. Also, the pricing is transparent and clear. They always offer the same exchange rate you see on Google and the fee they charge is clearly displayed so you know exactly how much the transfer will cost.
Sending Money to Friends and Family
Spending extended periods of time away from home can be a struggle at times. This is especially true when you are missing out on important events with your friends and family. If you are looking to send a small amount of money home, Western Union is a good choice, but can also be more expensive. With larger amounts, you should find providers other than Western Union that can offer you a fee waiver for your transfer.
This is the main reason why you should search for providers that suit your needs, and discuss your options with money transfer specialists.
When sending money family and friends, consider using WorldRemit
With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses.
They are an excellent option for smaller transfers, and have much better rates than companies like Western Union.
Buying or Selling Property
If you are buying a property in Austria or have sold your property and need to send the money back to Australia, look for a bank or money transfer company that has a strong presence both here and in Austria.
This will give you the flexibility and support you may need leading up to settlement.
When transferring money for property, consider using TorFX
TorFX is an ideal choice for property settlement transfers, because each customer has a local account manager who can guide them through each step.
They are fully licenced and regulated in Australia and also offer the extra peace of mind of a global support network.
International Money Transfers for Business
Transferring money for your business? Find the best option with these 2 key features:
1. Lower exchange rate margin – this is the difference between the wholesale exchange rate you can see on xe.com and the rate you get
2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders
When transferring money for a business, consider using TransferWise
TransferWise, a company based in London that offers you the wholesale exchange rate that you see on xe.com or Google. They also reduce their percentage based fee for larger amounts.
Their borderless account allows you to set up a local account in GBP, USD, EUR or AUD. Watch our review for all the details.
Studying in Austria
Let’s face it. Tuition is increasing and many international students are faced with massive fees that can range from $15,000 to $50,000 annually. Then add living expenses, accommodation and bills to the equation and you’re looking at a significant amount of money you might need to send from home.
For large full time tuition payments, make sure you take note of the best exchange rate.
Taking a part time course? With smaller payments, make sure you know the transfer fee that is being charged.
When transferring money for overseas education, consider using WorldFirst
WorldFirst was launched in 2004 and promoted itself as providing fast and fair ways for people to move money across borders – a more competitive alternative to traditional big banks.
Importantly, they don't charge a money transfer fee, but it's important to note that they have a minimum transfer size of $2,000.
Frequently Asked Questions
Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer company.
Sending money using a money transfer company is similar to using a bank, but there are some important differences. Here are the main steps to do it online:
Setting things up (only has to be done once)
- Log on to their website and register your details. You’ll need to have some I.D. handy
- Once your account has been approved, you’ll get a login and password
- Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”
- Get a quote for the amount you want to send
- Confirm the details including the rate and how much it is in Australian dollars
- You’ll get a deal confirmation. Finally you’ll need to pay them the Australian dollars before the money is sent.
1. A Bank
Banks in Australia have higher fees and uncompetitive exchange rates compared to Austria Banks. But this doesn’t mean you should never use an Australian Bank. They are still the quickest way to transfer between bank accounts.
This is a great option for anyone sending smaller amounts under $1,000. The exchange rate you’ll get are comparable to a bank, but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.
3. A Money Transfer Company
Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1,000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer company outside of a bank is that you’ll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than using a bank.
The banks and Paypal don’t have a minimum transfer amount, but most money transfer companies do. If you are sending less than $500 to Austria and intend to use a money transfer company, make sure you check their minimum transfer amount.
To send money overseas, you’ll need the following information of the bank account you are sending the money to:
Beneficiary or Recipient Details
- The Account Name of your Recipient (person/business you are paying)
- Their address
- The SWIFT Code of their bank
A note about sending money to Austria:
It is particularly important to make sure ALL the bank details you use are correct. Banks are picky and will reject a payment even if a single digit is wrong or a single letter is out of place.