There are several ways to transfer money to Austria. Most frequently used are online companies transferring money. Some of these companies include torfx, World First and Transfer Wise. Traditional method of bank transfer can also be used. However, banks do not offer competitive currency exchange rates and charge a huge amount as transfer fee. Moreover, bank transfer methods are time consuming and can cause delays. In contrast, online services give better rates and charge zero or very little transfer fee and most importantly no hidden surcharges. These services are more convenient as one only needs to create an online account which is borderless in nature. Money from debit card can be simply transferred to this online account which then transfer money to Austria with best possible exchange rates. It is very quick, one click process with no hassle.
Austria does not have many restrictions on receiving money or sending money to abroad. Any amount can be imported or exported to and from Austria. However, people are obliged to report to the National Bank if the amount exceeds 12,500 euros. Moreover, cross border money transfers within European Union are executed at same charges as domestic transfers with mandatory requirement of International Bank Account Number.
There are total 41 banks in Austria with Bank Austria as the main bank in the country. Other major banks playing a big role in financial development of country include Erste Bank, Hypo Landesbank, Oberbank and Raiffeisen Bank.
Austria has a very stable economy and is among the prosperous member countries in EU. It has free market economy which focuses on weaker and less privileged members in society. It has highly developed industries and major industries supporting the economy are food, luxury commodities, mechanical engineering, steel construction, chemicals and vehicles manufacturing industries. Their agriculture economy is huge boom for the country as it occupy a leading position among EU in field of organic farming.
Doing a money transfer to Austria then consider using a currency exchange broker.
Currency for Austria
The Euro (EUR) is now the official currency of Austria. Austria's prior currency, the Shillings, has now been phased out as legal tender and is no longer accepted.
Euro Currency Denominations
Note Currency 5.00 Euro's - 10.00 Euro's - 20.00 Euro's - 50.00 Euro's - 100.00 Euro's - 200 Euro's and 500 Euro's
1 Euro Cent - 2 Euro Cents -1.00 Euro Coin - 2.00 Euro Coin - 5 Euro Cents - 10 Euro Cents - 20 Euro Cents and 50 Euro Cents
Making regular transfers to Austria
It is advised that if you are sending regular payments abroad you should use a foreign exchange broker to ensure you get the most out of your exchange rate. Sending Money Abroad.
Then you need to open a money transfer trading account by completing a trading application form and provide ID information such as your Passport. This will then enable your trading account and you can now confirm the currency amount you wish to transfer via your broker, agree the provisional currency rate and when you are happy send funds to money transfer broker. Money converted to currency required where money received and sent as required.
Doing a money transfer to Austria OR Making regular transfers to Austria, It is advised that if you are sending money on a regular basis you should use a foreign exchange broker to ensure you get the most out of your exchange rate.
Credit Cards accepted
The following credit cards are accepted MasterCard and Visa as well as others major credit cards including Euro cheque cards. Always check with your credit card company for details of merchant acceptability and other services which may be available before you go on holiday or travel abroad / overseas
Traveller's cheques are accepted in all banks and bureaus, though to avoid any extra service charges it is recommended that the cheques are in either US Dollars, Pounds Sterling or Euros. ATMs are available in most towns.
Travellers entering or leaving any EU member state carrying any sum equal to or exceeding €10,000 (or its equivalent in other currencies or easily convertible assets such as cheques drawn on a third party) must make a declaration to the customs authorities.
Customs authorities are empowered under this regulation (signed by the European Parliament and Council on 26 October 2005 and entered into force on 15 December 2005) to undertake controls on natural persons, their baggage and their means of transport and detain cash that has not been declared. Electricity - 220V, 50 Hz
Bank Opening Hours - Mon - tue - wed - fri 08.00 - 12.30 - 13.30 - 15.00 - Thurs: 08.00- 12.30 then 13.30 - 17.30
In Austria, you can exchange your currency at most Banks as well as many exchange bureaus that you will find in popular areas, such as Vienna, Salzburg, Linz, Innsbruck and Bregenz . In most banks when you are exchanging currency, you will need your passport. If you do not have this with you, then the bank may refuse to exchange your currency.
Need to transfer money to Austria see foreign exchange companies offering the best currency deals.
Even if you are sending money to pay your mortgage, Importing or exporting or money to paying oversea suppliers? No matter who you intend to pay use a foreign exchange broker it is cheaper than using high street banks.
Money Transfer Austria Banking Services
In Austria everywhere accepts euro travel money cards and prepaid credit cards including MasterCards debit cards and credit cards that are Visa branded. All banks in Austria have ATM machines and will exchange travellers cheques. Exchanging Currency in Austria is easy and most places will even accept American Express.