Finding quick, inexpensive ways to send money to Austria starts with comparing transfer fees, exchange rates and the turnaround time.
Austria is one of the most stable countries in the European Union. The capital, Vienna, serves as headquarters for several international organizations concerned with maintaining security, atomic energy and peaceful relations.
There are many ways to send money between Canada and Austria. Most Canadian banks will allow you to transfer funds to the European nation, however they tend to charge high fees and give poor exchange rates. On the other hand, specialist money transfer companies tend to offer competitive exchange rates, while charging lower fees and having faster transfer speeds.
Read our guide to find out ways to send money overseas to Austria and save time, money and effort.
Speak to an FX Expert
Banks versus money transfer companies
Sophia left Toronto to accept a position with the Vienna Philharmonic. Besides playing with the orchestra and waiting tables twice a week, she also teaches the violin in the evenings. However, making ends meet is difficult, so she’s grateful when her parents offer to help with rent and other living expenses.
Her parents are hesitant to try the services of a specialist online transfer company, so they always send money via their bank, usually for high fees and slow delivery speeds. Sophia decides to compare the services of two money transfer companies in order to save her parents and herself time and money. She compares the cost of sending $1,000 Canadian dollars, and considers how many euros she would receive.
|Money transfer service 1||Money transfer service 2|
|CAD$1 = €0.61||CAD$1 = €0.61|
|Amount received for $1000||€613.53||€613.78|
|Transfer time||One day||One to two days|
|Transfer options||Online transfer only||Online transfer only|
As you can see, it’s more cost-efficient for Sophia’s parents to send the money using the second transfer company since it charges lower fees. Compared to a bank, which will likely charge fees of around $25 and give a poor exchange rate, her parents will be able to save money and send more.
How do I compare service companies when transferring money between Canada and Austria?
When comparing money transfer companies, it’s important to consider the following factors:
- Exchange rates. Choosing the best possible exchange rate means that your recipient gets more money in their own currency. Make sure that a high exchange rate is not cancelled out by high transfer fees.
- Transfer fee. Ideally the service you choose charges low or no transfer fees. Sometimes transfer services will waive the fee if you send a big enough amount, however this is usually around the $5,000 or $10,000 mark.
- Transfer methods. Check whether the service offers online transfers, cash transfers, international cheques and/or mobile app transfers. Choose the service with the best transfer methods to suit your needs.
- Turnaround time. A transfer can be instantaneous or take up to five days to reach its destination. Consider your needs and how urgently your recipient needs the money before making a decision.
- Pick-up methods. Consult with your recipient about how they’d like to receive the money: direct deposit into their account or via cash collection at an agency or designated pick-up point.
- Minimum transfer amounts. Most transfer services are clear about the maximum amount you can send, but they don’t always stipulate whether there’s a required minimum. Check to see these limits work for both you and your recipient’s needs.
- Customer service. It’s important that the transfer service’s customer support staff can assist with any problems you might have with the transfer. They should be easily contactable, whether by email, online chat or direct telephone line.
How do I send money to Austria from Canada?
There are several transfer methods from which to choose, including:
- Bank to bank transfers. If you’re happy with the exchange rate and transfer fees offered by your bank, you can send money from your account to your recipient’s account.
- Cash pick-up. Money transfer companies like MoneyGram and Western Union have agencies in major Austrian cities, so your recipient can easily collect the cash in person.
- Money transfer companies. Many companies offer international transfers to Austria at various exchange rates and fees.
- PayPal. Paypal is operational in Austria, so if you and your recipient both have Paypal accounts, you can send money online. It is free and quick to signup for a PayPal account online.
How do I receive money from Austria in Canada?
Compare the following companies:
- MoneyGram. You can make an in-person transfer to your recipient’s bank account by visiting a branch office in Canada. Money sent to a pick-up location is available within minutes. Branches in Canada are located in designated Canada Post offices.
- Western Union. You can send money online to your recipient’s bank account or have them pick up the funds in cash. You can also send money in person at a Western Union branch.
- TransferWise. This is a reliable service that sends online money transfers for a small fee. The deposit is available within 24 hours generally.
- WorldRemit. With very cheap fees, WorldRemit can send funds online quickly and affordably between Canada and Austria.
- PayPal. As long as both you and your recipient have PayPal accounts, you can send funds online using the service.
You can also use the following companies:
Emergency cash transfers in Austria
Whether you’re vacationing in Austria and need cash in a hurry, or a family member needs an emergency transfer, money transfer companies offering delivery within minutes would be your best bet to send emergency funds. Even in an emergency, take the time to compare exchange rates and transfer costs, as faster delivery generally comes at a much higher cost.
If your bank has a branch close to where you are, you can visit it in person and explain your situation. In the case of theft or an accident during a vacation, you can make a claim to your travel insurance company, but this may take too much time. Consider using a cash money service like Western Union or MoneyGram to send emergency funds.
Cash pick-up locations in Austria/Western Union/MoneyGram branches in Austria
Below are a few pick-up points for money sent through Western Union and MoneyGram in major cities across Austria.
Stephansplatz 9 Wien,
+43 1 5339622
Open Monday to Sunday 8am to 8pm
- Postamt 1037
+43 1 5140032986
Open Monday to Friday 8am to 5pm
- International Telephone Discount
Schoenaugasse 12 Graz,
+800 3344 3355
Open Monday to Saturday 9am to 9pm,
Sunday 1pm to 9pm
- Can Internet Café
Jakoministrasse 29 Graz,
+43 650 9938590
Open Monday to Saturday 9am to 9pm, Sunday 12pm to 9pm
- Denizbank AG
Open Monday to Friday 8am to 6pm
- Phone Express Service
Mariahilfer Strasse 20
Open Monday to Saturday 12pm to 7pm
- MS Finance Office
Open Monday to Sunday 9am to 8pm
- Merlin Handy Shop
Open Monday to Friday 9am to 7pm, Saturday 9am to 6am
Tips for picking up cash in Austria
Austria is a relatively safe country, however you should be vigilant, especially in the bigger cities and at nighttime. Look out for suspicious individuals and don’t flash any cash around. When receiving money, pick a location in a well-frequented area and make sure to get there during office hours. If possible, ask someone to accompany you, especially if you’re collecting a large amount of cash. Avoid public transportation with large sums of money.
What are the steps to send money to Austria?
Most online services require that you register as a member before allowing the transfer. You’ll need to provide your contact details, the amount you’d like to send and the recipient’s account information. Select the transfer method and the pick-up option most convenient for your recipient, and hit send. The transfer service will confirm your transaction with an email. A tracking number helps you to keep an eye on your money as it makes it way to your recipient’s account.