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How to send money to Austria
Take advantage of low fees and competitive exchange rates when sending money to Austria.
Sending money to family and friends overseas can be an urgent matter. The last thing you need is to deal with a complicated and expensive process. When you need to get money, compare transfer fees and exchange rates of a host of transfer services to get the best deal. When you do your research and shop around for the best available deal, sending an international money transfer to Austria is easy and affordable.
Compare international money transfers to Austria
Our interactive table lets you compare current fees, transfer speeds and other details about sending your money overseas.
How do international money transfers work?
An international money transfer allows you to send money to a recipient overseas. Generally, a transfer involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Austria. This can be done in person, over the phone, through a mobile app or online. You can use cash, a credit or debit card, or transfer funds from your bank account, which will then either be deposited into your recipient’s bank account or mobile wallet, or made available as cash for them to pick up at a location in their country.Back to top
Banks versus money transfer companies
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While most South African banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can often save money by using the services of a dedicated money transfer company. These providers specialise in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. This translates to big savings for you.
Steps to send money to Austria
- Choose one of the numerous transfer providers who send money to Austria.
- Register with the provider on their website providing your name, address, contact information and date of birth. A valid photo ID will also be required.
- Provide your recipient’s name, address and contact details. Depending on the transfer method you may also need to supply their bank account information.
- Enter the amount you want to transfer, complete the transaction and save your tracking or receipt number to follow up on the progress of your transfer.
How to compare transfer companies when transferring money to Austria
You’ll want to consider costs, of course. But other factors can also affect your choice.
- Exchange rate. South African rand are converted to euros at an exchange rate that’s set by the transfer provider. These rates vary day to day, even moment to moment, and among providers.
- Fees. Most companies charge a fee to transfer your money around the world, though some will waive that fee for large transfers. The fee and the exchange rate determine how much your transfer will cost.
- Minimum amounts. Some companies will transfer as little as a rand, but others won’t deal with anything less than a few hundred. Look for a match with what you’re trying to send.
- Urgency. If the money needs to get there ASAP, most providers complete transactions in a day or two. Some can do it in minutes, at a higher cost. The fastest availability usually comes with picking up the funds in cash. Surprisingly, using a credit or debit card on your end can be faster than pulling money directly from a cheque account.
- Process and scheduling. Do you prefer to send money online, over the phone or in person? Do you want to schedule a future transfer or use a forward contract in anticipation of better exchange rates?
- Payment methods. Will you pay with cash, a bank account or a debit or credit card? Transfer agents often see debit cards as quicker and more secure than the bank accounts they’re based on. However, using a credit card can trigger cash advance charges from your credit card company.
- Customer service. How much help will be available if you hit a snag or have a question? Are the support hours convenient?
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. A strong currency will yield more money when exchanging it for a weak currency. Austria is in the heart of the eurozone and uses the euro as its currency. The euro’s exchange rates is flexible, so it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic and political stability and inflation.
Ways to send money to Austria from South Africa
- Bank transfers. Most major banks offer wire transfers to Austria.
- Money transfer providers. Online providers like Wise and WorldRemit can help you transfer money quickly and easily.
- Transfer companies with cash pick-up. Providers like Western Union and MoneyGram offer this service — your recipient can sometimes pick up the cast within minutes.
- PayPal. You can send money abroad using your PayPal account.
How safe is a money transfer?
When processed through a reputable provider, your funds are safely tracked until in the hands of your recipient. Banks, credit unions and money transfer companies are required to, for example, disclose all fees upfront and give you 30 minutes to cancel a transfer, assuming it hasn’t yet been picked up or deposited.
Tips for picking up cash in Austria
Whether you’re picking up cash in Austria or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along with you to collect the funds is also a good idea.Back to top
Emergency cash transfers in Austria
There are certain situations when you might need to send a transfer as quickly as possible. When you do need to send an emergency transfer, remember that you will usually have to pay extra in order to get your funds to your beneficiary ASAP. Make sure to check the exchange rate and fees that apply so you know exactly how much it will cost.Back to top
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