Send Money To Austria

Currency Symbol and Swift Codes

From 1925 to 2002, the Austrian schilling (ATS) was used as the official currency in Austria, although the German Reichsmark was declared legal tender between 1938 and 1945. Form 2002, the euro (EUR) has been used as the legal currency in Austria. The euro is divided into 100 cents.

If you plan to transfer money to an Austrian bank account, the details you will need include:

• The recipient’s complete name
• The recipient’s account number
• The receiving bank’s name
• The receiving bank’s IBAN and Swift/BIC Code

Given below are SWIFT codes of some popular Austrian banks:

Case Study

Julia moved to Switzerland because of work but her mother and younger brother continued living in Austria. Since they depended on her financially, it was upon her to keep sending them money regularly. She used a prominent Swiss bank for the first three months, and it was only upon the insistence of a co-worker that she decided to compare her alternatives. This is what she found.

Choosing the money transfer company over her bank ensured that Julia’s mother received a little extra money each month, and it got to her sooner. In addition, the money transfer company gave Julia the option of scheduling her transfers in advance and even locking in exchange rates when they seemed favorable.
 

Cash Pickup Locations in Austria

If the recipient is in quick need of the money you plan to send to Austria, turning to a company that has cash pickup locations is your best bet. Companies such as Western Union, MoneyGram, and Ria have a physical presence in this country.

Safety Tips for Picking up Cash in Austria

Austria has low levels of crime, although you should exercise some caution. There have been instances of pick pocketing in and around cafes, restaurants, hotel lobbies, shopping areas, tourist attractions, train stations, and public transposition. Take basic precautions when collecting money from a cash pickup center, and if you plan to receive a large sum consider taking someone you trust along.

Keep your belongings within your sight at all times. Be particularly vigilant if you take a night train into or out of the country.
 

What Information Do I Need to Send Money to Austria?

The transfer method you choose had a bearing on the required information.

• Bank account. You will need to provide the recipient’s complete name, a bank account number, the receiving bank’s name, as well as the receiving bank’s SWIFT/BIC code and IBAN.
• Cash pickup location. The information needed in this case limits to the recipient’s name and a desired cash pickup up location. To collect the transferred money, the recipient will need to provide a reference number along with an acceptable form for identification document.

Regulations When Transferring Money to and From Austria

Austria does not have its own set of regulations surrounding currency control, and transfers to and from the country are governed by the European Central Bank’s single monetary policy. Österreichische Nationalbank (Austria’s central bank) oversees payment systems to make sure that the country’s financial sector remains stable.

There are no restrictions of moving money in or out of the country, no matter whether you’re a resident of the country or not. However, transfers of more than €10,000 need to be declared to relevant European Union authorities.

While Austrians are taxed on income they earn outside the country, Austria has treaties with several other countries to avoid instances of double-taxation.