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:
Given below are SWIFT codes of some popular Austrian banks:
|UniCredit Bank Austria AG||Vienna||BKAUATWW|
|Raiffeisen Bank International Ag||Vienna||RZBAATWWPOP|
|Volksbank International Ag||Vienna||VOINATW1XXX|
|Erste Group Bank Ag||Vienna||GIBAATWGXXX|
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.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||CHF 1 = EUR 0.8425||CHF 1 = EUR 0.8674|
|Transfer fee||CHF 5||CHF 0|
|Amount received for CHF 2,000||EUR 1,680.78||EUR 1,734.80|
|Transfer time||3 to 5 days||1 to 2 days|
|Transfer options||Bank account||Bank account|
|Difference of||EUR 54.02|
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.
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.
|WESTERN UNION IN AUSTRIA|
|Vienna Interchange Stephansplatz 9 Wien, Vienna||Postamt 1010 Fleischmarkt 19, Vienna|
|Graz Postamt 8010, Neutorgasse 46, Graz||Postamt 8016, Gleisdorfergasse 4, Graz|
|MONEYGRAM IN AUSTRIA|
|Vienna Green Call, Steinbauergasse 1, Vienna||Ipsun Kettenbruckengasse 18 / 2, Vienna|
|Graz B.F.S. Afro Shopping Center, Eggenberger Strasse 46, Graz||International Telephon Discount, Griesplatz 11, Graz|
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.
The transfer method you choose had a bearing on the required information.
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.