Austria is a landlocked country in Central Europe known for its rich history and hundreds of majestic castles, cathedrals and palaces. In addition to this, Austria is well known for having close ties with Germany. Due to the healthy Austrian economy and super central European location, there are a number of great options for those who wish to send money to Austria. Whether you are based within the European Union or elsewhere, we will run through the various easy and secure international money transfer methods available to you.
Austria is a country bursting with awe-inspiring ancient architecture and cultural artefacts, such as the world heritage site of the Vienna Zoo, which was built in 1752 and is officially the oldest zoo in the world. In addition to its remarkable history, Austria attracts a great deal of tourism during the winter months, due to popular seasonal attractions such as the magical Christmas markets and snow-capped mountains: the Austrian Alps are especially popular with winter sports aficionados.
Compared to its neighbouring country of Germany – which has a population of almost 85 million – Austria’s population of 9 million people is relatively small. However, it is a famously wealthy country with a GDP per capita amounting to 48,105.40 USD. Historically, Germany has been Austria’s leading trading partner and although there are many great advantages to this allyship, it also means Austria is vulnerable to any negative changes that effect the German economy.
Austria joined the European Union (EU) in 1995 and was one of the first countries to adopt the Euro, converting over from their original currency, the Austrian schilling (ATS) in 2002. Since joining the EU, Austria has seen an increase in the number of foreign investors who are keen to benefit from the country’s access to the European Single Market. The country is also a member of the Single Euro Payments Area scheme (SEPA), which means Euro transfers sent from one EU country to another will qualify as a fast and easy SEPA payment.
The current exchange rate for the Euro (EUR) is 1.04067 EUR per American Dollar (USD) as of the time this was written. The EUR reached a high of 1.0407 EUR per USD and a low of 0.9976 EUR per USD during the last 90 days. The 90-day average exchange rate for the EUR was 1.0214 EUR per USD.
The average volatility rate of the EUR against the USD was 0.26% for the last 90 days. This is a normal volatility rate, and the EUR has been fairly stable for a long time now. You can reasonably expect moderate fluctuations in exchange rates to continue going forward, barring any unforeseen circumstances.
The fastest way to send money to Austria is through Western Union’s fast option: you can expect your money to reach its Austrian destination in a matter of minutes using this method. The only drawback to using Western Union is the fact it is quite expensive compared to other providers. While the company can guarantee faster waiting times than others through their fast option, you will pay a higher price for it.
The cheapest way to send money to Austria is through OFX. With OFX, you generally pay very low rates, and this is particularly true when you send larger volumes at once. OFX doesn’t charge upfront, stated fees, but they instead charge small conversion fees based on the amount of money being sent. If you send a minimal amount of money through an OFX transaction, you’ll pay low rates. If you send a lot of money at once through OFX (especially USD$1000+), then you can rest assured you’re getting the best possible rates by a larger margin.
The only catch with OFX is that they have a minimum transfer size requirement which is much larger than those set by other money transfer services. This shouldn’t be a huge problem most of the time, but if you can’t abide by the minimum transfer size requirement, TransferWise offers great rates and could serve as a replacement to OFX.
The easiest way to send money to Austria is through Wise, a peer-to-peer money transfer system that makes sending money to Europe very easy. Once you set up your Wise account, you just need to follow their simple process whenever you need to send money:
1) Tap in the amount of money to be sent
2) Tap in the destination for the money
3) Pay Wise for the transaction
4) Wait a day or two for your money to reach its Austrian destination
The overall best way to send money to Austria is through OFX. OFX offers the best rates available while also making the money transfer process relatively easy. The company focuses on international currency conversion, but also sends money at great rates. With OFX, you can expect the lowest costs and good service on a regular basis. The waiting times aren’t too bad either, at just one or two days before your money reaches its Austrian destination.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com