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Top 3 Money Transfer Providers for UK to Austria

Provider Amount Received Fee Exchange Rate Speed
RationalFX RationalFX 11,776.10 £0.00 1.1776 1-3 days more...
TorFX TorFX 11,817.67 £0.00 1.1818 1-3 days more...
OFX (UK) OFX (UK) 11,770.16 £0.00 1.177 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
AUSTRIA
Austria is a member of the European Economic and Monetary Union and joined the 19-country eurozone in 1999 Read More
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Austria Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Austria’s money transfer regulations
  • Austria’s monetary and regulatory authority
  • Currency union
  • Austria’s economic background
  • Taxation
  • Currency
  • Summary

    Austria is a member of the European Economic and Monetary Union and joined the 19-country eurozone in 1999. Its currency, the euro (EUR, €), is the second most traded currency globally after the US dollar (USD, $). Austria does not employ currency controls or restrict overseas money transfers, in line with eurozone policies.

    Austria’s money transfer regulations

    Austria is required to comply with all European Union (EU) directives and regulations regarding foreign investment, trade treaties, customs duties, agricultural agreements and other trade regulations. The government does not employ any exchange controls or restrictions on capital inflows and outflows, so international money transfers are unrestricted.

    Financial institutions are required to provide the central bank with statistical data on high-value foreign exchange transactions, in an effort monitor the balance of payments and comply with anti-money laundering regulations. Banks are responsible for reporting relevant international transfers that are cleared through their networks; foreign investments are generally reported to the central bank. Individual travellers may carry cash worth a maximum of €10,000, or its equivalent in foreign currency, over the border at one time. The EU’s liberalised capital transfers and free-floating currency make it easy to send money to and from Austria.

    Austria’s monetary and regulatory authority

    As a eurozone member, Austria’s monetary policy is set by the European Central Bank (ECB), which monitors the financial system, preserves foreign exchange levels, and aims to maintain price stability throughout the EU. The Austrian Central Bank (Österreichische Nationalbank, OeNB) administers and regulates all foreign exchange transactions and the exchange control system, in accordance with ECB policy.

    Currency union

    Austria joined the EU on January 1st, 1995 and adopted the Euro on January 1st, 1999. Euro banknotes and coins were first introduced in Austria in 2002. The Austrian central bank continues to exchange the former national currency, the Austrian schilling (ATS), for an unlimited period.

    The euro and the USD are the most frequently exchanged currencies on Austrian forex markets. According to the most recent Bank for International Settlements (BIS) data, total forex exchanges amounted to almost US $17.4bn per day in April 2013. The euro was involved in nearly half of these exchanges, and was most frequently traded against the USD (US $7.5bn per day) and the Swiss franc (US $1.05bn per day).

    Austria’s economic background

    Austria is an attractive hub for foreign trade and investment, given its highly developed economy and its geopolitical position between developed Western European nations and Central, Eastern and Southeastern European countries. Austria’s stable, well-regulated political and legal system, skilled labour force, high productivity, and advanced information and communications technology infrastructure make it a competitive place to do business.

    Taxation

    Austria, like many countries in the eurozone, has a relatively high personal income tax burden. For resident corporations however, there is a relatively low flat rate of 25%. The main taxes applicable to companies are corporate income tax, real estate tax, municipal tax, value added tax (VAT), social security contributions and customs duties. Non-resident companies are only required to pay taxes on revenue generated in Austria. If a company does not earn any income, it is still has to pay a minimum tax of €1,092 in the first year. Starting with the second year of operation, the minimum tax rises to €1,750 for limited liability companies.

    Individuals residing in Austria are required to pay personal income tax, withholding tax on passive income, social security contributions and real estate tax, with no special concessions for expats. Non-resident individuals are subject to tax only on locally-generated income, and in certain cases will benefit from double taxation agreements with their home country.

    Currency

    Austria’s monetary unit, the euro (EUR), consists of 100 cents. Euro banknotes are printed in denominations of € 5, € 10, € 20, € 50, € 100, € 200 and € 500. Coins are available in values of 1, 2, 5, 10, 20 and 50 cents, and € 1 and € 2. Each member country’s central bank issues its own banknotes and coins; the latter have national designs on one side and common designs on the other. All euro currency from any country is accepted within the currency zone.

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    Top 10 Money Transfer Providers

    Exchange Rates as of 8 December 2019, 22:04

    Global Reach (formerly FC Exchange)

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    WorldFirst

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    Smart Currency Exchange

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    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.