When you relocate to another country, one task you will likely be faced with are international money transfers. Of course you will need to have an Austrian bank account set up before you can complete a transfer, but this is an easy process in itself. International wire transfers that can be completed from your home bank to an Austrian bank, or vice versa. However, this traditional method can take weeks to receive funds. With today’s technology, there are a few other ways you can make international transfers.
Foreign Exchange Companies
If you have travelled to another country before, you have likely used a foreign exchange agency of some sort to convert money from one currency into another. Some of these companies also offer international money transfer options to clients that want to send larger sums of money from a bank in one country to another country. Generally these venders offer a better rate then most banks, so do your research to find the best company.
You will need your SWIFT code and BIC information in order to complete a transaction with the Society of Worldwide Interbank Financial Telecommunication (SWIFT). This service is generally one of the faster options for moving money abroad.
This method is generally only possible if you have set up an arrangement with your bank before you depart the country. You may even need an additional person on your account to make the bank draft for you once you have left. A trusted family member in your home country is usually a handy option to have if you intend to transfer money overseas often.
Whichever method you use to transfer your money from your home account to Austria or vice versa, you will need to budget for fees and completion time. It is also useful to be aware of each countries bank holidays to ensure you aren’t left waiting for your money to clear.