|VOLKSBANK||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||NO MINIMUM||5/7 DAYS||2.9%||€1.09|
|EUR € - to GBP||NO MINIMUM||5/7 DAYS||2.9%||£0.865|
|BROKER RATES||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to EUR||From £100||From 1 DAY||From 0.7%||€1.114|
|EUR € - to GBP||From £100||From 1 DAY||From 0.7%||£0.885|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Answer: Using Volksbank services, the exchange rates shown are typical. All banks have individual rates and commission structures for international currency transfers. Find the latest exchange rates for an overseas bank using our Bank Rate Comparison below:
Save on the exchange rate conversion when transferring money overseas from your Volksbank account in euros, UK pounds & other currencies. Volksbank international money transfers to or from Austria have higher transaction charges, due to a less competitive exchange rate offered by Volksbank. Skip to: Austria Money Transfer Specialists
Typically, sending funds to or from your Volksbank account in euro, UK pounds or US dollar overseas bank account will involve a margin rate of 2.9% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Volksbank account in Austria needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of 100,000 euros (EUR) using Volksbank services would have a transaction exchange rate margin of around 2.9% – or 2,900 EUR. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only 700 EUR in total, which is a large saving over the bank service.
International money transfers from Volksbank could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Volksbank account holder to use their services. Volksbank may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of 5000 euro.
Unless you pay a premium, Volksbank’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
In Austria there around 35 local Volksbank’s, each of them organised as an association which build an integrated system of banks (Association of Volksbanks) connected through a contract of collaboration. The Volksbank association operates over 5,000 banking branches in Austria and has over 1.1 million private customers, making Volksbank one of the biggest and most popular banks in Austria.
There are several other European banks that also operate under the same name “Volksbank” (there are also over 1,000 independent local Volksbanken in Germany) of which are completely separate from the Austrian Association of Volksbank’s.