Credit transfers in foreign currency
Foreign currency transfers are all national and cross-border transfers in a currency other than the euro such as U.S. dollars or Swiss francs. Foreign currency transfers are not subject to authorization. The (German-only) Exchange Control Act Devisengesetz is the legal basis for foreign currency transfers. The provisions governing fees and execution times are accessible here.
Transfer fees
Fee options
The Austrian Payment Services Act (Zahlungsdienstegesetz) stipulates that fees are to be shared (referred to as SHA) between the payer and the payee (i.e. beneficiary), with each party paying the fee charged by their respective payment service provider, for transfers that do not require currency conversion (for example, if the transfer is made and received in U.S. dollars).
If the transfer involves currency conversion, e.g. from euro to U.S. dollars, you may choose one of three fee options:
| Fee option | Domestic fees charged to | Foreign fees charged to |
|---|---|---|
| Free of charge for the beneficiary = OUR | Payer | Payer |
| Free of charge for the payer = BEN | Beneficiary | Beneficiary |
| Shared fees= SHA | Payer | Beneficiary |
Since the fees for foreign currency transfers are not subject to uniformly valid provisions, each credit institution is free to determine such charges itself.
Execution times
Cross-border transfers –including transfers made in euro –to/from a country that is not a member of the EU or of the European Economic Area (EEA), like Switzerland, the U.S.A. or Japan, are not subject to legal provisions governing execution times. Moreover, there are no legal provisions that stipulate execution times for transfers in, e.g., U.S. dollars, Japanese yen or Swiss francs within Austria or the EU.