Exchanging money in Vienna without incurring high fees is possible with a bit of planning. Here are some strategies and locations to consider:
💳 1. Use a Debit or Credit Card with No Foreign Transaction Fees #
Opt for a debit or credit card that doesn’t charge foreign transaction fees. This allows you to withdraw cash from ATMs or make purchases directly in euros at favorable exchange rates. Ensure you select to be charged in euros to avoid additional conversion fees.
🏦 2. Withdraw Cash from Bank ATMs #
Withdrawing cash from ATMs located within bank branches can offer better exchange rates and lower fees compared to currency exchange offices. Banks such as Bank Austria, Erste Bank, BAWAG, and Raiffeisen are commonly used for this purpose. It’s advisable to avoid ATMs in hotel lobbies or those operated by Euronet, as they may charge higher fees.
💱 3. Currency Exchange Offices with Competitive Rates #
While exchange offices often advertise “zero commission,” they may not always offer the best rates. However, some locations are known for more favorable terms:
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Bankhaus Schelhammer & Schattera AG
Address: Goldschmiedgasse 3, 1010 Wien
Known for competitive rates and good service. -
Interchange Austria
Located in various parts of Vienna, including the airport. Offers competitive rates and supports multi-currency transactions. -
Western Union Locations
Various branches throughout Vienna. While primarily known for money transfers, some locations also offer currency exchange services.
🔍 Tips to Minimize Exchange Costs #
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Avoid Dynamic Currency Conversion (DCC): When using your card abroad, always choose to be charged in the local currency (euros in Austria) rather than your home currency. DCC often comes with unfavorable exchange rates and additional fees.
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Plan Withdrawals: Instead of making multiple small withdrawals, plan to take out larger amounts less frequently to minimize per-transaction fees.
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Check Exchange Rates: Before exchanging money, compare rates at different locations. Websites like Bank Austria’s exchange rate page can provide current rates for reference.