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Minimum fees can make money transfer more expensive - Austria

Minimum fees can make money transfer more expensive – Austria

Minimum fees can increase the cost of low volume currency exchange
© REUTERS / Kai Pfaffenbach / File Photo (avatar)

The Chamber of Commerce (AK) compared the fees for money transfers at ten banks with branches in Vienna. Result: in most cases there is a minimum expense, which can be up to ten euros.

When exchanging the euro for a foreign currency, it differs not only from one bank to another, according to the results of the investigation conducted by the Chamber of Labor (AK). In some cases, financial institutions charge different fees to their customers than to third-party customers. In one case (Schelhammer Capital Bank), no fee is charged from the change amount of €700.

Small exchange operations can get expensive due to minimal fees

The AKP has also set a fee for customers who want to exchange 400 euros in foreign currency at their bank. This was the most expensive at RLB NÖ Wien with €14. At six euros, customers from Erste Bank, Hypo NÖ and Oberbank paid the least amount. According to the AKP broadcast, Volksbank and 99 Bank do not offer currency exchange service. The AK warns that the minimum fee may make changing small amounts significantly more expensive.

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