In almost all popular holiday countries outside of Europe, but also in some inside, the euro is not considered the national currency. For example, while card payments are common in Sweden, the USA or the United Kingdom, countries like Croatia prefer classic cash. According to a current bank test by the Chamber of Labour, changing money in Austria can be quite expensive.

Almost all banks in the Alpine Republic also sell foreign currencies. Those that are in frequent demand are usually in stock in the branches. If it is a bit unusual, you usually have to pre-order it at the bank office a few days in advance. The Chamber of Labor examined the charges of ten credit institutions operating in the capital, Vienna, and determined that the charges are sometimes extremely high. A bank even asks for a minimum fee of 10 euros, which is really expensive, especially for smaller amounts.

In May 2022, the Chamber of Labor took a closer look at the costs of changing money at Bank Austria, Bawag-Psk, Easybank, Erste Bank, Hypo Niederösterreich, Oberbank, Raiffeisen Landesbank Niederösterreich-Wien, Schelhammer and Volksbank Wien. The consumer advocates have found that the charges for changing into a foreign currency vary between zero and five percent. The minimum expenses are between zero and ten euros. "If you want to change smaller amounts, it can be expensive for you," warns AK consumer advocate Christian Prantner.

How high are the exchange fees when exchanging euros for a foreign currency?

• Bank99 (Post): not offered
• Bank Austria: 2 percent, but at least EUR 6,80 – only own customers are served
• Bawag-Psk: 3 percent, at least 3,50 euros
• Easybank: 3 percent, at least 3,50 euros (via Bawag-Psk branches)
• Erste Bank: 3 percent, at least 4,50 euros (for cash payments) or 1,5 percent, at least 4,50 euros (for transactions via the current account)
• Hypo Niederösterreich: 1,5 percent, at least 4 euros
• Oberbank: 1,5 percent, at least 3,50 euros (own customers) or 3 percent, at least 7 euros (external customers)
• RLB NÖ-Wien: 3,5 percent, at least 8 euros (own customers) or 5 percent, at least 10 euros (external customers)
• Schelhammer: 10 euros for amounts up to 700 euros, free of charge above that
• Volksbank Wien: did not provide any information to the Chamber of Labor

How high are the charges if 400 euros are exchanged at the house bank?

Compare prices and plastic money can help

The Chamber of Labor recommends that you compare prices before changing money in Austria. You should ask the banks about their commissions and any minimum fees. You should inquire at your house bank whether you as a customer get preferential conditions.

You should also pay attention to the exchange rate, as this can vary depending on the bank. There are even enormous differences, because the banks also earn money at the rate granted, even if this is not always transparently pointed out. You should also ask in good time whether the desired foreign currency is in stock in the branch and if not: order it in good time before you leave for your vacation. It should also be noted that as a rule only banknotes, but not coins, are exchanged.

An alternative to classic cash can also be debit and/or credit cards. The Chamber of Labor recently received the expenses of the major card issuers in Austria put under the microscope. In some states, however, the "acceptance of plastic" is very low, so that one is still dependent on cash locally. But there are also counterexamples: In Sweden, cash acceptance is now negligible, so that you don't get very far there without cards.