Euro Transfer from UK Accounts to Bawag PSK
Sending a money transfer to euro at Austria’s Bawag PSK bank from a UK account, use a currency FX provider for a better foreign exchange rate. The best alternatives for sending funds from the UK to a Bawag PSK account in Austria, a currency broker will also save you time on the transaction.
About Bawag PSK
Bawag PSK is a postal savings bank owned by the Austrian Mail service. It was founded in 1883 and is now one of Austria’s largest banks with about 1.6 million customers, more than 500 branches and customers can also get banking services at over 1,300 post offices across Austria.
Euro Currency Transfer to/from Bawag PSK Bank in Austria
Making a transfer to or from the euro using a bank service could potentially lose you thousands of pounds due to the poor FX margin rate offered. Private currency brokers offer a much more competitive rate of exchange. Example: Currency broker TorFX are one of the UK’s leading and largest foreign currency exchange specialists assisting private individuals and businesses with their foreign currency transfers to and from most countries worldwide. TorFX v traditional bank exchange rates:
| Company Name | FX Rate | GBP to EUR | FREE Quote |
|---|---|---|---|
| TorFX | *0.7% | €1.125 info | Enquire |
| Bawag PSK | *3.1% | €1.098 info | Enquire |
| Typical Bank Rates | *1.9 to 6.2% | €1.063 to €1.111 info | Enquire |
UK pound sterling (GBP) to euro (EUR) currency rates are updated daily at 09:00 GMT. Data source – ECB
*Note: A lower FX Rate will give a better exchange rate when transferring money to/from euro. Specialist foreign exchange companies including the ones listed below can save you money and time on the transaction.
UK bank to Bawag PSK account v Currency Brokers
1: Bank money transfer information: General Guidelines – High street banks also charge a commission fee when sending money abroad into another currency – Private brokers offer commission free currency transfers typically over a value of £5000 or €5665.133 euro. Bank transfer commission fees range from £15 to £30 depending on the bank.
2: Unless you pay a premium, high street banks will take from 3 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction between 1 to 3 days.
Sending Money Abroad with Bawag PSK
To transfer funds abroad from your Bawag PSK account, you have to give the beneficiary’s IBAN and BIC to the bank. There are two types of transfers:
1: Euro Transfers: transfers exclusively in euros for amounts less than or equal to EUR 50,000 within the European Union, including the precise bank details of the beneficiaries (i.e. BIC and IBAN).
2: International Transfers: any transfers within or to countries outside the European Union (other currencies, no IBAN, etc.)
International transfer requests may be submitted by fax as long as you have signed a request at your local Bawag PSK branch.
