Transferring money abroad
- Graham Crewe

- May 28, 2023
- 1 min read
Question: I don't have a bank account in Austria. I only carry cash. Is there any place or person who can transfer money abroad if I paid them cash?
Answer:
Probably the place to go to transfer money abroad is Western Union. You’ll have to prove your identity and answer some questions for money laundering regulations.
Mike Bailey, a very well informed group member, warns:
Money remittance services do exist, but you should be prepared for identity verification checks and checks on the origin of funds for what are known as occasional transactions (procedures sometimes referred to as Know Your Customer (KYC)) and that banks and financial services in Austria are required to adhere to customer due diligence procedures (Legal Basis: FM-GwG which transposes the EU AML Directive).
Furthermore:
A general warning to others about getting involved with handling cash for others: you may be inadvertently getting involved in money laundering and could face criminal charges: https://www.fma.gv.at/en/warning-professional-money-launderers-are-trying-to-attract-jobseekers-to-work-as-financial-agents-and-to-use-them-to-launder-money/
For more information about money laundering (DE: Geldwäscherei) see: https://www.bmf.gv.at/en/topics/financial-sector/money-laundering-and-terrorist-financing.html#:~:text=Both%20money%20laundering%20and%20terrorist,to%20as%20prior%20criminal%20offences.




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