Opening Austrian Bank Accounts As A Foreigner

Austria is known for its pristine Alps, 18th-century Viennese opulence, and delectable apfelstrudel, but it also boasts a robust banking system that dates back centuries. The country is home to over 444 certified banks, including traditional banking corporations, international banks, savings banks, and digital banks. So, what does it take for a foreigner to open a bank account in Austria?

First off, it's important to distinguish between residents and non-residents. If you're an EU citizen, you don't need to open an Austrian bank account and can manage your finances through your domestic bank. However, if you're a non-EU citizen planning to stay in Austria for more than a year, opening a local bank account is necessary. This will allow you to receive your salary, pay utilities, and manage routine expenses in the local currency.

The good news is that yes, foreigners can open bank accounts in Austria, regardless of their nationality. Austrian banks welcome residents and non-residents alike, offering various account options for personal banking, business transactions, or investments. However, specific requirements and procedures may vary from bank to bank. While some banks have products tailored for non-residents, others offer the same account options to residents and non-residents.

To open an account as a foreigner, you'll typically need to provide proof of identity (such as a passport), proof of residency or address (like a Meldezettel or utility bill), and proof of employment or student status. Additionally, some banks may request your latest payslips to ensure you have no outstanding debts in your home country.

When it comes to choosing a bank, you may want to consider fees, international transfer options, and language support. Popular options among foreigners include UniCredit Bank Austria, Erste Group Bank, and Raiffeisen Bank Austria, all of which offer services in English and don't require proof of Austrian residence.

For those seeking a more digital experience, online banks like N26, Revolut, and Wise offer basic banking services without the need for a physical branch. These options are often free of monthly fees and provide affordable international transfer services.

What documents are required to open a bank account in Austria?

To open a bank account in Austria, you will need to provide the following documents:

• A completed application form (available on the website of the bank)
• A valid identification document (ID card, passport, residence permit, etc.)
• Visa (if applicable)
• Proof of residence, such as a residency registration form (Meldezettel) and utility bills
• Proof of employment or proof of enrolment (for students)
• In some cases, the last 3 salary statements to prove you have no outstanding debt in your home country

If you are opening an account as a non-resident, you will need:

• Proof of residence in your home country
• Visa/residence permit
• Reference letter/introduction (if applicable)
• Tax ID from your home country (if applicable)

Please note that specific requirements and procedures may vary from bank to bank, and certain banks may request additional paperwork.

What are the best banks for foreigners in Austria?

Austria's banking system is highly developed, with around 444 certified banks in the country. The good news is that yes, foreigners can open bank accounts in Austria, regardless of nationality.

When choosing a bank, it's worth researching banks with English language support, convenient locations, and online banking services. You should also compare fees, consider international transfer options, and read customer reviews.

UniCredit Bank Austria

UniCredit Bank Austria is an international bank with branches worldwide. They offer English language support and don't require proof of Austrian residence. Although their accounts aren't free, they have affordable prices, and premium options could also waive international transfer fees.

Erste Group Bank

Erste Group Bank is Austria's largest bank, with branches across Central and Eastern Europe. They offer lower monthly rates (from €2 to €5.50, depending on the account type and services) and don't require Austrian residency for account opening. Their website is available in English.

Raiffeisen Bank Austria

You can open an account with Raiffeisen Bank Austria without proof of Austrian residence. Their fees range from €15 to €20 per year, and they offer worldwide branch availability. You can set up their online banking even if you don't have an account with them.

N26

N26 is Europe's largest online bank, and it's totally free. There are no monthly fees, and they offer affordable international transfers. You can set up your account online in a few minutes.

Revolut

Revolut is another free online bank, providing some of Europe's most budget-friendly financial services. They give you an online personal account, debit card, and a mobile app to manage your finances without any monthly maintenance fees.

Wise

Wise is ideal for those looking for a multi-currency online bank with low costs and a top-notch card. They have the cheapest international transfers globally but require proof of Austrian residence.

Can a non-resident open an Austrian bank account online?

Yes, non-residents can open a bank account in Austria, but the process varies from bank to bank. Some banks allow non-residents to open an account online, while others require them to visit a branch in person.

Online options for non-residents

Some Austrian banks, such as Erste Bank, Raiffeisen Bank International, and UniCredit Bank Austria, offer online accounts to non-residents. However, it's important to note that not all of these banks may offer the same services to non-residents as they do to residents. For example, UniCredit Bank Austria's GoGreen Account, which includes various cashback perks, is only available to residents.

Digital banks, such as N26, Revolut, and bunq, also offer online accounts to non-residents. These banks typically have lower fees and more flexible features, but may not offer the full range of services that traditional banks provide.

In-person options for non-residents

If you are unable to open an account online, you may need to visit a branch in person. This is the case with banks such as Erste Bank (Sparkasse) and Raiffeisenlandesbank NÖ-Wien.

To open a bank account in Austria as a non-resident, you will typically need to provide the following documents:

• Proof of residence in your home country
• Visa/residence permit
• Reference letter/introduction (if applicable)
• Tax ID from your home country (if applicable)

Some banks may also request additional paperwork, so it's always a good idea to contact the bank beforehand to confirm the required documents.

What are the fees for opening a bank account in Austria?

Fees for opening a bank account in Austria vary depending on the bank and the type of account. Here is a summary of the fees associated with opening a bank account in Austria:

Account Maintenance Fees

Account maintenance fees for traditional banks in Austria are typically charged quarterly and can range from €15 to €30 per quarter (€5 to €10 per month). These fees cover the cost of basic banking services such as cash withdrawals, cheque processing, overdraft protection, and international transfers.

Transaction Fees

In addition to account maintenance fees, Austrian banks may also charge fees for specific transactions. For example, ATM withdrawals, cheque transactions, and international transfers may incur additional costs. It is important to compare the fees charged by different banks, as they can vary significantly.

Online Banking Fees

Online banking is becoming increasingly popular in Austria, with many banks offering this service. Some banks may charge a fee for online banking, while others may include it as part of the standard account package. It is worth noting that online-only banks, such as N26, Revolut, and Wise, often have lower fees than traditional banks.

Card Fees

Most Austrian banks provide a debit card (known as a "Bankomatkarte") with their current accounts. There may be a small fee for delivering the card, typically around €10. Credit cards are usually offered as an additional service and may be included in premium account packages or charged as a separate fee.

Other Fees

When comparing bank accounts in Austria, it is important to consider other potential fees, such as overdraft fees, international transaction fees, and fees for additional services. These fees can vary significantly between banks, so it is essential to review the terms and conditions carefully before opening an account.

No-Fee Accounts

It is also worth mentioning that some banks in Austria offer no-fee bank accounts. For example, N26, Dadat, Erste, and DKB offer accounts with no monthly or annual fees. These accounts often include a debit card and can be managed directly from a mobile device.

In summary, the fees for opening a bank account in Austria depend on the specific bank and the type of account chosen. Traditional banks typically charge quarterly maintenance fees, while online-only banks tend to have lower or no monthly fees. Transaction fees, card fees, and other service fees can also vary, so it is important to review the terms and conditions carefully before opening an account.

What are the best online banks for foreigners in Austria?

Best Online Banks for Foreigners in Austria

Austria has a large and well-established banking industry, with over 444 certified banks in the country. This includes online banks, which have become increasingly popular in recent years.

N26

N26 is a well-known mobile-only bank with around seven million customers across the EU. It offers a free bank account and Mastercard, allowing users to manage their finances directly from their mobile devices. It is also partnered with Wise, a money transfer service, allowing for international money transfers at some of the best exchange rates.

Revolut

Revolut is a major name in the digital banking sphere, with over 12 million users worldwide. It offers a free online personal account, a debit card, and a slick mobile app to manage your finances without any monthly maintenance fees.

Wise

Wise is a money transfer operator offering some of the cheapest international transfers globally. They also offer the Wise Multi-Currency Account, which provides users with a low-cost foreign currency spending account and card. This account is ideal for those looking for a multi-currency online bank with low costs and a good card.

Bunq

Bunq is a Dutch neobank offering three different bank account types priced between €2.99 and €17.99 per month. While it doesn't offer a free account, it has many interesting features, such as bill splitting and Wise money transfer integration.

Tomorrow

Tomorrow is a fintech company affiliated with German bank Solarisbank. It offers three sustainable current account options, with the basic account being ideal for customers who value sustainability and low costs.

Other Options

While online banks are a convenient option, it is worth noting that some traditional banks in Austria also offer services to foreigners, such as UniCredit Bank Austria, Erste Group Bank, and Raiffeisen Bank Austria. These banks may be better suited for those seeking fully-fledged financial services and are willing to pay higher fees.

Additionally, basic payment accounts (known as Basiskonto) are available for EU residents and offer essential banking services for free or at a low cost.

Frequently asked questions