Leslie Massey
Austria has a large and well-established banking industry, with over 400 certified banks in the country. Opening a bank account in Austria is a relatively straightforward process, and can even be done online or via an app in some cases. There are two types of bank accounts relevant for day-to-day use in Austria: Girokonto, which is a standard checking account, and Sparkonto, a savings account. To open an account, you will typically need to provide a valid form of identification, such as a passport, and proof of employment or student status. In some cases, you may also be asked to provide your last three payslips to prove you have no outstanding debt in your home country.
| Characteristics | Values |
|---|---|
| Number of certified banks in Austria | 444+ |
| Types of bank accounts | Girokonto, Sparkonto, Basiskonto, Studentenkonto, Sparbuch |
| Requirements to open a bank account | Valid identification, employment contract, proof of student status, latest payslips |
| Banks in Austria | Erste Bank, Raiffeisen Bank International, UniCredit Bank Austria, Bank Austria, N26 |
| Online banking in Austria | 63% of Austrians use online banking or apps for banking |
| Benefits of Austrian bank account | Receive Austrian salary, pay utilities in Austria, manage routine expenses, access local services |
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What You'll Learn
Opening an Austrian bank account online
Austria has a large and well-established banking industry, with over 444 certified banks in the country. Austrian banks welcome both residents and non-residents, and opening an account online with some banks is possible. However, there are some restrictions and requirements to be aware of.
Requirements for Opening an Account Online
Firstly, it is important to note that some banks may only offer online account opening to Austrian residents. Therefore, it is essential to check with your chosen bank if you are a non-resident. Additionally, specific requirements may vary depending on the bank and your circumstances. For instance, some banks may require you to have a valid address in Austria and a smartphone, while others may only need a valid photo ID and an email address. It is recommended to have employment or a formal reason for living in the country, and certain banks may request additional paperwork.
Types of Accounts
When opening an Austrian bank account online, you will typically have the option to choose from different types of accounts, such as:
- Current Account (Girokonto): This is the most popular type of account in Austria, used for personal finances. It allows you to deposit and withdraw money, make payments, and perform local and international transfers.
- Savings Account (Sparbuch): This type of account is designed for saving money and may have different features and restrictions compared to current accounts.
- Online Account: This type of account usually comes with a debit card and internet and mobile banking capabilities. While it may have fees for international payments, it typically offers free online payments within Austria.
- Relax Account: This account waives most fees, except for international payments, but has a quarterly charge.
Documents Required
To open an Austrian bank account online, you will typically need to provide the following documents:
- A completed application form, which can usually be found on the bank's website.
- A valid photo ID, such as a passport or residence permit.
- Proof of address, such as a utility bill or lease agreement.
- Employment contract or proof of student status.
- Salary statements to prove you have no outstanding debt in your home country.
Recommended Banks
When choosing a bank to open an account with online, consider the following options:
- Bank Austria: This bank offers online account opening and has a range of products, including savings accounts, loans, and debit cards. They also have sustainability and cultural initiatives.
- Erste Bank: This bank accommodates non-residents and offers various financial services.
- N26: This bank offers a straightforward process for opening an online account and provides an official German IBAN. They also have English-speaking customer service.
- Revolut: This fintech app is recommended for EU residents, offering a smart, digital-only alternative to traditional banks and fee-free everyday use.
In conclusion, opening an Austrian bank account online is possible, but it is important to carefully consider your options and ensure you meet the requirements and have the necessary documentation.
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Opening an Austrian bank account in-person
Austria has a large and well-established banking industry, with over 444 certified banks in the country. The good news is that foreigners can open bank accounts in Austria, regardless of nationality. However, the specific requirements and procedures for opening an account as a foreigner may vary from bank to bank and branch to branch.
If you're a non-EU citizen intending to stay in Austria for over a year, opening a local bank account is necessary. Non-residents can open bank accounts in Austria in person, but opening an account online is typically only available to Austrian residents. While some Austrian banks might offer the option to open accounts remotely, it's not guaranteed. For example, Bank Austria, a member of UniCredit, permits UniCredit members to open accounts from abroad through a standard form. Certain other Austrian banks, such as Erste Bank (Sparkasse), accommodate non-residents, but a visit to the bank in person is necessary.
To open a bank account in Austria as a non-resident, you will typically need the following documents:
- Completed application form (available on the bank's website)
- Valid identification (ID card, passport, residence permit, etc.)
- Employment contract or proof of student status
- In some cases, the last 3 salary statements to prove you have no outstanding debt in your home country
Once you've successfully opened your Austrian bank account, you'll receive your bank card in the mail, along with instructions on activating your online banking services.
It's worth noting that some banks have policies that may require them to turn away non-resident customers, and some only offer in-person account opening for non-residents. Therefore, it's recommended to research banks that offer English language support, convenient locations, and online banking services. Compare fees, consider international transfer options, and read customer reviews to find the best fit for your needs.
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Types of Austrian bank accounts
Austria is home to a staggering number of over 444 certified banks, and many of these offer a range of accounts to suit different needs.
Firstly, it is important to note that if you are an EU citizen, you do not need to open an Austrian bank account. You can continue to use your domestic bank account to receive your salary and handle utilities. However, if you are a non-EU citizen intending to stay in Austria for over a year, opening a local bank account is necessary.
When it comes to the types of accounts on offer, there are a variety of options. These include:
- Current accounts/Girokonto: This is the most popular type of bank account in Austria and is used for personal use and retail banking. Current accounts come with a debit card, which allows access to ATMs.
- Online accounts: These are ideal for foreigners who need basic banking services. N26, Revolut, and Wise are examples of online banks that offer free current accounts with low or no fees for international transfers.
- Joint accounts: Most banks in Austria offer joint accounts, which are insured for up to €200,000.00 in deposits.
- Day Money Accounts/Tagesgeldkonten: These accounts provide flexible savings with higher interest rates than traditional savings accounts.
- Fixed-Term Deposit Accounts/Festgeldkonten: These accounts offer a fixed interest rate for a specific period, making them ideal for those seeking fixed-term investments.
- Classic Savings Accounts/Sparkonten: These are traditional savings accounts suitable for long-term savings goals, such as retirement or purchasing a home.
- Business accounts: These accounts offer more advanced banking solutions, such as integration with payroll systems, handling high transaction volumes, and providing customized financial services.
In addition to these, some banks offer specific products designed for non-residents, while others provide accounts with sustainability initiatives, such as the GoGreen Account from Bank Austria, which contributes to sustainable causes.
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Documents required to open an Austrian bank account
The requirements and procedures for opening a bank account in Austria vary from bank to bank. However, here is a list of documents that are commonly required:
- A valid form of identification, such as a passport, ID card, residence permit, or driver's license.
- Proof of address, which does not necessarily have to be in Austria.
- Proof of employment or income, such as an employment contract or three recent payslips.
- Completed application form, which can usually be found on the bank's website.
Some banks may also require additional documents, such as proof of student status or a video verification of your identity. It is always a good idea to contact the bank directly to confirm the specific requirements and procedures.
If you are an EU resident, you may also qualify for a basic account in Austria, which provides essential financial services such as a current account and payment card. Additionally, some banks in Austria, such as Erste Bank, Raiffeisen Bank International (RBI), and UniCredit Bank Austria, are known to accommodate non-residents and offer services in English.
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Online banking in Austria
Opening an Online Bank Account in Austria
To open an online bank account in Austria, individuals can either download a mobile banking app or use the website of their chosen bank. Basic personal details, such as name, date of birth, email, phone number, address, and tax information, are typically required. Additionally, verifying one's identity by providing a scan of a photo ID, such as a passport or resident card, is essential. Some banks may request additional documents, especially for non-residents. It is always advisable to contact the bank or review their website for specific requirements.
Features of Online Banking in Austria
Mobile Banking Apps
Mobile banking apps from traditional banks and standalone mobile banks are also popular in Austria. These apps offer convenience and accessibility, allowing users to manage their finances on their smartphones. While they may not have as many features as traditional banks, they are useful for expats and those seeking a more eco-friendly banking option. Mobile banking apps often provide benefits such as budgeting tools, sub-accounts, rewards, and special insurance packages. Additionally, many banks enable customers to link their mobile apps to third-party payment services like Apple Pay and Google Pay.
Fees and Charges
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Frequently asked questions
You can open an Austrian bank account in person or online. To open an account in person, book an appointment at a branch office or outlet of the bank. You will need to bring a valid photo ID, proof of address, and your employment contract or proof of student status. To open an account online, you can use an app or a bank's website. You will need a valid photo ID, a smartphone, and an email address.
There are two types of bank accounts relevant for day-to-day use in Austria: Girokonto, which is a standard checking account, and Sparkonto, a savings account.
With an Austrian bank account, you can easily receive your salary, pay utilities, and manage routine expenses in the local currency. You will also be able to access local services such as gym memberships or getting an Austrian SIM card.
Yes, there are a few free banking options in Austria. Basic payment accounts (Basiskonto) are designed with lower fees and fewer prerequisites, making them accessible to newcomers, low-income individuals, and those without a fixed address. Students can also benefit from free bank accounts offered by certain Austrian banks, such as Erste Bank, Raiffeisen Bank, and UniCredit Bank.
