Lexi Webster
Austria is a popular expat destination, and if you're moving there, you'll need to set up an Austrian bank account to manage your finances. While it's not possible to open an Austrian bank account before arriving in the country, there are several banks that allow non-residents to open an account in person, such as Erste Bank. Alternatively, you can opt for an online-only bank account with providers like N26, Revolut, or Wise, which can be set up before your departure and used to manage your money across multiple currencies. Many Austrian banks provide English assistance and expat-friendly services, and some even offer benefits to foreigners, such as travel vouchers and free student accounts.
| Characteristics | Values |
|---|---|
| Account opening process | Online, branch or through an app |
| Account opening time | A few minutes |
| Documents required | Valid address in Austria, valid photo ID, proof of employment or school enrollment |
| Account types | Student account, standard account, youth account, checking account, online-only account |
| Account fees | Free, €2-€5.50 per month, €15-€20 per year |
| International transfers | Free, affordable, low cost, cheapest |
| Card | Debit card, Mastercard, Multi-Currency Card, Bankomatkarte, Kreditkarte |
| Other benefits | Travel voucher, Google Pay, SEPA credit transfers, worldwide branch availability, overdraft facilities, instant social payments, cash deposit |
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What You'll Learn
Online banks offering free accounts
Austria's banking system is highly developed, with around 600 banks, most of which offer online banking and mobile banking services. Cards are more commonly used than cash, and online applications are becoming the norm.
N26
N26 is Europe's largest online bank, with 7 million customers in Austria and across the Eurozone, the US, and Brazil. It is a widely-used and much-loved challenger bank. N26 is also partnered with transfer service Wise, allowing in-app international money transfers at some of the best exchange rates on the market. N26 requires an EU proof of residence to open an account, but not necessarily an Austrian one. It offers three types of accounts in Austria:
- N26 Standard: An online checking account in the N26 app, which allows mobile payments and includes a see-through debit card for a €10 delivery fee. The account is free, with no monthly fees, and affordable international transfers.
- N26 Smart: The upgraded checking accounts allow one extra debit card, spending statistics, and phone support. The account costs €4.90 per month.
- N26 Metal: A premium-tier account option that includes travel and lifestyle insurance, bespoke rewards, and unlimited free ATM withdrawals.
Revolut
Revolut is a fully-fledged bank, licensed by the Bank of Lithuania, and offers deposit insurance and products such as loans and credit cards in parts of the EU/EEA, including Austria. If you sign up as an Austrian resident, you can open an account with Revolut Bank, which offers a range of financial services typical of traditional banks, making it an attractive alternative to high-street banks due to its unique ability to offer low fees and an impressive scope of service. Opening a 'Standard' account with Revolut is completely free, but the delivery of the first debit card will cost around €5. While ATM withdrawals are also free, a 2% fee (at a minimum of €1) will be charged on all withdrawals after the first €200 or five withdrawals every month.
Wise
Wise is ideal for those looking for a multi-currency online bank with low costs and a top-notch card. It is the best online multi-currency account available to Austrian residents and non-residents alike. It is also a great product for holidaymakers, online spenders, and expats.
Bank Austria
Bank Austria offers a free MegaCard-youth account with a €20 voucher when opening an account for the first time. All online payments are free, and you can easily manage banking transactions via smartphone, laptop, or tablet.
Erste Bank
Erste Bank offers a free student account (Studentenkonto) and you can benefit from a free bank account if you are a student. This account can be connected to your student ISIC card. You will typically receive a debit card when you open an account.
UniCredit Bank
UniCredit Bank is an international bank with branches worldwide. They offer English service and don't require proof of Austrian residence. Although their accounts aren't free, they have affordable prices. Premium options could also waive international transfer fees.
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Opening an account as a non-resident
Opening a bank account in Austria as a non-resident is possible, but the process and requirements may differ depending on the bank and your country of origin. Here is a guide to help you open an Austrian bank account as a non-resident:
Types of Bank Accounts
Before opening an account, it is essential to understand the different types of bank accounts available in Austria. The most common type is the Current Account (*Girokonto*), which allows deposits, withdrawals, payments, and local and international transfers. Another option is a Savings Account (*Sparbuch*), which can be opened independently or linked to a *Girokonto*. If you are a student, you may be eligible for a Student Account (*Studentenkonto*), which is often free of charge. Additionally, there are Basic Payment Accounts (*Basiskonto*), which offer vital banking services such as payments, direct debits, and account statements at low or no cost. These accounts are designed to be accessible for newcomers, low-income individuals, and those without a fixed address.
Choosing a Bank
When selecting a bank, consider factors such as language support, location, and online banking services. Compare fees, international transfer options, and customer reviews to find a bank that aligns with your needs. Some popular options include UniCredit Bank Austria, an international bank offering English services, and Erste Group Bank, Austria's largest bank. N26, a mobile-only bank, is also widely used and offers accounts without requiring Austrian residency.
Required Documents
The documents you need to open an Austrian bank account as a non-resident may vary between banks. However, some common documents include a valid identification document (passport, ID card, residence permit, etc.), proof of address or residency registration form (Meldezettel), employment contract or proof of student status, and your recent salary statements to prove you have no outstanding debts in your home country.
Opening the Account
You can open an Austrian bank account either in person or online. However, online account opening is typically restricted to Austrian residents. Therefore, as a non-resident, you may need to schedule an appointment at a local branch and bring the required documents to complete the process. Some banks may also offer video verification for opening an account.
Fees and Charges
When choosing a bank account, pay close attention to the fees and charges associated with the account. While some accounts may have monthly "maintenance" fees, it is advisable to look for a no-fee account that offers free ATM withdrawals and a widely accepted debit card. Additionally, consider the costs of international transfers, as sending money abroad from Austria or receiving money from another country may incur additional fees.
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Student accounts
If you are a student in Austria, you can benefit from a free bank account offered by certain Austrian banks. These include Erste Bank, Raiffeisen Bank, and UniCredit Bank. These accounts can be connected to your student ISIC card, and you will typically receive a debit card for purchases and cash withdrawals.
There are also other options for students, including Revolut, which is a European bank operating in Austria, and Bunq, which is a student-friendly digital bank offering free cash withdrawals, seamless mobile banking, and easy access to an Austrian bank account. Bunq also offers international students seamless global transfers, personalised financial solutions, and effortless money management tailored to student life.
Additionally, you can open a free youth account with Bank Austria if you are between 10 and 20 years old. This account comes with a 20 euro welcome voucher and can be managed through the 24You Online banking and MobileBanking app, allowing you to track your income and expenses anywhere, anytime.
To open a student bank account in Austria, you will typically need to provide proof of identity and proof of student status. Some banks may also require proof of residence in Austria or the EU. It is recommended to check with your chosen bank to understand their specific requirements and criteria.
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Using a multi-currency card
If you're looking to get a free Austrian bank account, you may want to consider using a multi-currency card. These cards can be extremely useful if you're planning to travel to or live in Austria, as they allow you to hold, send, spend, and exchange multiple currencies, including euros, with ease.
One of the most popular options for a multi-currency card is the Wise Multi-Currency Card. Wise is a non-bank alternative that offers a digital account that can be opened from outside Austria. With Wise, you can manage your money across EUR, USD, and over 40 other currencies. The Wise Borderless multi-currency account allows you to hold your money in dozens of different currencies and transfer it to an Austrian bank account whenever needed. Additionally, Wise offers some of the cheapest international transfers globally.
Another option is N26, Europe's largest online bank, which also offers a multi-currency card. N26 provides a fee-free, fuss-free, and paperless way to open an Austrian bank account. You can open an account with N26 in just a few minutes using their app, and you'll get an official German IBAN, enabling you to make payments like a local. N26 also offers affordable international transfers and convenient features like Google Pay and the ability to deposit cash at over 2,000 shops across Austria.
Revolut is another popular choice for a multi-currency card. Like N26, Revolut is free of monthly costs and provides budget-friendly financial services. However, it's important to note that Revolut requires proof of Austrian residence.
When choosing a multi-currency card, it's essential to consider your specific needs and requirements. Some cards may have additional benefits, such as travel insurance or upgraded protection for your mobile phone, which could be valuable if you're planning to travel or live abroad. Additionally, some cards may have more favourable rates for currency conversion or offer a more extensive network of ATMs, which can be advantageous when accessing your money in Austria.
By using a multi-currency card, you can simplify your financial transactions in Austria and take advantage of the convenience and flexibility that these modern banking solutions offer.
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Documents required
To open a bank account in Austria, you will need to verify your identity and address. The documents required will vary depending on your nationality, residency status, and the specific requirements of your chosen bank. Here is a general overview of the documents you may need:
- Proof of Identity: A valid photo ID, such as a passport or driver's license, is typically required to open a bank account. Some banks may also accept other forms of ID, such as a national identity card.
- Proof of Address: You will need to provide a valid address in Austria. This can be confirmed through various documents, such as a recent utility bill, rental agreement, or government-issued ID with your current address.
- Employment Verification: Some banks may ask for proof of employment or income, such as a recent pay stub or an employment contract. This is more commonly required for specific account types, such as credit card applications.
- Student Status: If you are a student, you can benefit from free student accounts offered by certain banks, such as Erste Bank, Raiffeisen Bank, and UniCredit Bank. You may need to provide proof of your student status, such as a student ID or enrollment letter.
- Additional Documents for Non-Residents: If you are a non-resident, opening an Austrian bank account can be more complicated. Certain banks, like Erste Bank, allow non-residents to sign up, but you will likely need to provide additional documentation and visit a branch in person.
- Specific Bank Requirements: Each bank may have its own specific requirements and forms to be filled out. For example, N26, a popular online bank in Austria, only requires your smartphone, a valid Austrian address, and a valid photo ID to open an account. Other banks may have different procedures, so it is essential to check their websites or contact them directly for detailed information.
It is important to note that the requirements may vary, and some banks may have additional or alternative documents they accept. Always check with your chosen bank to ensure you have the correct documents before starting the account opening process.
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Frequently asked questions
You can open a free Austrian bank account online, at a branch, or through a bank app. Some banks that offer free accounts include N26, Revolut, and Wise.
You will need a valid photo ID, a valid address in Austria, and proof of employment or school enrollment.
Yes, but your options are more limited. Certain banks, such as Erste Bank, allow non-residents to sign up, but you will need to go to the bank in person. Online-only banks like Raiffeisenlandesbank NÖ-Wien also allow non-residents to sign up for an account online.
Some popular banks in Austria include Bank Austria, Erste Group Bank, and Raiffeisen Zentralbank.
Yes, many free Austrian bank accounts offer benefits such as low or no international transfer fees, no monthly fees, and no maintenance fees.
