Opening A Bank Account In Austria: A Step-By-Step Guide

Opening a bank account in Austria is a straightforward process, although the specific requirements and procedures may vary from bank to bank. Some banks allow non-residents to open an account, while others require proof of residency. Many banks offer online applications, while others require in-person appointments. Austria is home to over 444 certified banks, including large international banks and digital-only banks, so it's important to research the specific requirements and offerings of each bank before choosing one that best suits your needs.

Account options: Current, savings, basic payment, and student accounts are available

When it comes to account options, you have a choice of current accounts, savings accounts, basic payment accounts, and student accounts in Austria.

A current account, or Girokonto, is the most popular option for handling personal finances. It allows you to deposit and withdraw money, make and receive payments, and perform local and international transfers. You can open a Girokonto without any fees, and it comes with an International Bank Account Number (IBAN) and free transfers within the Single Euro Payment Area (SEPA).

A savings account, or Sparbuch, is a good option if you want to put some money aside. You can open a separate savings account or link it to your Girokonto. Some banks offer budgeting tools and sub-accounts to help you save.

Basic payment accounts, or Basiskonto, are simplified accounts with lower fees and fewer requirements, making them accessible to newcomers, low-income individuals, and those without a fixed address. These accounts provide essential banking services such as payments, direct debits, and account statements.

Student accounts, or Studentenkonto, are offered by some Austrian banks, such as Erste Bank, Raiffeisen Bank, and UniCredit Bank. These accounts are free and can be a great option for students looking to manage their finances.

In addition to these options, you may also want to consider the various features and services offered by different banks. For example, some banks provide debit cards (Bankomatkarte) or credit cards (Kreditkarte) with their accounts, and many support contactless mobile payments. If you travel frequently, you may benefit from an account that offers travel insurance and 24-hour customer support. Additionally, if you prefer managing your finances digitally, consider a digital-only bank (Neobank) that offers services without charging transaction or withdrawal fees.

Requirements: You'll need ID, proof of address, and sometimes salary statements

To open a bank account in Austria, you'll need to meet certain requirements and provide specific documents for identity verification. Here are the essential details:

Firstly, it's important to note that Austrian banks generally welcome residents and non-residents alike, allowing foreigners to open accounts for various purposes such as personal banking, business transactions, or investments. However, the specific requirements and procedures may vary from bank to bank. Some banks offer accounts specifically designed for non-residents, while others provide the same account options to both residents and non-residents.

If you're a resident of Austria, you have the option to open an account online or in person. Online account opening is a convenient choice and is often available through mobile apps or websites. To open an online account, you'll typically need a valid photo ID, a smartphone, and an email address. Some banks may also require additional documents, such as proof of address or salary statements.

On the other hand, if you're a non-resident, opening an account in person at a bank branch might be your best option. You'll need to schedule an appointment at the nearest branch of your chosen bank. Make sure to bring the necessary documents, which typically include a completed application form, a valid passport or ID card, proof of address, and, in some cases, your last three salary statements to prove you have no outstanding debt in your home country.

It's worth noting that citizens of EU member countries may not need to open a separate Austrian bank account. They can usually receive salaries and handle utilities through their domestic banks. However, if you're a non-EU citizen intending to stay in Austria for an extended period (over a year), opening a local bank account is generally necessary.

Additionally, if you're relocating from a non-EU country, it's a good idea to check with your home bank to see if they have an Austrian partner bank. Using your existing bank's partner operation in Austria can often simplify the process of opening an account before your move.

Online vs in-person: Online is faster, but only available to Austrian residents

When it comes to opening a bank account in Austria, you have the option of doing it online or in person. While the online route is faster and more convenient, it is generally only available to Austrian residents. In contrast, non-residents may encounter more challenges and may need to open their account in person at a bank branch.

For Austrian residents, opening an account online can be a quick and straightforward process. Some banks, such as Bank Austria, offer the convenience of opening an account through their website or mobile app. The requirements are typically simple, including a valid photo ID, a smartphone, and an email address. Video verification may also be necessary. This method saves you from having to visit a physical branch and can be completed in a matter of minutes.

On the other hand, if you are not an Austrian resident, opening an account online may not be an option for you. Some banks may require non-residents to open their accounts in person. This means scheduling an appointment at a local branch and providing the necessary documentation, such as proof of address and identity. Non-residents may also face additional challenges due to financial regulations and specific bank policies.

It is worth noting that some banks in Austria do allow non-residents to open accounts from abroad. However, this is not a guarantee, and you may encounter banks with procedures in place to prioritize the safety of their customers. Therefore, it is always a good idea to contact the bank directly to clarify their policies and requirements before initiating the account opening process.

Additionally, when choosing a bank, consider the specific products and services they offer. Some banks have specialized products for non-residents, while others provide the same account options to both residents and non-residents. International banks operating in Austria may also offer the advantage of applying for an account before your move, leveraging your existing relationship with them.

Non-residents: Some banks only offer in-person account opening for non-residents

Non-residents can open bank accounts in Austria, although the process is more complicated than for residents. While some banks offer the option to open accounts remotely, this is not universally guaranteed. For example, Erste Bank (Sparkasse) and Raiffeisen Bank International (RBI) accommodate non-residents, but a visit to the bank in person is necessary.

To open an account in person, schedule an appointment at the nearest branch of your chosen bank via their website. You will need to bring the following documents: a completed application form, valid identification (e.g. ID card, passport, residence permit, etc.), and, in some cases, the last 3 salary statements to prove you have no outstanding debt in your home country.

If you are not an EU citizen, you may need to provide additional documents, such as a residency registration form (Meldezettel) or other valid proof of residency. It is recommended to call the local branch ahead of time to confirm the required documents and to allow them to start preparing your documents to speed up the process.

Some banks have specific products designed for non-residents, while others offer the same account options to residents and non-residents. These include basic accounts, which do not require Austrian proof of residence, and current accounts for everyday use.

International banks: Check if your home bank has an Austrian partner

Austria is home to a large and well-established banking industry, with over 100 banks operating in the country (over 700 if you include all the local Raiffeisen Credit Cooperative banks). The Austrian banking system is diverse, with traditional banking corporations, international banks, savings banks, cooperative banks, and digital banks all present in the country.

Some of the largest banks in Austria include Erste Bank, Raiffeisen Bank International, and UniCredit Bank Austria. These banks are authorised and regulated by the Oesterreichische Nationalbank (OeNB), Austria's central bank.

If you are moving to Austria, it is advisable to check if your home bank has an Austrian partner. International banks with a presence in Austria include giants such as Deutsche Bank, Citi, and ING. By checking with your local bank, you may find it easier to apply for an account in advance of your move by choosing your current bank's partner operation in Austria.

Alternatively, if your home bank does not have an Austrian partner, you may consider opening an account with one of the large banking groups with a presence throughout Austria and the broader region. For example, UniCredit Bank Austria has over 300 locations and a wide selection of account types, including savings accounts, building finance contracts, loans, and debit cards. They also offer 24/7 customer support lines, mobile and online banking, and low fees.

It is important to note that the process of opening a bank account in Austria may vary depending on your residency status. If you are a non-resident, you will typically need a valid photo ID and proof of address, such as a residency registration form or utility bill. Some banks may also require proof of employment or student status for international students.

Frequently asked questions