How to open a bank account in Austria

How to open a bank account in Austria

Expats love this beautiful European nation known for its rich history, sport, music, nature and the local’s hospitality. Vienna is special in the hearts of many as it consistently sits on top of lists of Europe’s best places to live in. It is the same for expats as Austria is one of the top choices for students, workers and retirees.

If you are looking to move there, opening a bank account in Austria will certainly be one of your priorities. Here is our guide on how to open a bank account in Austria:

Documents needed to open a bank account in Austria

It is easy to open a bank account in Austria. Here is what you need:

  • Identification such as your passport
  • Proof of address such as your Residency Registration Form and utility bills
  • Proof of Employment

Austrians may not speak English so it is best that you check with the bank first if there are English speaking staff. It is a good idea to have a friend that speaks German. Other than that, the process should be easy as long as you have all the necessary documentation. If you don’t, you may be able to get information from the agents themselves. It is also possible to call the bank first and get information as most have phone service centres with English speaking staff.

Can I open a bank account in Austria as a non-resident?

Yes, it is possible to open an account in Austria as a non-resident but the process may be a bit more difficult and the account may come with certain limitations as Austrian regulations force banks to reject non-residents. There will be banks that offer what is called “international accounts” so check with your choice of bank before visiting a branch.

Best banks in Austria

The largest banks in Austria are Bank Austria, Erste Group Bank and Raiffeisen Zentralbank. Therefore these are the most convenient options thanks to their extensive branch and ATM networks. They have English speaking staff and phone services, English online banking and experience working with foreigners.

There are many other banks which includes international giants such as Deutsche Bank and Citi and these may be good options if your bank has a correspondent relationship with one these which means you may be able to easily open an account in Austria. Check with your local bank to see if this is a possibility.

  • Bank Austria: with 300 locations and multiple accounts that will fit to your every need, Bank Austria has offers with 24 hour service lines, mobile banking, low fees and options for debit and credit. Check out their online only account which could be an option if you rarely visit a branch.
  • Erste Bank / Sparkasse:  with 15 million clients globally and over 2700 branches in 7 countries, this is a large bank with offers for everyone. For example, they have special accounts for parents, youths and students, and if you want one just to receive your salary or regular deposit. It is possible to open your account online and in English.
  • Raiffeisen Zentralbank: with 475 branches and a wide reaching ATM network (you can search for them on their homepage), you can open salary, student, youth or family accounts easily. The student account comes with discounts in clubs and all of them have options for debit cards. Not in English.

Opening a bank account in Austria is a fairly straightforward process. You are likely to find someone that will be friendly and speaks English and fees will be low. You will be charged every quarter for a maintenance fee that will range between 5 and 30 euros. It is important to ask for a list of fees because with certain banks these may vary greatly specially for using out of network ATMs.

The virtual bank account alternative

It is expensive to send money outside Europe from Austria

Within the EU, transfer money is either free or you are only charged a nominal fee. However, if you need to transfer money to any other country chances are you will be faced with excessive charges. These make sense: banks use older systems such as SWIFT which not only incur a fee but they also have to do the currency exchange way above the mid market rate. This rate, which is the rate a bank uses to transfer money to another, is low indeed. Yet, banks charge sometimes 10x rate to convert euros into some currencies. For example, if you want to transfer 10 thousand euros to India, you will end up receiving only 9000 euros worth of euros in India after all the fees. This is a reality with nearly all banks.

The virtual bank account with B2B Pay is a good alternative because we have a flat fee of 1%. It means that instead of 1000 euros for a transfers, you pay 100. You get your own European IBAN just like a normal account and you get send and receive money from and to many countries. Money gets there faster too, twice as fast, in fact. In some regions, we are able to deliver your money in hours. If you want to try an account to transfer money abroad, try B2B Pay.

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How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.



How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.


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