Bank Account in Austria

Due to the fact that Austria’s banking system, with over 700 banks, is considered stable and safe to keep your money, there also exist regulations within the European Union to keep your money safe in case your bank, for whatever reason, goes bankrupt. This applies to both savings and current accounts, and your money will be covered to a ceiling of 100,000 euros or the same amount in local currency. This ceiling is per person and per bank.

Types of Bank Accounts in Austria

Current accounts

The current account, Girokonto in German, is the most popular account in Austria. It is for personal use and thus forms part of retail banking. Current accounts include a debit card enabling you to access ATMS. As a rule, they also come with an overdraft. With a current account, you can make standing orders or direct debit. You can also transfer money both domestically and abroad. Access to a connected savings account is also possible. Checks are possible to use although checks nowadays are used less and less in Austria.

Savings account

A savings account, Sparbuch, is a safe place to keep money for short-term savings. It hardly protects against inflation, but it is a good option in case you want to save just a little money in case of a rainy day.

Joint Account

This bank account type is designed for couples, so you usually receive two bank cards per single shared account. You can also receive instant notifications if there is activity within your shared account. This, in turn, will help you keep track of all your transactions together for easier budgeting in the long run.

Credit Card

Usually Kreditkarte credit cards are issued by different companies like VISA and Mastercard. These are not covered under the usual bank charges, so you might be required to pay extra for them. The credit card is to be approved by your bank, and most of them issue it only to an already existing customer.

How to open an account in an Austrian bank for a foreigner

To be able to open a bank account in Austria, you need to have the following documents in your hands: your identity card for example, your passport; proof of residence for example, residence registration form or utility bills, as well as your proof of employment for example, an official employment contract.

Opening an account in Austria is a great deal easier if you are a citizen of the EU/EEA as compared to third-country nationals. Certain banks also permit non-residents to open accounts; Erste is one of these. There is, moreover, the facility for foreigners to handle funds in all currencies, receive updated exchange rates, and perform credit transfers in foreign currency. You would, however, have to get in touch with the bank personally if only for this service.

Opening a corporate bank account in Austria

Opening a corporate bank account in Austria is generally an easy process, which can be done by making a couple of simple steps. Here are some questions the applicant should keep in mind:

• Choose a bank: Many international banks have branches in Austria, and the applicant can choose a bank that has a profitable package of services or a bank which also can offer merchant account services.
• Company documents preparation: For a bank to open an account, it will require some company documents which include, but are not limited to, the Founding Agreement and possibly samples of signatures of directors. It is also required when opening branches of foreign companies in a country.
• Payment of commission: Different banks will have various fees for opening a bank account, depending on the additional services chosen and the selected packages.

Online application and identity confirmation

In case you apply online for the opening of a bank account, confirmation of identity will be required by providing a PostIdent. There are four ways to confirm identity:

• eID: In this case, your personal data and ID card are transmitted via the Internet.
• Photo: You would insert a photo of yourself and record a small video clip to identify your face.
• Video chat: You insert some personal data and call the operator of the VideoIdent-Callcenter with your webcam. They will take a photo of you and verify your identity.
• Post Office: You can visit the post office in person using your personal Postident generated by the Postident portal.

The most popular banks in Austria

When opening a bank account in Austria, you can use the services of one of the following banks:

LGT Bank (Austria) Ltd;

Deutsche Bank (Austria) AG;

Anglo-Australian Bank;

Erste Bank AG;

Raiffeisen Bank International AG;

Euram Bank AG;

Benduro Bank (Austria) AG, etc.

Documents required for opening a corporate account

When opening a corporate account with the bank, you should provide:

The tax number of the company and the registration number of the legal entity in the register;

Company registration address;

Company charter;

Certificate of absence of financial and tax debts.

Benefits of Austrian Banks

• Banking services are provided on an equal basis for all customers, regardless of their nationality;
• Reliability of the banking system, proven by time and high demand;
• Additional measures avoiding double taxation;
• The inability of completely regulating the volume of currency within a state;
• A very high level of confidentiality—information about deposits and owners can only be declassified in one case: when it is proved in court that activity of the owner is connected with illegal transactions;
• The image of the Austrian financial sector;
• Prompt processing of requests.

If you would like to open a business bank account in Austria, then the staff here at RUE will be able to assist you in doing so. We have already gained eight years of experience serving clients with bank account opening in Europe. With a keen grasp of the wide network of our trusted partners in the field of European financial services, we offer the most appropriate and affordable solutions to enhance the performance of the businesses we serve.

Opening a Business Bank Account in Austria

Сonsidered one of the most significant steps taken by every entrepreneur trying to develop business in this country, whose economy is already developed and has a friendly business environment. Austrian banks offer a wide range of services and an individual approach to each client, which makes the process of opening an account simple and comfortable. In this article, we will review the most important aspects and phases of a business account opening in Austria and several advantages of this procedure.

Benefits of Opening a Business Account in Austria

• Stable Economy: Austrian economy is characterized by stability and a favorable investment climate that makes this country appealing to businessmen.
• Favorable Tax Conditions: Austrian tax laws offer several benefits and advantages to businesses, such as low tax rates and various investment incentives.
• Quality Service: Austrian banks provide a high level of customer service with a personal approach for each business.
• Innovations in the Banking Sector: Many Austrian banks offer modern technological solutions, including online banking and mobile applications, which provide convenience and accessibility.

Steps of Opening a Business Account in Austria

The Austrian tax environment is favorable, services are highly developed, and modern technologies are available. A business account in Austria can serve as a reliable means for managing company funds and achieving business goals. When selecting a bank, pay close attention to the bank’s reputation, terms of service, and financial products to find the most suitable option for your business.

Personal Bank Account in Austria

Opening a personal bank account in Austria is an important step toward effectively managing personal finances in this developed European country. Austrian banks offer a range of services and a personal approach, making the account opening process comfortable. Here, we focus on key aspects and steps for opening a personal account in Austria, as well as its benefits.

Benefits of Opening a Personal Bank Account in Austria

• Stable Financial System: Austria is recognized for its economic stability, which positively impacts savings and personal fund management.
• Favorable Conditions for Deposits: Austrian banks offer competitive deposit interest rates, enabling opportunities to grow personal savings.
• Quality Customer Service: Austrian banks provide excellent customer service and a personalized approach.
• Security and Privacy: Austrian banks enforce strict security and privacy policies to protect customers’ financial privacy.

Steps to Open a Personal Bank Account in Austria

Opening a personal account in Austria allows for effective personal finance management within a stable European financial system. The stability, favorable deposit conditions, and quality service make a personal account in Austria a reliable tool for achieving financial goals and security. When selecting a bank, consider its reputation, terms of service, and financial products to ensure you choose the best option for your needs.