Open a Bank Account in Austria

Austria’s banking system, with more than 700 banks, is known as a stable and safe place to store your money. In addition, EU regulations protect the money in your bank account if for some reason your bank collapses. This includes both savings accounts and checking accounts. Your money is protected up to 100,000 euros or the equivalent amount in local currency. This limit applies to a person and to a bank.

Types of Bank Accounts in Austria

Current accounts

Girokonto (current account) is the most popular type of bank account in Austria. It is intended for personal use and is part of retail banking. Current accounts include a debit card that allows you to access ATMs. As a rule, they also come with an overdraft. You can set up standing orders or direct debit, and you can transfer money both locally and abroad from your current account. You can also have a linked savings account. Checks are available, but they are currently being used less and less in Austria.

Savings account

Sparbuch (savings account) is a safe way to store money for short—term savings. It rarely even covers inflation, but it’s a good option if you just want to save some money for a rainy day.

Joint account

This type of bank account is designed for couples, so you usually get two bank cards to one shared account. You can also receive instant notifications when there is activity in your shared account. Keeping track of all your transactions together is designed to make budgeting easier in the long run.

Credit card

Usually Kreditkarte (credit cards) are issued by various companies, such as Visa and Mastercard. They are not covered by the usual bank charges, so you may have to pay extra. The credit card must be approved by your bank, and most of them issue it only to an existing customer.

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

Firstly, to open a bank account in Austria, you must have the following documents at hand:

• your identity card (for example, your passport)
• proof of residence (for example, a residence registration form or utility bills)
• your proof of employment (for example, an official employment contract)

If you are an EU/EEA citizen, you will find that opening a bank account in Austria is much easier than for third-country nationals. Some banks, such as Erste, allow non-residents to open accounts. In addition, foreigners can manage funds in all currencies, receive the latest exchange rates and make credit transfers in foreign currency. However, to do this, you need to personally contact the bank.

Opening a corporate bank account in Austria is usually a simple process consisting of a few simple steps. Here are some of the questions that the applicant should keep in mind:

• choose a bank: many international banks have branches in Austria, and the applicant can choose a bank with a profitable package of services or a bank that also offers merchant account services.
• prepare company documents: when opening a corporate bank account, the bank will require some company documents, such as the founding agreement and, possibly, samples of signatures of directors; this also applies to branches of foreign companies.
• have identity documents: you will also need identity documents of the company’s directors or legal representative.
• commission payment: different banks will have different fees when opening a bank account, as well as depending on the selected additional services and packages.
• If you decide to apply to open a bank account online, you will need to confirm your identity by providing a PostIdent. In this regard, there are four ways to confirm your identity:
• eID — For this option, your personal information and identity card are sent over the Internet.
• Photo — You provide a photo and record a video clip of your face to confirm your identity.
• Video chat — you enter personal data and use your webcam to call the operator of the Video-Ident call center. They will take your photo and confirm 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.

When opening a corporate account with the bank, you must 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.

Advantages of Austrian Banks

• Banking services are provided equally to all customers, regardless of nationality;
• Reliability of the banking system, proven by time and high demand;
• Additional measures to avoid double taxation;
• Lack of control over the amount of currency in the state;
• High level of confidentiality – information about deposits and owners can be declassified only in one case: when the owner’s activity is proven in court to be involved in illegal transactions;
• The image of the Austrian financial sector;
• Prompt processing of requests.

If you wish to open a business bank account in Austria, our team here at RUE will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.

Business bank account in Austria

Opening a business account in Austria is a key step for entrepreneurs wishing to develop their business in this country with a developed economy and business-friendly environment. Austrian banks offer a wide range of services and a personalised approach to clients, which makes the process of opening an account simple and convenient. In this article we will look at the key aspects and stages of opening a business account in Austria, as well as the advantages of this procedure.

Advantages of Opening a Business Account in Austria

1. Stable Economy: Austria is known for its stable economy and favourable investment climate, making it an attractive place to do business.
2. Favourable Tax Conditions: Austrian tax laws provide a number of benefits and advantages for businesses, including low tax rates and various investment incentives.
3. Quality Service: Banks in Austria offer high quality customer service and a personalised approach to each business.
4. Innovation in the Banking Sector: Many Austrian banks offer modern technological solutions such as online banking and mobile applications, providing convenience and accessibility for customers.

Steps of Opening a Business Account in Austria

1. Choosing a Bank: Research different banks in Austria and choose the right one for your needs. Consider the bank’s reputation, its specialisation in serving businesses and the services it provides.
2. Preparation of Documents: Prepare the necessary documents to open a business account such as ID card, company registration certificate, shareholder register extract and other documents that may be required.
3. Visit the Bank or Online Application: Visit the office of the selected bank or fill in an online application for account opening via the bank’s official website. Provide all required documents and fill out the account opening application form.
4. Application Review: The Bank will review your account application and verify the documents provided. This process may take several working days.
5. Account Activation and Receipt of Banking Services: Once your application is approved, your business account will be activated and you will be able to access banking services including issuing bank cards, making payments and using other financial instruments.

Conclusion

Opening a business account in Austria is an important step in successfully doing business in this developed and innovative country. With its favourable tax environment, high level of service and access to modern technology, your business account in Austria will be a reliable tool for managing your company’s finances and achieving your business goals. When choosing a bank, pay attention to its 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 to effectively manage personal finances in this developed European country. Austrian banks offer a wide range of services and a personalised approach to customers, making the process of opening an account simple and convenient. In this article we will look at the key aspects and stages of opening a personal bank account in Austria, as well as the benefits of this procedure.

Advantages of Opening a Personal Bank Account in Austria

1. Stable Financial System: Austria is renowned for its stable financial system, which makes it an attractive place to store and manage personal funds.
2. Favourable Conditions for Deposits: Austrian banks offer competitive interest rates on deposits, providing an opportunity to increase personal savings.
3. Quality Customer Service: Banks in Austria provide high-quality customer service and a personalised approach to each customer.
4. Security and Privacy: Austrian banks provide a high level of security and privacy, protecting customers’ personal financial data.

Steps to Open a Personal Bank Account in Austria

1. Choosing a Bank: Research different banks in Austria and choose the right one for you. Take into account the bank’s reputation, terms of service and financial products offered.
2. Preparing Documents: Prepare the necessary documents to open an account, such as identification (passport or other document), proof of residential address, and possibly proof of your income.
3. Visit the Bank or Online Application: Visit the office of the selected bank or fill in an online application for account opening via the bank’s official website. Provide all required documents and fill out the account opening application form.
4. Application Review: The Bank will review your account application and verify the documents provided. This process may take several working days.
5. Account Activation and Receipt of Bank Cards and Other Services: Once your application is approved, your personal bank account will be activated and you will be able to access banking services, including issuing bank cards and using online banking.

Conclusion

Opening a personal bank account in Austria is an important step to effectively manage your personal finances in this developed European country. With a stable financial system, favourable conditions for deposits and quality customer service, your personal account in Austria will be a reliable tool for achieving your financial goals and ensuring your financial security. When selecting a bank, pay attention to its reputation, terms of service and financial products to choose the most suitable option for your needs and requirements.