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© Uwe Umstätter / Westend61
© Uwe Umstätter / Westend61
Relocation to Austria

Opening a Bank Account

Usually, to open an account you must attend in person, with a valid photo ID (e.g. passport, driving license, etc.) and your address registration (Meldezettel). In some cases, you might need to show proof of employment or student status, depending on the type of account you need.

Types of Account

The most common type of account is a current account (Girokonto), which usually comes with access to online and mobile banking. Most banks offer some form of savings account (Sparkonto) and/or modest overdraft possibilities (Dispokredit). Larger loans are usually only approved if you can prove a stable income that is above a certain threshold and which is tied to a permanent employment contract. With a solid business plan, small businesses can apply for micro-loans to get started.

  • Payments and Withdrawals

    Current accounts come with the option of a debit card (Bankomatkarte), and many banks offer accounts with a credit card (Kreditkarte). Stores accepting cards will usually read them wirelessly, and chances are that your bank will support contactless mobile payments. Cryptocurrencies are usually not accepted as forms of payment, with a few exceptions. Banks are closed on weekends and on public holidays, but with online banking you can manage most things from home. You can find both ATMs and machines to print out your bank statements in bank foyers, which are usually open around the clock.

  • Fees

    Most Austrian banks charge monthly service fees for your accounts and cards, but in recent years the number of digital-only banks (Neobanks) has risen considerably. These banks operate without branches and can therefore offer services without charging transaction or withdrawal fees. Some traditional banks have begun offering no-fee accounts, and many offer student accounts with reduced or no fees.

Additional Information

advantageaustria.org

Here is an overview of the banking system in Austria.

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