The Austrian banking system has more than 700 banks and is considered a stable and safe place to deposit money. In addition, EU regulations protect the money in your bank account if your bank fails for some reason. This includes savings accounts and checking accounts. Your funds are protected up to 100,000 EUR or the equivalent in local currency. This limit applies to both individuals and banks.

Types of bank accounts in Austria

Current Account

A Girokonto (current account) is the most popular type of bank account in Austria. It is for personal use and is part of retail banking. A current account includes a debit card that gives you access to ATMs. It often comes with an overdraft facility as well. You can set up recurring payments or direct debits, and you can transfer money locally and internationally from your current account. You can also have a linked savings account. Cheques, while available, are becoming less and less used in Austria.

Savings Account

A sparbuch (savings account) is a safe way to stash short-term savings. It rarely or even covers inflation, but it's a good option if you just want to save some extra cash.

Joint Account

This type of bank account is designed for couples, so you'll typically get two bank cards for one shared account. You'll also be able to receive instant notifications when there's activity on your shared account. Tracking all transactions together is designed to make budgeting easier in the long run.

Credit card

Typically, Kreditkarte (credit cards) are issued by various companies, such as Visa and Mastercard. They are not protected from the usual bank fees, so you may have to pay extra. Credit cards must be approved by your bank, and most banks only issue credit cards to existing customers.

How to open a bank account in Austria for a foreigner

First, to open a bank account in Austria, you must prepare the following documents:

• Your ID (e.g. passport)

• Proof of residence (e.g., residence registration form or utility bill)

• Proof of your employment (e.g., official employment contract)

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

Opening a corporate bank account in Austria is generally a straightforward process involving a few simple steps. Here are some issues that applicants should keep in mind:

• Choosing a bank: Many international banks have branches in Austria and applicants can choose a bank that offers a favourable service package or provides merchant account services.

• Prepare corporate documents: When opening a corporate bank account, the bank will require submission of some corporate documents such as the formation agreement and possibly specimen signatures of directors; this also applies to branches of foreign companies.

• Prepare ID documents: You will also need the ID documents of the company directors or legal representatives.

• Paying Commission: Different banks have different fees for opening a bank account and also depend on the additional services and packages chosen.

• If you decide to apply online to open a bank account, 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 ID card will be sent over the internet.

• Photo - You provide a photo and record a video clip to prove your identity.

• Video chat — You enter your personal data and use your webcam to call an operator at the Video-Ident call center. They take a photo of you and confirm your identity.

• Post Office – You can visit a Post Office in person using your personal Postident generated by the Postident portal.

Most popular banks in Austria

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

• LGT Bank (Austria) GmbH;

• Deutsche Bank (Austria) AG;

• Anglo-Australian Bank;

• Erste Bank AG;

• Raiffeisen Bank International AG Austria;

• Euram Bank AG;

• Benduro Bank (Austria) AG, etc.

When opening a company account with a bank, you must provide:

• The company's tax number and legal entity registration number;

• Company registered address;

• Articles of Association;

• Proof of absence of financial and tax debts.

Advantages of Austrian banks

• Banking services provide equal treatment to all customers, regardless of nationality;

• the reliability of the banking system, which has stood the test of time and is in high demand;

• Additional measures to avoid double taxation;

• Not subject to the constraints of national monetary quantity controls;

• High confidentiality – information about deposits and owners can be decrypted only in a case where it can be proven in court that the owner's activities involved illegal transactions;

• the image of the Austrian financial sector;

• Process requests quickly.

If you are looking to open a business bank account in Austria, our team at RUE will be happy to assist you. We have eight years of experience in helping clients open bank accounts in Europe. We draw on our extensive network of reliable partners in the European financial services industry to offer the most suitable and cost-effective solutions to improve the operational efficiency of the businesses we serve.

Business bank account in Austria

Opening a business account in Austria is a key step for entrepreneurs looking to start a business in this economically developed and business-friendly country. Austrian banks offer their clients a wide range of services and a personalized approach, which makes the account opening process simple and convenient. In this article, we will explore the key aspects and stages of opening a business account in Austria, as well as the advantages of the procedure.

Advantages of opening a business account in Austria

1. Economic Stability: Austria is known for its stable economy and favorable investment climate, making it an attractive place to do business.

2. Favourable tax conditions: Austrian tax law offers many benefits and advantages to businesses, including low tax rates and various investment incentives.

3. Excellent Service: Banks in Austria offer high-quality customer service and a personal approach to every transaction.

4. Innovation in Banking: Many Austrian banks offer modern technological solutions such as online banking and mobile apps to provide convenience and ease to their customers.

Steps to open a business account in Austria

1. Choosinga bank: Research the different banks in Austria and choose one that suits your needs. Consider the bank's reputation, its expertise in serving businesses, and the services it offers.

2. Prepare documents: Prepare the documents required to open a business account, such as identity card, company registration certificate, extract of shareholder register, and other documents that may be required.

3. Apply in person at the bank or online: Apply in person at the bank’s office of choice or fill in the online account opening application through the bank’s official website. Provide all the required documents and fill in 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 business 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 use banking services, including issuance of bank cards, making payments and using other financial services instruments.

in conclusion

Opening a business account in Austria is an important step to successfully conduct business in this developed and innovative country. With its favorable tax environment, high level of service and modern technology, your business account in Austria will become 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 best option for your business.

Personal bank accounts in Austria

Opening a personal bank account in Austria is an important step in effectively managing personal finances in this developed European country. Austrian banks offer their customers a wide range of services and personalized services, making the account opening process simple and convenient. In this article, we will explore the key aspects and stages of opening a personal bank account in Austria, as well as the benefits of the procedure.

Advantages of opening a personal bank account in Austria

1. Stable Financial System: Austria is known for its stable financial system, which makes it an attractive place to store and manage personal funds.

2. Favourable deposit conditions: Austrian banks offer competitive deposit rates, providing the opportunity to increase personal savings.

3. Excellent Customer Service: Banks in Austria provide excellent customer service and personal attention to each customer.

4. Security and Privacy: Bank Austria offers a high level of security and privacy to protect customers’ personal financial data.

Steps to open a personal bank account in Austria

1. Choosinga bank: Research the different banks in Austria and choose the one that's right for you. Consider the bank's reputation, terms of service, and financial products offered.

2. Prepare documents: Prepare the documents required to open an account, such as proof of identity (passport or other document), proof of residential address, and possibly proof of income.

3. Apply in person at the bank or online: Apply in person at the bank’s office of choice or fill in the online account opening application through the bank’s official website. Provide all the required documents and fill in 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 business days.

5. Account Activation and Bank Card Collection and Other Services: Once your application is approved, your personal bank account will be activated and you will be able to use banking services, including issuing bank cards and using online banking.

in conclusion

Opening a personal bank account in Austria is an important step in effectively managing your personal finances in this developed European country. With a stable financial system, favorable deposit conditions and excellent customer service, your personal account in Austria will become a reliable tool for you to achieve your financial goals and ensure your financial security. When choosing a bank, pay attention to its reputation, terms of service and financial products to choose the option that best suits your needs and requirements.