OPENING A BANK ACCOUNT IN AUSTRIA

OPEN A BANK ACCOUNT IN AUSTRIA

With over 700 banks in Austria, the country’s banking system is known to be a stable and low-risk place to keep your money. Furthermore, EU rules protect the money in your bank account if, for some reason, your bank collapses. This includes both savings accounts and current accounts. Your money is protected up to a limit of €100,000 or the equivalent in local currency. This limit applies per person and per bank.

Types of bank accounts in Austria

• Current accounts

The Girokonto (current account) is the most popular type of bank account in Austria. It is for personal use and is part of retail banking. Current accounts include a debit card which allows you to access ATMs. Typically, they also come with an overdraft facility. You can set up standing orders or direct debits and you can transfer money both locally and abroad from your current account. You can also have a linked savings account. Cheques are available, however, these are used less and less in Austria these days.

• Savings account

A Sparbuch (savings account) is a secure way to store your money for short-term saving. It rarely even covers inflation, but it is a good option if you want to simply squirrel away some money for a rainy day.

• Joint account

This type of bank account is designed for couples, and therefore, you will typically get two bank cards for one account you share. You can also get instant notifications when there is activity on your shared account. Noting all your transactions together is meant to make it easier to budget in the long run.

• Credit card

Usually, Kreditkarte (credit cards) are issued from a variety of companies such as Visa and Mastercard. These aren’t covered by ordinary bank account fees, so you may have to pay extra. A credit card needs to be approved by your bank and most will only issue one to a pre-existing customer.

How to open an Austrian bank account as an expat

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

• your proof of identity (for example, your passport)
• proof of residency (such as a Residency Registration Form or utility bills)
• your proof of employment (such as an official job contract)

If you are an EU/EEA national, you will find that opening a bank account in Austria is much simpler than third-country nationals. Certain banks, such as Erste, allow non-residents to open accounts. Additionally, foreigners are able to manage funds in all currencies, get the latest exchange rates, and make credit transfers in foreign currencies. However, you will need to go to the bank in person to apply for this.

Corporate bank account opening in Austria is generally a simple process and one that observes a few simple steps. Some of the issues the applicant should have in mind are the following:

• choose a bank: many international banks have branches in Austria and the applicant can choose one that has an advantageous package or one that also offers merchant account services.
• prepare the company documents: when opening a corporate bank account, the bank will require some of the company’s documents, such as the Articles of Incorporation and perhaps signature specimens for the directors; this also applies to branches of foreign companies.
• have the identification documents: identification documents for the company directors or the legal representative will also be required.
• fee payment: different banks will have various fees when opening a bank account as well as per the chosen additional services and packages.

If you decide to apply for a bank account online, you will need to verify your identity by providing a PostIdent. In this regard, there are four ways to verify your identity:

• eID – For this option, your personal information and ID card is sent over the internet
• Photograph – You provide a photograph and record a video clip of your face to verify your identity
• Video chat – You input personal data and use your webcam to call a Video-Ident call center agent. They will take your picture and verify your identity.
• Post office – You can visit a post office in person, with your personalized Postident generated by the Postident portal

Assistance in opening a bank account in Austria includes consulting a lawyer on the availability of appropriate documents for opening an account, conditions for opening an account, bank tariffs, escorting to the bank, assistance in filling out bank documents and other services in the banking sector.

Opening and maintaining an account in an Austrian bank is one of the main activities of our lawyers and economists. Sign up for a consultation and see for yourself the professionalism of our specialists.