I guess if you made this search, this means that you have been looking for a way to open a bank account in Austria online? Well this often becomes a call for alarm when you are planning to move to Austria and if that is the case, then you will be needing a bank account in Austria that will help you manage your finances once you are already in Austria.
You might be surprise to here that it is very simple to open a bank account in Austria online and this is thanks to the numerous online banking solutions that exist there.
Regardless of the fact whether you plan opening an Austria bank account at a bank branch, online or even home from your laptop via a mobile application, then you have found the right article as we will show you the various steps that you have to take in order to successfully open a bank account in Austria online.
Banking System in Austria
Austria has a large and well-established banking industry with a centuries-long history. In Austria, approximately 100 banks will be in operation by 2021. (over 700 if you count all the local Raiffeisen Credit Cooperative banks).
Traditional banking corporations, international banks, savings banks, cooperative banks (such as Volksbanken and Raiffeisenlandesbanken), and digital banks are all present in the country.
Erste Bank, Raiffeisen Bank International, and UniCredit Bank Austria are among Austria's largest banks, all of which are authorized and regulated by the Oesterreichische Nationalbank (OeNB), the country's central bank.
Do You Need An Austrian Bank Account?
The answer can be no if you hold a bank account in another EU nation. The ease with which your salary, mortgage, loans, and insurance can be paid out of or into another EU bank is noteworthy in Austria.
However, it would be wise to open an Austrian bank account if you are from a nation outside of the EU and you intend to stay in Austria for an extended period of time. This is especially important if you want to buy a house or apply for a mortgage at any point.
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Am I Eligible to Open an Austrian Bank Account ?
Citizens and Residents of the Austrian territory are all eligible to open a Gironkoto bank account as long as they do comply with the law and with no intentions of money laundery. Numerous banks also allows residents of other SEPA states to open an account in Austria.
With that kept aside, it is of no doubt that all banks love dealing with customers that got income and if you are studying, it is no surprise that you will be asked to prove your school enrollment.
All you need to open an account with an online bank is internet access and a smartphone alongside the required documents. Or better still, if you are not use to online stuffs, you can decide doing it the old fashion way by bringing your documents at a traditional bank branch of your chosen bank.
What Can I Get With An Austrian Bank Account?
In the Austrian territory, Gironkoto is what they refer to as a standard checking account. Just like some other banks, every Austrian bank account has an International Bank Account Number ( IBAN) and can carryout free transfer in the Single Euro Payment Area.
Nowadays, you are able to open a Gironkoto for free without having to pay any charge and you will not have to go through some paper works alongside paying for services that you do not use. It is often advisable that you look for a no-free account that lets you make free ATM withdrawals and also provide you with a widely accepted debit card like Mastercard and Visa.
Do not forget to also take into consideration Apple Pay and Google Pay as they are also important functionalities.
Well in case you might be willing and able to pay a little bit more per month, then you will have to look for an account that offers you with a variety of other necessary features that makes managing your finances simple and easy. These features include budgeting tools, sub-accounts, and special insurance packages which can be worth an additional cost.
Today, there are numerous bank accounts that now come with a full service app that makes spending and saving even easier and also helps you keep track of your money. Incase you are the type that travel a lot, then you will have to consider opening an account with a travel insurance and 24-hour customer support.
Often take into consideration the need of finding a bank that is happy to speak English or Italian, Spanish or French which are actually the most widely spoken languages in the world.
Also banking should be fluid, so look for a bank that clearly communicates the steps of opening an account either locally or online and what you have to expect once you have completed them because, as long as it concerns your money, then things need to be serious.
What Do I need to Open a Bank Account in Austria?
Well you cannot obtain a fixed answer to this question as obviously every bank has its own requirements in order to open a bank account with them.
This also applies to banks in Austria as they will require some documentation before you can open a bank account. Even though every bank will have its own requirements, below are some basic requirements that you will encounter if you want to open a bank account with any bank in Austria.
- Identity- Passport or ID Card
- Employement or School enrollment
Types of Bank Accounts in Austria
Just like many other many other European Union and Western countries, the following types of bank accounts can be found in Austria.
In Austria, it is known as Sparbuch( Savings account) and it is a secure way that allows you to store tout money for short term savings. And advantages of this is that it barely covers inflation and it is an amazing option if you are planning to keep aside some funds for rainy days.
This is actually the most widely known type of bank account in Austria and it is for personal use and also part of retail banking. With a current account, you will be provided with a debit card that allows you to access ATMs alongside also coming with an overdraft facility.
By making use of your current account, you can set up standing orders or direct debits and can also transfer money both locally and overseas. Cheques are also available but the number of people still using cheques in Austria is on a fast decrease.
As the name implies, this type of bank account is designed for couples and therefore you will get 2 bank cards for one the one account that you share and you can also receive instant notifications when there is an activity on your shared account. Putting together all your transactions is meant to make it easier for you to budget in the long run.
Most often, Credit cards are provided from a variety of companies such as Visa and Mastercard and these are not covered by ordinary bank account fees so you might have to pay some extra fees for this. A credit card first of all need to be approved by your bank and most banks will only give one to pre-existent customer.
Can I Open a Bank Account in Austria as a Non Resident?
It is possible for non-residents to open accounts in Austria, and many banks now provide international accounts (Austria is cautious about allowing foreigners to open accounts here), but in many cases, it will require a personal visit, sometimes with a specialized branch of the bank that only serves foreign customers. It is better to phone the bank you prefer to find out what paperwork is required, then make an appointment to visit.
How to Open an Austrian Bank Account as an Expat
You will find out that opening a bank account in Austria can be quite simple if you are an EU/EEA national as compared to the case with third country nationals.
Some banks such as Erste, allow non residents to open accounts. and more to that, foreigners are able to manage funds in all currencies. However, you will have to go to the bank in person so as to apply for this.
Here are some of the most popular international banks available in Austria;
- Deustch Bank
- Western Union Bank
Incase you choose to apply for a bank account online, you will need to verify your identity by providing a postident. Below are the 4 ways through which you can verify your identity;
- eID- For this option, your personal information and ID card is sent over the internet
- Post Office- You are able to visit a post office in person, with your personalized postident generated by the Postident portal
- Photograph- Here, you have to provide a photograph and record a video clip of your face to verify your identity.
- Video Chat - Here you input personal data and use your webcam to call a video-Ident call center agent and they will take your picture and verify your identity.
Free Online Austrian Bank Accounts
This is probably the best online bank account for foreigners and travelers as it offers a free bank account, free credit card and all benefits along side easy bank account opening. Most especially, N26 bank provides English language customer service and English online banking in Austria.
N26 Online Banking Features
- English website
- Free Account maintenance for all individuals and business regardless of the monthly deposit
- Free ATM card free credit card with Zero transaction fees
- Free cash withdrawals in Euro countries
2. DKB - Cash
DKB is actually one of the best banks in Germany and they also allow Austrian residents to now open a bank account online.
DHB Banking features
- Monthly credit card and bank statements online
- There are free account with no monthly minimum input
- Free Visa credit card
- V Pay card from VISA and visa charge card
- There are overdraft facility with only 7.90 per cent interest
- free securities account
3. Ing - Diba
- Joining Bonus * ( up to 150 Euro)
- Free Account maintenance with deposits ( 300 Euro per month) Free cash withdrawal in Euro countries alongside free ATM Card credit card provided.
How to Open a Bank Account in Austria for your Children
Youth banking in Austria is supported and well facilitated to begin children off early with a sense of financial responsibility. There exist numerous banks in Austria that offer free accounts for children from the ages of 10 to 18.
You can see the case with Erste Bank which offers a Spark7 account that is overseen by parental figures until the age of 18 when the child gains full legal capacity.
More to that, there are debit cards for young people such as Megacard and typically, these cards have no overdraft facility and are simply free accounts to allow for cashless payments. You can easily apply for them online.
Mobile and Online Banking in Austria
Mobile and online banking are quickly becoming the norm for all banks in Austria and other countries, particularly with the COVID-19 restrictions encouraging less face-to-face banking services. In fact, the majority of Austrian banks provide mobile banking to their customers.
If this is your preference, you can open an account and manage all of your finances on your mobile device. Mobile payments in Austria are worth approximately €2,192 million per year.
Fortunately, Austria has a number of online banks, such as N26, bunq, and Raiffeisen Landesbank, that allow you to open a bank account and manage your finances entirely from your phone. Meanwhile, large banks, such as Bank Austria, provide mobile banking as part of their comprehensive services.
How to Open an Austrian Corporate Account
In Austria, there exist retail, corporate and investment banks and there is often overlap like for example Denizbank AG provides retail and corporate banking while Deutsche bank provides corporate and investment banking and deals exclusively with corporate clients; including small business and large corporations.
They typically provide services such as trade finance, loans and credit, equipment lending, and commercial real estate. Generally, banks that offer corporate accounts require you to schedule an appointment. When you make the appointment, they will inform you of the documentation you will need to bring with you.
Things to Consider when selecting an Austrian Bank
1. Cash Withdrawal charges
When you open a current account or checking account (Girokonto) with a bank, you will be given an ATM card that will allow you to withdraw money from the bank's ATM network. Seek out banks that provide free cash withdrawals from other banks' ATMs.
2. Monthly Maintenance Fee
Most Austrian banks charge a monthly maintenance fee for your standard current account (Girokonto). As a result, it's critical to read the fine print to see if there's a monthly or annual maintenance fee.
If you have a salary account or make regular monthly deposits, some banks waive maintenance fees.
What to do If You are Denied a Bank Account in Austria
Generally, if you are a legal resident in any EU country, you are entitled to open a basic payment account. In Austria, a bank cannot refuse to open your account simply because you don’t live where the bank is established. However, this right doesn’t extend to savings accounts and other types of bank accounts.
Additionally, a bank may refuse to open your account if you don’t fulfill the requirements of the EU rules on money laundering and terrorist financing. However, if you feel you have been treated unfairly, it is possible to take the issue to the out-of-court dispute resolution scheme.
Final Thoughts on How to Open a Bank Account in Austria Online
I hope you found this article helpful to you?. In this article you can discover the various ways through which you can open a bank account in Austria both online and in person and even for your Children so it is left to you to decide and follow the various that things that you have to take into consideration so as to open a bank account in Austria.
Above in this article, you can also find the requirements that every bank will demand from you incase you want to open bank account in Austria, so if you are planning to move to Austria or you are already in Austria, it is necessary that you gather all the required documents before starting the process.
Frequently Asked Questions on How to Open a Bank Account in Austria Online
Can foreigner open bank account in Austria?
Yes, foreigners can open a bank account in Austria, but they'll generally need to show a valid photo ID and proof of address (which doesn't need to be in Austria).
Can you open an international bank account online?
Yes! Citizens of any country can remotely open a bank account abroad electronically. This allows them to save time and money on flights, and sometimes on courier expenses if the bank accepts documents submitted online.