There are hundreds of banks in Austria with a wide variety of services so it may be a bit confusing for new arrivals. That’s why we put together this short overview of questions and answers for expats and non-residents who want to open a bank account in Austria.
Can I open a bank account in Austria?
If you are an expat living in Austria, there is no real problem with opening a new account. Even if you are a non-resident, it’s possible to do so with some banks but you might be required to provide more documentation and the process will take longer.
It is best to check with the individual bank for more detailed information as each provides different services.
What do I need to open a bank account in Austria?
Once you are a resident in Austria, opening a banking account is simple. You can either do so in person or online (though this option is provided only by some banks).
To open a personal account, you must give the bank the following documents:
- Some sort of identification like an ID card or a passport
- Proof of address for the apartment rentals (usually in the form of address registration form (Meldezettle) or an equivalent)
- Proof of employment
It’s good to remember that not all employees of Austrian bank branches speak English so if you have a German speaking friend, ask them to come with you.
If you don’t have the necessary documentation or you’re not sure whether the one you have is sufficient, it might be good to try and call the bank’s service center (which usually staffs English speakers).
What banks are there in Vienna?
The system of banks in Austria follows a tiered structure which organizes the more than 700 banks into three sectors.
Although most banks generally follow these tiers, there are some with more complex or unique business models. The Single-tier structure includes banks which focus on joint-stock, housing construction, and specialized credit, as well as mortgages.
The two-tier banks focus on savings and Co-operatives (Volksbanken). And the last, three-tier banks, are mostly Raiffeisen banks.
Which bank should I choose?
Before you choose a bank to open your new account with in Vienna, it’s best to check if your bank either has a correspondent relationship with one of the Austrian banks or if your current bank is not owned by the same parent company. If yes, then opening a new account in Austria may be way simpler. If you do not have this option, consider the three banks below since they have many ATMs and branches.
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Erste Bank
Erste Bank is very convenient as it has over 2700 branches in 7 countries. It has many specialized accounts for parents, students, young people and more so there is something for everyone. It’s even possible to open your account online and in English.
Raiffeisen Zentralbank
Raiffeisen Zentralbank has over 450 branches with a far-reaching network of ATMs. They provide salary, youth, student, and family accounts. The student account even provides you with discounts in clubs, though sadly, none of the accounts are in English.
Bank Austria
Bank Austria is the most convenient for many. It has around 300 branches but also provides online-only accounts for those who hardly ever visit a bank in person. They provide a wide selection of accounts, mobile banking, low fees as well as debit and credit.
