Austria is a prosperous EU nation that is renowned for its multiculturalism and hospitality, and it is a highly sought-after destination for expatriates. If you are relocating to Vienna, the capital of Austria, or a location that is slightly more remote, one of the first things you will need upon your arrival is an Austrian bank account.
Can you open an Austrian bank account from abroad as a US citizen?
While it is possible to establish a bank account from abroad with certain Austrian institutions, this is by no means a guarantee. Additionally, as a US citizen, you may encounter additional obstacles when applying for specific account products or with certain institutions.
This is due to the fact that banks typically have policies in place to ensure the protection of their customers.
Some banks offer online account establishment, although their policies may differ. If you are uncertain about the bank’s policies, please contact the local branch. They will be able to provide clarification on whether there are any actions you can take prior to entering the country.
In some instances, they may also commence the preparation of your documents in order to expedite the process. For instance, Sparkasse® does provide accounts to US citizens; however, the ability to register online will be contingent upon the specific account type.
Which documents do you need to open a bank account in Austria?
Opening a bank account in Austria is a straightforward process.
- Verification of identity (passports are the standard)
- Utility invoices and a Residency Registration form are the typical forms of proof of residency.
- Proof of employment
- Additionally, a local phone number is typically required for mobile banking.
You should ensure that you review the terms and conditions of your account, which will be included in the bank’s welcome bundle. Typically, your debit card, or bankomatkarte, is delivered by mail within a few business days.
The process of establishing a bank account may be more challenging if you are not yet a resident. Certain institutions may be compelled to reject non-resident customers as a result of financial regulations. Some institutions exclusively provide in-person account opening services for non-residents, as opposed to online services.
Before commencing your application, ensure that you have reviewed all of the terms and conditions for the specific bank and account you have selected.
Which Austrian bank is best for expats?
Many expatriates utilize Bank Austria®, Erste Group Bank®, or Raiffeisen Zentralbank® due to their convenience. They are the most prevalent and largest banks in the nation. Nevertheless, the majority of Austrian banks offer English-speaking staff and services that are accommodating to expatriates, should you opt to bank with another institution.
Austria is the home of numerous prominent international banks, in addition to its own institutions. Checking with your home bank to determine whether they have an Austrian bank partner may be worthwhile. If they do, you may find it simpler to register for an account in advance of your move by selecting your current bank’s Austrian partner operation.
In the event that this is not the case, it is likely that you will wish to consider one of the following substantial banking organizations, which have a presence in Austria and the broader region:
Bank Austria
Bank Austria¹ is a member of the UniCredit Group and has a global customer base of over 15 million. The company concentrates on operations in Italy, Germany, and Central and Eastern Europe.
A few of their basic account offerings:
- Relax Account: A fixed-price account that includes a 24-hour service line and standing order payments.
- Online-Only Account: For the purpose of managing transactions online using mobile banking.
- GoGreen Account: This offers no account management fee for the first year of opening
- Student and youth accounts are also available
Erste Bank / Sparkasse®
Erste Bank² is a prominent Austrian bank that serves millions of customers worldwide. As long as you are a resident of Austria, you are eligible to create an account, irrespective of your nationality. The features of certain products and services may vary depending on the location in Austria where you reside.
Some of their fundamental products and features are as follows:
- Establishing an online account
- Classic bank card with multi-account functionality and contactless payment capabilities
- Specialized products and fundamental checking accounts to accommodate diverse customer requirements
- The S credit card is available without an annual fee for the first year.
Raiffeisen Zentralbank
Raiffeisen³ has been operational for more than three decades and is headquartered in Vienna. It maintains an extensive ATM network and operates branches throughout the region.
They can offer you:
- Salary Account: Provides contactless payments and online banking.
- Accident insurance and free account administration are included in the Student Account.
- Youth Account: complimentary account administration, as well as incentives such as discounts at clubs throughout Austria.
- Prepaid and bankomat cards
Austrian bank’s costs and fees
If you are not opening a student or juvenile account, you will likely be charged for your bank account on a quarterly basis. Fees are subject to significant fluctuations; however, certain accounts may temporarily waive these fees in order to attract new consumers.
Additionally, fees may be assessed for the establishment of an account and the application for a credit card. In the event that you inadvertently exceed your account balance, you will be subject to substantial interest and fees.
In addition to standard banking fees, if you send money abroad from Austria or to Austria, you will incur additional fees. Although certain transfers within the EU incur only a nominal charge, the amount can fluctuate from bank to bank.
When transferring a cross-currency payment, an additional fee is typically incorporated into the exchange rate used to convert the currency to the required currency for deposit. It is possible to verify the mid-market exchange rate on Google® to ensure that you are not incurring any losses when conducting an international transfer.