Austria is a small landlocked south central European nation known for its 18th century Viennese opulence and pristine alps and more people flock around for tourism and work. The official currency is Euro and official language for bank communication is German. If you are looking for a long term stay in Austria, it is always best to open a bank account in Austria for your day to day transactions. It will be easy to pay your landlord and receive money in local currency if you have any business or providing any freelance service.
There are more than 100 banks in Austria , so you have many options to choose your bank according to your need and your resident location. Choose the bank which has affordable service charges and has a good ATM coverage along the country.
If you are a expat choose a international banks which will have English speaking tellers so that you can have a hassle free banking process. You can also check if your home bank is present in the country, so opening a bank account would be a easy .
If you choose to open a bank account in traditional banks ,you have to visit the bank personally to open a bank account, since the online account opening format is still under process and slowly catching up. Some large banks offers online account opening option through their website .
The most preferred bank in Austria are ;
You can also choose digital banks where everything will be online , and you can have all the basic facility you get in a traditional banks .
Debit cards and credit cards are given when you open a account to make cashless transactions .
Once you choose your bank, fill the account opening application and submit all the required documents , some of the documents required are ;
Few banks might need your documents translated to German, so check with the bank for confirmation.
If you are a EU national, documents and account opening will be simpler than expected.
To open a bank account with digital banks , all you need is
Once you arrange all the supporting documents submit your application form for the account opening.
All your verification will be done digitally and through video call.
It takes less than 30 mins to open a bank account if your are EU national , the IBAN number would be generated easily with your existing valid EU ID .
If you are non resident it will take 7-14 business days to open an account and to get your account activated.
Banks in Austria works from 8 Am to 3 Pm on Monday, Tuesday , Wednesday , Friday and 8 Am to 5.30 Pm on Thursday.
Banks dont work on weekends and follows the National holidays in that region.
In Europe you need to take bank appointment before visiting any bank. Make sure you take one before, to avoid any inconvenience.
Once you open a bank account in Austria, you have to transfer your funds from your home country, this you can do either by a SWIFT bank transfer or through a money exchange . Both attracts heavy exchange rates and time consuming.
If you are transferring small amount you can use Wise for your service , or you can compare the best exchange rates on Monito, if you have large amount to transfer ( Anything more than 30000 EURO).
