How to open a bank account in Austria
Written by Yingyue Li
How to open a bank account in Austria
Austria is a developed country located in central Europe. It is a country with a strong artistic and cultural atmosphere and beautiful natural scenery. The country’s banking system is a stable and low-risk place to keep money.
Despite its relatively limited area, Austria hosts numerous banks and financial institutions. Major banks in Austria include Erste Group Bank, Bank Austria, and Raiffeisen Zentralbank. There are also two online banks: Revolut and N26, which have their advantages and deserve everyone’s attention.
Account Opening Process Overview
To open a bank account in Austria, you generally need to follow these steps:
Opening an account with a traditional bank
1. Gather the necessary documents
To open a bank account in Austria, you need to have the following documents ready:
· Proof of your identity (for example, your passport)
· Proof of residence (e.g. residence registration form or utility bill)
· Proof of employment(e.g. formal work contract)/ proof of student status for international students
· You’ll also usually need a local phone number and an e-mail to use mobile banking
2. Make an appointment
3. In person at the bank: Bring your documents to the appointment and fill out the necessary forms, or you can apply online.
Although English is a widely spoken language in Austria, it is sometimes difficult to find fluent English-speaking staff in banks and administrative departments. Before you visit any branch, make sure the bank has an English-speaking officer or bring along a German-speaking friend.
Other than that, the process is easy as long as you have all the necessary documents. If you miss any documents, call your bank first to see what can be done. Most telephone customer services have English-speaking staff.
4. Waiting for account activation: Once the bank approves your application, they will activate your account. You can expect your card to arrive within four business days.
5. If you open an account with a traditional bank, you will also need to activate online banking by signing in with your pin and photoTAN.
A national or permanent resident of that country. Most recommended: Bank Austria
To open a bank account, you’ll be asked to verify three things:
l Identity (passport or ID card)
l Residence (usually your Meldezettel and a utility bill)*
l Employment or school enrollment
Why recommend it:
1. It offers a cheaper current account compared to Erste Bank and Raiffeisen Zentralbank. Its accounts come with no administrative fees for the first year and €3.00 per month thereafter.
2. Offers a variety of cash-back benefits.
3. Bank Austria is committed to donating the equivalent of the amount deposited in your account to sustainable causes.
4. Most daily services are provided in English
If you are under the age of 18, you can also apply for a free account at Bank Austria. Helping young people to open a bank account can help them develop proper money-planning concepts.
Read more about Teenagers applying for bank cards at Bank Austria and Erste Bank
A student studying in that country. Best in class: Erste Bank
Opening a student bank account in Austria is a free process.
Please be sure to bring your:
l Student registration (or confirmation of your acceptance)
l Valid government-issued photo ID (passport)
l Passport photo
l €50 to activate your account (will be your initial balance)
Why recommend it:
1. Erste Bank is the largest bank in Austria with an excellent online and mobile banking system.
2. If you are an international student, they are also very experienced in handling international affairs in Austria.
3. As long as you’re a student, you can keep your account free until you’re 27, after which it switches to the regular account fee method. And for students, you can get a free basic credit card at Erste Bank.
4. Este Bank’s student bank card also serves as ISIC’s international student ID card, and the need to prove that you’re a student by pulling out your bank card comes in handy when you’re out and about.
If you are a 27–30 year old student then it is advisable to apply for Bank Austria’s bank card. You can use your Bank Austria student account for free until you are 30 years old. This is probably the most attractive thing for older students.
For non-residents. Most recommended: N26
Some banks (such as Erste Bank) allow non-residents to sign up with them. If you are a member of the European Union, opening an account is relatively simple. However, in most cases, opening an account requires a physical visit to the bank, and for foreign customers, a dedicated branch dedicated to serving such customers is often required.
Some good news is that it is possible to set up an online-only bank account in Austria. You don’t need to visit the bank in person to set up an account with them. You can open an account with some banks in Austria without paying any bank fees or minimum deposit. These are often called free bank accounts. Some of the most famous providers of such accounts are N26 and Revolut.
N26 is one of the few banks where you can freely open an online account even if you are not an EU national or Austrian resident. Arguably Europe’s best-known mobile bank, N26 is a widely used and much-loved challenger bank with 7 million customers not only in Austria, but also in the eurozone, the United States, and Brazil.
Documents required to open an account at N26:
l Valid address in Austria
l Valid photo ID
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 a few ways to verify your identity:
l eID
l Photograph
l Video chat
l Post office
Disadvantages
1. There is a fee for deposits through a physical storefront.
2. It is not so friendly for some local auto-debit and some local internet payments.