How to Open a Bank Account in Austria Online [Complete Process]

open bank account in austria online

Have you been looking for a way to open a bank account in Austria online? This can arise when you plan moving to Austria and if that is the case, then you gonna need a bank account in Austria to manage your finances.

It is even very simple to open a bank account in Austria online thanks to several online banking solutions out there. Whether you plan to open you Austria bank account at a bank branch, online or even from a mobile application, we got you covered in this guide as we will show you the steps to take in order to successfully open a bank account in Austria online.

What Can I Get With An Austrian Bank Account?

In Austria, Girokonto is what they call a standard checking account. Every Austrian bank account has an International Bank Account Number (IBAN) and can make free transfers in the Single Euro Payment Area (SEPA).

These days, you can open a Girokonto for free without paying any fees. You won't have to go through some paperwork and paying for services you don’t use. And while some bank accounts come with a monthly maintenance fee, there's no good reason to choose one that has that. Look for a no-fee account that allows free ATM withdrawals and issues a widely accepted debit card like Mastercard or Visa. Apple Pay and Google Pay functionality are also important aspects to consider.

However, if you are willing to pay a little bit more per month, look for an account that offers you a variety of other useful features to make managing your Austrian finances simple and easy. Budgeting tools, sub-accounts to set aside your savings, rewards for spending, and special insurance packages could all be worth the extra cost.

Plenty of modern bank accounts now come with a full-service app that makes spending, saving even easy and help you keep track of your money a breeze (online banking is a given). If you travel often, consider a bank account with travel insurance and 24-hour customer support. 

Sprechen Sie Deutsch? If your German's still a work in progress, find a bank that's happy to speak English. Or Italian, Spanish, or French. Finally, banking should be frictionless. Look for a bank that clearly communicates the steps of opening an account either locally or online and what to expect once you've completed them. Because things are to be serious as long as your money is involved.

Am I Eligible to Open an Austrian Bank Account?

Residents and citizens of Austria are all eligible to open a Girokonto so long as they do comply with the law and with no intentions of launder money. Many banks also allow residents of other SEPA States to open an account. Some exceptions exist for non-SEPA residents.

Aside from that, all banks love dealing with customers that got income. If you're studying, you'll be asked to prove your school enrollment. Internet access and a smartphone are all it takes to open an account with an online bank (plus the required documents). Or, do it the old fashioned way by bringing your paperwork to a human being at a traditional bank branch of your selected bank.

What Do I need to Open a Bank Account in Austria?

Every bank has its requirements to hold a bank account with them. Same goes for Austrian banks which will require some paper works before you open a bank account. The basic requirements to hold a bank account in Austria are:

  • Identity (passport or ID card)
  • Residence (usually your Meldezettel and a utility bill)
  • Employment or school enrollment

Types of Bank Accounts in Austria

Similar to several other EU and Western countries, the following types of bank account are available in Austria.

Current accounts

The Girokonto (current account) is the most popular type of bank account in Austria. It is for personal use and is part of retail banking. Current accounts include a debit card which allows you to access ATMS. Typically, they also come with an overdraft facility. You can set up standing orders or direct debits and you can transfer money both locally and abroad from your current account. You can also have a linked savings account. Cheques are available, however, these are used less and less in Austria these days.

Savings account

A Sparbuch (savings account) is a secure way to store your money for short-term saving. It rarely even covers inflation, but it is a good option if you want to simply squirrel away some money for a rainy day.

Joint account

This type of bank account is designed for couples, and therefore, you will typically get two bank cards for one account you share. You can also get instant notifications when there is activity on your shared account. Noting all your transactions together is meant to make it easier to budget in the long-run.

Credit card

Usually, Kreditkarte (credit cards) are issued from a variety of companies such as Visa and Mastercard. These aren’t covered by ordinary bank account fees, so you may have to pay extra. A credit card needs to be approved by your bank and most will only issue one to a pre-existing customer.

How to open an Austrian Bank account as an Expat

Opening a bank account in Austria can be pretty simple if you are an EU/EEA national than it can be the case with third-country nationals. Certain banks, such as Erste, allow non-residents to open accounts. Additionally, foreigners are able to manage funds in all currencies, get the latest exchange rates, and make credit transfers in foreign currencies. However, you will need to go to the bank in person to apply for this.

Some of the most popular international banks available in Austria are: Deutsche Bank, CitiBank, and Western Union Bank.

If you decide to apply for a bank account online, you will need to verify your identity by providing a PostIdent. Below are the 4 ways to verify your identity:

  • eID – For this option, your personal information and ID card is sent over the internet
  • Photograph – You provide a photograph and record a video clip of your face to verify your identity
  • Video chat – You input personal data and use your webcam to call a Video-Ident call center agent. They will take your picture and verify your identity.
  • Post office – You can visit a post office in person, with your personalized Postident generated by the Postident portal

Free Online Austrian Bank Accounts

1. N26

This is arguably the best online bank account for foreigners and travelers as it provides a free bank account, free credit card and all benefits and also easy bank account opening. Especially, N26 bank provides English language customer service and English online banking in Austria.

Some of N26 online banking features are:

  • Free Account maintenance for all individuals and business irrespective of monthly deposit
  • Free Cash withdrawal in Euro Countries
  • Free ATM Card Free Credit Card with zero transaction fees
  • English website

2. DKB – Cash

DKB is one of the best banks in Germany and also now also allows Austrian residents to open a bank account online.

Some of DKB banking features are:

  • Free account with no monthly minimum input
  • Free VISA credit card
  • Free worldwide cash withdrawals using VISA card
  • V PAY card from VISA and Visa charge card
  • Free securities account
  • Overdraft facility with only 7.90 per cent interest
  • Monthly credit card and bank statements online

3. Ing-Diba

Some of Ing-Diba banking features are:

  • Joining Bonus* (up to €150)
  • Free Account maintenance with deposits (€300 pm) Free Cash withdrawal in Euro Countries Free ATM Card Credit Card provided

Free Bank Account in Austria for Salary Deposit

1. DADAT bank account

Some of DADAT banking features are:

  • Free Account maintenance for salary account (€1000 pm)
  • Free Cash withdrawal in Austria with Maestro Card
  • Free Credit Card

2. Easy Bank

Some of Easy Bank banking features are:

  • Free Account maintenance for salary account or with regular deposit (€400)
  • Free ATM Card Free Credit Card

3. BankDirekt

Some of BankDirekt banking features are:

  • Free Account maintenance for salary account or with regular deposit (€1000 pm)
  • Free ATM Card Free Credit Card

Useful Bank Account Terms in Austria

When dealing with banks in Austria, you got to know some of the terms used in the native language of this country. These banking terms are:

  • Alle Konten : All Accounts
    • Gehaltskonto : Salary Account
    • Gratiskonto : Free Account
  • Kontoführung(gebühr) : Account maintainance (charges)
  • Vorteile : Pros
    • Startbonus : Joining bonus
    • kostenlos / Gratis : Free
      • Ein- und Auszahlung : Deposit/Withdrawal
      • abheben und bezahlen : Withdraw / Pay
      • Weltweit : Worldwide
    • Bankomatkarte : ATM Card
    • Bargeldabhebung : Cash Withdrawal
  • Dispozins : Overdraft credit rate
  • Habenzins : Interest

Mobile and online banking in Austria

Mobile and online banking are fast becoming the norm for all banks in Austria and other countries, especially under the COVID-19 restrictions which encourage less face-to-face banking services. In fact, most of the banks in Austria offer mobile banking to their customers.

If this is your preference, you have options to open your account as well as manage all your finances on your mobile. In Austria, mobile payments are worth about €2,192 million a year.

Fortunately, Austria has several online banks, such as N26, bunq, and Raiffeisen Landesbank, which allow you to set up a bank account and manage your finances entirely through your phone. Meanwhile, big banks, such as Bank Austria, offer mobile banking as part of their all-encompassing services.

How to Open an Austrian Corporate Account

In Austria, there are retail, corporate, and investment banks and there is often overlap. For example, DenizBank AG provides retail and corporate banking, while Deutsche Bank offers corporate and investment banking and deals exclusively with corporate clients; including small businesses and large corporations.

Generally, they offer services like trade finance, loans and credit, equipment lending, and commercial real estate. Typically, banks offering corporate accounts require you to make an appointment. When you make the appointment, they will tell you what documentation you will need to bring along with you.

How to Open a Bank Account in Austria for Your Children

Youth banking in Austria is supported and well-facilitated to start children off early with a sense of financial responsibility. Several banks in Austria offer free accounts for children from the ages of 10 to 18. A pin point case can be seen 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.

Additionally, Bank Austria's MegaCard is a debit card for young people. Typically, these cards have no overdraft facility and are simply free accounts to allow for cashless payments. You can easily apply for them online.

Things to Consider When Choosing an Austrian Bank

1. Monthly Maintenance Charges

Most banks in Austria charge a monthly maintenance fee for your normal current account (Girokonto). Therefore, it is important to check the terms to see if they charge any monthly or annual maintenance fee.

Some banks exempt you from maintenance fees if you have a salary account or make regular monthly deposits.

2. Cash Withdrawal Charges

Once you get a current account or checking account (Girokonto) opened in a bank, you will be provided with an ATM card to allow you to withdraw your money from the bank ATM network.  Look for Banks which offer free cash withdrawals from other bank ATMs.

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References:
https://n26.com/en-eu/blog/how-to-open-a-bank-account-in-austria
https://www.expatica.com/at/finance/banking/austrian-bank-account-87245/
https://banks-austria.com/

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