Austria has a lot to offer. Naturalists will enjoy the beautiful surroundings, lush valleys, crystal clear rivers, and mountains that surround the city of Aspen. Vienna, Vienna, Salzburg, Graz, and Vienna are among the most beautiful cities in Austria, with old, picturesque architecture, well-preserved squares, visible remnants from Austria’s former imperial era, and an abundance of cultural life, from world-renowned opera and classical music to some of the best museums in Europe to cutting-edge technology and science institutes and events. In addition, Austrian higher education is known across the world for its quality.
Can I open a bank account in Austria?
There is no significant issue with registering a new account if you are an ex-pat residing in Austria. It is still feasible to do this with some banks even if you are a non-resident, although the procedure can involve more paperwork and take longer. For further information, it is best to contact the specific bank as they all provide various services.
How to open a bank account in Austria?
Austria is home to a large number of banks, both local and foreign. You should check with your existing bank to see whether they have a partner in Austria before you begin your search. It’s okay if it doesn’t. There are still lots of other options. Banks and ATMs of the following banks across the world are available in Austria.
However, the majority of ex-pats tend to use Bank Austria, Raiffeisen Zentralbank, or Erste Group as a matter of convenience, as these are the largest. With each of them boasting hundreds, if not thousands, of branches, they’re the most widely spread in Austria. Although the majority of the ex-pats or citizens choose to open a bank account in they are the three largest banks in the country, the bulk of foreigners chooses to utilize them as a convenience. With hundreds, if not thousands, of branches apiece, they’re Austria’s most extensively dispersed companies.
Documents required to open a bank account in Austria
A bank account may be opened with ease by walking into a branch, but you’ll need to provide the proper documentation. Banks may ask for different sorts of papers, but you may expect to be asked for. This includes:
- Identification documents, such as a passport or driving license;
- Employment documents;
- Residency documents such as utility bills or residency registration forms.
Then, you’ll be able to open an account. Current accounts (Girokonto) and savings accounts are the two most prevalent types of accounts in Germany (Sparkonto). In addition, you should be able to withdraw money from ATMs operated by both your bank and other banks, transfer money locally and internationally, and make payments by debit or standing order when you have a checking account. However, depending on the type of account you establish, the specific usage of your account and the related terms and conditions may differ. Take the time to acquaint yourself with this information while setting up your account, as well as the terms and conditions in your welcome material.
Some of the best banks in Austria
Erste Group Bank
One of the oldest banks still in operation is in the Austrian area. The bank’s main office is in Austria’s capital. The bank, founded in 1819, has more than 45,000 workers now, spread over about 7 nations. One of the biggest banks in Austria, the Bank has more than 3,000 branches and provides a comprehensive variety of financial services throughout the whole European Region. The bank generates around $9 million in net interest income.
Raiffeisen Zentralbank (RZB Group)
According to the bank’s total assets, it comes in second on the list behind Erste Group Bank. The Bank is one of the most established financial institutions in the area. In Vienna, the Bank was established in 1927. It employs more than 50,000 people worldwide and serves more than 17 million clients. The bank provides a range of products, such as wealth management, risk advice, insurance, and risk mitigation, as well as investment banking services, with the M&A segment doing well.
UniCredit Bank Austria AG
The bank was established in 1885 and is currently active in numerous nations, including Bulgaria, Croatia, Serbia, Russia, and the majority of the European Union. As of 2016, the bank employed more than 120,000 people. Although the bank’s area of expertise is corporate and investment banking, it also offers its clients retail banking services. Bank Austria Creditanstalt AG was replaced by Unicredit Bank Austria AG in 2008.
The bank, which was established in 1922 and has its headquarters in Vienna, employs over 2500 people in the area. In addition to Europe, the bank is also present in the USA and the UK. 2.5 million clients have been served by the Bank over the past roughly 100 years.