Foreign investors and employees should make it a priority to open a bank account in Austria once they have decided to open a company or take up employment here. This step is not only needed but mandatory in case of company formation. Our team of lawyers in Austria is able to assist entrepreneurs in dealing with all banking matters, preparing the documents and making the necessary submissions in 2024.
| Quick Facts | |
|---|---|
| Who can open a bank account in Austria? | Residents and non-residents in Austria, whether natural persons or companies |
| Formalities to open a bank account in Austria | – work and residence permit, a valid ID, proof of employment for natural persons, – company documents for legal entities |
| Required documents | – Articles of Association and Certificate of Incorporation for companies, – a valid passport and proof of domicile in the case of natural persons |
| Types of bank accounts | – saving accounts, – deposit accounts, – debit and credit accounts |
| Debit or credit card issued with a bank account | Yes |
| Cash deposit to open a bank account in Austria | Some banks in Austria might ask for a small deposit for opening an account |
| Fees to open a bank account | Depending on the selected bank in Austria |
| Banking services offered (YES/NO) | Yes |
| Possibility to open a bank account online (YES/NO) | Yes |
| Possibility to pay online the utility bills (YES/NO) | Yes |
| Overseas money transfers accepted (YES/NO) | Yes |
| Formalities for student bank account | – letter of approval from the University, – proof of residency and identity, – phone number, – specific bank forms |
| Loans option available (YES/NO) | Yes |
| Offshore bank accounts | Yes, specific conditions might apply |
| We provide support for opening a bank account in Austria (YES/NO) | Yes |
Bank account opening in Austria is generally a simple process and one that requires a few simple steps. Some of the issues the applicant should have in mind are the following:
Austria is known as a country that is home to some of the world’s most reputable banking institutions. An attorney at our law firm in Austria can help you with information as well as assistance with opening a bank account. We can also help you with legal advice and counseling if you want to immigrate to Austria.
Austria has around 700 active banks on the market, and the banking system in this country is one of the safest and most solid in the world. Furthermore, because of the European Union’s strict regulations, the holders of bank accounts in Austria are protected if the bank they work with goes bankrupt.
Residency in Austria can be obtained quite easily and quickly if you use the legal services offered by one of our local lawyers. This document is valid between 1 and 3 years, it can be issued in a maximum of 3 months and the application together with family members is also allowed. All legal aspects can be provided by one of our specialists, so do not hesitate to contact us.
The bank account is required not only for corporate incorporation purposes but also for expats living in Austria. This step is a priority for anyone relocating here or for employees in Austria. For individuals, banks will typically require an identification document, proof of employment, and of having an address. Non-residents are also allowed to open a bank account.
Remarkably, it is quite simple to have the salary, loans, and mortgage paid from another bank established in the European Union. As such, citizens coming from non-EU countries who want to live in Austria for a period longer than 3 months are advised to open a bank account in this country.
Cash payments in Austria are made in euros, but those who open bank accounts in this country can opt for various currencies, depending on the bank they work with. This way, credit and debit cards can be issued by local banks and be used in Austria, without problems.
The account maintenance fees for bank accounts in Austria range between EUR 15 and EUR 30. Such fees can be paid monthly or annually, depending on the selected services. One must also consider the fees for withdrawals, overdrafts, cheques, and international money transfers.
For detailed information about banking matters, both for corporate purposes and for foreign employees and those willing to move to Austria, please do not hesitate to get in touch with us.
We provided tailored services and legal counseling for foreign clients. Contact our law firm in Austria for the formalities of opening a bank account in 2024.