Setting Up a Bank Account in Austria

Moving to a different country entails a lot of things. You have to get used to a new daily routine there, and it can be difficult when there' a language barrier. You have to meet new friends and build a strong network here, one that can help you when you need it. And you have to set up a lot of things in your new home country, not the least of which is a local bank account. Don't even attempt at using your old one at home, it will just cost you. If you're moving to Austria, for instance, opening a local account in a bank is easy peasy.

 

The Legality of Setting Up a Bank Account in Austria

There are no laws in Austria that strictly prohibit non-residents from opening a local bank account. However, not all local banks in the country permit it. Due to financial regulations and other similar issues, the bank you're going for might not allow you to set up an account with them. To be sure,  you can always choose an international bank, preferably one with branches in your home country as well. That way, not only can you manage your finances with a bank account here, it will also be easier to transfer money back to your account in your home country. 

 

Opening a Bank Account From Abroad

Ironically, however, there are some banks that will not only allow you to set up a local account as a non-resident but will also permit you to set it up from abroad. A good many local and international institutions in Austria have very strong online platforms. It's usually here where you can open your account or at least start the process of setting up. All you need to do is follow the bank's instructions and show your required documents. It's often better this way too because, by the time you actually arrive in Austria, you can already use your account here. 

 

 

Required Documents You Need to Show

So, what do you need to show an Austrian bank in order to set up a local account with them? The things: proof of identity, proof of residency, and proof of employment. For the first, proof of identity, it's usually your valid passport that will work best. If you can't show that, you can always opt for any government ID, the most common of which is your driver's license. For the second, proof of residency, your apartment lease or utility bill will work just fine. And for the third, proof of employment, make sure you save your contract for when found a job in Austria. That or your company ID will do! 

 

Banking Fees to Expect in Austria

Do note that Austrian banks often impose fees when you set up an account with them. The most common of which is an account fee, which they charge every quarter of a year. The amount varies from bank to bank but they mostly range from €5.97 to €23.97 per quarter. International money transfers will also incur some fees, though transferring cash from an Austrian account to another EU bank account will cost considerably less. And if you use a different bank's ATM machine, no matter where you are, expect your account to have been charged after your transaction. 

 

Best Austrian Banks You Can Choose

Now, which banks should you go for? Bank Austria is one of the biggest in the country and is a wise choice. Not only does it several have ATM machines throughout the country, whether in a Vienna district or a rural region, but it's also one of the handful of local banks that allow non-residents to set up an account. In fact, they even have 'online-only accounts' exclusively for digital transactions. Erste Bank, on the other hand, offers different types of accounts for different types of finances, be it for your storing your salary, saving up for your pension, and the like. 

 

 

When you're planning to move to Austria, setting up a local bank account here should be one of your top priorities. You won't be able to handle your money and manage your finances properly without one!

When you finally have a local bank account here, you can start saving up to get a luxurious Austrian home! Now that's an excellent incentive!