Austria is an appealing destination for expats due to its high quality of life, robust economy, and central location in Europe. Whether you’re moving to Austria for work, study, or retirement, one of the first steps in settling into life in Austria is opening a local bank account. Having an Austrian bank account makes it easier to receive your salary, pay rent and utilities, manage day-to-day expenses, and even take advantage of local financial services.

This guide will walk you through the process of opening a bank account in Austria, highlighting the best banks for expats, the necessary documents and requirements, digital banking options, and tips for managing your finances as an expat in Austria.

Best Banks for Expats in Austria

Choosing the right bank is essential for managing your finances efficiently as an expat. Austria has a well-developed banking system, offering a wide range of financial services tailored to meet the needs of both locals and foreigners. Most major Austrian banks have English-speaking staff and online banking platforms in English, making it easier for expats to navigate the system. Below are some of the best banks for expats living in Austria.

1. Erste Bank

Erste Bank is one of the largest and most reputable banks in Austria, offering a wide range of banking services that cater to both residents and expats. Known for its customer-friendly approach and accessibility, Erste Bank has numerous branches across Austria and offers online banking services in English.

Account Types: Erste Bank offers standard current accounts, student accounts, savings accounts, and investment products. The George platform, Erste Bank’s digital banking interface, is user-friendly and available in English.
Fees: Current accounts typically have monthly fees ranging from €4 to €10, depending on the services and features included. The Student Account is usually fee-free.
Pros for Expats: Wide branch network, excellent online banking tools, English-speaking staff, and competitive fees.

2. Raiffeisen Bank

Raiffeisen Bank is another popular choice for expats due to its customer service and presence in both urban and rural areas. It is part of the Raiffeisen Group, one of the largest banking groups in Austria. Raiffeisen provides a variety of banking products for individuals and businesses.

Account Types: Raiffeisen offers current accounts, savings accounts, credit cards, and investment services. The Mein ELBA platform allows for easy online banking and mobile app access in English.
Fees: Current account fees range from €5 to €10 per month, depending on the type of account and additional services chosen.
Pros for Expats: Good customer service, widely available branches, easy online banking in English, and strong community banking approach.

3. Bank Austria (UniCredit)

Part of the UniCredit Group, Bank Austria is known for its broad range of financial products and services, making it a great option for expats looking for both personal and business banking solutions. As a global bank, Bank Austria caters to international clients, offering multi-currency accounts and wealth management services.

Account Types: Bank Austria offers a wide range of personal and business accounts, as well as savings accounts, investment options, and mortgage loans. The 24You account is a popular option for everyday banking.
Fees: Account fees range from €5 to €12 per month for current accounts, depending on the features included.
Pros for Expats: Global presence, English-language support, and multi-currency accounts, making it a good choice for expats with international financial needs.

4. Bawag P.S.K.

Bawag P.S.K. is known for its straightforward banking services and competitive fees. It’s particularly well-suited for expats looking for simple banking solutions without extensive services. Bawag also has a solid digital banking platform, making it convenient for tech-savvy customers.

Account Types: Bawag offers personal accounts, savings products, and credit cards. The Kontobox Basic account is popular for everyday banking and includes debit card and online banking features.
Fees: Account fees start at around €4 per month for basic services, with additional fees for premium features like overdraft protection and insurance.
Pros for Expats: Easy-to-use online banking, low fees, and simple banking products.

5. Volksbank

Volksbank is a community-focused bank that offers personal, business, and private banking services. While it doesn’t have the international reach of Bank Austria or Erste, Volksbank is a great option for those who prefer a more personal banking experience.

Account Types: Volksbank provides a variety of current accounts, savings accounts, and investment products. The Pluskonto account is designed for everyday banking and includes debit cards and online banking.
Fees: Basic current accounts have fees ranging from €3 to €10 per month, depending on the package and services included.
Pros for Expats: Localized customer service, personalized banking, and a strong focus on small businesses and private customers.

Necessary Documents and Requirements

Opening a bank account in Austria as an expat is a relatively straightforward process, though you will need to provide specific documents to meet the bank’s requirements. Generally, Austrian banks require the following documentation:

1. Proof of Identity

You will need a valid passport or national ID card to prove your identity. In some cases, your residence permit may also be required, especially if you are a non-EU citizen.

Non-EU citizens: Passport and residence permit.
EU citizens: National ID card or passport.

2. Proof of Address

Banks will require proof of your address in Austria. This can be provided in the form of:

A rental agreement or lease contract.
A utility bill in your name (such as electricity, gas, or internet).
Meldezettel: This is the official registration document you receive when you register your address with the local authorities. Many banks require the Meldezettel as proof of your legal residence in Austria.

3. Proof of Employment or Income

Most banks will ask for proof of employment or income, particularly if you are applying for additional services like credit cards or loans. This can include:

Employment contract.
Pay slips or proof of regular income.
Tax returns (if self-employed).

4. Residence Permit (Non-EU Citizens)

If you are a non-EU citizen, you will need to provide your residence permit or visa that confirms your legal right to stay in Austria. This requirement is crucial, especially if you plan to use the bank for more than just a simple checking account.

Digital Banking Options

In recent years, digital banking has become increasingly popular in Austria, with many expats opting for fully online banks or digital-first accounts offered by traditional banks. These services offer convenience, lower fees, and easy access to your finances without needing to visit a branch. Here are some of the best digital banking options in Austria:

1. N26

N26 is a German-based digital bank that is available in Austria and across Europe. It is a favorite among expats for its ease of use, low fees, and fully digital approach. N26 offers a wide range of services, including current accounts, savings accounts, and insurance products, all of which can be managed through the mobile app.

Key Features: No monthly fees for basic accounts, real-time notifications, international money transfers via TransferWise, and free ATM withdrawals within the Eurozone.
Pros for Expats: N26’s app and customer service are available in English, making it an ideal choice for non-German-speaking expats. The account can be opened online in just a few minutes.

2. Revolut

Revolut is a UK-based digital bank that has gained popularity in Austria for its flexibility and focus on international banking. Revolut offers multiple account tiers, each with different features and benefits, making it ideal for expats who frequently travel or manage multiple currencies.

Key Features: Fee-free currency exchange, free ATM withdrawals (up to a monthly limit), and multi-currency accounts. Premium users also get perks like travel insurance and higher withdrawal limits.
Pros for Expats: Excellent for managing money across borders, as it allows you to hold and exchange multiple currencies with competitive exchange rates. The app and customer service are available in English.

3. George (Erste Bank)

George is Erste Bank’s fully digital banking platform, offering comprehensive online banking services, including account management, payments, and financial planning. While George is offered through a traditional bank, it’s designed to meet the needs of users who prefer digital banking solutions.

Key Features: Full integration with Erste Bank accounts, easy account management via mobile app, customizable dashboard, and additional services like insurance and investment options.
Pros for Expats: Available in English, George combines the reliability of a traditional bank with the convenience of digital banking.

4. DADAT

DADAT is a relatively new online bank in Austria that offers digital-first banking solutions. DADAT is known for its competitive fees and simple account setup process, making it an attractive option for tech-savvy expats.

Key Features: Low account fees, easy access to current accounts, savings, and investment products, and a mobile-friendly platform.
Pros for Expats: DADAT offers a streamlined approach to banking, with no need for branch visits. It also provides financial products for investing, which is great for expats looking to grow their savings.

Tips for Managing Finances as an Expat

Managing your finances as an expat in Austria requires careful planning and understanding of the local financial system. From navigating banking fees to dealing with currency exchange rates, here are some tips to help you manage your money effectively:

1. Monitor Bank Fees

Banks in Austria typically charge account maintenance fees, which can vary depending on the bank and the type of account. Make sure to choose an account that fits your needs and budget. Look for:

Fee-free options: Some banks offer fee-free accounts for students, young professionals, or those with a minimum balance.
Monthly fee packages: Compare different fee packages to see which services are included (e.g., free ATM withdrawals, international transfers).

2. Use Multi-Currency Accounts

If you regularly travel outside Austria or need to manage funds in different currencies, consider using a bank that offers multi-currency accounts or digital banking solutions like N26 or Revolut. These platforms allow you to hold and exchange multiple currencies without paying high conversion fees.

3. Manage Currency Exchange Wisely

For expats from non-Euro countries, it’s important to keep an eye on exchange rates and find the most cost-effective way to transfer money between currencies. Use services like TransferWise (Wise) or Revolut to make international transfers and currency conversions at competitive rates.

4. Save on ATM Fees

Some banks charge fees for withdrawing money from ATMs outside their network, so check your bank’s policy on ATM withdrawals. If your bank charges high fees for ATM use, consider using services like Revolut or N26, which offer free withdrawals up to a certain limit.

5. Consider Health Insurance and Retirement Plans

Austria has a strong social security system, but as an expat, it’s essential to understand how your health insurance and retirement contributions work. When opening a bank account, check if your bank offers supplementary health or pension plans to ensure you’re fully covered.

6. Budget for Austria’s Cost of Living

Austria is relatively expensive compared to other European countries, so budgeting is crucial. Factor in the cost of housing, groceries, transportation, and healthcare when planning your monthly budget. Use apps like Mint or You Need A Budget (YNAB) to track your spending and ensure you stay on top of your finances.

Conclusion

Opening a bank account in Austria is an essential step for any expat settling into the country. With a variety of traditional and digital banking options available, it’s easy to find an account that suits your needs. Whether you opt for a major bank like Erste or Bank Austria, or prefer the convenience of digital-only services like N26 or Revolut, there are plenty of options to make managing your finances straightforward.

By understanding the necessary documents and requirements, choosing the right account, and following tips for managing your money efficiently, you’ll be well-equipped to handle your finances as an expat in Austria.