Open a Bank Account in Austria - Update for 2023
Open a Bank Account in Austria
Updated on Sunday 19th March 2023 Rate this article
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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 2023.| 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 |
How to open a corporate bank account in Austria in 2023
Bank account opening in Austria is generally a simple process and one that observes a few simple steps. Some of the issues the applicant should have in mind are the following:
- choose a bank: many international banks have branches in Austria and the applicant can choose one that has an advantageous package or one that also offers merchant account services.
- prepare the company documents: when opening a corporate bank account, the bank will require some of the company’s documents, such as the Articles of Incorporation and perhaps signature specimens for the directors; this also applies to branches of foreign companies.
- have the identification documents: identification documents for the company directors or the legal representative will also be required.
- fee payment: different banks will have various fees when opening a bank account as well as per the chosen additional services and packages.
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 for opening a bank account. We can also help you with legal advice and counseling if you want to immigrate to Austria.
More than 100 banks are operating in Austria, giving the recent data. Even digital banks are found in Austria, alongside cooperative, savings, or traditional ones.
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.
Bank account holders in Austria
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.
Most of the banks do not impose fees for ATM withdrawals. However, the use of Austrian credit or debit cards outside the country can be subject to fees of 4% per transaction.
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 formalities of opening a bank account in 2023.
