Banking in Austria
Austrian banking is reliable, secure, and increasingly digital. The sector is dominated by established institutions with extensive branch networks.
Opening a Bank Account
Requirements:
- Valid passport or national ID
- Meldezettel (registration certificate from local Meldeamt)
- Proof of income or employment contract
- Residence permit (non-EU citizens)
- Minimum deposit: €50-100 (some banks)
Major Banks
| Bank | Type | Best For | Monthly Fee |
|---|---|---|---|
| Erste Bank/Sparkasse | Traditional | Largest network, George platform | €4-10 |
| Raiffeisen | Cooperative | Wide coverage, English support | €5-10 |
| Bank Austria (UniCredit) | Traditional | International banking | €5-12 |
| BAWAG PSK | Traditional | Post office network | €4-8 |
| N26 | Digital | Expats, English interface | €0-16.90 |
| easybank | Digital | Low fees, Austrian digital bank | €0-5 |
George — Digital Banking Platform
Erste Bank's "George" platform is one of Europe's best online banking experiences:
- Available in English
- Clean, modern interface
- Bill payments, transfers, budgeting tools
- Available on web and mobile
- Used by over 8 million customers across Central Europe
Account Types
- Girokonto (current account): Daily transactions, salary deposits
- Sparkonto (savings): Interest-bearing savings
- Bausparkonto (building savings): Tax-advantaged housing savings (Austrian specialty)
Payment Methods
Card payments:
- Debit cards (Bankomatkarte) widely accepted
- Contactless payment common
- Apple Pay/Google Pay growing
- Credit cards accepted at most businesses
Cash:
- Still widely used, especially outside Vienna
- Some smaller shops/restaurants prefer cash
- ATMs (Bankomat) widespread and free with own bank
International Transfers
Options:
- SEPA (within EU): Free, 1-2 business days
- SWIFT (international): €15-30, 3-5 days
- Wise (formerly TransferWise): Low fees, fair exchange rates
- Revolut: Multi-currency for frequent travelers
Tips for Immigrants
First month checklist:
- Register address (Meldezettel) at local Meldeamt
- Open bank account (Erste Bank or Raiffeisen recommended)
- Set up Dauerauftrag (standing orders) for rent
- Activate online banking (George if Erste Bank)
- Get Bankomatkarte (debit card)
14-month salary:
- Austrian employers pay 14 monthly salaries (13th in June, 14th in November)
- These bonus months are taxed at favorable rates
- Budget accordingly — larger deposits twice yearly
Pro Tips
- •Get Meldezettel (registration certificate) before attempting to open a bank account
- •Erste Bank George platform offers excellent English-language digital banking
- •Raiffeisen has branches in virtually every Austrian town
- •Austria pays 14 salaries — budget for larger June and November deposits
- •N26 or easybank offer easiest online-only account opening for newcomers
Have questions about banking in Austria?