Austria – Banking

What are the main banks in Austria?

The Austrian banking sector is built around a tiered framework comprising joint-stock banks, savings banks (Sparkassen), and cooperative lenders (Raiffeisenbanken and Volksbanken). This layered structure gives newcomers a substantial range of institution types to choose from, spanning large national players as well as smaller community-focused lenders tied to specific regions.

Erste Group Bank AG is Austria’s largest bank by total assets, recording €108.11 billion as of 2024 and holding a 10.64% share of the market. Its portfolio spans personal banking, corporate finance, investment products, and digital services, and the group maintains operations across seven countries. Official website: erstegroup.com

UniCredit Bank Austria AG is the second largest institution by total assets, with €101.63 billion in 2024 and a 10% market share. Originally established in 1855, Bank Austria has operated as part of the UniCredit Group since November 2005. Official website: bankaustria.at

Raiffeisen Bank International AG (RBI) occupies third position by total assets, at €82,075 million in 2024, equating to an 8.08% market share. RBI’s offering spans asset management, mergers and acquisitions advisory, and leasing, and the bank maintains a significant international footprint across 14 countries. Official website: rbinternational.com

BAWAG P.S.K. is among Austria’s most prominent banks, serving over 1.6 million retail and corporate clients under a well-recognised national brand. The bank focuses on delivering retail, small business, corporate, real estate, and public sector banking with an emphasis on straightforwardness, transparency, and competitive pricing. Official website: bawag.com

Volksbank Wien AG is a Vienna-based regional bank with roots going back to 1905, concentrating on retail and corporate banking services for customers in Vienna and the surrounding Lower Austria region. Official website: volksbank.at

Oberbank AG is an independent regional institution employing over 2,000 people, with branches spread across Austria, Germany (Bavaria), the Czech Republic, Hungary, and Slovakia. Official website: oberbank.at

At the apex of the Austrian banking framework sits the Oesterreichische Nationalbank (OeNB), which governs monetary policy and oversees the broader banking sector. Day-to-day supervision of banks, insurers, and other financial market participants is the remit of the Financial Market Authority (FMA). For a comprehensive and current register of all banks licensed to operate in Austria, consult the FMA’s official website at fma.gv.at or the OeNB at oenb.at.

Do any major international banks operate in Austria?

By virtue of Austria’s membership of the EU and the European banking union, the country’s financial system is considerably more open to cross-border participation than those of countries outside the single market. Many international institutions are therefore present in Austria, either through direct subsidiaries or via passported services from their home EU jurisdictions.

UniCredit Bank Austria AG, founded in 1991 and headquartered in Vienna, is a major force in the local market with total assets of €99.03 billion as of 2023. It provides personal, corporate, investment, and digital banking, and its parent UniCredit Group gives it strong connectivity across multiple European markets.

The ECB’s register of supervised institutions includes 9 less significant institutions that are affiliates of financial groups based outside the euro area. Among these is ICBC Austria Bank GmbH, a subsidiary of the Industrial and Commercial Bank of China. As of October 2025, European Banking Authority data cited by Wikipedia indicates no branches of banks headquartered outside the European Economic Area were operating in Austria — though this position may evolve, and readers should verify directly with any bank of interest.

Austria hosts a number of internationally recognised banking names. It is worth checking with your existing home-country bank whether it has a partner institution in Austria, as such a relationship may simplify the process of establishing an account before your move.

Major retail banks such as HSBC and Barclays do not currently operate retail branches in Austria. That said, because Austria is an EU member state, any bank holding a licence in another EU country may extend services to Austrian residents under EU passporting provisions. Always verify the current position of any international institution directly with the bank or through the FMA’s register at fma.gv.at, as the international landscape can shift over time.

Do banks in Austria offer accounts or services specifically for expats?

It is worth noting that no bank in Austria offers a current account (Girokonto) designed exclusively for foreign nationals. Nevertheless, a number of leading banks have developed tailored services, account features, and dedicated support specifically aimed at international customers, non-residents, and staff of diplomatic missions or international organisations.

Bank Austria (UniCredit) explicitly states that customers can manage their Austrian financial affairs without being resident in the country. As a commercial bank, Bank Austria extends services to non-residents — including private clients living abroad, those posted to diplomatic missions, and employees of international organisations (expatriates). You can reach Bank Austria via bankaustria.at.

As part of the UniCredit Group, Bank Austria can offer a broad range of financial products, including multi-currency accounts and wealth management services for internationally mobile clients. Monthly fees for current accounts range from €5 to €12 depending on the features selected (as of 2024) — verify the latest pricing directly with the bank.

Erste Bank is one of Austria’s largest and most established institutions, offering a comprehensive range of services for both residents and internationally mobile customers, including a substantial branch network and English-language online banking. The George platform — Erste Bank’s digital banking interface — is user-friendly and available in English. Monthly fees for current accounts typically fall between €4 and €10 depending on the services included (as of 2024).

Erste Group Bank’s accounts are accessible to non-residents in Austria, with applicants generally needing only to present a valid photo ID and complete an online verification process.

Raiffeisen Bank is a popular choice among internationally mobile residents thanks to its customer service standards and wide presence in both cities and rural communities, and forms part of the Raiffeisen Group — one of Austria’s largest banking networks. Its Mein ELBA platform provides a convenient online and mobile banking experience in English. Monthly fees for current accounts range from €5 to €10 depending on the account type and additional services chosen (as of 2024).

Dedicated student accounts are available at several banks, including Erste Bank, Volksbank, and Raiffeisen Bank, all of which offer feature-rich accounts at low or zero monthly cost to eligible applicants. Always confirm the current terms and fees directly with the institution, as these are subject to periodic change.

What are typical bank opening hours in Austria?

Austrian bank branches operate broadly within standard weekday business hours. Most open between 8:00 and 9:00 am and close between 3:00 and 5:30 pm from Monday to Friday, with some branches observing a midday break of roughly one hour around lunchtime. Hours differ across banks and locations, so it is advisable to confirm with your local branch directly.

As a general rule, Austrian banks close on Saturdays, Sundays, and public holidays. Certain larger branches located in city centres or within shopping centres may offer limited Saturday morning opening, but this remains the exception rather than the norm. Smaller Raiffeisen and Sparkassen branches in rural areas may keep more restricted hours than those found in Vienna or other major urban centres.

Austria’s digital banking landscape continues to evolve, with established banks increasingly embracing online platforms and mobile applications to meet customers’ day-to-day needs. For most routine tasks — transfers, balance enquiries, card management — there is rarely any need to visit a branch in person. Telephone banking is also available at all major banks, typically offering multilingual support for common requests.

If physical branch access matters to you, always check operating hours directly with your chosen bank — particularly in smaller localities or in the lead-up to public holidays. A full schedule of Austrian public holidays can be found on the official government website at austria.gv.at.

What do expats need to know about the banking system in Austria?

Austria’s banking sector is well-organised and plays a central role in the national economy, delivering a wide spectrum of financial services to private individuals, businesses, and public bodies alike. The market features both homegrown institutions and internationally connected banks, each presenting a varied lineup of products and services.

Deposit protection: Statutory deposit guarantee schemes protect customers’ deposits up to €100,000 per depositor, per bank at all times (with higher coverage applicable in certain specific circumstances). Should a payout event occur — for instance if a bank enters insolvency or becomes illiquid — depositors are reimbursed by the relevant guarantee scheme. This protection is broadly comparable to the FDIC scheme in the United States or the FSCS in the United Kingdom, both of which offer similar thresholds. The Deposit Guarantee Scheme Directive requires that repayments to depositors be made within 7 working days of a payout event. This 7-day standard has applied across Austria since 2024.

In Austria, deposit guarantee schemes are not government-funded. Instead, compensation is drawn from an insurance fund to which all member banks of the respective scheme contribute on an annual basis. Three deposit guarantee schemes currently operate in parallel in Austria: Einlagensicherung AUSTRIA Ges.m.b.H., Österreichische Raiffeisen-Sicherungseinrichtung eGen, and Sparkassen-Haftungs GmbH.

Under certain conditions, depositors may apply for a refund on balances exceeding the standard €100,000 limit, up to a ceiling of €500,000. To qualify, you must demonstrate that the excess balance accumulated within the 12 months prior to the protection event and that it derives from specific qualifying sources — such as proceeds from a real estate transaction involving a privately used residential property.

Currency: Austria’s currency is the euro (€). There are no capital controls limiting the movement of money into or out of Austria within the EU. Foreign-currency accounts are offered by some banks, typically aimed at corporate customers and high-net-worth private clients — contact individual institutions directly to find out what is currently available.

Language: The majority of Austria’s major banks employ English-speaking staff and maintain online banking portals in English, which makes navigation considerably easier for expats. Smaller regional branches may function primarily in German, so if language support is a priority it is worth confirming this before selecting a branch or bank.

Regulation: The Financial Market Authority (FMA) is Austria’s primary financial regulator, responsible for supervising banks, insurance companies, pension funds, and other financial market participants. Established in 2002, the FMA works to uphold the stability, transparency, and integrity of Austria’s financial markets and functions as an independent, integrated authority in close collaboration with the OeNB. The FMA website (fma.gv.at/en) is the authoritative source for regulatory requirements, consumer guidance, and current details on deposit protection.

Anti-money laundering compliance: Banks operating in Austria are bound by specific anti-money laundering legislation. The FM-GwG and the Beneficial Owners Register Act (WiEReG) together form the core of Austria’s AML legal framework. In practical terms, this means you should expect thorough checks on your identity and the origin of your funds when opening an account or executing large transfers.

How do I open a Bank Account in Austria as an Expat?

For most newcomers, opening a bank account in Austria is a manageable process. The majority of leading banks allow residents — and in some instances non-residents — to apply either in branch or via online channels. The step-by-step outline below describes the typical procedure. Requirements differ between banks, so always refer to the individual institution’s guidance or consult the FMA at fma.gv.at/en for the most up-to-date information.

1. Choose a bank: Austria hosts a range of international and domestic banks, each with different account packages and service offerings. When making your selection, weigh up factors such as the proximity of branches, the quality of digital banking tools, the availability of English-language assistance, and the monthly account fees.
2. Gather your documents: You will generally need to provide: proof of identity (a government-issued document such as a passport, driver’s licence, or Austrian ID card); proof of address (for example a utility bill or an official registration confirmation from the local authority); a Taxpayer Identification Number (TIN) for tax reporting purposes; and evidence of employment or income, such as a payslip, employment contract, or business registration documents.
3. Register your address (Meldezettel): The vast majority of banks require you to have officially registered your address with your local municipal office (Meldeamt) before opening an account. The resulting registration certificate (Meldezettel) is the standard proof of address document in Austria and is a prerequisite for residency-based accounts. This step is obligatory for all residents of Austria.
4. Apply in branch or online: Certain Austrian banks will process applications from abroad, but this is by no means universal. Check whether online account opening is available to foreign nationals — Austrian residency is generally a key prerequisite, which may preclude applications submitted from outside the country. If attending in person, it is advisable to book an appointment ahead of time.
5. Complete identity verification: Applicants must verify their identity using a passport or another accepted photo ID document. Those applying online will normally go through a video-based identity verification (video-ident) process. In line with anti-money laundering obligations, banks will also ask you to explain the source of any funds being deposited.
6. Provide your tax identification number: A Taxpayer Identification Number (TIN) is required for tax compliance. If you are relocating from another country, you may also need to supply your home country’s TIN — particularly in light of FATCA obligations for US citizens or the EU’s Common Reporting Standard (CRS) applicable to other nationalities.
7. Review account terms and activate your account: Upon approval, the bank will send you a welcome pack containing the full terms and conditions of your account. Your debit card (Bankomatkarte) is usually posted to you within a few business days. Follow the bank’s instructions to activate your online banking access and configure any required security or authentication applications.

Standard current accounts in Austria generally carry no minimum opening deposit, though certain premium or packaged accounts may require an initial funding amount. Always confirm minimum deposit conditions with your chosen bank directly, as requirements can vary and may change over time.

What banking and payment apps are widely used in Austria?

Austrian banks have invested significantly in digital transformation, and all of the country’s major institutions — Erste, Raiffeisen, Bank Austria, and BAWAG — provide fully featured mobile apps enabling customers to carry out transfers, settle bills, manage cards, and review account activity in English.

Erste Bank’s digital platform, George, is consistently praised for its intuitive interface and English-language availability. Raiffeisen’s Mein ELBA platform offers an equally capable online and mobile banking experience in English. Both platforms support contactless payments, instant transfers, and personal budgeting features.

Contactless card payment is standard across Austrian merchants, and mobile wallet solutions including Apple Pay and Google Pay are supported by all of the main banks. The domestic Bankomat/Maestro card system is deeply entrenched — most Austrian debit cards are issued in Maestro/Bankomat format and function across the country’s extensive ATM network.

Digital-only banking is an emerging space in Austria. Under Austrian law, a company may only describe itself as a bank if it holds a banking licence issued under rules set by the ECB and the FMA. Such a licence authorises the full range of traditional banking services — including deposits, withdrawals, overdrafts, and lending — and critically means that customer deposits benefit from protection up to €100,000 under the Austrian deposit guarantee framework. N26 is a fully licensed digital bank operating in Austria.

While Austria’s fintech sector is growing, it remains comparatively smaller than those of some other European countries. The regulatory environment nonetheless encourages collaboration and innovation between established banks and emerging digital players.

Among cost-effective options available to EU residents, Revolut is notable for its fee-free everyday banking features and can be used as a digital-only alternative by EU residents in Austria. Wise is similarly popular for international transfers and multi-currency account management, and operates as a regulated payment institution across the EU. PayPal is accepted by most major Austrian online retailers. Always verify the regulatory standing of any fintech provider through the FMA register before depositing substantial sums.

How can expats manage money between Austria and their home country?

Austria is a full participant in the SEPA (Single Euro Payments Area) framework. This means that euro-denominated transfers to and from any other SEPA country — encompassing all EU member states plus several non-EU European nations — are processed identically to domestic transactions, arriving within one business day and typically free of charge or at minimal cost. This represents a significant advantage over international wire transfers destined for countries outside the SEPA zone.

For transfers to non-SEPA destinations, international wire transfers via the SWIFT network are available through any major Austrian bank. Costs and processing times vary: outgoing international transfers typically attract bank charges in the region of €5–€30 per transaction (as of 2024), alongside an exchange rate margin — though the precise amounts differ by institution and destination country. Always confirm current charges with your bank prior to sending funds.

Third-party transfer services such as Wise and Revolut are extensively used by expats in Austria for cross-border payments, and are generally recognised for offering clearer fee structures and more competitive exchange rates than traditional banks. Wise, for example, provides a non-bank alternative featuring a multi-currency digital account through which users can receive, hold, send, spend, and exchange euros alongside a wide range of other currencies. Both services are regulated payment institutions and are not covered by the Austrian bank deposit guarantee scheme — funds held in e-money accounts are instead protected under separate EU safeguarding requirements.

There are no restrictions on moving money into or out of Austria as a private individual within the EU. However, carrying cash of €10,000 or more across EU external borders triggers mandatory declaration requirements. For substantial transfers to or from countries outside the EU — particularly those above €10,000 — banks are legally required under anti-money laundering law to apply enhanced due diligence and may request documentation evidencing the source of the funds. Banks in Austria must comply with specific anti-money laundering legislation: the FM-GwG and the Beneficial Owners Register Act (WiEReG) are the cornerstones of this framework.

If you hold foreign bank accounts while residing in Austria, you may be required to disclose them to the Austrian tax authority (Finanzamt) under Common Reporting Standard (CRS) obligations. US citizens face additional reporting requirements under FATCA. For authoritative guidance on your specific reporting obligations, consult the Austrian Federal Ministry of Finance (bmf.gv.at) or a qualified tax professional. The OeNB (oenb.at) also publishes information on cross-border payment and foreign exchange reporting requirements.

Frequently Asked Questions

Can I open a bank account in Austria before I arrive?

Some banks in Austria will allow you to open a bank account from abroad, but it is certainly not a guarantee. Erste Bank is among those that offer online account opening for non-residents, requiring only a valid photo ID and online identity verification. Most traditional banks, however, prefer or require in-branch applications once you have registered your Austrian address. Neobanks such as N26 and Revolut can be opened fully online before arrival, which can serve as a useful bridge until you establish a full local account.

Do I need to be a resident of Austria to open a bank account?

Most major banks require proof of Austrian residency (a Meldezettel, or registration certificate) to open a standard current account. However, some banks — particularly Bank Austria — offer accounts to non-residents, including those living abroad, diplomatic staff, and employees of international organisations. Erste Group Bank’s accounts are available even for non-residents, with expats generally needing only to show a valid photo ID and go through an online verification process. Always confirm eligibility with the specific bank before applying.

Are deposits safe in Austrian banks?

Deposits including interest up to an amount of €100,000 per eligible depositor and per bank are covered under Austria’s statutory deposit guarantee schemes (as of 2024). In certain cases, a higher level of deposit guarantee coverage applies for a maximum of 12 months. The three schemes in Austria are regulated by the FMA and OeNB. For full details, visit fma.gv.at/en/bank-accounts/deposit-protection/.

What currency does Austria use, and can I hold a foreign-currency account?

Austria uses the euro (€). There are no currency controls restricting the use of foreign currencies or the movement of funds within the EU. Some banks, particularly those with international client bases such as Bank Austria, offer multi-currency accounts or foreign-currency savings products. Availability and fees vary — check directly with your bank for current terms. For everyday spending, the euro is universal and no currency exchange is needed for travel to most other EU countries.

Do Austrian banks offer services in English?

Many expats use Bank Austria, Erste Group Bank, or Raiffeisen Zentralbank, as they are the largest and most prevalent banks in the country. Most banks in Austria provide English assistance and expat-friendly services. Digital platforms such as George (Erste) and Mein ELBA (Raiffeisen) are available in English. Smaller regional branches in rural areas may offer limited English support, so it is worth verifying language availability when choosing a branch.

What documents do I need to open a bank account in Austria?

Opening a bank account in Austria typically requires: proof of identity (a government-issued ID such as a passport, driver’s licence, or Austrian ID card); proof of address (such as a utility bill or a certificate from the local authority confirming your residence); a Taxpayer Identification Number (TIN) for tax purposes; and proof of employment or source of income, such as an employment certificate, payslip, or business registration documents. Some banks may request additional documentation depending on your nationality or residency status — confirm requirements with your chosen bank before applying.

Are international money transfer apps like Wise and Revolut usable in Austria?

Yes. Both Wise and Revolut are fully operational in Austria and widely used by expats for international transfers and multi-currency spending. They are regulated payment institutions under EU law. Revolut stands out for its fee-free everyday use and is recommended for EU residents looking for a smart, digital-only alternative to traditional banks. However, funds held in these accounts are not covered by the Austrian bank deposit guarantee scheme — they are safeguarded under separate EU e-money regulations. Always check the current regulatory status of any provider via the FMA at fma.gv.at/en.

Do I need to declare foreign bank accounts when living in Austria?

Yes, in most cases. Austria participates in the OECD’s Common Reporting Standard (CRS), meaning your Austrian bank will automatically share account information with your home country’s tax authority if applicable, and vice versa. If you hold accounts outside Austria while resident there, you may have reporting obligations to the Austrian tax authority (Finanzamt). US citizens are additionally subject to FATCA. For personalised guidance, consult a qualified tax adviser or visit the Austrian Federal Ministry of Finance at bmf.gv.at/en.