How to open a bank account in Austria as a UK non-resident?

Planning to move to Austria or spend a long period of time there? Perhaps you’re studying in Graz, starting a business in tech hub Linz or joining the thriving expat community in cultural capital Vienna.

Whatever your plans, you might find it useful to have a local bank account in Austria. But how easy is it to get one as a foreign citizen?

Read on to find out, as we’ve put together an essential guide on how to open a bank account in Austria as a non-resident. This includes the documents you’ll need and tips for the best Austria bank accounts for expats.

We’ll also show you a smart alternative to a bank account from the money services provider Wise - the Wise account. It lets you manage your money in 40+ currencies in Austria, the UK and worldwide.

Moving to Austria and want to take your savings with you? With Wise, you can send secure and trackable large amount transfers to Austria and 160+ countries worldwide for low fees* and mid-market exchange rates.

Learn more about the Wise account 💰

Table of contents

How to open an Austrian bank account as a non-resident? Do you need a bank account in Austria? Can you use your UK bank account in Austria? Can you open a bank account in Austria as a British expat? Can you open an Austrian bank account online as an expat from the UK? Can you open an account as an international student? What documents do you need to open a bank account in Austria? Proof of ID Proof of residency Proof of employment Best Austria bank accounts for expats Erste Bank und Sparkasse Bank Austria (UniCredit) Raiffeisen Bank International Volksbank Other banks and money management alternatives worth looking into What are the banking fees and costs in Austria? Is there a free Austrian bank account for non-residents? Wise – An international alternative to a bank account

How to open an Austrian bank account as a non-resident?

You may struggle to open an Austrian bank account if you aren’t living there, although some banks may offer accounts to non-residents. You might need to contact a few banks to find out what they can offer, and what documents you’ll need to provide in order to apply for an account.

But for most bank accounts, you’ll be asked to provide proof of residency in Austria as part of your application.¹

Do you need a bank account in Austria?

It’s not absolutely essential to have a local bank account in order to move to Austria or live there.

In theory, you can get along without one - at least for a short period while you get settled. For example, you can make use of multi-currency solutions such as the Wise accountto send, spend and receive money.

However, you might find that everyday things like paying bills and rent, and getting paid if you’re working, is much more difficult without any kind of local or international current account. Even things like signing up for a mobile phone contract can be more complicated.

And if you’re planning on buying or selling property in Austria, it’ll be almost impossible to carry out the required transactions without a bank account.

📚 Read more: How to transfer large amounts of money from the UK?

Can you use your UK bank account in Austria?

It could be easier to keep using your UK bank account when you move abroad, to avoid the hassle of dealing with foreign banks. But is it actually possible to use a UK account in Austria?

Unfortunately, the answer to this is likely to be no. It mainly depends on who you bank with in the UK.

Big UK banks such as Barclays only let you keep your account open when living abroad under very specific circumstances. For example, if you’re a UK Crown employee or are planning to live abroad for less than 6 months before returning to the UK.²

Other banks such as Spanish-owned international bank Santander say they will continue to service accounts when the holder moves abroad.³

So if you already have a Santander account, you should in theory be able to continue using it once you’ve moved abroad. You won’t be able to open a new one though, as these are only available to permanent UK residents.

Santander does operate in Austria, so you might be able to access branch services and ATMs too.

An important thing to bear in mind though is the currency. If you’re using a UK bank account, it’ll likely be denominated in GBP. You’ll be spending in euros (EUR) while in Austria, so you could lose out when it comes to currency exchange.

So all things considered, it could be a smart move to open a local account once you arrive in Austria - just to make life easier for yourself.

Can you open a bank account in Austria as a British expat?

It should be reasonably straightforward to open a bank account in Austria as a British national, whether you’re a retiree, international student or are starting a business there.

There aren’t any rules preventing foreign nationals opening accounts, and some major and international banks will offer services in English.

As long as you have the right documents (we’ll cover what you need shortly), you should be able to open a bank account just like a local.

Can you open an Austrian bank account online as an expat from the UK?

Yes, many banks in Austria offer the option to open a current account online. If you have the right documents, you should be able to complete the application process online and verify your identity using your smartphone/webcam.

You’ll just need to check whether you’re eligible for online account opening as a foreign expat. It’s likely that Austrian residency will be a key requirement, so you might not be able to apply online while living outside the country.

Can you open an account as an international student?

Many banks offer dedicated student accounts, which are open to all applicants who meet the eligibility requirements.

This includes Erste Bank, Volksbank and Raiffeisen Bank, all of which offer perk-packed, low or no fee student accounts.

📚 Read more: Best debit card to use abroad: Top 6 UK picks

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

Opening a bank account in Austria should be reasonably straightforward.

The documents required varies between banks, but generally you’ll need:⁴

• Proof of identity (a passport is the norm)
• Proof of residency
• Proof of employment

The bank’s welcome pack will provide terms and conditions for your account, so you’ll want to make sure to read through those. Your debit card, or bankomatkarte, normally arrives in the post within a few business days.

Proof of ID

To verify your identity, you’ll need to provide your passport or another form of acceptable photo ID.

Proof of residency

Most banks will accept a Residency Registration form as proof of residency, but you might also want to have recent utility bills to hand in case you’re asked for proof of address as well.

Proof of employment

You might need to provide proof of your employment, such as payslips, a job contract or a letter from your employer. If you’re self-employed, check with the bank whether recent tax returns will be sufficient.

Best Austria bank accounts for expats

As a matter of convenience, many expats use Bank Austria, Erste Group Bank or Raiffeisen Zentralbank. They are the largest and most popular banks in the country, with the widest networks of branches and ATMs.

However, if you decide to bank with another, you’ll find that many banks in Austria provide English assistance and expat-friendly services.

Here’s a list of the most expat-friendly banks in Austria to check out:

• Erste Bank und Sparkasse
• Bank Austria (UniCredit)
• Raiffeisen Bank International
• Volksbank

Let’s take a closer look at each one.

Erste Bank und Sparkasse

One of the biggest and oldest banks in Austria, Erste Group is also one of the largest financial services providers in Europe.

For personal customers, it offers a wide range of accounts, savings and investment products, credit, finance and insurance.

For everyday banking, Erste has a popular online checking account, as well as a standard current account and options for students and young people.

Bank Austria (UniCredit)

Owned by UniCredit, Bank Austria is another of the country’s major banks, with branches throughout the country. It also has a global reach, serving other parts of Europe.

In Austria, the bank offers a choice of salary accounts, student and youth accounts.

One of its newest and most unique products is the Gogreen-account, which offers free account management for the first year.⁵ Bank Austria pledges to finance sustainable projects based on the balance in your account.

Raiffeisen Bank International

Raiffeisen has a large number of branches and ATMs across Austria, and offers a wide range of accounts for personal customers.

You can take your pick from its main current account, or a basic account. There’s also options for students and young people, along with a selection of savings accounts.

Volksbank

Formerly part of a network of cooperative banks, Volksbank Vienna is now one of the largest regional banks in the country.

It offers a choice of current accounts, savings accounts, investment and insurance products.

For everyday banking, options include the flexible Volksbank checking account. There’s also a dedicated youth account and student account.

Other banks and money management alternatives worth looking into

Along with traditional banks, Austria also has a number of digital banks to choose from. This includes:

• Revolut – the app-based Revolut offers a choice of monthly plans, including a free Standard plan. All include a debit card and basic banking services, with more perks and features added the more you pay for your monthly plan.
• N26 – N26 offers an app-based current account and a choice of monthly plans. This includes a free Standard plan which comes with a virtual card.

You can also check out other non-bank alternatives, which don’t have a banking licence but offer services such as accounts, payments and cards.

This includes the money services provider Wise, which has a multi-currency account, international debit card, transfer services and app available to use in Austria.

📚 Read more: Best online bank accounts in the UK

What are the banking fees and costs in Austria?

Like in many countries, bank accounts and services in Austria do come with some fees. This includes fees for transfers and maintaining the account.

These vary between banks, and you should always check the small print before signing up for an account.

But here’s an idea at what kinds of fees to expect:

Transaction/fee type	Typical fee
Current account - monthly fee	€2.58 to €10.37 a month (some banks offer one year without monthly fees)⁵
ATM cash withdrawal	Usually free at your own bank’s ATM⁶
Getting a debit card	Usually free Approx. €2.45 a month if not included in banking package⁶
Domestic payments (i.e. within Austria)	Usually free⁶
International payments (i.e. to the UK from Austria)	Varies depending on speed, destination and payment type)

📚 Read more: The best UK banks for sending money abroad

Is there a free Austrian bank account for non-residents?

Most bank accounts in Austria come with monthly fees. However, it’s common for new customers to get their first year without management fees. Student accounts also tend to have low or no fees.

As we’ve mentioned though, you may find it difficult to open any of these accounts without being an official Austrian resident.

Wise – An international alternative to a bank account

Need to manage your money in multiple currencies or send transfers back home to the UK? There are alternatives to using a bank, such as Wise.

Open a Wise account and you’ll only pay a small, transparent fee* to send money in 40+ currencies (including EUR and GBP). Better still, you’ll get the mid-market exchange rate for every foreign currency transaction and your transfers are always secured and trackable.

Here are the main benefits for using Wise:
Fast and easy setup with no physical paperwork Low, upfront, transparent fees Fully trackable transfers Fast transfer times Two-factor authentication and real-time notifications Dedicated support for large transfers

You can also get a Wise card for a one-time fee of just £7 and use it to spend like a local in Austria and 150+ countries worldwide. There are no hidden fees*, and you can even connect your Wise card to Google Pay or Apple Pay.

Importantly, you can open a Wise account in advance of your move to Austria. This means you’re not left without a payment method while you’re waiting for your new bank account to be opened.

Sign up with Wise today 💰

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Sources used:

1. Sparkasse - Girokonto
2. Barclays - Living or moving outside the UK
3. Santander - Brexit and Santander UK plc
4. Expatica - How to open a bank account in Austria
5. Bank Austria - Current Accounts
6. Erste Group - Fee information document

Sources last checked on date: 01-Aug-2024