Austrian banking is orderly, European and a little conservative. The reassuring news for newcomers: opening a bank account in Austria is not a favour a bank grants you. If you legally live in the EU, you have a right to a basic account. The practical question is which account fits your life, and what the bank will want to see before it hands you an IBAN.
How do you open a bank account in Austria?
A current account is called a Girokonto. Most banks let you start in a branch or online. To follow money-laundering law (FM-GwG), the bank has to verify your identity, and the base is an official photo ID: passport or identity card. Many banks also ask for your Meldebestätigung, the confirmation of address registration, which you get after your Meldezettel. That is common practice rather than a legal condition for a basic account.
Other documents you may be asked for:
- A tax residence self-declaration (Selbstauskunft). It is compulsory under the law on automatic exchange of financial information; without it, the bank cannot open the account. If you remain tax resident in another participating country, you give that country's tax number and your date of birth.
- Proof of income for an overdraft or a loan: employment contract, payslips or a pension statement.
Then it is a matter of signing, receiving a card and giving your IBAN to your employer, your landlord and your social insurance body. If you later change banks in Austria, the new bank can arrange the transfer of standing orders and direct debits with the old one.
What is a Basiskonto and who has a right to one?
The Basiskonto is Austria's basic payment account. A consumer who legally lives in the EU, even without a fixed address, can ask for one. It includes at least the opening, running and closing of the account, cash deposits and withdrawals, direct debits, card payments and transfers within the EEA in euros.
The key features, according to the consumer ministry:
- Time limit: the bank opens the account or refuses within 10 working days of a complete application.
- Price: at most €83.45 a year, and €41.73 for vulnerable groups designated by regulation (social assistance recipients, small pensions or small incomes). The law sets €80 and €40, indexed every two years from 2019 by a notice in the federal law gazette; the consumer ministry gives €83.45 and €41.73, and no newer indexation was found.
- No tying: the bank cannot make the account depend on buying other products.
- Refusal only in cases set by law: for example, you already hold a basic account in Austria, or a criminal procedure against you for an offence against the bank.
Swiss nationals who legally live in Austria also have the right, as the rule covers any consumer legally resident in the EU. The same goes for British citizens with a residence title.
Banks sometimes answer with "we cannot open an account for you" and a vague reason. Moovy can explain what the law says about the basic account and help you draft a polite email to the bank. You send it yourself, and a consumer body can step in if the bank does not comply.
Do you even need a bank account in Austria?
Not always. Your salary and benefits can go to a euro-area account in another EU country: a payer who accepts national SEPA transfers cannot refuse your IBAN merely because it is foreign. Transfers in euros within the EU cost the same as a domestic one in the sending bank's country. Switzerland is part of the SEPA area as well.
Still, most residents open an Austrian account for convenience: rent, utilities, the broadcasting contribution and daily card use work more smoothly with an Austrian IBAN. If you keep a sterling account, remember that it is not a euro account, so expect exchange costs.
What about overdrafts and credit?
An overdraft is common but expensive. According to oesterreich.gv.at, banks often grant two to four net salaries as an overdraft limit, at a high interest rate, and a loan is better for a lasting need. Compare the costs before you accept.
For a home loan, Austria's binding lending rules (the KIM Regulation on deposit, repayments and term) stopped applying on 30 June 2025. The bank still has to assess whether you can repay. The regulator (FMA) issued a non-binding circular on 26 June 2025 recommending, for at least 80% of each bank's new loans:
- a loan of at most 90% of the property value (so a 10% deposit);
- repayments of at most 40% of your net annual income (13th and 14th months included);
- a term of at most 35 years.
These benchmarks do not apply to loans below €50,000 (€100,000 for a couple). A bank may set stricter criteria. As a newcomer without a payslip history in Austria, expect questions about income from abroad and a request for a larger deposit; this is bank practice, not a public rule. See buying property in Austria.
Which mistakes should you avoid?
- Accepting a bundle for a basic account. The bank cannot make the basic account depend on other services.
- Ignoring closing fees. Closing an account may be charged; compare before you switch.
- Forgetting the tax residence declaration. Without it, the bank cannot open the account.
- Skipping the statements. Challenges to a statement have a time limit set by the bank and shown on the statement.
How do you choose a bank account in Austria?
Austria's retail banks offer similar basics, and the differences are in fees, cards, the quality of the app and branch coverage. A few questions help:
- What is the monthly account fee, and what does it include (cards, transfers, branch services)?
- Does the app work in English?
- Is there a branch or advice in English near you, if you need one?
- What are the costs of card payments abroad and cash withdrawals?
Compare at least two offers. If one bank says no, ask for the refusal in writing and try the basic account route.
What to do in your first weeks
Open the account as soon as you have your Meldebestätigung, since your employer will ask for an IBAN for your first salary. Give the IBAN also to the social insurance body. Keep your foreign account active for a while, at least until your Austrian one is running. The complete order of first steps is in the guide to moving to Austria.
What do real situations look like?
The new employee. Your first payslip is a few weeks away and your employer asks for an IBAN. If you already have a euro account in your home country, you can give that one and take the time to choose a local bank. If your payer accepts only a local account, open one first.
The pensioner. Your foreign pension can keep arriving on your old account. Many retirees set up an Austrian account for local bills and move a monthly amount across. A pension earned abroad is something you declare for tax once you are resident in Austria; ask the Finanzamt how your pension is treated.
The freelancer. Nothing in the law forces a sole proprietor to keep business and private money apart, but a separate bank account in Austria makes your bookkeeping and your tax return simpler. See tax number in Austria for the first tax steps of a self-employed person.
The person who was turned down. If a bank refuses, ask for the reason. A refusal of a basic account is only lawful in the cases set by the law. Write to the bank with a reference to your right to a Basiskonto, and if you get nowhere, a consumer protection body or the financial regulator can advise you. Keep the correspondence. A mortgage for foreigners follows the same bank criteria as for locals.
The student. Banks sometimes offer free or cheaper accounts to students with proof of enrolment. Ask, and compare with the basic account price.