Banking in Austria
Last updated: March 2026
As of March 2026, expats in Austria need a local bank account (Girokonto) with an Austrian IBAN for salary deposits, rent payments, and daily transactions. Traditional banks like Erste Bank and Raiffeisen charge EUR 0 to EUR 15 per month, while neobanks like N26 offer free accounts with English-language apps. Deposits up to EUR 100,000 are protected under the EU deposit guarantee scheme.
How Does Banking Work in Austria?
Austria is still a relatively cash-friendly society compared to Scandinavian countries, but card payments and online banking have become the norm in cities like Vienna, Graz, and Salzburg. Most employers require an Austrian IBAN to deposit your salary, and landlords expect rent payments via bank transfer (Dauerauftrag or standing order). Having a local bank account is essentially mandatory for daily life, starting with your address registration (Meldezettel).
According to the Austrian Financial Market Authority (FMA), Austrian banks are regulated under strict EU banking standards and deposits up to EUR 100,000 per person per bank are protected under the EU deposit guarantee scheme, as monitored by the Austrian National Bank (OeNB). The banking sector is dominated by a few large players, but there is healthy competition from online banks. Account opening typically takes 1 to 5 business days at traditional banks, or as little as 10 minutes with neobanks like N26.
What Types of Bank Accounts Are Available in Austria?
Girokonto (Current Account)
The standard everyday account for salary deposits, rent payments, and daily transactions. This is what most expats need first. It comes with a debit card (Bankomatkarte) and online banking access. See our guide on how to open a bank account.
Sparkonto (Savings Account)
A savings account with better interest rates but limited withdrawal options. Austrian savings accounts often come with a physical Sparbuch (savings book) or are managed online. Interest is subject to 25% KESt (capital gains tax) automatically deducted.
Sperrkonto (Blocked Account)
A special account required for certain visa types (particularly student visas) where you deposit a set amount that is released monthly to prove you can support yourself financially. Learn more in our blocked account guide.
Wertpapierdepot (Securities Account)
For investing in stocks, ETFs, and bonds. Austrian brokers act as tax agents and handle your KESt automatically, simplifying your annual tax return.
Which Are the Key Banks in Austria for Expats?
Austria has several major banking groups. The largest traditional banks include Erste Bank (and its savings bank network Sparkasse), Raiffeisen Bank, Bank Austria (part of UniCredit), and BAWAG. For expats comfortable with digital banking, neobanks like N26, Revolut, and Wise offer convenient alternatives with English-language apps, though they may not always be accepted for official purposes like Meldezettel-linked accounts. If you are an EU citizen, check our EU citizens guide for registration requirements. For credit card options, see our credit cards guide.
What Banking Topics Should You Explore?
Related Guides
Open a Bank Account
Step-by-step guide with required documents and best banks for expats.
Credit Cards in Austria
How credit cards work in Austria and the best options for expats.
Blocked Account (Sperrkonto)
Everything about the Sperrkonto for student and residence visa applications.
Income Tax in Austria
Understanding Austrian income tax rates, deductions, and filing requirements.