Open bank account in Austria for non-residents

The Austrian system of banks has been stable for more than 2 centuries and retain the same level of stability, and in view of the foregoing, a lot of citizens tend to invest funds in financial institutions of this country. Bank account in Austria, as well as information about the owner, are secured at the legislative level, and the provisions concerning protection are constantly being strengthened, thus, the financial system has credibility.

How to open account in Austrian bank?

The clients are divided into two categories, namely:

1. Deviseninlaen-der or the first group, which includes residents of the country and its citizens.
2.Devisenauslaende includes all tourists, businessmen and other persons not permanently residing in the territory; in order to become a resident and pass into the first category, it is necessary to live in Austria without leaving the country’s borders for at least 3 months and have an appropriate visa.

Each client, as in any bank, provides data about himself and passport information, which can not be disclosed under any circumstances. Deposit insurance is provided by the bank itself to preserve investments of the clients.

It is possible to open bank account in Austria for non-residents with the help of Law&Trust International.

Variants of accounts in Austria

1. Savings account. It is executed personally or through an authorized person. Confidentiality is fixed by a code word, and after carrying out all operations that take no more than 4 days, a savings book is issued and handed over you. The foregoing book specifies the name of the bank and the account number. The validity period of the book is fixed and ranges from 3 months to 5 years.
2. Trust account. In such a situation, the bank or one of its managers is vested with the powers of the trustee. He can independently manage the funds on the account, while he needs compensation for services in the amount of 0.1 to 0.6%. The account can be opened in any currency, the terms are stipulated depending on the invested amounts.
3. Settlement account. It is convenient for conducting transactions around the world. Most accounts are multicurrency ones, which allows to avoid losing finance on conversion.

The most popular banks in Austria

All such banks as Deutsche Bank (Austria) AG, Raiffeisen Bank International AG, Credit Suisse (Austria) AG, Meinl Bank AG enjoy credibility and authority. Our specialists can help in selecting specific bank and provide assistance in opening a bank account in Austria.

Austria: list of banks
Name of the bank Account opening cost Founded
Credit Suisse (Austria) AG 690 EUR 1856
Euram Bank AG 690 EUR 1999
Raiffeisen Bank International AG 590 EUR 1898
Vorarlberger Landes und Hypothekenbank 590 EUR 1897
Deutsche Bank (Austria) AG 590 EUR 1989
Kathrein Privatbank 590 EUR 1924
Benduro Bank (Austria) AG 550 EUR 1890
LGT Bank (Austria) Ltd 590 EUR 2007
Erste Bank AG 690 EUR 1819
Anglo-Austrian Bank 690 EUR 1923
Wiener Privatbank SE 590 EUR 1981