- Purchase the complete Expat Arrivals Austria Guide (PDF)
Expats relocating to Austria can look forward to dealing with a banking system that is modern, efficient and user friendly. Opening a bank account is a fairly straightforward task and there are many different types of bank accounts on offer. Internet banking is a standard feature in Austria.
Money in Austria
The official currency used in Austria is the Euro (EUR), which is subdivided into 100 cents.
Notes: 5 EUR, 10 EUR, 20 EUR, 50 EUR, 100 EUR, 200 EUR and 500 EUR
Coins: 1 cents, 2 cents, 5 cents, 10 cents and 20 cents, and 1 EUR and 2 EUR
Banking in Austria
Austria offers myriad reliable, high-quality banking institutions for expats to choose from. Popular local banks include Bank Austria, Erste Group Bank and Raiffeisen Zentralbank. There are also multinational banks with a presence in the country, including Deutsche Bank, CitiBank and Western Union Bank.
Opening a bank account
Opening a bank account in Austria is a straightforward process. Some banks allow accounts to be opened online, while others require new customers to visit the bank in person to open an account.
Expats considered residents of Austria should have no problem getting started, but due to legislation some local banks only provide limited or no services to non-residents. Non-resident expats should therefore make sure their desired bank is able to assist.
Mobile and internet banking are popular in Austria and are offered as free services by the major banks.
ATMs and credit cards
Bank branches have ATMs attached that let people withdraw cash, get account statements and transfer money 24 hours a day. ATMs can also easily be found in shopping centres and main streets.
Taxes in Austria
All foreign nationals working in Austria for more than six months per tax year are defined, for taxation purposes, as residents in Austria. This means that they are liable for taxation on all the income they earn worldwide. Non-residents for tax purposes only pay taxes on their Austrian income. Personal income tax is deducted directly from an individual's salary, on a progressive tax scale of up to 55 percent.
Expat Health Insurance
With 86 million customer relationships in over 200 countries, Cigna Global has unrivalled experience in dealing with varied and unique medical situations and delivering high standards of service wherever you live in the world.
GeoBlue is one of the best international health insurance plans for US expats abroad or internationals residing in the USA. The GeoBlue Xplorer plan includes worldwide coverage and great customer service with access to a premium international network of hospitals and doctors including the Blue Cross Blue Shield network in the USA.
Sirelo has a network of more than 500 international removal companies that can move your furniture and possessions to your new home. By filling in a form, you’ll get up to 5 quotes from recommended movers. This service is free of charge and will help you select an international moving company that suits your needs and budget.