Banking, Money and Taxes in Austria

Managing banking, money, and taxes in Austria will be a breeze. You can look forward to dealing with a modern, efficient, and user-friendly banking system.

Opening a bank account is a fairly straightforward task. There are a large variety of bank accounts available, and 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 cent, 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 that you can choose from. Popular local banks include Bank Austria, Erste Group Bank and Raiffeisen Zentralbank. 

Multinational banks, including Deutsche Bank, CitiBank, and Western Union Bank, also have a presence in the country.

Opening a bank account

Opening a bank account in Austria is a simple process. Some banks will allow you to open an account online, while others require new customers to visit the bank in person to open an account. Keep in mind that some banks like Eerste Bank allow expats to open an account at all of their branches, while others will have specific branches designated for foreign clients. 

If you have Austrian residency, you should have no problem getting started. You will simply need to provide the bank with several documents, including: 

• Proof of identity (passport or national ID card)
• Proof of residency (utility bill or Residency Registration Form)
• Proof of employment 

Due to legislation, some local banks only provide limited or no services to non-residents. We recommend calling your desired bank to ensure they can assist you and to find out if they have English-speaking staff members.

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. Although Austria is a largely modern, developed society, many small shops still prefer cash to card payments, so this is something to keep in mind. 

Taxes in Austria

If you work and live in Austria for more than six months of the tax year (1 January to 31 December) in Austria, you are considered an Austrian tax resident. This means that you are liable for taxation on all the income they earn worldwide. 

Those who are non-tax residents only pay taxes on their income earned in Austria. Personal income tax is deducted directly from an individual's salary, on a progressive tax scale of up to 55 percent. 

Austria has double taxation agreements with several countries, which allow you to pay tax in your main country of residence or the country where the income was generated. We recommend consulting a tax specialist with experience dealing with expat tax matters.

*Information about tax allowances and rates change regularly, so you are advised to check with the authorities for the latest information