Banking, Money and Taxes in Austria

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. 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 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. 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. 

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