Bank Account in Austria: Conservatism and Reliability; Compared to Cyprus or Malta, banks in Austria are much more conservative. Their risk appetite for servicing non-residents is, frankly, low. Actually, the attitude towards the client and his possibilities, other things being equal, directly depend on whether he has a connection with the country or not. All clients are divided into two large groups: Deviseninlaen-der (residents of Austria) and Devisenauslaende (non-residents).

To open a bank account as a resident , you will have to provide documents confirming the address of residence in Austria and Meidezettel (registration) – a local registration document required by citizens of other countries living here on the basis of a residence permit (you can learn more about options for obtaining a residence permit in Austria read the link ).

You will also need to prove the legality of the first amount that will go to the newly opened account. In the case of residents, such proof can be a certificate from the place of work, if the residence permit allows you to work in the country, or an extract from a local or foreign bank from where the new client is going to transfer money.

If residents can access almost the entire range of banking services, then Devisenauslaende (non-residents) , individuals and legal entities that do not have any obvious ties to Austria (permit, registered business, etc.) should be prepared for a thorough verification of the origin of funds. You will have to provide very detailed, documented information, describe your activities, provide copies of documents on the establishment (applies to legal entities) and recommendations, if any. The decision to open an account is made by a bank employee, and he may ask for additional certificates, statements and others. All documents must have a notarized translation into English or German.

If all the papers are in order, the Austrian bank will agree to serve such a foreigner, but most likely not before he confirms his readiness to open a savings account and replenish it. The amount of the minimum deposit for admission to the banking system of Austria in different institutions may vary, but, as a rule, the amount is at least 300,000 euros.

The most popular banks in Austria for non-residents.

  1. Euram Bank is a corporate Austrian bank. To use the account, you must deposit at least 100 thousand euros on it. The main direction of the organization is servicing clients with a large amount of capital.
  2. Meinl Bank AG – the bank serves customers in Russian. One of the oldest financial and credit organizations in Europe, has offices around the world. Offers to open an account in an Austrian bank for non-residents in almost any currency.
  3.  LGT Bank is a branch of the well-known bank of Liechtenstein. Specializes in individual services for large private clients, investment business and asset management. Keep in mind that the minimum account balance is 500 thousand euros.
  4. VORARLBERGER LANDES- UND HYPOTHEKENBANK – offers to open a personal and corporate bank account. It features a high level of deposit security and confidentiality. Opening an account after a personal visit to the representative office by the client.

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