Austrian bank account

How to Open a Bank Account in Austria

If you decide to move to Europe, and you plan to live in Austria for some time, you will probably want to open a bank account in the country. There are quite a few banks, and savings banks (Sparkassen), in Austria. The difference between the two is that banks are private financial institutions, while savings banks are funded by local public authorities. If you are more comfortable choosing a bank name that you recognise there are many international banks in Austria.

Most of the financial institutions in Austria offer banking, insurance and investment services. Some also offer advice on property purchase and rentals. Prices for the services vary greatly so you will want to check around before you choose a bank for yourself.

Alternatively, you may choose to use a PSK account (postsparkasse), which is usually cheaper than having a bank account. PSK are counters that you can find at all post offices in Austria where you can withdraw money from your account with proof of identification. There are a lot of PSK offices for your use.
Operating hours of banks seem to vary. Most are open during the week from 9:00 am to 4:00 pm, although in some of the more remote areas banks close from 1:00 pm to 2:30 pm. Almost all banks have ATMs that are available 24 hours a day. Unlike in most countries you will not be charged a fee to take money out of ATMs in Austria. The daily withdrawal limit is 400 EUR.
It is very simple to open an account in Austria. You will need to have your passport and confirmation that you are an Austrian resident. A current account, called girokonto, is the most common type of account opened. With a current account you will have access to your money via any ATM with your EuroCheque (EC) card. You are also able to transfer money anywhere in the world and pay your rent by standing order and for your other bills by direct debit if you wish.

When you open an account you will not receive your EC card immediately; it should arrive at your address within three or four days. You will be assigned a personal customer advisor, at no extra cost, on the day you open your account; they will help you with any financial decisions. You are also likely to get internet banking with your account.
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