Banking and financial services in Austria: Currency: Euro (EUR). Major banks: Erste Group, Raiffeisen Bank. Banking hours: Typically 9 AM - 3 PM. Online banking: Widely available. ATMs: Ubiquitous, cards widely accepted. Opening account: Requires ID, proof of address. Deposit insurance: Up to EUR100,000. Credit cards: Mastercard, Visa prevalent. Tax regulations: Consult local advisor. Financial advice: Seek certified professionals.
Currency: Euro (EUR)
Austria employs the euro as its sole legal tender and is a member of the European Monetary Union. The Austrian Banking System is well-developed, featuring a three-tier structure that encompasses joint-stock banks, savings banks, and cooperative banks. Additionally, it is seamlessly integrated into the EU's Single Supervisory Mechanism, Single Resolution Mechanism, and Deposit Guarantee Scheme.
Major banks: Erste Group, Raiffeisen Bank
Erste Group and Raiffeisen Bank are two of the major financial service providers in Austria. Erste Group, headquartered in Vienna, is one of the largest financial service providers in Central and Eastern Europe, serving over 16 million clients in seven countries, and is supervised by the European Central Bank. Raiffeisen Bank International AG, also based in Vienna, is the second largest bank in Austria, leading the Raiffeisen sector with significant assets and operations in several countries, and is subject to supervision by the Financial Market Authority and the European Central Bank.
Banking hours: Typically 9 AM - 3 PM
Typically, banking hours in Austria are from 8:00 am to 3:00 pm on Mondays, Tuesdays, Wednesdays, and Fridays, with Thursdays extending until 5:30 pm, and many branches have a lunch break from 12:30 pm to 1:30 pm. Banks are generally closed on Saturdays, Sundays, and legal holidays. However, for those in need of banking services outside these hours, Virtual Vienna provides information about online banking options and 24-hour bank foyers with ATMs, ensuring that financial transactions remain accessible at any time.
Online banking: Widely available
Online banking in Austria is widely available, with services like N26 offering 100% mobile banking, real-time account management, and features such as ATM locator, overdraft options, and secure online transactions. Traditional banks like Erste Bank and Bank Austria also provide sophisticated mobile banking apps with similar functionalities, ensuring convenient and secure banking experiences.
ATMs: Ubiquitous, cards widely accepted
In Austria, ATMs are ubiquitous, and debit cards are widely accepted, with major networks such as Visa, Mastercard, and local systems like Bankomatkasse ensuring broad compatibility and convenience for users.
Opening account: Requires ID, proof of address
To open a bank account in Austria, you typically need to provide a passport or international passport, a document confirming your place of residence, such as registration in Austria or the EU, or utility bills, and sometimes proof of employment or additional documents as required by the bank. More detailed information on this process can be found on the Open an Account in Austria page. This ensures compliance with local regulations and helps establish your financial presence in Austria smoothly.
Deposit insurance: Up to €100,000
In Austria, deposits, including interest, are covered up to EUR100,000 per eligible depositor and bank, ensuring the protection of various types of accounts such as current accounts, savings accounts, and term deposit accounts. Higher coverage may be applicable in particular situations, such as the sale of private residential property or severance payments. For more detailed information on deposit protection, you can visit the Financial Market Authority website.
Credit cards: Mastercard, Visa prevalent
In Austria, credit cards are less frequently used compared to debit cards, with Mastercard holding 80% of the card market share and Visa taking 18%. Austrian consumers prefer debit cards, with 1.12 debit cards per capita versus 0.39 credit cards per capita. For more detailed information, visit the Banking in Austria page for comprehensive insights on the Austrian banking landscape.
Tax regulations: Consult local advisor
In Austria, banking and financial services are subject to specific tax regulations, including a banking tax ranging from 0.024% to 0.029% on the balance sheet total, reduced by equity and covered contributions. Additionally, there are rules on withholding taxes for interest, royalties, and dividends. The implementation of EU directives such as the Pillar Two Directive for global minimum taxation further outlines these regulations, ensuring compliance within the financial sector.
Financial advice: Seek certified professionals
In Austria, for certified financial advice, one should seek professionals affiliated with the Osterreichischer Verband Financial Planners (OVFP), a nonprofit organization that represents over 1,400 certified financial advisors who have undergone extensive education, rigorous exams, and adhere to a strict code of ethics and continuing professional development requirements.