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 and there are many different types of bank accounts on offer. 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 a myriad of 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, but 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.

Both credit and debit cards are accepted as payment at prominent restaurants, stores and hotels but some smaller businesses may insist on cash.


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 up to 55 percent. 

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