The attractiveness of Austria as a financial jurisdiction is due to the centuries-old tradition of excellent banking service. The country has been a member of the European Union since 1995, maintaining good economic growth rates. To open an account in Austria means to provide a reliable place to store funds and mutual settlements with European customers and partners.


You can go through all the steps necessary to open a personal or corporate account with the support of the attorney’s association Lawrange experts. We begin by advising you, and then accompany you through the application and bank verification processes. We can take care of this single service, or we can help you to register your business and open an account.



What are the peculiarities of Austrian banking sector?


Austrian bankers belong to the circle of subjects which form international standards of work with clients. For guarantees of reliability and stability bank customers have to pay: a) the necessity of complex and thorough checks, b) high tariffs.


For your information! Today Austria’s credit rating among EU members is AAA “Top-quality commitment”. Such an indicator speaks for itself. To achieve it, the country, represented by the Financial Market Authority (FMA) in cooperation with the Austrian National Bank (OeNB) conducts prudential supervision and strict regulation of the corresponding market players.


On one hand, Austria as a country at a crossroads of traditional European banking and investment horizons created favorable conditions for private capital management including non-residents. But on the other hand, the slightest deviation from the profile of the client, its activities from the norm can lead to a denial of banking services.



How to open an account in Austrian bank for a non-resident?


Banks identify clients on the basis of division into two categories: 1) Deviseninlaen-der (residents), 2) Devisenauslaende (non-residents). For residents, the procedure for registration of the account is simplified, and fewer checks are made. Non-residents are now waiting for a rather difficult way to realize their goal of opening an account.


For your information! To simplify the matter, a non-resident individual or legal entity – can enlist our support.


 A personal bank account in an Austrian bank is opened under the condition of providing the following information:

  • description of current activities (business, receiving income through employment, availability of passive income);
  • a recommendation from the bank where the account is already opened (if any);
  • disclosure of the source of funds.


When deciding whether to open a personal account, the stability of the Austrian banking institution as custodian of funds should be taken into consideration. But when opening a business account some other points are also important.


For your information! It is reasonable to open an account in Austria if:

  • it is planned to increase and store funds rather than carry out operational activities;
  • high service fees are not an obstacle;
  • the client can make a minimum deposit and keep a minimum balance of €300,000 – 500,000.


A corporate account can be opened subject to such conditions as:

  • passing the new customer identification procedure;
  • the beneficiary (business owner) must come to Vienna six to twelve months after the opening of the account if the account is to be opened remotely;
  • Providing banking, business or trade references.



Documents required to open an account in Austria


Along with the general requirements for customer verification each banking institution makes its own rules to assess the reliability of individuals and legal entities who apply for opening accounts. The list of documents to be attached to the application should be consulted on the website of a particular bank.


The list of documents to be submitted by a non-resident company for preliminary approval includes:

  • Scanned copies of certified documents of the company with an apostille (articles of association, memorandum, certificates);
  • Notarized passports of beneficiaries and management, as well as proof of residence addresses;
  • Questionnaire of the client – KYC form (sent upon request by e-mail);
  • CV or resume of the beneficiary;
  • Power of attorney, if the authorized signatory is not a director of the company.


***Note: In the questionnaire data it is necessary to provide a business description, counterparties, company incorporation date, basic financial information about the account, in particular – the sources of funds, forecasts on incoming and outgoing payments. The currency of transfers should be specified.


The original documents are sent after receiving the preliminary approval. Clarifying information or documents may be required on an individual basis upon request. In the process of registration the parameters of access to the account and all the details on the transfer, receipt and storage of funds are discussed.



Cost of opening an account in Austria


Attorney`s association Lawrange offers account opening services at banks such as Euram Bank, LGT Bank, Wiener Privatbank, Meinl Bank AG and so on. The choice of bank and the cost of the service depends on the specifics of the business.


The cost of the service includes:

  • providing all the necessary information about the particular bank chosen, tariffs and peculiarities of non-resident service;
  • assistance in filling in and sending of the bank forms;
  • support of the procedure of primary identification of the client;
  • organization of the introduction to the representative of the Austrian bank, the introduction of the client to the bank.




Austria is a jurisdiction that suits the most demanding clients. The financial sector has been growing steadily and sustainably for decades. By opening an account in this country, the company or individual gains access to premium banking services.





How do I open an account online in Austria?


You can get the answer to this question at a personal consultation with a Lawrange lawyer.


What is the most reliable bank in Austria?


Both the entire banking system of the country and individual institutions are characterized by reliability.


What are the terms of opening an account in Austria?


3-5 working (banking) days if the documents and information provided meet the requirements of the bank.