How to Open a Payment Account in Austria

open a payment account in austria

Whether you require to open a payment account in Austria for business purposes or everyday transactions, there are swift and incredibly convenient solutions available.

Let’s dive into the intricacies of initiating a payment account in Austria.

Documentation needed for opening a payment account in Austria:

Regardless of your nationality, the process of opening a current account (Girokonto) in Austria is straightforward. To initiate an account in Austria, you will typically require:

  • A valid identification document with a photo (Lichtbildausweis)
  • A residency registration form (Meldezettel) or alternative valid proof of residency
  • Your employment contract or alternative proof of employment (Arbeitsvertrag)
  • Your three most recent salary statements or other evidence of income
  • A letter of recommendation from your previous financial institution

For any inquiries, it is advisable to directly contact the chosen financial institution to learn more about the specific procedures and necessary documents.

The swiftest method to open a payment account in Austria:

Opting for an account with a European IBAN through a digital banking provider or electronic money institution (EMI) offers a simpler and more convenient process. The key advantage of selecting a neobanking institution lies in the elimination of the need to visit a physical branch or handle physical documents.

Everything can be completed online through your smartphone, whether at home or anywhere globally. Functionally, you gain access to a comprehensive array of financial services, including a unique EU IBAN, SEPA and SWIFT transfers, and both plastic and virtual payment cards.

Ultimately, the choice between traditional and digital banking largely depends on your personality and lifestyle preferences: whether you lean towards conservatism or innovation.

While you may have encountered numerous articles on this subject, a crucial nuance exists for being a client of an EMI. Keeping your money in a payment or checking account with a traditional financial institution ensures reimbursement only up to €100,000 in the event of force majeure (e.g., in Austria, your money is protected under the Austrian Deposit Guarantee Scheme). Conversely, with EMIs like SikiraPay, your funds are held in a separate account at the Bank of Lithuania, ensuring full compensation in unforeseen situations instead of a capped amount of €100,000 (as per Article 7 (1) of Directive 2009/110/EC).

The optimal approach to opening an account in Austria:

A digital account presents a more convenient solution. Modern online banking providers implement multi-level protection for personal data and effective security measures. The fintech industry has demonstrated its advantages in practice and is currently experiencing significant growth.

The account opening process involves completing a form, uploading scanned copies of documents, receiving confirmation of your account opening and IBAN, ordering an online payment card (virtual or plastic), and commencing usage.

With a digital account, managing your finances, conducting money transfers, and making payments becomes effortless, regardless of your location.

About Us

SikiraPay is a payment and banking solution system. The core team at SikiraPay has considerable experience in developing, designing and implementing tailored financial services and products.

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