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Vienna City Guide
Money and Banking
Banks and Bank Accounts
Major banks include Bank Austria, Erste Bank and BAWAG, which are represented in the
most cities. Direct Banks are becoming more and more popular as they offer lower costs on
accounts by avoiding retail branch offices (e.g. Easybank or ING-DiBa Austria). Most of the
major international commercial banks have associated banks, branches or representative
offices throughout Austria.
Most banks also offer telephone or internet banking services. Banking in Austria is generally
not free of charge. Monthly packages are available and can include certain combinations of
services. These packages differ in price and service from bank to bank.
The procedure of opening a bank account is simple. You need a passport and proof of your
registration at your new place of residence. Some banks wait until you have received your
first three salaries before they issue a debit card (“Bankomatkarte”). A confirmation from
your company stating that you were transferred to Austria to work for them will surely
facilitate and possibly speed up the process.
Payment Methods
Contracts for insurances, telephone, rental payments etc. are done by a standing order or
direct debit. Besides cash, cash cards or credit cards are generally accepted as well.
Checks are not used anymore.
The method of paying by Eurocheque card (“EC-Karte” or “Bankomatkarte”) has become
more and more popular. The card holder has to type in his PIN number or sign the receipt,
which will be compared with the signature on the card. EC-cards can also be used to
withdraw money from most automatic teller machines (ATM) in Austria and throughout
Europe. Some banks do not issue the Bankomatkarte until the first three salaries have been
paid into the account.
Credit card usage in Austria is not as widespread as in other countries due to the fact that
credit cards incur an annual fee for the user and high fees can be charged for credit card
payments on the seller’s side. However, major credit cards, such as Mastercard, Visa or
American Express can normally be used in major department stores, hotels, restaurants and
other establishments.