COREDO > Opening a Bank Account in Austria

Opening a Bank Account in Austria

Opening a Bank Account in Austria with COREDO

Austria is one of the most stable banking jurisdictions in Europe, attracting companies and individuals from around the world. A well-developed financial infrastructure, membership in the Eurozone, and a high level of depositor protection make opening a bank account in Austria a strategically sound decision for both business and personal finances. COREDO has been providing professional assistance in opening bank accounts in Austria since 2016, ensuring full support at every stage of the process.

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Cost of the service
from 700 EUR

Types of Bank Accounts

The following main types of bank accounts are available in Austria:

A corporate bank account (Firmenkonto)

is designed for legal entities and is used for conducting commercial activities, settling payments with counterparties, and managing working capital. The account can be opened in EUR and other currencies with online banking functionality available.

A payment institution account (Payment Institution Account)

is an alternative to a traditional bank account and is opened with licensed payment institutions. This type of account is suitable for companies requiring fast access to payment services within the European Economic Area.

A personal bank account (Privatkonto)

is opened for individuals and is used for receiving income, making payments, and managing personal finances. Austrian banks provide a full range of services, including SEPA transfers, debit cards, and online banking.

Client Requirements

Opening a bank account in Austria is governed by the requirements of the Financial Markets Anti-Money Laundering Act (Finanzmarkt-Geldwäschegesetz, FM-GwG). Banks are obliged to carry out Customer Due Diligence (CDD) prior to establishing a business relationship and throughout its entire duration.

For legal entities, banks verify the corporate structure, beneficial ownership information, sources of funds, and the nature of planned transactions. For individuals, proof of identity and residential address is required. In cases of remote account opening, additional verification measures apply, including an initial payment from an existing bank account held in the client’s name.

Non-residents of Austria may open a bank account provided they submit the complete set of documents and complete KYC (Know Your Customer) procedures. Banks assess reputational risks and may request additional information as part of Enhanced Due Diligence (EDD) procedures.

Account Opening Process and Timelines

The process of opening a bank account in Austria through COREDO includes the following stages:

Client Analysis (preliminary screening).

COREDO specialists analyse the client’s profile, identify suitable banks and account types, and assess the probability of approval. At this stage, initial information about the company or individual is collected and reviewed.

01

Document preparation.

A complete document package is assembled in accordance with the requirements of the selected bank: incorporation documents with an apostille, notarised copies of passports, proof of address, a business model description, and financial projections.

02

Application submission and bank communication.

COREDO submits the documents to the bank and ensures communication between the client and banking specialists at all stages of the application review.

03

Verification and account opening.

The bank verifies the submitted documents and conducts KYC procedures. Upon successful verification, the account is opened and the client receives account details to begin operations.

04

Standard verification and account opening timelines at Austrian banks range from 14 to 21 business days, depending on the specific bank’s requirements and the completeness of the submitted document package.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee depends on the type of account being opened (bank account or payment institution account). The deposit is credited to the client’s account and remains at their disposal after the account is activated.

Required Documents

To open a corporate bank account in Austria, the following documents are typically required: the memorandum of association and articles of association (with an apostille), a certificate of incorporation, an extract from the commercial register, notarised copies of passports of directors and beneficial owners, proof of residential address of directors and beneficial owners (a bank statement or utility bill no older than three months), a description of business activities and planned transactions, and a completed bank questionnaire (KYC form).

To open a personal bank account, individuals will need: a valid passport or identity document, proof of residential address, and information about sources of income.

The specific list of documents may vary depending on the requirements of the selected bank and the client’s profile. COREDO specialists provide a detailed document checklist after the preliminary analysis at the first stage of cooperation.

Advantages of Working with COREDO

COREDO has been operating in the legal and consulting services market since 2016. The registered office is located in Prague, and services are provided across the entire European Union. Working with COREDO for opening a bank account in Austria offers a number of significant advantages.

Professional analysis of the client’s profile enables identification of the most suitable banking institutions and account types before the application is submitted. Full document support includes the preparation and review of all required documents in accordance with the standards of Austrian banks. Communication with the bank is managed by the COREDO team, minimising the likelihood of delays caused by incomplete documentation or incorrect formatting. Each client receives individual guidance from an expert throughout the entire process — from the initial consultation to receiving bank account details.

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Our Experts

Pavel Kos

Head of Legal at COREDO. Has been with the company since June 2017 and has led the legal team since July 2020. Specialises in corporate services, bank accounts, and legal support for clients in European jurisdictions.

Daniil Saprykin

Head of Customer Success at COREDO. Provides operational coordination of the account opening process and manages communication with banking institutions.

Frequently Asked Questions

Can a non-resident of Austria open a bank account?

Yes, non-residents can open both corporate and personal bank accounts in Austria. To do so, a complete set of documents must be submitted, including apostilled corporate documents (for legal entities) and proof of identity. Banks conduct standard KYC procedures for all clients regardless of their residency status.

What are the timelines for opening a bank account in Austria?

The standard verification and account opening timeline is 14 to 21 business days. Actual timelines depend on the complexity of the corporate structure, the completeness of the documents, and the internal procedures of the specific bank.

Is a personal visit required to open an account?

Requirements vary by bank. Some Austrian banks allow remote account opening subject to additional verification measures. Other banks may require a personal visit for identity confirmation. COREDO informs the client of the specific requirements of the selected bank at the preliminary analysis stage.

Are deposits in Austrian banks protected?

Deposits in Austrian banks are protected by the deposit guarantee scheme (Einlagensicherung) under the ESAEG Act. The guarantee covers up to EUR 100,000 per depositor at each bank, and payouts in the event of a covered event are made within seven business days.

In what currency can a bank account be opened?

The primary currency for bank accounts in Austria is the euro (EUR). Most major Austrian banks also offer multi-currency accounts with the ability to conduct transactions in USD, GBP, CHF, and other currencies.

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If you are planning to open a bank account in Austria — for a company or for personal purposes — COREDO specialists are ready to provide professional assistance at every stage of the process.