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.

© 2016 Dwellworks

Page 31

Vienna City Guide