Our set up fee to open a personal current account is only 499 Euro 

Our services:

I found a website that offers cheaper prices for Austrian bank accounts.

Answer: There are several bedroom-operated websites who copied our website and offer to set-up Austrian bank accounts for cheap prices. Are they any good?

These websites are held by obscure offshore companies and use Austrian Current boxes and cellular phones. Although none is actually located in Austria, they claim they can open Austrian accounts. We are not aware of any other firm that has an agreement with an Austrian bank to open accounts unless you are in Austria.

Our firm is in Austria,  We know our business. When we deal with Austrian bankers on behalf of our clients, we do it face to face, not by email.

It does not make much sense to entrust your savings with a fly-by-night operation located outside of Austria to try to save a few dollars.

Don't take a chance to find a new home for your hard-earned savings. Trust an Austrian professional.

What are the benefits of your services?

Answer: Using our bank introduction services, you benefit from the intimate knowledge of an Austrian professional.

How much do you charge to open an account? Is this a one-time charge? When do I pay it?

Answer: We charge a one-time account set-up fee of 499 Euro for our services on personal accounts and 699 Euro for coporate accounts.

This fee is payable when you order the account and is fully refundable if the bank rejects your application. It is not refundable if you cancel your application.

You can find out the set-up fee for each account in this table or when reading each account description. Prices are listed in Euro but can be paid in any currency.

 

What happens when I click on 'Order'?

Answer: When you click on the 'Order' button on our website, you will be taken to a 4-page application form where you can fill in your name, date of birth, type of account you wish and other information needed to open your account.

By filling this form you place an order for a Austrian bank account of your choice to be opened by our services in exchange for a set-up fee.

As soon as we have approved your application, we will verify the payment of the account set-up fee and begin the account opening process. If we cannot approve your application, we will not charge you anything. If the bank turns down your application we will give you a full refund.

 

Will you charge me if your company rejects my application?

Answer: We do not charge you if we reject your application. As soon as we receive your order, we will examine it to see if we can go ahead.

If later the bank does not accept to open your account, which is very rare, you will receive a full refund. This refund is applicable only if you have sent us all documents we need to open the account, not if you decide to cancel.

Will you refund me if the bank rejects my application?

Answer: Yes, you will be fully refunded if the bank turns down your application. This is applicable only if you send us all the documents we need to successfully present your application. A refund is not offered if you decide to cancel your application.

Why are applications rejected ?

Answer: Applications are rejected either because the origin of the money is unclear or not compatible with Austrian regulations.

If you are not sure that your application will be accepted, please contact us and explain us who you are, how you want to use your account and where the money comes form. We should be able to tell you right away if we can open you an account.

If we approve your application, the probability that the bank refuses to open the account is very low.

What are your banking services?

Answer: We open accounts in Austrian banks by correspondence or in person.

What we do - European Financial Services. helps people open Austrian bank accounts. Opening a bank account in Austria can be confusing and extremely time consuming unless you know intimately the Austrian banks, their policies and procedures. We cut through the red tape to get you the Austrian bank account you need.

Who we are - European Financial Services. is not a bank but we work with many Austrian banks, including some of the biggest and oldest banks in Austria. Our job is to expedite the account opening process so that you get your account as quickly and efficiently as possible.

What are your terms and conditions?

Answer:

Business terms and conditions for European Financial Services's (herein referred as "the company") bank account set-up service.

The client (herein referred either as "you" or as "the client") consents to Terms and Conditions of Service. You represent that you have read and agree to be bound by the terms and conditions of service ("TOS") for the company's bank account set-up service.

Service offered
The company will perform the service of opening a bank account (herein referred as "the account") for the client (herein referred as "the client"). The service ends with the opening of the account and all relations thereafter are between the client and the bank. The service is the opening of the account and the successful setting-up of complementary services such as credit cards, chequebooks or internet banking access is not guaranteed and is offered "as is". The company cannot be held responsible if these complementary services cannot be set up. The service can only be employed for legal purposes as determined by Austrian law.

Set up fee
The company charges a one-time fee for its service (herein referred as "the set-up fee"). This set-up fee can change at any time without prior notice. This set-up fee includes the mailing costs of the documents from the company to the client by normal mail. Courier service is available at extra cost. The set-up fee is quoted in Euros . The client will pay the set-up fee before the company begins the performance of the service. The client can pay the set-up fee using a valid Visa, Mastercard or American Express credit card bearing his/her name, by Western Union or by bank transfer. The company shall not begin to perform its service before full payment has been received. Clients who send the company a credit card as payment accept that the company bills their credit card for the full amount of the set-up fee for the account they have chosen plus the price of the courier service if requested.

Refund policy
The client will receive a full refund of the set-up fee minus courier charges if the following three conditions are met : (1) the company is not able to open the client an account AND (2) the company has received all the necessary documents duly completed by the client, including a copy of the client's valid identity document which has been authenticated according to the company's exact instructions and any document which the company has requested from the client, such as but not limited to credit card statement, utility bills, work contract or other evidence of the economic origin of the funds AND (3) the request for the refund is made during the 6 months after the company has sent him the documents. This is the only case in which refunds are offered. NO REFUNDS WILL BE OFFERED IF, FOR ANY REASON, YOU DECIDE TO CANCEL YOUR APPLICATION.

Right or refusal
The company reserves the right to refuse to open accounts without giving any reason or explanation,  whether at the initial enquiry stage or at any stages thereafter. The company cannot be held responsible for any consequence, financial or other, that might arise from the impossibility or refusal to open the account. The relation between the client and the bank is strictly submitted at all moments of the relation to the regulations of the bank. The bank remains free to open the account. The bank also remains free to take any decision it want during the relation, such as closing or freezing the account or refusing a transaction. The company cannot be held responsible for any consequences, financial, or other, that might arise from any decision or action of the bank. Moreover, no documents, information or assessment given by the company can be taken as a commitment of any kind of the bank.

No warranty
There are no warranties, claims or representations made by the company, either express, implied, or statutory, with respect to the account, including warranties of quality, service, safety or fitness for a particular purpose. The company does not warrant that the account will meet the client's needs or will provide all the facilities the client will want or that the client has the right to open and operate the account according to foreign laws. The foregoing exclusions and disclaimers are an essential part of this agreement and formed the basis for determining the set-up fee.

Due diligence
The client has to give sufficient information as requested by European Financial Services about the economic origin of the money that the client will transfer on his/her bank account. This information is necessary to satisfy due diligence requirements and is kept strictly confidential. The client agrees to fully disclose the economic origin of the money he/she will transfer on the account and to disclose of the beneficial owner of the said funds if it is a third party.

Identity of the depositor
The client has to give proof of his/her identity as requested by the company, including a photocopy of his/her passport authenticated according to the company's exact instructions.

Confidentiality
The company will strictly respect the client's confidentiality. The company will not knowingly divulge any information to a third party, save in the case of a Austrian court order. The client authorizes the company to give to a third party any information in the company's possession about the client as part of any legal procedure against the client for non-payment of the fees owed to the company or as part of any other procedure concerning the payment of the fee owed to the company. The client also authorizes the company to communicate this information to the bank with which the account will be opened. The company is entitled to perceive a retrocession from the bank as a result of the account opening and the bank to communicate information needed to calculate any retrocession applicable. Finally, the client authorizes the bank to communicate the company the date of opening of the client's account.

Place of action and applicable law
These conditions and all legal relationships between the client and the company SHALL BE EXCLUSIVELY GOVERNED BY AUSTRIAN LAW. The place of performance of the obligations of both parties and the exclusive venue for any other kind of legal proceedings is Klagenfurt, Austria. The company reserves the right to take legal action before the courts of the client's domicile or before any other competent court.

Is it safe to shop with European Financial Services?

Answer: Shopping with European Financial Services is safe. We use the latest data encryption techniques so that your data is safely transmitted across the internet. When you apply for a Austrian bank account on our site, your data is encrypted using SSL (secure socket layer) up to 128 bits so that nobody can intercept your application. Then, your application is processed in our headquarters in Austria before going to the bank

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Choosing an account:

Can I open a Sterling or a Dollar account?

Answer: Yes, you can certainly open a Austrian bank account in US dollars, British pounds, Euros and in most of the world's currencies (please look in the account description to see the full list of currencies possible for this account).

You can also open accounts in multiple currencies.

Can I open a joint account?

Answer: Yes, you most certainly can open a joint account. You simply have to indicate the name, profession and legal address of the account co-holder, as well as the type of signing arrangements desired (individual or collective).

European Financial Services. advises against opening joint accounts. Experience has shown that this type of account is prone to abuse. You must bear in mind that when you open a joint account with someone, you can no longer revoke his or her authority.

The way to restrict each holder's authority over the account is to request collective signing arrangements. A joint account that requires collective signatures means that the bank can carry out orders only if both account holders have signed. In practice, this makes using the account much more difficult.

As a consequence, we suggest that you either open several accounts or that you give access to your account by power of attorney. In the latter case, you must absolutely specify when and how this authority can be revoked.

Are Austrian bank accounts anonymous?

Answer: Austrian banks always know the identity of their account holders.

Do you open corporate accounts?

Answer: Yes

If you want to open a Austrian bank account for a company (corporate account), you have three options:

1. If your company is incorporated or registered in Austria, you can open any account.
2. If your company is incorporated outside of Austria, you can open a Classic Austrian bank account, an Internet banking account or a Austrian numbered account only if you will maintain a balance exceeding USD 5,000 on your account. (See below why)
3. If your company is incorporated in a reputable jurisdiction outside of Austria, we can open you a Austrian "current" account for a set-up fee of 699 Euro

Corporate accounts require more documentation about the company and all documents have to be authenticated according to the bank's exact instructions.

Please be advised that we need information about both the company's business and its beneficial owners.

We charge 699 Euro to open corporate accounts, no matter the type of account.

Keep in mind that in many instances a personal accounts gives you a better solution if all you need is to be able to cash cheques for your work as a consultant - you can endorse those cheques.

Do you open credit card merchant accounts?

Answer: If you want to be able to receive credit card payments on your account, you need what is called a merchant account.

To do this, you need a contract with a credit card company. To our knowledge, no Austrian credit card company offers such contracts unless your company is incorporated in Austria.

We do not offer merchant accounts and do not incorporate Austrian companies for that purpose.

However, there is now a solution using Paypal, a company that enables its clients to receive payments from credit cards even if you do not have a company and do not live in Austria.

Can I upgrade to another account later?

Answer: Yes you can but most probably this will be with another bank so we will have to get the same documents as for the first account to open the new account. We will offer you a discount on the set-up fee for the new account.

Do you offer safe deposit boxes ?

Answer: Yes we can open you a safe deposit box in the vault room of one of our partner banks. Please contact us for details.

I live in the US. What account do you recommend for US persons?

Answer: If you live in the US we can open you any of our accounts.  you should not invest in any US securities from your Austrian bank account if you want to keep this account private. This applies to all accounts.

The Austrian Current Account would offer you a simple and cheap solution to park funds in Austria and gives you unlimited internet access in English. It does not, however, offer extended investment options, mail retaining nor credit cards

What is a "Austrian current account"?

Answer: A Austrian current account is the typical Austrian bank account It offers powerful payment services and excellent internet banking access to Austrian and international clients .

 

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Documents needed:

Information needed to open an account in person?

Answer: You need to provide some information and documents to open a Austrian bank account:

When you order or take an appointment

Information about your banking needs (account currency, amount of deposit, standard transactions you will require, preferred language, etc.) Information about the economic origin of your funds . Information about how much you plan to deposit on your account within the first 12 months or so.

When you return us the documents or come to  Austria

Your passport  is enough if you open your account in person. However, if you open by mail, we need an authenticated copy of your passport.

This information is protected by Austrian bank secrecy and will remain strictly confidential.

Don't hesitate to contact us for further information.

What do you mean by economic origin of the money?

Answer: To open a Austrian bank account, you need to explain the economic origin of your funds. This means explaining how the money which you intend to deposit on your account became yours.

This information is needed to comply with Austrian due diligence laws. Our purpose is to check that your money comes from a legal activity and not from trading drugs, extortion or other offences against the Austrian criminal code.

It will be kept strictly confidential even if the account is not opened.

Depending on what the origin is, we may ask you for specific documents that are relevant to the origin of the funds.

When you apply for an account, if you indicate "business" or "Canada" as the source of the money, we won't be able to open you an account. Please note that economic origin is NOT geographic origin.

 

Can I open an account with a driver's licence?

Answer: You need a passport to open an account. In some cases, the account can be opened with an identity card (check with us first) but accounts can never be opened with a driver's licence

Can I open an account if don't have a passport?

Answer: You need to have a passport to open a Austrian bank account.

In some cases we can open an account with an identity card. If you have a valid, official identity card, please fax a copy of it with the type of account you want to open and your email or phone number. We'll tell you if this document is sufficient to open an account. 

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Opening by mail:

How to open my Austrian bank account by mail?

Answer:

1	You make a request to open an account using our secure account opening application form or other means.
2	Once we have received payment for our fees, we will send you the account opening documents by priority mail.
3	When you receive the documents, you sign them and authenticate your signature according to our instructions. You return them to us, along with a photocopy of your passport and the other documents required.
4	We need only a few days to open most accounts, once we have received your documents. We will confirm the opening of your account, and from that moment on you will deal exclusively with your account manager. The bank will confirm the opening separately.

The entire procedure takes approximately one week from the date we receive your order and payment of our fees.

We are entirely at your service to answer your questions - don't hesitate to contact us.

Note that the procedure to open some accounts is slightly different from the one described above.

Procedure for the Personal Austrian bank account and Austrian Private account:

• You mail us an authenticated copy of your passport, and account application that we provide you
• We present your application to the bank
• The bank sends you a separate confirmation
• You return the bank's documents directly to the bank
• The bank opens your account

We will be with you during the whole procedure and will always give you precise indications for the next step.

Information required to open a Austrian bank account

Answer:

We need some information and documents to open you an account:

Information (when applying)

Name, address, date of birth, profession, contact information (same for joint account partners or beneficiaries of power of attorney). Details about your banking needs (account currency, amount of deposit, standard transactions you will require, preferred language, etc.) An accurate description of the economic origin of your funds to comply with Austrian anti money laundering laws.

Documents (to send us)

An authenticated copy of your passport (we will instruct you on how to authenticate a document in your country). . Your annual income and how much you plan to deposit on your account during the first year.

Don't hesitate to contact us for further information.
 

Can I open an account by phone, internet, email or fax?

Answer: You can order an account by phone, fax or through our website. However, to open an account, we need to receive hard copies of several documents. Faxed copies are not sufficient, even if you send us the original afterwards.

Do I have to transfer the minimum balance immediately?

Answer: You have no obligation to transfer the minimum balance immediately. You can perfectly well open your account today and begin to transfer money in several weeks or even months.

Why do Austrian banks ask for a minimum balance anyway ? Basically, for two reasons :

1. To prevent clients from forgetting an account on which they would have deposited a few dollars
2. Banks earn their living by managing their client's deposits. The cost of opening and maintaining an account can be offset only if a certain balanced is reached on the account.

Do I need to speak any German language to open this account?

Answer: All the banks we work with have multilingual account officers. We can always supply you with an English-speaking account officer. French, Italian, German and Spanish-speaking account officers are also available.

 

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Do I need to make an initial deposit the day I open the account?

Answer: You do not need to make a deposit the day you open the account. You can if you want but there is no requirement to do so. The bank expects you to transfer money on you account within a reasonable timeframe (weeks or even a few months), that's all.

Can I deposit cash the day I open the account?

Answer: For all accounts except for the Austrian Current account, you can deposit cash the day you come. To do this you must have brought sufficient information about the economic origin of the funds and be able to explain us the specific origin of the cash you wish to deposit. Austrian customs do not impose restrictions on the amount of cash you can bring in although you should be able to prove it is of legal origin if asked.

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Account set-up fee:

How can I pay the account set-up fee?

Answer: We charge a one-time set up fee to open you an account. Our fees are payable in advance (see our refund policy).
We accept payment by American Express, MasterCard, Eurocard, Visa, money orders, bank transfers and cashier's checks.
Paying us by credit card
Credit cards are the quickest way of paying us. We currently accept American Express, Mastercard and Visa. Just enter your credit card details when applying through our secure online application form. You can also send your credit card number by fax.
Paying us by bank transfer
We accept payments by bank transfers. You can send the the account set-up fee plus courier charges in the equivalent in your local currency. Please keep in mind that bank transfers take a minimum of 2 days to clear but can take much longer. Insist that your bank use the SWIFT code to make things faster.
Paying us by Western Union
Western Union is a company that offers instant money transfers the world over. How does it work? You simply head to your nearest Western Union agent location (complete list), contact us to get the necessary information to fill in the form, pay in cash and send us the transaction number. The Austrian Western Union agent will confirm to us that the money has arrived and we can proceed with your request to open an account straightaway. Please note that Western Union transfers must be addressed to an individual.  
Paying us by cheque
We do accept cashier's cheques as payment. However, we do not recommend this payment method. Your application will be processed only when the cheque has cleared, which can take several weeks. We do not accept personal cheques.

 

What is your refund policy?

Answer: We will gladly refund you if all of the following three conditions are met:

1. European Financial Services has received all the necessary documents duly completed, including a copy of valid identity document which has been authenticated according to our exact instructions as well as any additional document which we requested from you, such as but not limited to credit card statement, utility bills, work contract or other evidence of the economic origin of the funds AND
2. European Financial Services was not able to open you an account AND
3. You make the request for a refund within 6 months of your order.

If all of these conditions are met, you will get a full refund of the set-up fee minus courier charges. This is the only case in which refunds are offered.
NO REFUNDS WILL BE OFFERED IF, FOR WHATEVER REASON, YOU DECIDE TO CANCEL YOUR APPLICATION.

 

Will the set-up fee be credited to my account?

Answer: The account set-up fee remunerates European Financial Services services to open you the account. It is owed to European Financial Services and will NOT be credited to your account.

Can I pay your fee in any currency?

Answer: Our prices are in Euros but if you pay by bank transfer, cheque or Western Union, you can send the equivalent in any currency

Can you "take" the set-up fee from my initial transfer? From my cheque?

Answer:Clients sometimes ask us if they can send one big cheque or transfer for both the set-up fee and a first deposit. Unfortunately, that's no possible - if you do so we have to send the cheque back or refuse the transfer.
Please make one transfer or cheque for the exact amount owed to European Financial Services, then another to your account when it is opened.

 

Can I pay you directly from my account when it is opened?
Answer: The set-up fee is payable in advance and you cannot pay it from your account once it has been opened.
How can I send you a cheque?

Answer: Here is how you can pay us by cheque:

• We only accept cashier's cheques - no personal cheques.
• You can write your cheque in any convertible currency equivalent to the account set-up fee and courier charges if applicable
• Your application will be processed only when your cheque has fully cleared . This can take several weeks. (To avoid this delay, use Western Union).
• Mail your cheque to:

Austria

• Don't forget to indicate your name and your transaction number when sending us a cheque
• Send the exact amount owed to European Financial Services. If you want to include your initial deposit, make two different cheques. If your cheque is larger that what you owe us, we will have to return it to you.

 

 

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Investment:

What interest will I yield on my account?
Answer: Interest rates depend on what currency your account is in.
Euros accounts pay an interest rate that is usually quite low and there is a witholding tax to boot. This is not very attractive and most people (apart from the Austrian) have their Austrian bank account in some other currency such as US Dollar, British Pound or Euro.
Non Euro accounts pay interest in a slightly different way. Your banker puts the money in a special type of fund called money market fund to get you the interest. There is a small cost (usually below 1%) to move the money into the fund, but there are absolutely no penalties and no notice period when you withdraw money. The minimum needed to enter most of these money market funds is only about $200.  In Austria, this is the standard way of getting interest on non Austrian currencies.

Can I invest on the stock market from my Austrian bank account ?
Answer: You can invest on the stock market from your Austrian bank account. Stock exchange orders can be made by telephone, Internet banking, and sometimes even by WAP or Palm device, from anywhere at all, 24/7.
There is no tax on capital gains in Austria, unless you are a US person investing in American securities.
The bank acts as a broker. It buys securities in its own name, so your identity is never revealed during a transaction. This guaranteed confidentiality has its price: transaction fees are slightly higher than the international average.
Online market transaction fees(NASDAQ, SWX, etc.) vary from 0.6% to 0.2%, according to the amount of the transaction. Traditional market fees amount to 1.30% to 0.75% (NYSE, AMEX, LSE (London), XETRA (Frankfurt), EURONEXT (Paris, Brussels, Amsterdam), MSE (Milan), etc.). There is a minimum fee for every transaction.

 

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Death, divorce and bankruptcy:

What happens with my Austrian bank account if I die?
Answer: If you die, your account will belong to your heirs. But there are some measures you can take to ensure a quick and efficient distribution.
The problem is that your Austrian banker will not know it unless you are a celebrity and your death is featured on CNN. All he will see is that you no longer call. After some time, he will wonder what happened to you and try to reach you. If he cannot join you, he will be faced with a problem. Either look actively for your, with a risk of compromising the secrecy of your account, or wait for your contact, with the risk that you might be dead and your heirs would not know about this account. This dilemna is not satisfactory.
The bank has a legal obligation to search for your wherabouts after a maximum of 10 years, after which the account is considered dormant . If they cannot find what happened to you, or if they learned that you died but cannot find your heirs, they will report the account to the Austrian banking ombudsman.
It is important to understand that for a quick and easy transfer of your Austrian bank account to your heirs, the latter must know about the account and where it is held by the time of your death. There is no inheritance tax in Austria for non residents. Your heirs are responsible for declaring the holdings to their country's tax authorities. 
You can take some measures to make sure your heirs will get their inheritance quickly: 

• If you change adress or phone, let your banker know where he can reach you.
• Give your banker the details of another person (e.g. your sister) that your banker can contact to ask about you in case he does not hear from you for a specified period of time. Some banks have special forms to that order, other ask for a power of attorney to be signed in favor of the other person. An alternative to the power of attorney is to open a joint account, but you need complete confidence in the account partner since he will have full access to your account before and after your death.
• Let one of your heirs (e.g. your oldest son) know about the account and where it is held
• You can also prepare an enveloppe to be opened only in case of your death that would ask one heir to get in touch with your banker so that the money can be distributed to your heirs.

What do I do if I inherit a Austrian bank account?
Answer: During a divorce, sometimes one spouse tries to seize the other's Austrian bank account.
Anyone wishing to seize the holdings of a spouse's Austrian account faces a long, difficult and costly procedure. To our knowledge, no such undertaking has met with a successful conclusion.
1. Marriage held in Austria
Bank secrecy is lifted when the divorce is declared under Austrian marriage law. The Austrian civil code (art.170) stipulates that spouses can request that their husband or wife inform them of their financial situation.
2. Marriage held outside of Austria
The situation is very different when the divorce is declared under foreign marriage law.

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Taxes and bank secrecy:

Do I need to pay taxes in Austria on my Austrian bank account?

Answer: There are no taxes on your Austrian bank account in Austria with only 3 exceptions:

1. Austrian withholding tax is payable on a few investments
2. US persons should either abstain from investing in US investments or report their account to the IRS
3. EU residents have to pay a withholding tax on the interest income of certain investments.

The country where you live may ask you to pay taxes on your Austrian bank account if you report it on your tax statement.

 

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Deposits & Withdrawals:

What is the best way to deposit money on my Austrian bank account?

Answer: The best way to deposit money on your Austrian bank account depends on you:

• The fastest, cheapest and most secure way is a bank transfer. You give the bank where the money is presently the details of your Austrian bank account and the money gets there in a few days. But this way of depositing money is not private.
• The most private way is to bring cash at the bank in Austria. This is obviously more expensive since you have to come to Austria, it takes more time and is less secure. You will also need to make sure that you bring enough evidence of the legal origin of the funds. The requirements are even more stringent when you bring cash.

Notes:

• Traveller's cheques are secure and can be cashed immediately, but they need to be deposited in person.
• A cheque is the same as a bank transfer in terms of privacy but it much slower and more expensive. You can do it but if you have a choice it is not the recommended way.

Can a bank that issues traveler' checks find out  where they have been cashed?

Answer: The issuing bank can find out where the traveler's checks were cashed. In fact, you must always reveal your identity when making a purchase. Since each check is identified by a unique number, it is theoretically possible to trace it. In practice, however, this type of search is rarely carried out, at least not systematically.

Can I deposit with a Current money order ?

Answer: There is no limitation in Austria we are aware of to receive money on your Austrian bank account from a Current money order. However, you need to check that the Current system in your country allows you to send money to a bank account in some other country.

Can I deposit money on my Austrian bank account with Western Union ?

Answer: Western Union's services are for individuals who wish to transfer money to individuals. As far as we know it is not possible to use it to deposit money on a Austrian bank account.

Secured credit cards

Answer: A credit card for your Austria account provides the fastest access to your funds, 24 hours a day. Wherever you are, you can withdraw cash discreetly from ATMs.

Can I obtain a credit card?
Which credit card is the most confidential?
How do I use a credit card discreetly?

1. Can I obtain a credit card?
You can obtain a credit card if you make a security deposit. Austria banks will not verify your past credit ratings: the security deposit is considered to be enough coverage.

2. Which credit card is the most confidential?

Most banks offer credit cards without the bank logo. An expert can nevertheless identify your bank using the first four digits of your card number.

However, if you wish to avoid any ties with the bank whatsoever, in some cases you can have a card issued by an institution other than the bank (consult us).

Credit card companies (Visa, Mastercard and American Express) are prohibited from providing any information on cardholders (banking relations, address, etc.). They are bound by Austria professional secrecy, just like the banks.

Checklist for credit card confidentiality
Bank logo on card?
Name of bank on back of card?
Cardholder's name on card?
Austria telephone number on card?
Credit card issued by another institution so that the bank cannot be identified by the first four digits of the card number?

3. How do I use a credit card discreetly?Sensible cardholders will: 
 Use their credit card exclusively at ATMs.
Avoid using their card in stores, restaurants and abroad.
Never pay for services in their country of residence:
the credit card slip issued during transactions contains information about your account: identification of the bank (or at least the country), first name, last name. 

 

Checks and checkbooks?

Answer: Checks are seldom used with Austrian bank accounts. The bank can prepare you bank checks, but is it really such a good idea? An check issued from your Austrian bank informs several people that your Austrian account exists and it takes several weeks for the check to go through.

There are other methods that are faster, more efficient and more discreet for withdrawing money from your Austrian bank account, such as credit cards, for example.

How to make international bank transfers via Internet banking?

Answer: All of our Austrian bank accounts offer Internet banking services.

• What is Internet banking?
• What can I do with Internet banking?
• How secure are my transactions?
• Restrictions by country

What is Internet banking?
Internet banking gives you access to your bank account with computer connected to the Internet:

• From anywhere in the world
• 24 hours a day
• Confidentially

What can I do with Internet banking? Each account offers different functions. These are the most common ones:

• Check account balance
  It's the most common and frequently used function. All of our accounts provide this service.
• Check most recent entries
  The list of the last transactions for your account. All of our accounts provide this service.
• International bank transfers
  This is the most powerful function. It allows you to make bank transfers from your Austrian account to bank accounts anywhere in the world and in many different currencies. To do so, you need to know the name and address of the receiving bank, its SWIFT number, the name and address of the recipient and his or her account number. It is the safest and fastest way to transfer money from your account.

 

How secure are my transactions?
All of your transactions are encrypted using a military-based technology.
Internet access to your account is protected by a coding system. You will need to enter several passwords:

• your agreement number.
• your personal password.
• a code that is unique to each session and determined by a strike list or a smart card that generates a new security number every minute.

Can I access Internet banking from my country?
Yes as far as we know you can access from any country.

 

 

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Do the banks you work with have physical branches?

Answer: All the banks we work with do have physical branches with marble, doorkeeper and mostly with a safety vault. You can come to Austria and visit the bank and withdraw money at the counter. We do not deal with "virtual" banks.

Will my account get interest ?

Answer: You will get interest paid on the money you deposit on your Austrian bank account. How much and how this interest is paid depends on the currency of your account. Some accounts pay an interest directly, some need you to ask the acount officer to invest the money in a money market fund or a fiduciary deposit.

Why are Austrian bank accounts so popular?

Answer: Austria is the number one banking destination for international clients for several reasons:

• Political stability - Austria has not been at war with another country since 1505
• Safety - Austrian banks are extremely safe. There is only an extremely remote chance of losing money deposited in a Austrian bank.
• Stable currency backed by gold - the Euros is probably the most stable currency in the world
• Excellent quality of banking services - internet banking, sophisticated investment services, multiple currency accounts and many other high-level services are available in Austrian banks.
• Privacy - if you are not a criminal, it is almost impossible for anybody to get any information about you out of a Austrian bank

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