Application process & timeline
Define the account first, then coordinate acceptance, funding and tax instructions.
01Define the use and institutionBefore applying
02Prepare onboarding evidenceBefore review
Explain identity, residence, beneficial ownership and the origin of intended funds.
03Apply and respondInstitution-dependent
04Activate and set tax recordsAfter acceptance
Choose for payments, custody and access
A household needs reliable rent, utility and day-to-day payments; a company needs an account accepted for its actual trading activity and ownership. Investment custody introduces additional cost-basis and withholding questions. Establish those needs before treating a premium account label as evidence of suitability.
Ask which legal institution holds the deposit, whether the chosen account can support future nonresident status and which currencies and countries it serves. A payment institution or investment platform should not automatically be treated as a bank covered by the same deposit scheme.
Prepare evidence that explains the funds
FMA explains that institutions must establish identity and understand the relationship under anti-money-laundering obligations. Expect questions about account purpose, beneficial ownership and the origin of money, with documents proportionate to the circumstances.
A business file should connect the registration and ownership records to contracts, invoices and actual activity. A personal transfer from a company sale, inheritance or investment liquidation needs the underlying transaction history. Several unexplained transfers through other accounts do not replace that evidence.
The basic-account right is for private use
A private consumer lawfully resident in the EU may qualify for a basic account, including someone without a fixed home who can supply a delivery address. The account supports ordinary payments but cannot be overdrawn. Existing usable Austrian accounts and the prescribed refusal grounds affect eligibility.
The FMA describes up to ten business days after a complete application, while noting that foreign-customer due-diligence checks can extend practical processing. This statutory service is not an entitlement to company banking, borrowing, merchant acquiring or private-bank investment services.
Protection follows the depositor and the bank
Eligible deposits and interest are ordinarily protected up to €100,000 per depositor per bank, including qualifying foreign-currency deposits. Multiple accounts in the same institution are combined. Certain temporary high balances have enhanced protection under separate conditions.
Confirm the relevant Austrian scheme or, for an overseas institution’s branch, the applicable home-country arrangement. Securities held in custody and their market value are not the same as cash deposits. Protection against a bank’s inability to repay a deposit is not insurance against investment losses.
Give the custodian the correct tax history
On moving to Austria, do not assume the bank can infer the statutory arrival basis from a transfer statement. Supply the required historic and valuation records and confirm how the bank will treat each asset. A foreign broker’s report may not calculate Austrian income correctly.
Before departure or a depot transfer, review notification and deemed-disposal rules. Austria’s July 2026 changes make it especially important to coordinate the tax return, custodian instructions and evidence retained for any non-assessed exit liability. Account administration is part of implementation, not an afterthought.
Sources & research notes7 references
Sources supporting this guide. Research draft awaiting editorial review.
- BMF: capital-income rates and filing
- EStG §27: current arrival, exit and portfolio-transfer rules
- BGBl I 43/2026: exit-proof duties and transition
- BMF: capital gains, exit and custody transfers
- FMA: basic bank account rights
- FMA: identity and account due diligence
- FMA: deposit protection and eligible accounts