Setting up a business account in Austria as a foreign entrepreneur can be streamlined if you know which banks cater best to non-resident needs. Austria’s robust banking sector includes both traditional and digital options, with banks offering tailored services for foreign business owners, multilingual support, and remote onboarding options. Here’s a guide to help you find the best banks for your business account needs in Austria, along with their unique offerings for non-residents.

1. Bank Austria

As one of Austria’s most well-established banks, Bank Austria is a solid choice for foreign businesses. Part of the UniCredit Group, it offers a variety of services and comprehensive business solutions, such as:

  • Business Account Packages: Bank Austria provides different business account packages tailored to startups, small enterprises, and large companies.
  • Multilingual Support: Services in several languages are available, helping non-German-speaking business owners manage accounts smoothly.
  • Digital Banking and Remote Onboarding: Bank Austria has efficient digital banking options and offers remote onboarding assistance, making it easier for foreigners to open accounts.

Bank Austria is particularly recommended for medium to large companies that require advanced banking solutions and value a strong global network. The bank also supports extensive financial services beyond standard business banking, such as payroll management and investment services, which can benefit growing businesses.

2. Erste Bank

Erste Bank is known for its customer-focused approach and extensive experience with foreign clients. Its services are ideal for smaller businesses, startups, and entrepreneurs who prioritize flexibility and digital convenience. Some of its key features include:

  • SME-Focused Business Accounts: Erste Bank offers business accounts tailored to small and medium-sized enterprises, with competitive fees and services designed for startups.
  • English Language Services: Dedicated support in English is available, which simplifies banking for foreigners.
  • George Business Platform: Erste Bank’s online platform, George, allows entrepreneurs to manage accounts, transactions, and reports digitally.

For international entrepreneurs, Erste Bank is a great option if you’re looking for digital-friendly banking with efficient support in English and flexibility in account packages. Erste’s George Business also offers budgeting tools, making it easier to track expenses and manage cash flow.

3. Raiffeisen Bank

Raiffeisen Bank is a popular choice for both local and international clients due to its cooperative banking model and extensive branch network. It’s a great option for businesses that require frequent in-person assistance or access to a wide range of services across Austria. Here’s what makes Raiffeisen Bank suitable for foreign business owners:

  • Diverse Business Accounts: Raiffeisen Bank offers different account types, from basic business accounts to more advanced packages with integrated payroll and financing options.
  • Strong Regional Presence: With many branches across Austria, Raiffeisen is ideal for businesses needing local banking support.
  • Foreign Account Services: The bank is familiar with the needs of foreign entrepreneurs, providing support for account setup and management for non-residents.

Raiffeisen is particularly suited for companies that might need both digital and in-person banking services, as well as those looking to connect with Austria’s local business community. They offer bilingual customer support and options for different business sizes and types.

4. BAWAG P.S.K.

BAWAG P.S.K. is one of Austria’s leading banks, with a strong focus on innovation and customer-centric services. It is especially popular among businesses seeking digital-first banking with competitive fees. BAWAG’s services include:

  • Flexible Business Accounts: BAWAG provides several account packages, catering to businesses of all sizes, from freelancers to corporations.
  • Digital Banking Options: Online banking and mobile app capabilities make BAWAG a convenient choice for managing transactions, transfers, and account monitoring remotely.
  • English Support and Remote Setup: BAWAG offers English language support, and some account types allow foreigners to start the application process online.

For international business owners, BAWAG P.S.K. offers a streamlined digital banking experience along with the security and reputation of a top Austrian bank. The bank’s lower fees and flexible account setup make it a great option for small businesses, startups, and tech-savvy entrepreneurs.

5. Holvi

Holvi is a modern, digital-first bank designed for freelancers, entrepreneurs, and small business owners. Originally from Finland and now available in Austria, Holvi specializes in simplified banking services for self-employed individuals and small businesses, providing:

  • Fully Digital Accounts: Holvi operates entirely online, offering easy account setup, invoicing, and expense management directly through its platform.
  • Bookkeeping and Tax Tools: Holvi’s business accounts come with tools for tracking expenses, creating invoices, and generating financial reports.
  • English Language Interface: Since Holvi is an international digital bank, its platform is accessible in English, making it ideal for non-German-speaking entrepreneurs.

Holvi is best suited for small businesses, freelancers, or digital nomads who prefer an entirely online banking solution with built-in tools for managing finances and generating reports. Its simplified, digital nature means it lacks the in-person support of a traditional bank but offers convenience and transparency.

6. N26 Business

N26 is a popular digital bank across Europe, and its business account options are a great fit for freelancers, small businesses, and entrepreneurs looking for simplicity and flexibility. Highlights of N26’s business banking services include:

  • No Hidden Fees: N26 offers transparent pricing with no hidden fees, making it easy for small businesses to budget.
  • Digital Management: N26’s app allows full account control, transaction monitoring, and instant notifications.
  • Multilingual Support: Since N26 operates in several European countries, it provides support in multiple languages, including English.

For international entrepreneurs, N26 is a highly convenient choice if you’re comfortable managing all your banking activities digitally. However, as a fully digital bank, N26 may lack some of the advanced banking solutions that larger businesses or companies with more complex needs may require.

7. Additional Considerations When Choosing a Bank

When selecting a bank in Austria for your business account, it’s important to consider not only fees and accessibility but also the specific needs of your business. Here are some factors to keep in mind:

  • Account Fees and Minimum Balances: Each bank has different pricing structures, so review fees for transactions, ATM withdrawals, and minimum balance requirements.
  • Remote Account Setup: For non-residents, some banks offer remote onboarding, while others may require an in-person visit.
  • Language Support: For non-German-speaking business owners, banks with English support are often preferable.
  • Extra Services: Consider if the bank offers additional services, such as credit lines, financing options, payroll management, or accounting tools.

These factors will help you determine the best fit for your business, ensuring smooth financial operations in Austria.

Opening a business account in Austria as a foreigner is more straightforward when you know which banks cater to international needs. From Bank Austria’s comprehensive business services to N26’s digital-first platform, there are options suited to various business types, Austrian Tax and VAT labilities, sizes, and banking preferences. Consider your company’s specific needs including Labour finance handling, whether that’s multilingual support, digital banking convenience, or extensive in-person service, to select the best bank that will support your Austrian business’s growth.