Remote banking in Austria is possible for both individuals and companies, but the path is not uniform across all banks or all applicant profiles. Austrian law permits identity verification through video-call procedures and certified document submission, yet many banks retain discretion to require in-person attendance for certain account types or higher-risk applicants. This guide explains who can open an account remotely, which banks and account types are realistically accessible, what documents you will need, what the legal framework requires, and where the process typically stalls for foreign founders and non-resident individuals.
Austria';s anti-money-laundering framework is the primary legal driver of remote banking procedures. The Financial Market Anti-Money Laundering Act (FM-GwG) and the Banking Act (BWG) together impose customer due diligence obligations on all Austrian credit institutions. These laws require banks to verify the identity of every account holder before the business relationship begins, but they do not mandate that verification happen in person.
Under the FM-GwG, banks may use alternative identification methods provided they achieve an equivalent level of certainty to a face-to-face check. Accepted alternatives include video identification, qualified electronic signatures, and identification through an existing account at another regulated institution. The Financial Market Authority (FMA), Austria';s banking supervisor, has issued guidance confirming that video-based onboarding satisfies the statutory requirement when the bank';s internal procedure meets defined technical and procedural standards.
In practice, this means that the legal barrier to remote account opening is low, but the operational barrier set by individual banks can be considerably higher. A bank may comply with the FM-GwG through video-ID and still choose to restrict remote onboarding to residents of the European Economic Area, or to applicants whose source of funds can be verified through documents issued in German or English.
A non-obvious requirement is that even where video-ID is accepted, the bank will typically require a certified or apostilled copy of your passport or national identity document. Many foreign applicants underestimate the time needed to obtain apostilles in their home country, which can add one to three weeks to the process.
The answer differs significantly depending on whether the applicant is a private individual or a legal entity, and whether they are resident in the EEA.
For private individuals, remote banking in Austria is most accessible to EEA residents. Several retail banks and fintech-licensed institutions offer fully digital onboarding for EU and EEA nationals using video-ID. Non-EEA nationals face a narrower set of options. Some banks will accept non-EEA applicants remotely if they hold a valid Austrian or EU residence permit, but others require physical presence for the initial account opening regardless of nationality.
For companies, the picture is more complex. An Austrian GmbH or AG can in principle open a business account remotely, but the bank will require certified copies of the commercial register extract (Firmenbuchauszug), the articles of association, and identity documents for all beneficial owners and authorised signatories. Where a company has a complex ownership structure or beneficial owners resident outside the EEA, most banks will request an in-person meeting at least once, even if subsequent account management is fully remote.
Two practical scenarios illustrate the range of outcomes. A German entrepreneur forming a GmbH in Vienna can typically complete the entire account-opening process remotely within two to four weeks, using video-ID for personal verification and submitting certified company documents electronically. By contrast, a founder based in a non-EEA country with no Austrian residence permit will usually need to travel to Austria at least once, or engage a local representative with a notarised power of attorney, to satisfy the bank';s enhanced due diligence requirements.
A common mistake is assuming that because a bank advertises online account opening, it will accept non-EEA applicants without additional steps. The online application portal and the full remote onboarding process are not the same thing. Many banks use the online portal to collect information but then require a branch visit or a notarised document submission to complete verification.
Not all account types carry the same remote-access probability. Understanding the product landscape helps applicants target the right institution from the outset.
Personal current accounts at traditional Austrian banks such as Erste Bank, Raiffeisen, and Bank Austria are generally available remotely to EEA residents. These accounts provide an IBAN in the AT format, a debit card, and access to SEPA transfers. For non-EEA residents, the same banks typically require branch attendance or a local address.
Business current accounts for Austrian-registered companies are available remotely at some banks, but the process is more document-intensive. The bank will conduct a full beneficial ownership check under the FM-GwG, cross-referencing the company';s entry in the Austrian Register of Beneficial Owners (Wirtschaftseigentümerregister, WiEReG). If the company';s WiEReG entry is incomplete or shows discrepancies, the bank will pause the application until the register is updated, which can take several additional weeks.
Fintech and payment institution accounts deserve separate mention. Several EU-licensed payment institutions operate in Austria and offer IBAN accounts that function like bank accounts for most business purposes. These institutions often have more flexible remote onboarding procedures than traditional banks, and some accept non-EEA applicants with a broader range of identity documents. However, these accounts are not full banking accounts under the BWG and may not be accepted by all counterparties or for all transaction types, such as notarial escrow or certain real estate transactions.
A common mistake among foreign founders is opening a fintech account as a substitute for a full banking relationship, then discovering that their Austrian notary or tax authority requires a traditional bank IBAN for specific transactions.
The document list varies by bank and applicant type, but the following items are consistently required across institutions.
For individuals:
For companies:
Many underestimate the language requirement. Austrian banks generally require documents in German or English. Documents in other languages must be accompanied by a certified translation, which adds cost and time. Professional translation and certification can take one to two weeks and typically costs several hundred euros per document.
If you are working through a local representative or law firm, a notarised power of attorney authorising them to act on your behalf during the account-opening process will also be required. This document must meet Austrian notarial standards and, if executed abroad, must carry an apostille.
For guidance on assembling the correct document package for your specific situation, contact info@vlolawfirm.com. We can help structure the setup correctly the first time.
Understanding the sequence of steps helps applicants plan accurately and avoid delays.
The first stage is bank selection. Choosing the right institution for your profile - EEA or non-EEA, individual or company, simple or complex ownership - is the single most important decision. Applying to a bank that does not accept your profile remotely wastes two to four weeks and may result in a formal rejection that appears in your banking history.
The second stage is document preparation. Gathering, certifying, translating, and apostilling documents typically takes one to three weeks for EEA applicants and two to five weeks for non-EEA applicants. Starting this process before submitting the application is strongly recommended.
The third stage is the application submission and initial review. Most banks acknowledge receipt within two to five business days and assign a relationship manager or compliance officer to the file. This person will conduct the initial KYC (know-your-customer) review and may request additional documents.
The fourth stage is identity verification. For remote applicants, this usually means scheduling a video-call session with the bank';s verification team. Sessions typically last 15 to 30 minutes and must be conducted in German or English. Some banks use third-party video-ID providers, which allows more flexible scheduling.
The fifth stage is compliance approval. After identity verification, the file moves to the bank';s compliance department for final anti-money-laundering review. This stage can take three to ten business days for straightforward applications and considerably longer for complex ownership structures or non-EEA applicants.
The total timeline from initial application to account activation ranges from two weeks for a simple EEA individual account to six to ten weeks for a non-EEA company with multiple beneficial owners. Delays most commonly arise from incomplete documents, WiEReG discrepancies, or compliance queries about source of funds.
Non-resident and non-EEA applicants face a structurally more difficult path to remote banking in Austria, but the process is not closed to them.
The most effective approach for a non-EEA founder is to engage a local Austrian law firm or fiduciary before beginning the bank application. A qualified local representative can pre-screen the application with the bank';s relationship team, identify document gaps before submission, and manage communication with the compliance department in German. This reduces the risk of rejection and shortens the overall timeline.
Some Austrian banks have dedicated international business desks that handle non-EEA applications with greater flexibility than the standard retail channel. These desks typically require a minimum deposit or a commitment to maintain a certain account balance, and they may charge higher monthly fees. However, they offer a more predictable path to account activation for complex applicant profiles.
A second practical scenario: a non-EEA holding company seeking to open an Austrian business account for a newly registered subsidiary will typically need to provide a full corporate structure chart, certified ownership documents for the parent entity, and identity verification for the ultimate beneficial owner. If the parent is registered in a jurisdiction that Austria';s FMA classifies as higher-risk, the bank will apply enhanced due diligence, which may include a face-to-face meeting with the beneficial owner in Austria or at the bank';s correspondent office abroad.
Many underestimate the importance of the WiEReG register for company accounts. Under the WiEReG Act, all Austrian companies must register their beneficial owners in the central register. Banks are legally required to cross-check this register before opening a business account. If the register entry is missing or outdated, the bank cannot proceed. Updating the WiEReG entry requires a submission through the Austrian business service portal (USP) and can take three to seven business days to be reflected in the register.
A non-obvious requirement for non-EEA applicants is the source-of-funds declaration. Austrian banks routinely ask non-EEA applicants to provide a written explanation of how the funds to be deposited were generated, supported by documentary evidence. This is not a discretionary request - it is required under the FM-GwG for applicants from jurisdictions outside the EEA. Preparing a clear, well-documented source-of-funds narrative before the application begins significantly reduces compliance delays.
To discuss your specific situation and identify the most suitable banking route, contact info@vlolawfirm.com. We can assist with documents and filings.
What is the main legal reason Austrian banks can refuse a remote application?
Austrian banks operate under the FM-GwG and the BWG, both of which require them to verify customer identity to a defined standard before opening an account. If a bank';s internal compliance assessment concludes that remote verification methods do not achieve sufficient certainty for a particular applicant - for example, because the applicant is from a higher-risk jurisdiction or has a complex ownership structure - the bank is legally entitled to require in-person attendance. Refusal is not arbitrary; it reflects the bank';s risk appetite and its interpretation of its statutory obligations. Applicants who are refused remotely can often succeed by providing additional documentation or by approaching a bank with a dedicated international desk.
How long does remote account opening typically take, and what does it cost?
For a straightforward EEA individual, the process typically takes two to four weeks from application to account activation. For a non-EEA company with multiple beneficial owners, six to ten weeks is a realistic expectation. Bank fees for account maintenance in Austria are generally modest - most business accounts carry a monthly fee in the low to mid double-digit euro range - but the professional costs of document preparation, certified translation, apostilles, and legal assistance can reach several hundred to a few thousand euros depending on the complexity of the structure. Fintech accounts tend to have lower fees but may not serve all business purposes.
Should I use a fintech account or a traditional Austrian bank account for my business?
The right choice depends on your business activities and counterparty requirements. A fintech or payment institution account is faster to open, more accessible to non-EEA applicants, and sufficient for most day-to-day payment and collection needs. However, it is not a full banking account under the BWG and may not be accepted for notarial transactions, certain tax authority interactions, or by counterparties who require a traditional bank IBAN. For a company that will conduct significant Austrian business, sign real estate contracts, or work with Austrian public bodies, a traditional bank account is the more reliable long-term solution. Many founders open a fintech account first to meet immediate operational needs and then pursue a traditional bank account in parallel.
Opening a bank account remotely in Austria is legally permitted and practically achievable for many applicants, but the process requires careful preparation, the right bank selection, and a complete document package. EEA residents face the fewest obstacles. Non-EEA applicants and companies with complex structures need to plan for longer timelines and more intensive compliance review.
VLO Law Firms advises international clients on remote banking and company banking setup in Austria. We can assist with document preparation, WiEReG compliance, bank selection, and communication with Austrian financial institutions. To request a consultation, contact: info@vlolawfirm.com