Business banking in Austria

How business banking works in Austria

Business banking in Austria splits into two broad groups. Traditional banks such as Erste Bank, Raiffeisen, Bank Austria and BAWAG offer branch based business accounts with cash handling, lending and local support. Licensed digital providers such as Wise Business, Revolut Business, N26 Business, Qonto and bunq offer accounts opened online, often with lower monthly fees and multi currency features. Austria uses the euro and sits inside the SEPA area, so euro transfers across the European Economic Area are straightforward. The right fit depends on whether you value branch access and cash services or low cost online banking and foreign currency handling.

Who can open a business account

Sole traders, also called Einzelunternehmer, freelancers, partnerships and companies including the GmbH and the newer FlexCo can hold a business account in Austria. A GmbH must open a formation account to pay in its share capital first. Self employed people often qualify for a simple business account in their own legal name, which is how N26 Business and similar providers structure their offering. Regulated trades may also need a trade licence, the Gewerbeschein, before they register.

Traditional banks compared with neobanks

Traditional banks suit businesses that handle cash, want a local relationship manager, or need lending and overdraft facilities. They charge a monthly package fee, for example Erste Bank EPU Smart at EUR 13.61 a month as of 15 June 2026. Neobanks suit businesses that work online, invoice abroad, or want to keep costs low, with plans that range from EUR 0 to roughly EUR 30 a month. Neobanks rarely accept cash deposits and lending is limited, so the trade off is cost and convenience against branch services and credit. Confirm current terms with each provider.

Requirements and documents

Exact documents vary by provider and legal form, and a GmbH has extra steps for its share capital. A common checklist is below. Verify with the provider

• Proof of the business: a Firmenbuch extract for a company, or a trade registration or proof of self employed status for a sole trader, plus the UID number where the business is registered for VAT.
• Identification for every owner and authorised signatory, usually a passport or national identity card, plus proof of address.
• For a GmbH, a deposit of the share capital and a bank deposit confirmation, the Eingabebestaetigung, which stays blocked until the company is entered in the Firmenbuch. Source of funds information is also requested under KYC rules.

How to open an account

1. Choose a provider and account type that matches your legal form and how you handle cash and foreign currency. Read the fee schedule, the Entgeltinformation, as of the date you apply.
2. Gather your business proof, owner identification, proof of address and, for a GmbH, your formation documents. Complete the provider identity and source of funds checks.
3. Open the account online or in branch. A GmbH pays in its share capital, collects the deposit confirmation, registers in the Firmenbuch, then converts the formation account into a full operating account.