Bank Account (Finance)
To pay your rent (to dormitories like STUWO, OeAD or Viennabase) and local subscriptions (metro, telephone), you need a current bank account.
Why do we exclude Digital Banks (Revolut, Wise etc.) from the official process?
Although they are useful for currency exchange, international digital banks have been completely removed from the Austrian bureaucratic equation:
- Zero government integration: You cannot use Revolut or Wise to log in to official state platforms (FinanzOnline, Digitales Amt).
- ID Austria problem: The Austrian state requires an account at a locally registered bank or a physical visit to the authorities to approve your unique digital identity (ID Austria). Fintechs based in Lithuania or Belgium do not have this legal right.
- Cash is king: In Austria, many locations only accept cash or local bank cards. Digital cards have strict limits and high fees for withdrawals from Austrian ATMs.
The Solution: Local Student Accounts (Free)
To handle both payments and access to government services, open a Studentenkonto (free student account, no administration fees) at one of the traditional Austrian banks:
- Erste Bank (Sparkasse): The most popular option, offers the (extremely modern) George app and quick integration for activating ID Austria.
- Raiffeisen Bank: Huge ATM network in absolutely all cities and university campuses.
- BAWAG: Another stable alternative, with special packages and easy support for international students.
What documents will the bank ask for?
To benefit from the free service, you must physically go to a branch with:
1. Valid passport or ID card.
2. Inskriptionsbestätigung (Proof of enrollment from the Austrian university).
3. Meldezettel (Proof of residence/address obtained from the town hall after you have checked in).
Erste Bank (Sparkasse)
Is unanimously considered the most international student-friendly bank in Austria. Its huge success is due to the George app and the way it simplifies interaction with the Austrian bureaucracy.
Here’s how their student package works and the direct link to ID Austria:
What does the Studentenkonto package offer?
The account is 100% free (no opening, administration or cash withdrawal fees) for the entire duration of your studies (until the age of 27 or 30, depending on the university).
- You get a debit card called StudentID, integrated with the international student card ISIC, which gives you discounts throughout Europe.
- You have free withdrawals from any ATM in Austria.
The George app: Why is it so praised?
The George Österreich app is considered the most modern internet banking platform in Austria. The interface is very similar to that of Revolut (it’s clean, intuitive and fully available in English).
- Scan & Pay: Pay your utility or dormitory bills by simply scanning the QR code.
- George ID: The security system is now integrated directly into the app (no need for a second security app to approve transactions).
Link to ID Austria (Quick Integration)
The biggest problem for a foreign student is obtaining the ID Austria (the national digital identity with which you electronically sign contracts, request tax refunds or download official documents).
Normally, the process requires a physical appointment at the Police or the Tax Office (Finanzamt). Erste Bank partially solves this problem with the concept of “Bank Identification”:
1. Physical identity verification: When you go to the Erste Bank branch to open your student account, the clerk scans your passport and physically verifies your identity according to strict KYC (Know Your Customer) rules.
2. Trust level (High): Since Erste Bank is an Austrian financial institution authorized by the state, your bank profile receives a high security status.
3. Activating ID Austria: When you download the government app Digitales Amt, you can select registration via the bank. The state app will redirect you for 2 seconds to the George app, where you will give your consent. In this way, the Austrian state uses the verification that the bank has already done for you at the counter, saving you long trips and queues at public institutions.
Note: In order for ID Austria to have full functionality (for example, to be able to upload your digital driving license), the state may eventually also ask for your travel document number, but the initial validation via George drastically shortens the bureaucracy.
How do you open an account?
You can initiate the process online directly in the George app or you can go to any branch on your university campus. You only need your passport, student proof (Inskriptionsbestätigung) and proof of address (Meldezettel).
Raiffeisen Bank
Raiffeisen Bank (easily recognizable by its yellow-and-black logo with two crossed horse heads) is the largest traditional bank in Austria. While Erste Bank wins in terms of technology, Raiffeisen dominates with its physical presence.
Here's why this bank is a great option for students and how it differentiates itself in the Austrian landscape:
ATM network
Why is this a huge advantage?
Austria is a country deeply attached to the use of cash (Bargeld). Many student canteens, bakeries, campus cafes or ticket machines in smaller towns accept cash only.
- Total coverage: Raiffeisen has over 1,500 branches and the largest ATM network in the country. You'll find a yellow ATM on absolutely every university campus, train station, major metro station or village in Austria.
- Zero fees: With a student account with them, withdrawals are completely free and unlimited at all these ATMs, eliminating the risk of paying network fees (as is often the case with international cards).
“Raiffeisen Club Studentenkonto” package
Their student account is 100% free (zero opening and management fees) until the age of 27.
- Mastercard Debit Card: Comes with the Raiffeisen Club feature, which works like a discount card. You get special prices on concert tickets, festivals, sports events and discounts at various partner brands in Austria.
- Mein ELBA app: This is their mobile banking platform. Although visually it is a little more traditional than Erste’s George app, it is extremely stable, secure and fully available in English.
Integration with ID Austria and Regional Specificity
Like Erste Bank, Raiffeisen is a regulated Austrian financial institution, which means that scanning your passport at their counter provides you with the highest level of identity verification (KYC).
However, unlike Erste, Raiffeisen operates as a federation of regional banks:
- Activation of ID Austria: You can use your login details from the Mein ELBA app to confirm your identity in the government app Digitales Amt. It is a quick activation method directly from your phone, authorized by the Austrian state.
- Pay attention to the state in which you open the account: Since they are organized regionally (e.g. Raiffeisenlandesbank Wien-Niederösterreich, Raiffeisen Styria, etc.), it is recommended to open the account in the state/city where you will study. If you open it in Vienna and move to Graz, you may be redirected to the parent branch for certain complex bureaucratic operations.
BAWAG (historically known as BAWAG P.S.K.)
Is another extremely stable anchor of the Austrian banking system. Although it does not have the high-tech image of Erste Bank nor the huge network of independent branches of Raiffeisen, BAWAG comes with a unique strategy and packages that are perfectly suited for international students.
Here's how this option works:
Symbiosis with Austrian Post (Convenience in small towns)
BAWAG's biggest logistical advantage is its extensive partnership with Österreichische Post (Austrian Post).
- Co-located branches: In many cities, campuses or smaller towns in Austria, BAWAG bank branches are physically integrated directly into the local post office.
- Why does it matter for students? If you study in a smaller university town (such as Krems, Leoben or Lambach), you do not have to travel to a large center for physical banking, cash deposits or assistance. Your local post office serves as your bank branch.
The “BAWAG Studentenkonto” package
The account is 100% free (zero administration fees) for all Austrian students up to the age of 27.
- Debit Card & Online Banking: Includes a modern debit card (compatible with Apple Pay and Google Pay) and full access to BAWAG’s mobile banking app.
- Welcome Bonuses: BAWAG is known for its regular campaigns in which it offers small cash bonuses (usually between €20 and €50) to students who open their account online and log in to the app for the first time in the first months of the semester.
Easy identification process for foreign students
BAWAG has massively modernized its onboarding process, making it very accessible for those coming from outside Austria:
- Fast Online Video Identification: You can initiate the opening of your student account directly from your smartphone (via browser, using an integrated system called IDnow). You scan your passport, take a short video selfie and send the confirmation.
- Dedicated support: Although the staff at the combined post offices may speak predominantly German, their digital platform and central call center offer easy English support for international students.
Link to ID Austria
As a fully regulated leading Austrian bank, your account with BAWAG automatically provides you with the highest level of identity verification required by national law.
Once your account is active and your identity has been confirmed via your passport (either online via IDnow or physically at a post office), you will be able to use your BAWAG account security credentials to initially validate the government application Digitales Amt (ID Austria), saving you valuable time.
