Best Digital Bank to Do Online Overseas Banking in Austria11 min read

Best Digital Bank to Do Online Overseas Banking in Austria11 min read

Non-residents in Austria can find opening an overseas banking account a bit of a struggle because of the strict regulations and compliance requirements from local brick-and-mortar banks.

But, with the advent of digital banking portals, it is now convenient to open an international bank account online without even traveling to the country.

One of the best digital banks when it comes to opening an overseas bank account in Austria is The Kingdom Bank. 

As a registered and licensed online bank, The Kingdom Bank helps customers across the globe open and run bank accounts all from home.

In this article, we will explain more specifically how The Kingdom Bank simplifies the process of opening an offshore bank account or international bank account in Austria for non-residents, what are the relevant regulations and requirements and why it is today the top digital bank for overseas banking in Austria.

Opening an Overseas Banking Account in Austria

A typical bank account opening in Austria for non-residents often requires some form of residency (eg, a rental agreement or utility bills). Some banks even demand deposits as high as a few thousand Euros.

But with The Kingdom Bank, you can create a free basic current account online even without an in-person presence in the country. You can also open the account online from any place in the world.

For opening an offshore bank account or foreign account in Austria, all you need is:

• Photo id (passport/ID card) valid proof of ID
• Proof of address
• Source of funds documentation

Some enhanced due diligence reports might be needed for more complex accounts and transactions, but even the simple current account simplified documentation. 

The Kingdom Bank leverages cutting-edge identity verification and fraud prevention technologies to seamlessly onboard clients.

Once the application is received and all the documents are submitted, the verification usually takes 1-2 business days. 

Once approved, clients have instant access to their new Euro/multi-currency bank account on the internet through The Kingdom Bank’s web portal and mobile app. Money can then be taken and transferred to any destination worldwide via SEPA, SWIFT or other methods of payment.

Which Digital Bank Can a Bank Account Be Opened in Austria?

As an online-only Austrian bank, The Kingdom Bank offers several advantages:

• No physical presence needed. Accounts open fully from a distance, through our online platform.
• Streamlined applications. Everything happens very easily and quickly online.
• Multi-currency options. You have Euro accounts and currencies like USD.
• Banking at your fingertips such as payments, web site, mobile application.
• Global client focus. With a strong position in digital banking, The Kingdom Bank has global clients.
• Regulated and licensed. We hold a Category 1 banking license from Dominica for security and management.

In other words, no other digital bank today provides international Austrian banking with the combination of full digital connectivity, global functionality and regulation compliance The Kingdom Bank offers.

Can an Overseas Banking Account Be Opened Without Being an Austrian Citizen?

The first myth people have about opening bank accounts in another country is that you need to be a local citizen or resident.  But with the advancements in digital banking, one can now get international banking services without territorial attachment to the country.

The Kingdom Bank, as an online bank that services global customers, has no citizenship or residency requirements. We allow any individual over 18 from any country to open an international current account with us for both personal and commercial purposes.

The only eligibility requirements that you need to check when submitting an application are a valid government-issued photo ID and proof of address. There are no minimum deposit amounts, income limits or other stringent requirements either.

This makes The Kingdom Bank a particularly good option for digital nomads, expats, overseas students and even Austrian locals who are looking for a convenient alternative to banks. 

Non-Austrians can have immediate access to Euro accounts and Austrian banking facilities via a web-based platform.

The Kingdom Bank makes opening an offshore banking account or overseas bank account in Austria easy for the global consumer today – no local contacts, no territorial restrictions. It doesn’t require Austrian citizenship, as it does with most banks.

What are the Regulations for an Overseas Banking Account in Austria?

Austria of course does enforce money laundering, data protection and such for banks based there. But don’t worry – The Kingdom Bank follows the rules.

Some key points:

• Strong identity verification via electronic documents in accordance with Austrian anti-money laundering (AML) regulations.
• Transaction reporting caps follow applicable laws and regulations.
• The privacy and data protection regulations in Austria govern customer information and transactions.
• All funds in the custody of The Kingdom Bank are subject to its Category 1 banking license issued in Dominica for security and monitoring.

That is to say, by joining a regulation digital bank such as The Kingdom Bank, foreign customers get all the compliance on-the-go. Easy compliance – the ideal compromise!

The Easiest Way to Open a Free Overseas Banking Account in Austria

In terms of international banking access to Austria without any affiliation with the state, The Kingdom Bank is by far the most straightforward solution – an elementary Euro bank account can be opened entirely free of charge online in 1-2 days.

Simply head to the The Kingdom Bank website and click on “Open an Account”. You will be guided through the fast application process which requires minimal ID/Address credentials. Submission and uploading of documents takes place online.

After The Kingdom Bank receives a completed application, it will verify the identity of the client and will approve it within 24hrs. The customer is then given the password to immediately access their new Austrian bank account online anywhere in the world via any internet-enabled device.

You can withdraw and transfer funds internationally by various payment methods. Alternatively, you can purchase a Euro debit card and withdraw it in-store or at an ATM anywhere in the world. And most importantly, all this without having to visit Austria once.

In search of a hassle-free offshore banking connection to the Austrian banking system, The Kingdom Bank offers you the best of all worlds – fully digital account opening, no taxes or fees, multi-currency accounts, and sophisticated online/mobile banking. 

It’s literally the quickest route for non-Austrians around the world to get a foothold in Austria’s banking industry.

Whether you are an expat, digital nomad or international enterprise in need of a safe and regulated banking partner in Austria, having an international account with The Kingdom Bank empowers you to take charge of your international funds no matter where life takes you. Try us out today to experience digital banking at its best.