< Back What is the local currency? What denominations does it come in? What is the best way to exchange currency? What are commonly-used forms of payment for everyday purchases (such as groceries)? Will I be able to use my credit card around town? If not, list when I’ll need cash. By what method are bills (such as rent and utilities) paid? What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? Will foreign residents be able to find banking services in their native languages? Are there any restrictions on services for those who are new to your country? What are typical banking hours? Are automatic teller machines (ATMs) available around the clock? Is there any other money information that might help me? What is the local currency? Since January 1st in 2002 the EURO has become the official currency in Austria, replacing its former currency ‘Schilling’. 1 EUR or €1 = 1 EURO = 100 Cents ↑ Top What denominations does it come in? Notes: 5EUR, 10EUR, 20EUR, 50EUR, 100EUR, 200EUR and 500EUR. Coins: 2 Euro, 1 Euro, 50 Cents (1/2 Euro), 20 Cents, 10 Cents, 5 Cents, 2 Cents, 1 Cent. ↑ Top What is the best way to exchange currency? The best way to exchange currency is at a bank or post office. It is usually more expensive to exchange currency at an airport or railway station. ↑ Top What are commonly-used forms of payment for everyday purchases (such as groceries)? The most commonly-used forms of payment for everyday purchases are: Cash Debit card (EC-card) Credit cards (Visa, MasterCard, Diners Club, and American Express). ↑ Top Will I be able to use my credit card around town? If not, list when I’ll need cash. It just recently started to become more common to use credit cards in daily business (some shops, restaurants, hotels, travel agencies.) While major credit cards are very popular, there are still many places in Vienna that do not accept them. Since you can never be too sure which places these are, be sure to carry at least a small amount of cash at all times. For quick withdrawals, a bank or post office, or a shopping mall will usually have an ATM machine. ↑ Top By what method are bills (such as rent and utilities) paid? Direct debit is an efficient way of paying rent, gas, and water and electricity bills. By this method, your bills are automatically deducted from your bank account. The various utility companies or Crown Vienna can help you with the arrangements. Usually they provide you with a prepared form which you have to complete and sign and then return to their office via fax or e-mail. Internet banking is also increasingly becoming a reliable and accessible option. Should you decide against these options, with each bill, you receive a payment slip ("Zahlschein") that you can use to pay directly at the bank or post office. The amount will be automatically debited from your account, but please note not all landlords accept this mode of payment. ↑ Top What are the requirements for opening a bank account? At what stage of the settling-in process should I open it? A bank account can be opened at any stage, but the sooner the better. You will need a salary account and provide your employer with the details before you take up your job anyway, so it is advisable to get this formality done as soon as you can. You will need the following documents to open an account A valid passport, a valid ID card, driving licence Your work permit A copy of your work contract or confirmation of employment issued by your employer (including salary information) Your registration of residence confirmation (Meldezettel)) ↑ Top Will foreign residents be able to find banking services in their native languages? Most Austrian banks have employees well-versed in English; however you are welcome to contact Crown Vienna for support when opening a bank account. ↑ Top Are there any restrictions on services for those who are new to your country? Most banks will not grant you a loan before you have lived here for at least one year. A lot of banks will only issue you a credit card when you can provide them with a copy of your work permit, but you can always use your ATM card until your permit has been granted. ↑ Top What are typical banking hours? Bank Opening hours vary, although in Vienna most branches are open Monday to Friday 8:00-12:30 and 13:30-15:00. Many banks remain open for slightly longer on Thursday afternoon (until 17:00.) ↑ Top Are automatic teller machines (ATMs) available around the clock? Yes, you can find ATM machines all around the city, available 24 hours a day, and 7 days a week. ↑ Top Is there any other money information that might help me? The most common card in Austria is the Maestro card, which is an ATM card linked to your current bank/post office account. This card is accepted at department stores, supermarkets, gas stations and restaurants. It is a good alternative to credit cards as there are still many places in Austria that do not accept credit cards. ↑ Top IMPORTANT NOTE: Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.