Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 7/9/2019

Austria is a member of the European Monetary Union and uses the euro as its only legal tender. The Austrian banking system is well developed, with worldwide correspondent relations, as well as offices and branches in the United States and other major financial centers.

Austrian banks also have significant networks in Central, Eastern, and Southeastern Europe, as well as Russia and former Soviet Union countries. U.S. financial institutions operating in Austria include:  American Express, Citibank, and Western Union.

Austrian banks offer a wide range of credit and financial instruments.  General financing to establish foreign operations in Austria is readily available.  Foreign firms enjoy access to Austrian credit and capital markets without restriction. Austrian banks with global operations regularly work with larger U.S. corporations; however, smaller U.S. entities often have trouble conducting banking activities since many local banks are hesitant to serve clients from the United States due to strict reporting requirements, including those required under the U.S. government requirements including the Foreign Account Tax Compliance Act (FATCA).

Austria is part of the EU’s Single Supervisory Mechanism (SSM), Single Resolution Mechanism (SRM) and Deposit Guarantee Scheme (DGS).  Currently, eight Austrian banks fall under the SSM and are therefore jointly managed by the ECB and national supervisory bodies.  The SRM complements the SSM in cases of likely bank failure, ensuring an orderly resolution with minimal costs to taxpayers and the economy through setting up and executing resolution plans.  The DGS guarantees that depositors will be reimbursed up to EUR 100,000 in case of bank failure and is aimed at ensuring financial stability by preventing panic withdrawals.
 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.