Top Digital and Neobank
TL;DR: Austria's online banking landscape in 2025 is led by N26, the Berlin-founded neobank with Austrian roots, approximately 7 million EU customers, and a full European banking licence providing deposit protection up to 100,000 euros under the EU Deposit Guarantee Scheme. N26 offers a free Standard account, premium plans from 9.90 euros per month, cash-in and cash-out at over 2,000 Austrian partner locations through Cash26, and a built-in Wise partnership for competitive international transfers. Tomorrow is the top sustainable banking option, a German-licenced neobank that plants trees for card transactions and offers eco-aligned current accounts from 3 euros per month. Revolut provides the broadest multi-currency and investment feature set. Wise is the strongest option for multi-currency management and international transfers. Traditional digital platforms including Erste Group's George app and Raiffeisen's Mein ELBA serve existing customers of Austria's two largest banks with continuously improving digital tools.
The Online Banking Landscape in Austria
Austria has historically been a cash-heavy economy, but digital payment adoption is accelerating rapidly. Mobile payment transaction values in Austria are projected by Statista to reach 2.3 million users by 2025, reflecting a structural shift toward digital financial management among Austrian consumers. Traditional Austrian banks including Erste Group (the country's largest bank by retail assets, operating through the George digital platform), Raiffeisen Bank International (the second-largest with its Mein ELBA app), and UniCredit Bank Austria have all invested heavily in digital interface modernisation, responding to competitive pressure from neobanks. N26, though headquartered in Berlin, was co-founded by Austrians Valentin Stalf and Maximilian Tayenthal and has an active Austrian market with strong local brand recognition. The Austrian regulatory framework is governed by the Financial Market Authority (FMA), which supervises banking institutions licensed in Austria, and the Oesterreichische Nationalbank (OeNB), the Austrian national bank overseeing monetary policy. Banks with full EU banking licences, whether licensed in Austria, Germany, Lithuania, or another EU member state, benefit from the EU single market passport that allows them to operate across all EU member states, meaning a customer in Vienna can rely on the same regulatory protections regardless of whether their neobank is licensed in Austria or another EU jurisdiction.
Austrian Banking Regulation: FMA, OeNB, and Deposit Protection
All licensed banks operating in Austria are subject to EU capital adequacy requirements and the EU Deposit Guarantee Scheme (DGS), which protects depositor balances up to 100,000 euros per depositor per credit institution. This protection applies equally to fully licensed neobanks and traditional high-street banks. N26, licensed by BaFin in Germany and passporting across the EU, provides deposit protection through the German Deposit Protection Fund up to 100,000 euros. Revolut, which holds a Lithuanian banking licence, provides protection through the Lithuanian deposit guarantee scheme up to 100,000 euros for customers who use its bank account product in the EU. E-money institutions operating in Austria, which are not licensed as banks but hold e-money institution licences, are required to safeguard customer funds in segregated accounts at licensed banks but do not provide deposit guarantee scheme coverage. Always verify the specific regulatory status and deposit protection arrangement of any digital bank before depositing significant balances.
N26: The Most Complete Online Bank in Austria
N26 is widely regarded as the most comprehensive online bank available to Austrian residents, offering a full current account with an Austrian IBAN, instant bank transfer capability, and account opening completed entirely on a smartphone in under ten minutes without visiting a branch. Founded in Vienna in 2013, N26 holds a full European banking licence from BaFin in Germany with EU passport coverage providing deposit protection up to 100,000 euros. Its Standard account carries no monthly fee and provides a Mastercard debit card with fee-free euro withdrawals and spending across the eurozone. N26 Smart (4.90 euros per month), N26 You (9.90 euros per month), and N26 Metal (16.90 euros per month) add features including travel insurance, higher ATM withdrawal allowances, and premium metal card options. The Cash26 feature, unique to Austria, Germany, and Italy, allows N26 customers to deposit and withdraw cash at over 2,000 partner retail locations including Billa, Penny, and DM without visiting an ATM or branch. Cash withdrawals through Cash26 are free; deposits carry a 1.5% fee. N26 partners with Wise for in-app international money transfers, enabling account holders to access Wise's mid-market exchange rate directly within the N26 app. For most Austrian residents seeking a full-featured online bank with EU deposit protection, strong app quality, and cash access, N26 is the benchmark recommendation. Forbes named N26 Best Bank in the World in 2021 and the bank has maintained strong customer satisfaction scores since.
Tomorrow: Best for Sustainable Banking in Austria
Tomorrow is a Hamburg-based fintech affiliated with Solarisbank (a German licensed bank) that has expanded into Austria, Italy, and Spain with a strong sustainability positioning: every card transaction plants a tree in certified reforestation projects, and the bank publishes detailed reporting on its sustainability impact. Its card is made from wood rather than plastic. Account plans include Now at 3 euros per month, Change at 7 euros per month, and Zero at 15 euros per month, each with increasing sustainability commitments and banking features. Tomorrow provides an Austrian or German IBAN through Solarisbank's infrastructure, deposit protection up to 100,000 euros, and a Visa debit card. International transfers are handled through the Tomorrow app. For Austrian consumers who want to align their banking relationship with environmental values and are willing to pay a modest monthly fee for a full-featured digital account, Tomorrow is the most credibly positioned sustainable banking option in the Austrian market. Its customer community actively tracks and discusses the platform's sustainability metrics, creating an engaged user base that extends beyond pure financial product comparison.
Revolut: Best for Multi-Currency and Investment Features
Revolut holds a Lithuanian banking licence and operates across 48 countries, including Austria, with over 65 million global customers. In Austria, it provides a current account with Lithuanian IBAN, deposit protection up to 100,000 euros through the Lithuanian deposit guarantee scheme for users of its bank account product, a Visa or Mastercard debit card, and access to its full suite of multi-currency, cryptocurrency, stock investing, and travel insurance features. Its Standard plan is free and includes fee-free currency exchange up to a monthly limit at the interbank mid-market rate. Paid plans from 3.99 euros to 45 euros per month remove monthly exchange limits, add travel insurance, lounge access, and premium card options. Revolut applies a 0.5% weekend surcharge on currency conversions made on Saturdays and Sundays when forex markets are closed. For Austrian residents who travel frequently, hold multiple currencies, or want cryptocurrency and stock investing within a single banking application, Revolut provides the widest feature breadth of any neobank available in Austria.
Wise: Best for International Transfers and Multi-Currency Accounts
Wise operates as a licensed e-money institution in Europe rather than a bank, meaning its customer balances are safeguarded in segregated accounts at licensed banks but are not covered by deposit guarantee scheme protection. Wise is the strongest option in Austria for multi-currency management and international money transfers. Its multi-currency account supports balances in 50-plus currencies with a European IBAN for euro payments and local account details in GBP, USD, AUD, and other major currency zones. All currency conversions apply the mid-market exchange rate with a small transparent percentage fee, typically 0.41% to 1.0% for major currency pairs. The Wise debit card spends in 150-plus currencies at mid-market rate. For Austrian expats, international workers, students from abroad, and small business owners who regularly make or receive international payments, Wise provides the most cost-transparent and rate-competitive international payment capability available. N26's built-in Wise partnership means N26 customers can access Wise transfers directly through N26 without opening a separate Wise account.
Frequently Asked Questions
What is the best online bank in Austria?
For a full-featured current account with EU deposit protection and Austrian cash access, N26 is the most commonly recommended online bank for Austrian residents. It offers a free Standard account, Austrian partner locations for cash deposits and withdrawals through Cash26, a built-in Wise partnership for international transfers, and a full European banking licence with 100,000 euro deposit protection. For sustainable banking, Tomorrow is the leading alternative. For multi-currency and investment features, Revolut is the broadest option. For international transfers specifically, Wise provides the most rate-transparent service.
Do online banks in Austria have deposit protection?
Yes, for online banks that hold full EU banking licences. N26, licensed in Germany, provides deposit protection up to 100,000 euros through the German Deposit Protection Fund. Revolut's bank account product, licensed in Lithuania, provides protection up to 100,000 euros through the Lithuanian deposit guarantee scheme. bunq, licensed in the Netherlands, provides up to 100,000 euros through the Dutch deposit guarantee scheme. E-money institutions including Wise are not banks and do not provide deposit guarantee scheme coverage, though they are required to safeguard customer funds in segregated accounts at licensed banks.
Can expats and non-Austrian residents open a bank account in Austria online?
Yes. N26, Revolut, Wise, and most neobanks operating in Austria accept customers across the EU and EEA regardless of country of origin, without requiring proof of Austrian residence in most cases. Account opening is completed via smartphone app with identity verification through a passport scan and biometric selfie. Expats and international students in Austria frequently use N26 as their primary banking solution because of its straightforward digital onboarding and the absence of the in-branch residency documentation requirements common at traditional Austrian banks. For Austria-specific cash access needs, N26's Cash26 partner network at Billa and Penny supermarkets provides a practical cash service without branch visits.
What are the monthly fees for online banks in Austria?
N26's Standard account has no monthly fee. N26 Smart costs 4.90 euros per month, N26 You costs 9.90 euros per month, and N26 Metal costs 16.90 euros per month. Tomorrow's plans cost 3 to 15 euros per month depending on the tier. Revolut's Standard plan is free, with paid plans from 3.99 to 45 euros per month. Wise has no monthly account fee but charges a one-time card issuance fee and a small percentage fee on currency conversions. In comparison, traditional Austrian banks including Erste Bank charge 4 to 10 euros per month and Raiffeisen charges 5 to 12 euros per month for standard current accounts.
Can I deposit cash into an N26 account in Austria?
Yes, through N26's Cash26 service at over 2,000 partner retail locations in Austria including Billa, Penny, and DM stores. Customers create a Cash26 barcode in the N26 app and present it at the checkout of a partner store to make a cash deposit. Cash withdrawals through Cash26 are free. Cash deposits carry a 1.5% fee. This cash access capability is specific to Austria, Germany, and Italy and distinguishes N26 from most other neobanks that do not support cash deposits in Austrian retail locations.
Sources
N26 Austria: https://n26.com/en-at
Expatica: Mobile Banking in Austria: https://www.expatica.com/at/finance/banking/mobile-banking-austria-91539/
Tomorrow Bank: https://www.tomorrow.one
Banking in Austria: Digital Banking Trends : https://banking-in-austria.com/digital-banking-austria/
