Austria Payments Guide

Historic cities, stunning mountains, renewing air and a plethora of winter sports… You guessed it right. Our topic is no other than dreamy Austria! However, before diving deep into the most used payment options in Austria, we would like to familiarise its remarkable life to our readers. 

Austria is a landlocked country located in southern Central Europe. Acquiring its name from the Germanic word “Austro”, which means “east”, the Eastern Alps take up to around %60 of the country’s land area. Thanks to its prolonged history and diverse border neighbours, Germany, Check Republic, Slovakia, Hungary, Slovenia, Italy, Switzerland and Liechtenstein, Austria has a thriving culture and a lot to speak about.

This fascinating country is, in fact, relatively small, with an area of a bit less than 84,000 square kilometers. As smallish as it is, it is the home of many natural jewels of the world. The Krimml Waterfalls are located in Salzburg, Austria, and they are Europe’s most lofty waterfalls reaching around 380 meters. Traveling enthusiasts will find the world’s largest ice cave in Werfen, which extends almost 42 kilometers.

Due to its long historical background, Austria is the home of many “the oldest …”. Starting with its flag. The Austrian flag dates back to 1191, which makes it one of the oldest national flags in the world. Moreover, the world’s oldest zoo still in operation is in Vienna, founded in 1752. Located in Vienna, The Wiener Riesenrad was constructed in 1897 and is regarded as the oldest operating Ferris wheel in the globe. The most antique restaurant in Europe is again in Austria and opened its doors in 803 AD. Legends such as Mozart and Christopher Colombus are said to be the guests of this restaurant.

As we speak of legends, some of the most famous people are from Austria. The first names popping up in mind would be Wolfgang Amadeus Mozart, Sigmund Freud, Arnold Schwarzenegger, Erwin Schrödinger, Ludwig Wittgenstein, Joseph Haydn, Gustav Klimt and Franz Kafka. It would not be inaccurate to define Austria as the “cradle of art and literature.” A hundred years ago, Vienna was no different than today’s New York City. People interested in classical music and new approaches to philosophy were rushing to this city of wonders.

Even today, the capital of Austria is a spectacular spot with a lot to offer. Vienna is home to sensational balls in the season. Viennese Ball Season runs from January to March, and over 450 balls are hosted annually. This beautiful city is known as “the city of dreams”, not only for its magnificence but for the fact that Sigmund Freud lived and worked in Vienna for much of his career. As we all know, he is the father of psychoanalysis, a clinical method for assessing pathologies in the psyche through dreams and the subconscious. 

Are you an art lover? Remember to visit the great painter Gustav Klimt’s most massive exhibition on the second floor of Belvedere Palace. This is an excellent opportunity to see “The Kiss” and “Adele Bloch-Bauer” in real life. This unique experience is nothing like looking at them online. 

You may think West European cuisine is not as impressive as French or Italian ones. You may be mistaken. This is a blend of the orthodox cooking of the bordering countries as much as Austrian. The famous Wiener schnitzel, the incredibly delicious Sachertorte, Apfelstrudel, and Kaiserschmarrn are just some specialities of Viennese cuisine. If you are planning to visit Vienna, do not forget to add these to your “to-eat” list.

Austria’s robust economy is constructed on metal, electrochemistry, engineering, and food and luxury commodities. The country is also rich in natural resources, especially iron ore, magnesite, and other minerals. The economy here can be defined as a “developed free market economy”. 

Österreich is of the fourteen wealthiest countries in the world in terms of GDP (Gross Domestic Product), and it is naturally regarded as a rich country, with its cities frequently ranking top in quality of life. Education is gratis in Austria, one of the most prominent segments of why this country is doing so well. Additionally, healthcare in Austria is predominantly public, with the option to get private health insurance if preferred. For those who have little to no income, healthcare is entirely free. Sounds like an ideal country to live in! Right?

Choosing Payment Methods in Austria

Payment options in Austria are remarkably equivalent to most European countries. Credit and debit cards are the most preferred payment methods and practices in Austria while cash is still in use. Moreover, this astonishing nation also likes to take advantage of the blessing of digital wallets as well. 

Thanks to the blessing of being in the heart of Europe, Austria soaks up the atmosphere of innovations and cutting-edge technologies. However, somehow, the country needs to be more inquisitive about going cashless in contrast to Germany and Scandinavian countries. In this part, we will take a closer look at the available payment options in Austria with their swings and roundabouts.

What Are The Different Types of Payment Methods in Austria?

Payment practices in Austria

  • Cash in Austria

Today, cash on the counter is still in use in Austria. The local currency of Austria is the Euro, like the rest of the European Union countries. Austrian nationals prefer utilising cash for their smallish daily transactions, such as in-store amounts and payments for restaurants and cafes. You can withdraw Euros from ATMs on every corner or simply exchange your local currency from any exchange point where you can encounter favoured tourist destinations.

On the other hand, due to heavy tax regulations, the current laws can limit your hand-to-hand payments in cash. Thus, if we are talking about higher amounts than 10.000 Euros, we recommend transferring the money via a digital wallet or bank transfer.

  • Credit Card in Austria

Most Austrian residents are highly fond of using credit and debit cards for most of their online and mortar-and-brick payments. Major credit and debit cards such as MasterCard, Maestro and Visa are used in Austria. American Express and Diner’s Club are also widely accepted. Traveling to Austria will not include any transaction problems while using your credit and debit cards. 

  • Digital Wallets in Austria

Digital wallet usage in Austria is rising day by day. As we stated before, Austrians love their credit and debit cards. While most online payments are still made using cards, digital wallet usage is improving rapidly. Digital wallets offer many benefits, such as fast transactions, small or no transaction fees and high digital security. They are the best payment methods online since many digital wallet options can satisfy different needs. 

  • Cryptocurrency in Austria

Besides the passionate discussions about whether cryptocurrencies are the money of the future or not, indeed, they have already become a heavy stone in the perspective of investors. Due to their ups and downs, digital currencies have taken their places as assets in the portfolios of those who know how to take advantage of volatility.  

As the cryptocurrency trend in the world grows, Austria did not evolve as one of the countries to ban it. It is entirely permitted to trade cryptocurrencies according to the laws in Austria. Besides its legality, it is feasible to find numerous steadfast venues to choose from. However, please keep in mind that you might need to pay taxes. 

The Austrian governance has issued Bitcoin taxes, despite not considering it a currency. The government also classifies the mining of crypto assets as “commercial activity” subject to taxation. As long as you pay your taxes for the profit you earn from selling, buying and trading coins; you will not have any problems. Since the crypto market is growing worldwide, you should hop on this train before it is too late. 

Jeton Wallet in Austria 

Hallo Österreich!

Dann sind Sie hier richtig!

You have probably heard of our digital wallet, Jeton Wallet, before. We have been on the European market for a long time and are constantly enhancing our online payment services in light of what we have learned along the way.

We provide smooth, seamless and ingenious solutions for our users to utilise on their online investments, international money transfers, payment schedules, and cash flow tracking. Moreover, our transaction fees are highly reasonable, even free of charge among two Jeton users. Since we operate in more than 50 fiat and cryptocurrencies, you will not need an exchange fee either.

Once you open your Jeton account, you will be given a Euro IBAN to send and receive money in Europe safely and fastly. Our European accounts come with a Visa-based debit card, Jeton Card, which you can use in every store, whether online or in real. This card is directly conjoined to the app to enable it to display every single activity in the account.

Would you like to learn more about excellent services? Please check and contact one of our professional customer support team with a user-oriented attitude. Together we are more vital than ever!

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