The disguised thief robbed a bank in the town of Handenberg in Upper Austria just before the bank closed at 6:00 pm (2230 IST), police said in statement.
Police believe the same man, disguised by his Obama mask, has been carrying out such bank raids for the past two years.
He threatened the bank's employee with a gun, shouting: "This is a hold-up. Give me the money."
The robber -- who apparently spoke with a local dialect -- initially fled by foot with the money in a black shoulder bag.
Witnesses said they then sped off in a dark car with a Salzburg region number plate.
No one was hurt during the hold-up, police said.
The statement did not say how much money the robber made off with, but the daily Kronenzeitung, in its online edition, put the amount at 10,000 euros (USD 13,500).