Opening a Bank Account in Czech Republic
opening a bank account in Czech Republic

Opening a Bank Account in Czech Republic

         Greetings dear readers, in today’s blog we’re gonna represent important topic followed after relocation process in Czech Republic. If you are planning to move to the Czech Republic, you need to be ready for some things beforehand. After settling in the Czech Republic, you will probably have to open a bank account in CR. In general, the related formalities are quite simple. Furthermore, you can choose from several banks that offer their customers a wide selection of services and facilities. This isn’t tough to guess that dealing with documents in a foreign country should be cautious process and opening a bank account is no exception either. So in a blog you’ll be able to get introduced to What documents do foreigners need to open a bank account in the Czech Republic, Which bank should foreigners choose, banking fees and benefits of our services. So stay tuned and simplify your relocation Process with us! Do not hesitate to ask any question that it concerns you about!

When is it necessary to open a bank account in Czech Republic?

I can mention three main reason when you have to open a bank account in Czech Republic, so they are:

  1. The necessity to accompany business in a foreign country
  2. Considering a long-term residence or transfer to permanent residence in the Czech Republic
  3. Purchase of real estate in another country. To secure the transaction and further maintenance of your property, it is necessary to open an account in a foreign bank

Types of Bank Accounts in Czech Republic

Czech banks offer three main types of bank accounts: basic account, current account and savings account.

A basic bank account allows you to just deposit money and withdraw cash at ATMs and rearrange your payments. However, you do not have the right to overdraft.

Most consumers prefer to open a current bank account through which they can make deposits and withdraw money at ATMs. It also allows you to make bank transfers and payments to the store and other commercial enterprises.

If your goal is to save, a savings account is the best option. However, interest rates are quite high. What’s more, you won’t be given the right bank card or check book, though you can still withdraw a limited amount of money with an ATM.

Companies, in turn, can open a professional bank account provided they provide supporting documents such as their business license, an extract from their criminal record, proof of tax accounting, among others. Note that there are different types of professional bank accounts: checking account, foreign currency account, internet banking, etc.

In all cases, the terms are likely to vary from one bank to another.

Can a non-resident open a bank account in the Czech Republic?

   Okay, Let’s I will directly answer to the question that non-resident can open a bank account in the Czech republic

   It isn’t too complicated for expatriates who’s going to stay in the Czech republic to open her/his own bank account. Things that you need are your passport and one another proof of identification. But, I would say that the amount of procedures are depended on Czech banks, may their requirements vary from each other e.g. they will ask for your address in the Czech Republic or other mini details. In addition , sometimes it is required to have a deposit on your Czech  bank account.

What do foreigner need to open an account with a Czech bank?

how to open a bank account in CR

The precise checklist of documents depends on the rules of each credit institution. Typically, an individual will need an ID card and proof of residence registration. The legal entity must submit the constituent documents as well as a copy of the passport of the head. Papers compiled in a language other than Czech must be translated and submitted for consideration by the apostle. In addition, you must complete a bank profile. The credit institution may request additional documents.

What documents do foreigner need to open a bank account in the Czech Republic?

The documents you need to submit to the bank to open your account are:

  • Two official identity documents, including: ID card, birth certificate, health insurance card, passport, address proof, driver’s license or employee ID card.
  • If you are a student and want to create a student account, the bank will require a certificate of study or visa from the Czech Republic.

Besides to these documents, you will need an initial amount. The initial deposit varies from bank to bank, but is usually between 200 and 2000 Czech Koruna (CZK). It’s not a fee, but it will be the first account in your account.

As a foreigner, as long as you have two IDs, you do not have any problems opening a bank account.

Procedures and Sevices with opening a bank account in Czechia

In general, you will need the following documents to open a bank account in the Czech Republic:

Valid passport
Other identity document (your driving license, ID card, birth certificate, resident card)
Minimum deposit (depending on CZK 200 and 2.000 CZK, depending on the bank).
If you are a student, you must present a study certificate from your institution or your student visa

In some cases, it is possible to open a bank account online, but you will still need to have your ID dropped by the bank with your ID and minimum deposit in order to complete the procedures.

The use of Visa Electron is quite common in the Czech Republic. ATMs, in turn, are compatible with Visa, EuroCard, MasterCard, Maestro and American Express cards.

In general, you can choose the preferred language at ATMs, be it English, German or even French. Keep in mind that these devices are available in all cities, banking agencies, metro stations, post offices, by the way.

Most stores, international retailers, hotels and restaurants will accept card payments. However, small restaurants and shops prefer cash payments.

Some banks also provide internet banking services, but may incur additional charges.

Mobile payments are not yet very popular in the country, but the situation is changing. Android Pay is already available at major retailers and international restaurant chains such as McDonald’s across the country, while also being prepared for Apple Pay launches.

Banking fees in the Czech Republic

      In most Czech banks, you pay a monthly flat rate and a small fee for transactions. One exception is the Expat Center in Ceska Sporitelna in Prague, which eliminates all bank charges in exchange for a higher monthly fee. The usual bank account fee in the Czech Republic is around 30 to 50 CZK.

      It is worth researching bank taxes as this can vary considerably. There are also special offers that change every two months. Using an ATM usually helps for about 6 CZK to get out of any house or bank machine. If you use a network ATM, the fee is higher.

     The annual debit card fee is between 150 and 200 CZK. If you lose your debit card, you will have to pay about 2,000 CZK to block it. To re-arrange your card, you will be paid extra. Credit cards are less commonly used, and they are available only to Czech citizens and permanent residents.

     Czech debit cards are usually Visa Electron. It is impossible to pay the account balance unless you specifically apply for the overdraft feature. The interest applies to overdrafts as well as service fees.

International bank fees

The cost of international remittances also varies. However, in most banks, customers can also transfer money within 24 hours if they pay a large fee. The fee, again, depends on the bank – the price list for each transaction is generally available on the bank’s website.

banking fees in Czech Republic

In which bank should foreigner open a bank account?

The Czech Republic has numerous banks with English-speaking staff, which will make it easier to open a bank account in the country. Some of the most popular are local retail banks:

1. Česká spořitelna

  • 14 native branches
  • 100+ ATMs throughout the city
  • Variety of products
  • Free reports to students for two years before graduation
  • Children’s accounts
  • Ecstasy designed for foreign clients
  • Communications in English, French and German.
  • Uses Apple Pay

2. ČSOB (Československá Obchodní Banka)

  • 42 native branches
  • 100+ ATMs (Equa allows you to use other bank ATMs for free)
  • Products available for products: Online banking in English, in English app, English language customer service Contactless payment MasterCard. Gold Card Yield 89 crown / m Free transfer from your original bank. It is possible to open an account online.

3. Expobank

  • 9 local branches
  • 9+ ATMs
  • Products available for: Current account expo active (2 contactless payment cards, incoming internal tax free of charge, free cash collection from all ATMs in the Czech Republic), savings account.

4. Citibank

  • 3 branches in Prague
  • 3 ATMs
  • Accounts available: Citi® Premium and Citigold
  • Available cards: Citi Life, Citi Classic, Citi CSA MasterCard World, Citi Gold, Citi BILLA, O2 Citi Classic, Shell MasterCard Citibank and Citi Broker Consulting

5. Equa Bank

  • 42 local branches
  • 100+ ATMs (Equa allows you to use other bank ATMs for free)
  • Products available for : Online banking in English, in English app, English language customer service Contactless payment MasterCard. Gold Card Yield 89 crown / m Free transfer from your original bank. It is possible to open an account online.

Online Banking in CR

Banks like EquaBank allow you to open an account online without any hassle. You start the process by filling out their website form. They will prepare your account and call you the next business day to make an appointment. Since this is a relatively quick process, you will generally receive an appointment within one day. The final process of concluding a contract and officially opening your account must be done in person at the local branch.

how to open a bank account in CR

Benefits of Opening a Bank Account in Czech Banks with Us!

     This procedure can be difficult for an untrained person. Which bank to choose? How to analyze the proposed options for terms of cooperation? Which documents should be available so that the account opening process does not take months. Our specialists will provide you with detailed answers to these questions. Following our consultation, the procedure for opening an account at a Czech bank will become clear and transparent.

Contact us!

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