Take care of your finance
Finally, your relocation is over uf… Congrats, you did it! You found a lovely new home, arranged a health insurance, bought a local simcard and you almost feel like a local now. A significant part of a local image is still missing though, since you haven’t taken care of your finance yet!
Even if your stay in the Czech Republic won’t be longer than a year, it’s so much worth opening a bank account in one of the Czech banks. Opening a bank account in a local bank is definitely a way to save some money. You’ll be able to pay your rent, utility bills, insurance and other everyday expenses from your account in CZK. Czech banks started issuing wireless credit cards, which enable quick and easy transactions up to 500,- CZK.
Beware of bank fees!
When choosing a bank pay attention to the fees for accounts. Some banks, like Equa, AirBank , MBank or FIO Banka offer zero or very low fees on account maintenance and credit card transactions. While some bigger banks, like ČSOB, KB, Česká spořitelna or Raiffeisenbank charge you 100-300,- CZK monthly and sometimes you even have to pay for every withdrawal from the ATM! Which is ridiculous, since you open a bank account to help you save some money, not to overspend on useless fees.
Get some help
To sum it up, it’s worth doing some research before entrusting one of the banks with your finance. Some banks have their websites in Czech only, if you struggle with translation or just want some professional assistance, we’ll be happy to help!