How to set up a new bank account in Czech Republic? First part.

If you are thinking of spending a longer time working or studying in the Czech Republic, you will need to open a bank account. In this series, we are going to provide you with information about the general conditions related to bank accounts and types of accounts available, along with useful tips. This part covers the general information – the conditions you need to meet to open an account and what you should take great care of.

Basic – a personal Account

This time we will focus on basic information – what to know when opening an account and what to watch out for. One basic condition for establishing your own account is you must be 18 years old. Exceptions include student accounts that can be opened at the age of 15, but only with the presence of a legal representative. For foreigners, it is also necessary to have confirmation of residence in the Czech Republic. When opening a bank account, you are required to submit two identification documents. What kind of evidence specifically? Usually banks specify it themselves. Generally these include an ID card, birth certificate, health insurance card, passport, driving license or employee identification card. For foreign banks, it is necessary to specify  whether they are coming from the European Union or elsewhere. Foreigners from the EU must present an identification document that is usually issued and valid in the EU (European union identification card). They can also present a passport and a second document that is equivalent to a Czech birth certificate, driver’s license or proof of residence permits that are issued by the Ministry of the Interior. For foreigners from outside the EU, the main document required is a passport while secondary documents are similar to those of foreigners from EU. Banks always prefer documents with photos.

There are also specific conditions in setting up a business account. If you want to open an account as a legal entity, you are required to have the standard bank documents that were mentioned above. Moreover, it is usually necessary to provide proof of establishment of the company, the certificate of incorporation issued in the Czech Republic or in another state (where legal provenance). If the company is not yet registered in the Commercial Register, it must be added to the founder’s deed or memorandum. All documents in a foreign language must be translated into Czech, officially verified and submitted when applying for an account. Before you choose a bank and decide to open an account, it is important to verify the extent of the services they offer within the standard account management. Every bank in the country has helplines who will answer any questions. The information is usually provided in several languages though always in English. Most of banks in the Czech Republic, in addition to the fees for classical account management, deduct fees and other services. Therefore you should ask how much extra you can pay to get discounted or free services fees, etc. The moment you start your account , your bank will comply with the banking code and inform you of standard information . It is written in an overview of the key features of the services provided and details of their terms and conditions including the published tariff of fees (all fees for withdrawing money, all additional fees , penalty and interest) . The Bank is obliged to disclose this information upon request and at any other time. If you need translate any documents with official verification or if you need help to the bank or another institutions whit a paid assistant, do not hesitate to contact us!