#LifeInCzechia Relocating to another country involves managing a lot of practical tasks. Apart from finding a new home and getting a Czech phone number, it is also opening a new bank account. Keep reading to learn about specifications and requirements for foreigners.
Are you looking for a savings account?
Whether you’re a student, professional, or retiree, opening a bank account in the Czech Republic is a crucial step towards managing your finances. First of all, you need to choose the right bank that best suits your needs. Here are your options:
- Česká spořitelna
- ČSOB
- UniCredit Bank
- Fio Banka
- Raiffeisenbank
- Moneta Bank
- Air Bank
- mBank
- Komerční banka (KB)
Types of bank accounts
The Czech banking system offers various types of bank accounts, each designed to cater to different needs:
- current account (běžný účet): a standard bank account used for day-to-day transactions, bill payments, and receiving funds. It usually comes with a debit card and online banking facilities with the possibility to overdraft up to the limit of the particular bank
- savings account (spořicí účet): an account for keeping your savings secure while earning interest. Interest rates vary between banks, so compare them before deciding on a savings account
- business account (podnikatelský účet): a bank account required to start and operate a business in the Czech Republic
Fees and charges
After doing your research on the banks and seeing what type of account is the best for you, do not forget about the fees and charges associated with the account. Standard fees include monthly maintenance charges, ATM withdrawal fees, international transaction fees, and currency conversion fees.
When certain conditions are met (number of standing orders, card payments, etc.), you can earn a free account for that specific month.
For students, there are reduced fees and even free basic accounts up to 26 years of age. Be aware that in some banks you need to provide a confirmation of your student status every year.
Check for ATM-withdrawal fees.
Documentation requirements
To open a bank account in the Czech Republic as a foreigner, you must provide specific documentation. The standard requirements include:
- valid passport
- another type of identification (can be your national ID, driver’s license, birth certificate, etc.)
- visa or residence permit (for non-EU citizens)
- study certificate (for students)
Some banks might require a minimum deposit to be able to open a new account. It can range from 200 to 2,000 CZK. Ask about the deposit in advance.
Choose a bank that meets your requirements, ensure you have the necessary paperwork, and be prepared to communicate effectively. Most bankers speak English, so do not hesitate to ask for one.
Check out our category Practical tips for expats and Living for more information and tips to make your life in Czechia easier. Do you prefer professional assistance? Do not hesitate to contact us and open a bank account with Foreigners. We are here to help!
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