How to open a bank account in Czech Republic

How to open a bank account in Czech Republic

With a flourishing expat community thanks to its historical and cultural heritage, natural beauty and warmth of locals, the Czech Republic has experienced an explosion as one of Europe's best and most affordable places for those looking to live, study or retire in Europe. Prague has over 150 thousand registered foreign residents, about ⅓ of the nearly 500 thousand living in the country.

If you are considering living here, it is likely that one of the first steps you will take is research on how to open a bank account in the Czech Republic. Thankfully, this is a relatively simple process which is described below.

Documents: bank account in the Czech Republic

You need these documents to get a Czech bank account:

  • 2 documents from the following list: Identification card, birth certificate, health insurance card, passport, proof of address, driver's license or employee ID card.
  • As a student you will need a visa or a certificate of study
  • A minimum initial deposit which will vary from bank to bank. Some banks will require 200 koruna and some will require 2000. This is simply the initial minimum deposit required to activate your account and it is not a fee.

It is possible to start the process via the internet which means you are able to get an appointment and go to the branch to sign your contract in under 48 hours. It may take a while to get your hands on a debit or ATM card, so be aware that you will need to go to a branch to get cash for a while.

Usually, specially in larger cities and larger banks, you will have staff that speaks English. However, if you have a friend that can go along to help you, the process will be facilitated because there will be a lot of documents to sign and forms to fill and it is nice to read these so you are well informed.

As a non-resident, can I open a bank account in the Czech Republic?

As long as you have the documents required, it should not be a problem for you to open a bank account in Czech Republic as a non-resident. There aren't any other special requirements as banks are accustomed with the massive presence of foreign citizens and foreign capital which is a major boost to the local economy.

Best banks in the Czech Republic

The country has a strong banking network as it is expected from a wealthy nation with thousands of ATMs and branches present all over the country. There is a good mix of national and international banks offering all the expected retail bank services and financial products.

Expect English to be spoken by at least some of the staff, special services and accounts for non-residents, a lot of paperwork to be signed and free or low fee accounts.

Here is a list of retail banks with a strong presence in Czech Republic:

  • Česká spořitelna: with hundreds of ATMs and 15+ branches in major metropolitan areas, they have free accounts for students, an expat centre to serve foreigners and staff that speaks German, English and French.
  • Equa Bank: Equa Bank has 100+ ATMs and 45+ branches. It is easy to open an account online for which you get a contactless Mastercard and full service online banking comes standard.
  • Expobank: Expobank has a small presence in the country but has products made specially for foreign citizens with current and savings accounts, free international payments, access to any ATM in the country free of charge and free contactless payment cards.

Opening a bank account in the Czech Republic is easy.As we said, expect a multilingual friendly staff, services made specially for you, low fees and easy access to ATMs all over Europe. We suggest that you request a fees list from the staff when you are activating the account so you are aware of normal charges in the country. There is normally, for example, a annual charge for your debit card and if you lose it you will also be charged. There could be fees for using out of network ATMs. Do your research.

The virtual bank account alternative

International banking fees can be high in the Czech Republic

With international banking -  specially with international remittances - fees vary greatly and transferring money back to your home country is likely to come with a SWIFT and currency conversion fee. This means that you need to have money sent back home, you are likely to be paying a lot more than you could if you use a modern alternative to traditional banks.

Try the virtual bank account by B2B Pay alternative. With one, you get a European IBAN for free that you can use for international and EU (SEPA) transfers. Fees will be 1% above the mid market rate which is the rate used by banks when they exchange money with each other. This saves you 80% and sometimes more. Transfers are much faster too, since a virtual bank account by B2B Pay is automated.

Sign Up with B2B Pay

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.



How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.


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