Opening a bank account in the Czech Republic

The Czech Republic is one of the most popular countries among the Russian-speaking population. Some buy real estate here, some send their children to study here, and some are interested in opening a business representative office here. If you are seriously considering connecting with this country, then sooner or later you will need a local bank account.

How to open an account

Some 440,000 refugees from Ukraine have registered in the Czech Republic and received temporary protection status. Those who plan to stay in the country for a long time cannot do without a bank account. At least for those who receive social assistance or have found a job.

In general, there are 45 banks in the Czech Republic, but about half of them are actively working with clients. Almost all banks claim that they are willing to open accounts for foreigners. However, non-residents are required to provide more documents than clients with local residence permits, including:

• Two ID documents (passport plus, for example, birth certificate, driver's license or residence permit);

• The initial payment amount when opening an account. Depending on the bank selected, the deposit amount can range from 100 to 1000 CZK;

• Sometimes they may ask for a contact mailing address in the Czech Republic.

However, these rules do not apply to Ukrainians now. Now, just an ID card of a Ukrainian citizen is enough to open an account in a Czech bank. Ideally, it would be a foreign passport, but if not available, some financial institutions accept any other identification document.

Among them, Česká sporitelna and Fio banka are particularly worth mentioning. Raiffeisenbank also accepts identity cards of asylum seekers. At UniCredit Bank, it is even possible to open an account with the "internal" passport of a Ukrainian citizen.

The prerequisite for opening your own account in a Czech bank is to go to a branch in person for identity verification and to reach the legal age of majority. After all, only people who are 18 years old or older can open an account, if we are not talking about specific products, such as student accounts.

The process of opening an account at a bank branch in the Czech Republic will not take more than an hour. While you need to wait a few days to get a plastic card, a virtual card can be opened instantly.

What are the advantages of opening a checking account in the Czech Republic?

At least, the Czech Republic is in the Eurozone. Although the official currency here is still the Czech koruna, you will have no problem opening an account in Euros or Dollars. This means that you will be included in the European banking system.

By the way, the privacy laws in the Czech Republic are among the strictest. Therefore, you do not need to worry about revealing bank secrets. Even the police and tax authorities cannot freely obtain information about the owners of funds.

Can non-residents open a bank account?

Yes, foreigners can easily open accounts in local banks. Some large institutions even have Russian-speaking employees in their departments.

You can also issue invoices to foreign law firms. Of course, it is better if its shareholders include someone from the Czech Republic or have other connections with the country. But not all banks are so strict about this issue. Moreover, some of them even register accounts for offshore companies.

Advantages of opening a bank account in the Czech Republic: action algorithms and advantages for Ukrainians

Opening an account in a Czech bank has the following advantages:

• Stability, as the Czech banking system is subordinate to the EU banking system

• Special offers for Ukrainians during the war (simplified account opening procedure, payment of 2500-3000 CZK, depending on the bank applied for)

• Use bank cards as needed (receive salary during employment)

• Top-ups of resident and non-resident bank accounts

• Using Internet Banking

• Cancellation of commissions paid in Ukraine

• Fast and free issuance of plastic cards

• Financial aid from the Czech Republic

When applying for the aforementioned "tolerance visa" (temporary protection for our refugees on the territory of the Czech Republic), you are eligible for a one-time aid of 5,000 CZK approved by the Parliament of the Czech Republic. For this, you need to submit an application - they will tell you everything at the Refugee Reception Center. If you do not find a job within the next 5 months, you will be able to submit similar applications every month and receive the same amount.

In the Czech Republic, you can open a bank account in one day or even less if you prepare and check all documents in advance. Czech banks also belong to the European financial system and their stability is guaranteed. Therefore, choosing the Czech Republic as a country for opening a bank account is suitable both for individuals and legal entities.

How to open a bank account in the Czech Republic for Ukrainian refugees?

Since many Ukrainian citizens have moved to the Czech Republic and rearranged their lives, found jobs, transferred businesses, rented apartments, made various real estate transactions, it became necessary to open a bank account - as an initial action.

Opening an account in a Czech bank has the following advantages: Action algorithm and advantages for Ukrainians

Opening an account in a Czech bank has the following advantages:

• Stability, as the Czech banking system is subordinate to the EU banking system

• Special offers for Ukrainians during the war (simplified account opening procedure, payment of 2500-3000 CZK, depending on the bank applied for)

• Use bank cards as needed (receive salary during employment)

• Top-ups of resident and non-resident bank accounts

• Using Internet Banking

• Cancellation of commissions paid in Ukraine

• Fast and free issuance of plastic cards

• Financial aid from the Czech Republic

When applying for the aforementioned "tolerance visa" (temporary protection for our refugees on the territory of the Czech Republic), you are eligible for a one-time aid of 5,000 CZK approved by the Parliament of the Czech Republic. For this, you need to submit an application - they will tell you everything at the Refugee Reception Center. If you do not find a job within the next 5 months, you will be able to submit similar applications every month and receive the same amount.

Best Banks:

In total, there are about 50 local banks and several foreign banks in the Czech Republic, but each has its own characteristics, disadvantages and advantages.

UNI Credit Bank - Advantages: No commission for account opening, service fee of 100 CZK, monthly fund amount less than 12,000, no commission for withdrawals.

Fiobanca

Commercial Banks

Českoslavenská obchodná Banka – Aid to refugees – 2500 CZK

Česká sporitelna – assistance to refugees – 3000 CZK

Raiffeisenbank – deposit 2500 SEK into an open aid account.

In order to open an account in any bank in the Czech Republic, you must be present in person.

Documents required for personal account opening:

• Account opening application

• Identity document (two documents should be provided)

• The amount of money the individual wishes to deposit into the account

• Mailing address of residence in the Czech Republic

Documents required for legal person account opening:

• Notarized copies of legal persons and beneficiaries (domestic and foreign)

• Corresponding account opening application

• Copy of the Commercial Register

• Business License

• Submit the company's articles of incorporation if the legal entity is not yet registered in the Commercial Register

• The main requirement is 18 years of age, additionally, it is possible to start from 15 years of age when a student account is opened. All documents must be translated into Czech.

Most banks require only two identification documents. This could be, for example, a foreign passport and an internal passport, or a driver's license translated into Czech.

The legal person needs to provide a notarized translation of the company's articles of association.

Czech Bank

Česká Spolitra is the largest bank in the Czech Republic. It has 539 branches and more than 1,500 ATMs across the country. No minimum account balance is required. And the interest rates are quite affordable.

Fio Bank is very friendly to foreigners. It offers business accounts on the same terms as individuals, i.e. in many ways free, while businesses usually have to pay a commission. You can open accounts here in 14 different currencies, including the ruble.

UniCredit Bank has branches in many European countries, which is very convenient for people who often visit Western countries and do business there. It is considered one of the most reliable European banks.

PPF Bank positions itself as a purely Czech bank, with Czech owners, Czech management, and all decisions made in the Czech Republic. However, holders of external accounts are treated quite friendly here.

Who is suitable to open a bank account in the Czech Republic?

Who values bank stability and considers it an important factor in choosing a financial institution

Who does not think that a personal visit to Prague to open a Czech bank account is a problem

Who needs to make payments in US dollars. Today, not many banks offer such an opportunity. For example, Latvian banks, which for many years were popular with non-residents, are now unstable towards the US dollar, which forces them to look for new options in Europe as an alternative

Who has ties to the Czech Republic. Now it is difficult for Ukrainians to open a bank account in the Czech Republic, because Czech banks currently require confirmation of business in the country of opening an account and require an office, employee, residence or residence permit in the country, but payment systems are an alternative - they are simpler and more remote to open an account