Opening a Bank Account in the Czech Republic

The Czech Republic is one of the favorite countries among the Russian–speaking population. Someone buys real estate here, someone sends their children here to study, and someone is interested in opening a representative office of their business here. And if you are seriously thinking about connecting your life with this country, then sooner or later you will need a local bank account.

How to Open an Account

Opening a Bank Account in the Czech RepublicAbout 440 thousand refugees from Ukraine have registered and received temporary protection status in the Czech Republic. Those who plan to spend a long time in the country cannot do without a bank account. At least for those who receive social assistance or have already managed to get 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 declare that they are ready to open accounts for foreigners. However, a non-resident is required to provide a larger package of documents than a client with a local residence permit, namely:

  • two identity documents (passport plus, for example, birth certificate, driver’s license or residence permit);
  • money for the first payment when opening an account. Depending on the selected bank, the deposit amount is 100 — 1000 CZK.
  • sometimes they may ask about the contact postal address in the Czech Republic.

However, these rules do not apply to Ukrainians now. Now only one identity document is enough for a citizen of Ukraine to open an account in a Czech bank. Ideally, a foreign passport, but in case of its absence, a number of financial institutions accept any other identity document.

Among these, in particular, are Česká sporitelna, Fio banka. Raiffeisenbank also accepts the identity card of an asylum seeker. And in UniCredit Bank, you can open an account even with an “internal” passport of a citizen of Ukraine.

A prerequisite for opening your own account in a Czech bank is personal presence at the branch for identification, as well as reaching the age of majority. After all, only persons over the age of 18 can open an account, if we are not talking about specific products, such as student accounts.

The process of opening an account in a branch of the Bank of the Czech Republic will take no more than an hour. A plastic card will have to wait a few days, and a virtual card can be opened instantly.

What is the advantage of a checking account in the Czech Republic?

At least, the fact that the Czech Republic is in the eurozone. And although the national currency here is still the Czech koruna, you will have no problems opening an account in euros or dollars. This means that you will be included in the European banking system.

By the way, privacy laws in the Czech Republic are among the strictest. So you don’t have to worry about disclosing bank secrets. Even the police and tax authorities cannot freely obtain information about the owners of funds.

Is It Possible to Open an Account by a Non-resident?

Yes, foreigners can easily open accounts in local banks. Some departments of large institutions even have employees who speak Russian.

You can also issue an invoice to a foreign law firm. Of course, it is desirable that its shareholders include someone from the Czech Republic or have another connection with this country. But not all banks are so strict about this issue. Moreover, some of them register accounts even for offshore companies.

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

Opening an account in a Czech bank is:

  • Stability as the Czech banking system is subordinated to the EU banking system
  • Introduction of special offers for Ukrainians during the war (simplified procedure for opening a bank account, payment in the amount of 2500 — 3000 CZK, depending on the bank to which to apply)
  • Use of a bank card according to needs (receiving wages during employment)
  • Replenishment of bank accounts of residents and non-residents
  • Use of Internet banking
  • Cancellation of commission for payments in Ukraine
  • Fast and free issuance of a plastic card
  • Financial assistance from the Czech Republic

When applying for the aforementioned “tolerance visa” (temporary protection on the territory of the Czech Republic for our refugees), you are entitled to a one-time assistance of 5,000 CZK adopted by the Parliament of the Czech Republic. To do this, you need to write an application – they will tell you about everything in the Refugee Reception Centers. If you do not get a job for the next 5 months, you will be able to submit a similar application every month and receive the same amounts.

In the Czech Republic, a bank account can be opened in 1 day or even faster if you prepare and check all the documents in advance. Czech banks also belong to the European financial system, characterized by the stability of their activities. Therefore, the choice of the Czech Republic as a country for opening a bank account is suitable for both individuals and legal entities.

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

Since many citizens of Ukraine have moved to the Czech Republic and are arranging their lives anew, getting a job, moving their business, renting apartments, conducting various real estate transactions, it is necessary to open bank accounts – as an initial action.

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

Opening an account in a Czech bank is:

  • stability as the Czech banking system is subordinated to the EU banking system
  • Introduction of special offers for Ukrainians during the war (simplified procedure for opening a bank account, payment in the amount of 2500 — 3000 CZK, depending on the bank to which to apply)
  • use of a bank card according to needs (receiving wages during employment)
  • replenishment of bank accounts of residents and non-residents
  • use of Internet banking
  • cancellation of commission for payments in Ukraine
  • Fast and free issuance of a plastic card
  • Financial assistance from the Czech Republic

When applying for the aforementioned “tolerance visa” (temporary protection on the territory of the Czech Republic for our refugees), you are entitled to a one-time assistance of 5,000 CZK adopted by the Parliament of the Czech Republic. To do this, you need to write an application – they will tell you about everything in the Refugee Reception Centers. If you do not get a job for the next 5 months, you will be able to submit a similar application every month and receive the same amounts.

The best banks:

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

UNI credit Bank – advantages there is no commission for opening an account, a service fee of 100 CZK, if the monthly amount of funds is less than 12,000, there is no commission for withdrawing funds.

FIO Banka

Komerční banka

Českoslavenská obchodná banka – assistance to refugees – 2500 CZK

Česká sporitelna – assistance to refugees – 3000 CZK

Raiffeisenbank – Crediting 2500 kronor to an open assistance account.

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

Documents required to open an account for an individual:

  • The corresponding application for opening an account
  • Identity documents (there should be two such documents)
  • The amount that the person wants to deposit to their account
  • Postal address at the place of stay in the Czech Republic

Documents are required to open an account for a legal entity:

  • Notarized copy (national and foreign) of the participants of the legal entity and beneficiaries
  • Accordingly, an application for opening an account
  • Extract from the Trade Register
  • Entrepreneur’s license
  • If there is no information about the legal entity in the Commercial Register yet, constituent documents are submitted
  • The main requirement is the age of 18, in addition, when student accounts are opened, they can be opened from the age of 15. All documents must be translated into Czech.

Most banks ask to present only two identity documents. They can be, for example, a foreign passport and a civil passport or a driver’s license translated into Czech.

The legal entity will need to provide the constituent documents with a notarized translation.

Czech Banks

Ceska Sporitelna is the largest bank in the Czech Republic. It has 539 branches throughout the country and more than one and a half thousand ATMs. Does not require a minimum minimum account balance. And it differs in fairly affordable rates.

Fio Bank is a very loyal bank to foreigners. It offers business accounts on the same terms as for individuals, that is, free of charge in many ways, for which firms usually have to pay a commission. You can open an account here in 14 different currencies, including rubles.

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

PPF Banka – positions itself as a purely Czech bank, with Czech owners, Czech management and all decisions made in the Czech Republic. However, foreign account holders are treated quite kindly here.

Who is an Account in the Czech Republic Suitable for?

Who values banking stability and considers it an important factor when choosing a financial institution

Who does not see a problem to personally visit Prague to open an account in a Czech bank

Who needs to make payments in US dollars. Not many banks offer such an opportunity today. For example, Latvian banks, popular among non-residents for many years, are now unstable with USD, which forced them to look for new options in Europe as an alternative

Who has a connection with the Czech Republic. It is now difficult for a Ukrainian to open a bank account in the Czech Republic, since Czech banks currently require confirmation of conducting business in the country of account opening and the presence of an office, employees, residence or residence permit, but payment systems are an alternative – they open accounts more simplistically and remotely

If you wish to open a business bank account in Czech Republic, our team here at IB-IA GROUP UAB will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.