Assistance in Opening a Bank Account in the Czech Republic

Setting up a personal account in a Czech bank requires you to be present in person at the branch and of legal age. Normally, nobody younger than 18 can open an account, except for some special products available for students.

In the Czech Republic, the actual account opening procedure takes less than an hour in the bank branch. You can then wait for a few days to get the actual debit card, but the bank can issue you immediately with a virtual card.

Another advantage of having a bank account in the Czech Republic is that it belongs to the Eurozone. While its national currency is the Czech koruna, the comfort of opening accounts in euros or dollars also exists, integrating you within the European banking system.

Besides all the advantages mentioned above, the Czech Republic is notorious for its strict privacy laws. To put it more precisely, nobody will know about your banking information, since police and tax authorities alike do not have free access to information regarding the owners of bank accounts.

Is it Possible for a Non-Resident to Open a Bank Account?

Yes, it is easy and possible for non-residents, including foreigners, to open accounts in Czech banks.

Foreign legal entities can also create accounts, preferably if they have some shareholders from the Czech Republic or at least any other connection to this country. Nevertheless, this is not a strict requirement for every bank because some of them are flexible enough to open even for offshore companies.

In general, the account opening process in the Czech Republic is very fast—it takes only one day or even less if one has prepared and examined all the documents on time. The banks are integral parts of the European financial system, characterized by strong, stable operation, which makes the Czech Republic an ideal destination to open accounts for both individual persons and legal entities.

From the numerous banks in the Czech Republic, each has its own specifics and its pros and cons.

Some of them are:

• UNI Credit Bank: No account opening commission, 100 CZK service fee, no withdrawal fees if monthly funds below 12,000 CZK.
• FIO Banka
• Komerční banka
• Českoslavenská obchodná banka: Assisting refugees with 2500 CZK.
• Česká sporitelna: Provides assistance to refugees in the form of depositing 3000 CZK into the account.
• Raiffeisenbank: The bank will credit 2500 CZK to an assistance account.

Please take note that the account opening process in a bank within the Czech Republic has to be done in person.

For Individuals, the following documents need to be provided:

• The respective application form for account opening
• Two identity documents
• The deposit amount of your choice
• A postal address within the territory of the Czech Republic

For legal entities, the following documents shall be required:

• Notarized copies of participants and beneficiaries, both national and foreign
• The relevant account opening application
• An extract from the Trade Register
• An entrepreneur’s license
• If the legal entity is not listed in the Commercial Register, the constituent documents should be provided.

The minimum age requirement is 18 years, although the facility of student accounts is available for those as young as 15 years. All documents have to be translated into the Czech language, but most banks require only two identity documents. These may be a foreign passport and a driving license, but these also have to be translated into the Czech language.

Opening of 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 to study here, and someone is interested in opening a representative office of their business here. And if you are seriously thinking about tying your life with this country, then sooner or later you will need a local bank account.

How to Open an Account

About 440 thousand refugees from Ukraine have already been accepted and provided with temporary protection. Those of them who are going to stay in the country longer cannot do without a bank account. At least for those who receive social assistance or have already managed to get a job.

In all, there are 45 banks in the Czech Republic, but half of them are working with clients. Almost all of them declare that they are ready to open accounts for foreigners. But 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 deposit when opening an account. Depending on the bank chosen, the deposit amount varies between 100 and 1000 CZK. Sometimes they can ask for the contact postal address in the Czech Republic.

But now these rules do not work for Ukrainians. Now one identity document is enough for a citizen of Ukraine to open an account in a Czech bank. Ideally, this is a foreign passport, but if that is unavailable, then a number of financial institutions accept any other identity document.

Among them, especially: 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 an 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.

Opening an account in a branch of the Bank of the Czech Republic will take no more than an hour. You can wait for a plastic card within a few days, and a virtual one can be opened at once.

What is the Advantage of a Checking Account in the Czech Republic?

At least, the fact that the Czech Republic is within the eurozone, though the national currency is still the Czech koruna—you won’t have any problems opening an account in euros or dollars, accordingly. It means you will fall into the European banking system.

But let me remind you that the laws of privacy in the Czech Republic are among the most severe. 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. Even some departments of large institutions have employees speaking Russian.

You can also give the right to an invoice to some foreign law firm. Of course, it is desirable that its shareholders would be at least one from the Czech Republic or at least have some other connection with this country. But not all banks are so strict on this issue. Moreover, part of them registers 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, because the Czech banking system is subordinated to the EU banking system;
• Introduction of special offers for Ukrainians during the war — a 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).
• Refilling of bank accounts of residents and non-residents.
• Use of internet banking.
• Commissions for Ukraine payments – cancelled.
• Free and fast plastic card issuing.

Czech Republic Financial Support: Upon application for the so-called “tolerance visa”—a temporary protection on the territory of the Czech Republic for our refugees—you will be entitled to one-time assistance in the amount of 5,000 CZK that was adopted by the Parliament of the Czech Republic. In this respect, it is necessary to write an application—they will tell you about everything in the Refugee Reception Centers. If you did not find work in the following 5 months, you would be allowed to submit this kind of claim every month described above and get the same form of award.

Opening a bank account in the Czech Republic will take just 1 day, or even faster if you manage to prepare and check all the documents in advance. The Czech banks also belong to the European financial system, which is characterized by stability in the performance of their activities. Therefore, opening a bank account in the Czech Republic will be quite relevant for individuals as well as for legal entities.

How to Open an Account in the Bank of the Czech Republic for Ukrainian Refugees?

Since a large number of Ukrainian citizens have already moved to the Czech Republic and continue to organize their lives anew, find work, transfer business, rent housing, conduct various types of real estate transactions, it is required to open bank accounts – as an initial action.

Advantages of Opening a Bank Account in the Czech Republic: Algorithm of Action and Benefits for Ukrainians

Opening an account in a Czech bank is:

• Stability because the Czech banking system is subordinated to the EU banking system;
• Special offers for Ukrainians in the period of the war: a simplified bank account opening procedure, payment in the amount of 2500 — 3000 CZK depending on the bank to which to apply.
• Using bank card according to needs: getting wages during employment.
• Refill of bank accounts of residents and non-residents.
• Using of Internet banking.
• Cancellation of commission for payments in Ukraine.
• Quick and free issuance of plastic card.
• Providing financial support from the Czech Republic.

Regarding the application of the “tolerance visa” mentioned above, that is, temporary protection on the territory of the Czech Republic for our refugees, you have a right to the one-time assistance in the amount of 5,000 CZK adopted by the Parliament of the Czech Republic. For this, you need to write an application – they will tell you about everything in the Refugee Reception Centers. And if you do not get a job for the next 5 months, you will be able to submit a similar application every month and get the same amounts.

The Best Banks:

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

• UNI Credit Bank – advantages: There is no commission for opening an account, the service fee amounts to 100 CZK, if the monthly amount of funds is less than 12,000, there is no commission for withdrawing funds.
• FIO Banka
• Komerční banka
• ČSSB – помощь uprchlíkům – 2500 Kč
• Česká sporitelna – помощь uprchlíkům – 3000 Kč
• Raiffeisenbank – Převod 2500 koruny на открытый помощный účet.

For opening an account in any bank of the Czech Republic, your personal presence is required.

Documents Necessary for the Opening of the Account for an Individual:

• Variant of the respective application for the opening of account.
• Identity documents (there should be two such documents).
• The amount that he wants to deposit into his account.
• Postal address at the place of stay in the Czech Republic.

Following are the documents necessary for opening the account for a legal entity:

• Notarized copy (national and foreign) of the participants of the legal entity and the beneficiaries.
• Accordingly, the 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, at the time of opening of student accounts, they can be opened from 15 years old. All documents must be translated into Czech.

Most banks require the presentation of only two identity documents. They can be: foreign passport and civil passport or driver’s license translated into Czech, for example.

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

Czech Banks

The biggest bank in the Czech Republic is a state bank called Ceska Sporitelna. It has 539 branches throughout the country and more than one and a half thousand ATMs. There is no need to worry about the minimum account balance. And it differs in fairly affordable rates.

Fio Bank is very foreigner-friendly. It offers business accounts on the same conditions as private ones, which means that many things are free of charge, though usually firms have to pay some commission for those. You can open an account here in as many as 14 different currencies, including rubles.

There are a lot of UniCredit Bank branches, which is very convenient for those who often visit the West and conduct business there. It is considered one of the most reliable banks among the European ones.

PPF Banka – positions itself as a purely Czech bank: with Czech owners, the management is Czech, and decisions are also taken in the Czech Republic. However, at this bank, they are quite kind to foreign account holders.

Who Will the Czech Bank Account Be Suitable For?

This is for anyone interested in stability regarding banking and who considers this aspect to be one of the principal criteria for choosing a financial institution.

Who doesn’t have anything against a personal visit to Prague for opening an account at the Czech bank.

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

Connected somehow with the Czech Republic. It is difficult nowadays for a Ukrainian to open an account in the Czech Republic because all the Czech banks at the moment require confirmation of conducting business in the country in which the account opening takes place, as well as of having an office, employees, residence, or residence permit, but payment systems are an alternative, and they open accounts more simplistically and remotely.

Czech Business Bank Account

It is one of the main steps for entrepreneurs in opening a business account within the Czech Republic, which has a developed economy and good tax climate. The broad array of banking services and investment opportunities makes the Czech Republic one of the most attractive places to open a business account. Some critical elements and benefits of opening a corporate bank account in the Czech Republic are the subject of this article.

Advantages of Opening a Business Account in the Czech Republic

• Favorable Tax Climate: It has relatively low tax rates and, at the same time, a number of tax incentives for business, which favors investment attraction and business development.
• Stable Banking System: The Czech banking system is characterized by a high degree of stability and reliability that will ensure, in full, the security of your financial transactions and investments.
• Diverse financial services: Banks in the Czech Republic offer a variety of financial products and services to businesses operating there, including corporate accounts, loans, investment funds, and asset management services.
• Convenience and Efficiency: Opening a business account in the Czech Republic is typically relatively smooth and easy due to the country’s efficient banking infrastructure and friendly customer service.

Steps of Opening a Business Account in the Czech Republic

Tax privileges, stable conditions in the banking sector, and a full package of financial services will turn your business bank account in the Czech Republic into a reliable tool for the management of your corporate finance and reaching your objectives. Considering a large number of banks, special attention is given to the bank’s reputation, as well as terms of service and a set of financial products to choose the most suitable one for the type of your activity.

Personal bank account in Czech Republic

Opening a personal bank account in the Czech Republic is among the most vital issues of practical management related to personal finances due to its developed financial system and good tax climate. Opening the account at ease is provided by the very fine variety of banking services and high level of service. In the following article, we will examine the key features and advantages of opening a personal bank account in the Czech Republic.

Advantages of Opening a Personal Bank Account in the Czech Republic

• Favorable Tax Climate: The Czech Republic offers low tax rates and various tax incentives for residents, which favored preserving and increasing personal finances.
• Stable Financial System: In view of this, the Czech banking system can guarantee a high level of stability and reliability on security grounds of financial transactions with respect to any means of money.
• Diversified Banking Service: The banks of the country have been offering you various financial products and services pertaining to debit and credit cards, savings accounts, deposits, and loans.
• Convenience and Accessibility: Normally opening a personal account in the Czech Republic is an easy and smooth process, since banks have effective infrastructure and customer-friendly attitudes.

Steps of Opening a Personal Bank Account in the Czech Republic

Opening a personal bank account is an important step to be taken while in the Czech Republic for financial security and the management of personal finances. With its favorable tax climate, stable financial system, and wide range of banking services, your personal account in the Czech Republic will be a tool that you can depend on while reaching your financial goals. When choosing a bank, pay great attention to its reputation, terms of service, and financial products provided to make the best choice for your needs.

Business Bank Account in Czech Republic

One of the most important steps for entrepreneurs who want to extend their business in a country with a highly developed economy and favorable tax climate is opening a business account. The Czech Republic will also allow taking advantage of a lot of banking services and investment opportunities; therefore, it constitutes a really good place to open a business account. In this article, we will go over the key aspects and advantages of opening a business account in the Czech Republic.

Why Open a Business Account in the Czech Republic?

• Tax-Friendly Environment: The state can boast relatively low tax rates and various tax incentives for business, which favors investment attraction and business development within its territory.
• Stable Banking System: In the Czech Republic, the banking system expresses a high degree of stability and reliability. This means the security of financial transactions and investments is guaranteed.
• Wide Range of Banking Products and Services: Banks operating in the Czech Republic offer a great variety of financial products and services – everything, from corporate accounts to loans and investment funds and asset management services.
• Convenience and Efficiency: The opening of a corporate bank account in the Czech Republic is usually not burdensome. Such an account is backed up by an efficient infrastructure in banking and bank customer service being friendly and helpful.

Steps of Opening a Business Account in the Czech Republic

Opening a business account in the Czech Republic is a significant step to successfully conduct business in this country with its favorable tax climate and developed financial system. From this viewpoint, the Czech business account in respect of tax advantages, a stable banking system, and an extensive range of financial services provided will be a reliable instrument for managing your corporate finances and reaching your business goals. While choosing a bank, one has to consider the bank’s reputation, the terms of service, and financial products with the view to choose the most suitable option for his or her business.

Personal Bank Account in Czech Republic

A bank account in the Czech Republic is a great step toward effectively managing personal finance in a country with a developed financial system and favorable tax climate. Within this large field of services offered, the Czech Republic also offers a very high level of service, making this process convenient and accessible. In this article, we will look at the key elements and advantages of opening a personal bank account in the Czech Republic.

Advantages of Opening a Personal Bank Account in the Czech Republic

• Favourable Tax Climate: The Czech Republic, with its low tax rates and manifold tax incentives for residents, is very friendly toward preservation and growth of personal finances.
• Stable Financial System: The high degree of stability and reliability of the Czech banking system are a warranty of security for your financial operations.
• Great Variety of Banking Services: The banks in the Czech Republic offer a wide range of financial products and services, including debit and credit cards, savings accounts, deposits, and loans.
• Convenience and Accessibility: Opening a personal bank account in the Czech Republic is not a complex process and is even convenient, since it is adequately supported by an efficient banking infrastructure along with friendly customers’ service.

Steps of Opening a Personal Bank Account in the Czech Republic

Opening a personal bank account is one of the most vital and imperative ways to secure your finances and manage personal finance in the Czech Republic. A favorable tax climate, a stable financial system, and broad ranges of banking services mean your personal account in the Czech Republic is going to be a reliable tool on the road to your financial goals. When choosing a bank, take its reputation, conditions of service, and range of banking products into consideration first of all.

If you’re considering the establishment of a business bank account in the Czech Republic, our team at Regulated United Europe is ready to provide expert assistance. With eight years of experience in facilitating the opening of bank accounts across Europe, we leverage our extensive network of trusted partners within the European financial services sector. We aim to provide tailored, cost-effective solutions that enhance the operational efficiency of the businesses we support.