Bank account opening assistance in the Czech Republic
To open a personal account in a Czech bank, your physical presence at the branch for identification is mandatory, and you must be of legal age. Generally, only individuals aged 18 and above can open an account, except for certain specific products like student accounts.
The account opening procedure at a Czech Republic Bank branch typically takes no longer than an hour. While you might have to wait a few days for a physical debit card, a virtual card can be issued instantly.
One key benefit of a checking account in the Czech Republic is its location within the Eurozone. Despite the Czech koruna being the national currency, there’s the convenience of opening accounts in euros or dollars, integrating you into the European banking system.
Furthermore, the Czech Republic is known for its stringent privacy laws. This ensures that your banking information remains confidential, as even police and tax authorities do not have unrestricted access to information about account owners.
Can a non-resident open a bank account?
Yes, non-residents, including foreigners, can conveniently open accounts in Czech banks.
Foreign legal entities can also set up accounts, ideally if they have shareholders from the Czech Republic or some other connection to the country. However, this is not a strict requirement for all banks, as some are flexible enough to open accounts even for offshore companies.
Opening a bank account in the Czech Republic is a swift process, often taking just one day or even less when you meticulously prepare and review all the necessary documents in advance. Czech banks are integral parts of the European financial system, known for their stable operations. Consequently, the Czech Republic is an excellent choice for individuals and legal entities alike when it comes to establishing a bank account.
Among the numerous banks in the Czech Republic, each possesses its unique attributes, along with its share of advantages and disadvantages.
Some noteworthy banks include:
- UNI credit Bank: No account opening commission, a service fee of 100 CZK, and no withdrawal fees for monthly funds below 12,000 CZK.
- FIO Banka
- Komerční banka
- Českoslavenská obchodná banka: Providing assistance to refugees with a payment of 2500 CZK.
- Česká sporitelna: Offering assistance to refugees with a payment of 3000 CZK.
- Raiffeisenbank: Providing a credit of 2500 CZK to an assistance account.
It’s important to note that opening a bank account in the Czech Republic requires your physical presence.
For individuals, the documents needed include:
- The appropriate account opening application.
- Two identity documents.
- The desired deposit amount.
- A postal address within the Czech Republic.
For legal entities, the required documents comprise:
- 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 yet listed in the Commercial Register, constituent documents are necessary.
The minimum age requirement is 18, with student accounts available for those as young as 15. All documents must be translated into Czech, although most banks only request two identity documents, which can include a foreign passport and a driver’s license, provided it’s translated into Czech.
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
About 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
Business bank account in Czech Republic
Opening a business account in the Czech Republic is an important step for entrepreneurs wishing to develop their business in this country with a developed economy and favourable tax climate. The Czech Republic offers a wide range of banking services and investment opportunities, which makes it an attractive place to open a business account. In this article we will look at the key aspects and advantages of opening a business account in the Czech Republic.
Advantages of Opening a Business Account in the Czech Republic
- Favourable Tax Climate: The Czech Republic offers relatively low tax rates and various tax incentives for business, which favours investment attraction and business development.
- Stable Banking System: The Czech banking system is characterised by a high degree of stability and reliability, which ensures the security of your financial transactions and investments.
- Wide Choice of Financial Services: Banks in the Czech Republic offer a variety of financial products and services, including corporate accounts, loans, investment funds and asset management services.
- Convenience and Efficiency: The process of opening a business account in the Czech Republic is usually simple and convenient, thanks to an efficient banking infrastructure and friendly customer service.
Steps of Opening a Business Account in the Czech Republic
- Choosing a Bank: Research different banks in the Czech Republic and choose the most suitable one for your business. Take into account the bank’s reputation, its specialisation in serving entrepreneurs and the services it provides.
- Preparation of Documents: Prepare the necessary documents to open an account, such as ID card, company registration documents, shareholder register extract and other documents that may be required.
- Visit the Bank or Online Application: Apply to the selected bank in person or fill in an online application for account opening via the bank’s official website. Provide all required documents and complete the account opening application form.
- Application Review: The Bank will review your application for an account and verify the documents provided. This process may take several working days.
- Account Activation and Receipt of Banking Services: Once your application is approved, your business account will be activated and you will be able to access banking services including issuing bank cards, making payments and using other financial instruments.
Conclusion
Opening a business account in the Czech Republic is an important step for successful business in this country with its favourable tax climate and developed financial system. With its tax advantages, stable banking system and wide range of financial services, your Czech business account will be a reliable tool for managing your corporate finances and achieving your business goals. When selecting a bank, pay attention to its reputation, terms of service and financial products to choose the most suitable option for your business.
Personal bank account in Czech Republic
Opening a personal bank account in the Czech Republic is an important step for effective management of personal finances in a country with a developed financial system and a favourable tax climate. The Czech Republic offers a wide range of banking services and a high level of service, which makes the process of opening an account convenient and easy. In this article we will look at the key aspects and benefits 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 offers low tax rates and various tax incentives for residents, which favours the preservation and growth of personal finances.
- Stable Financial System: The Czech banking system is characterised by a high degree of stability and reliability, ensuring the security of your financial transactions.
- A wide range of banking services: Banks in the Czech Republic offer a variety of financial products and services, including debit and credit cards, savings accounts, deposits and loans.
- Convenience and Accessibility: The process of opening a personal bank account in the Czech Republic is usually easy and convenient, thanks to an efficient banking infrastructure and friendly customer service.
Steps of Opening a Personal Bank Account in the Czech Republic
- Choosing a Bank: Study the offers of various banks in the Czech Republic and choose the most suitable one for your needs. Take into account the bank’s reputation, its specialisation and terms of service.
- Preparing Documents: Gather the necessary documents to open an account, such as identification, proof of residential address and other documents requested by the bank.
- Visit the Bank or Online Application: Apply to the selected bank in person or fill in an online application for account opening via the bank’s official website. Provide all required documents and complete the account opening application form.
- Application Review: After the application is submitted, the bank will review the application and verify the documents provided. This process may take several working days.
- Account Activation and Receipt of Bank Services: Once your application is approved, your personal bank account will be activated and you will be able to use all the services provided by the bank.
Conclusion
Opening a personal bank account in the Czech Republic is an important step to ensure financial security and manage your personal finances. With a favourable tax climate, a stable financial system and a wide range of banking services, your personal account in the Czech Republic will be a reliable tool for achieving your financial goals. When choosing a bank, pay attention to its reputation, terms of service and financial products provided to choose the most suitable option for your needs.
Business bank account in Czech Republic
Opening a business account in the Czech Republic is an important step for entrepreneurs wishing to develop their business in this country with a developed economy and favourable tax climate. The Czech Republic offers a wide range of banking services and investment opportunities, which makes it an attractive place to open a business account. In this article we will look at the key aspects and advantages of opening a business account in the Czech Republic.
Advantages of Opening a Business Account in the Czech Republic
- Favourable Tax Climate: The Czech Republic offers relatively low tax rates and various tax incentives for business, which favours investment attraction and business development.
- Stable Banking System: The Czech banking system is characterised by a high degree of stability and reliability, which ensures the security of your financial transactions and investments.
- Wide Choice of Financial Services: Banks in the Czech Republic offer a variety of financial products and services, including corporate accounts, loans, investment funds and asset management services.
- Convenience and Efficiency: The process of opening a business account in the Czech Republic is usually simple and convenient, thanks to an efficient banking infrastructure and friendly customer service.
Steps of Opening a Business Account in the Czech Republic
- Choosing a Bank: Research different banks in the Czech Republic and choose the most suitable one for your business. Take into account the bank’s reputation, its specialisation in serving entrepreneurs and the services it provides.
- Preparation of Documents: Prepare the necessary documents to open an account, such as ID card, company registration documents, shareholder register extract and other documents that may be required.
- Visit the Bank or Online Application: Apply to the selected bank in person or fill in an online application for account opening via the bank’s official website. Provide all required documents and complete the account opening application form.
- Application Review: The Bank will review your application for an account and verify the documents provided. This process may take several working days.
- Account Activation and Receipt of Banking Services: Once your application is approved, your business account will be activated and you will be able to access banking services including issuing bank cards, making payments and using other financial instruments.
Conclusion
Opening a business account in the Czech Republic is an important step for successful business in this country with its favourable tax climate and developed financial system. With its tax advantages, stable banking system and wide range of financial services, your Czech business account will be a reliable tool for managing your corporate finances and achieving your business goals. When selecting a bank, pay attention to its reputation, terms of service and financial products to choose the most suitable option for your business.
Personal bank account in Czech Republic
Opening a personal bank account in the Czech Republic is an important step for effective management of personal finances in a country with a developed financial system and a favourable tax climate. The Czech Republic offers a wide range of banking services and a high level of service, which makes the process of opening an account convenient and easy. In this article we will look at the key aspects and benefits 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 offers low tax rates and various tax incentives for residents, which favours the preservation and growth of personal finances.
- Stable Financial System: The Czech banking system is characterised by a high degree of stability and reliability, ensuring the security of your financial transactions.
- A wide range of banking services: Banks in the Czech Republic offer a variety of financial products and services, including debit and credit cards, savings accounts, deposits and loans.
- Convenience and Accessibility: The process of opening a personal bank account in the Czech Republic is usually easy and convenient, thanks to an efficient banking infrastructure and friendly customer service.
Steps of Opening a Personal Bank Account in the Czech Republic
- Choosing a Bank: Study the offers of various banks in the Czech Republic and choose the most suitable one for your needs. Take into account the bank’s reputation, its specialisation and terms of service.
- Preparing Documents: Gather the necessary documents to open an account, such as identification, proof of residential address and other documents requested by the bank.
- Visit the Bank or Online Application: Apply to the selected bank in person or fill in an online application for account opening via the bank’s official website. Provide all required documents and complete the account opening application form.
- Application Review: After the application is submitted, the bank will review the application and verify the documents provided. This process may take several working days.
- Account Activation and Receipt of Bank Services: Once your application is approved, your personal bank account will be activated and you will be able to use all the services provided by the bank.
Conclusion
Opening a personal bank account in the Czech Republic is an important step to ensure financial security and manage your personal finances. With a favourable tax climate, a stable financial system and a wide range of banking services, your personal account in the Czech Republic will be a reliable tool for achieving your financial goals. When choosing a bank, pay attention to its reputation, terms of service and financial products provided to choose the most suitable option for your needs.
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.
| Assistance in opening a corporate bank account |
2,000 EUR |
“Establishing a business in the Czech Republic is a streamlined process, indicative of its welcoming business environment. As a specialist in this field, I am well-equipped to assist you. Feel free to reach out for more information or guidance.”
Additional services for Czech Republic
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