Opening a Bank Account in the Czech Republic for a Foreigner

The banking system of the Czech Republic is one of the most stable and regulated in Central Europe, demonstrating a high degree of integration into the European financial space. The Czech Republic offers a balanced model of the banking sector, combining reliability, effective supervision and a variety of financial products for both individuals and companies.

Central bank and regulatory role

The key role in the regulation and supervision of the Czech financial market is played by the Czech National Bank (Česká národní banka, ČNB). It acts as the central bank and the main prudential supervisory authority for banks, investment companies, insurance organisations and non-bank financial institutions. Under Czech law and European directives, the ČNB is responsible for:

• Licensing of banks and other credit institutions
• Monitoring the liquidity and solvency of banks
• Managing the country’s foreign exchange reserves
• Ensuring the stability of the financial system
• Oarticipation in the activities of the European System of Central Banks (ESCB) and in the European Banking Supervisory Mechanism (within the SSM – Single Supervisory Mechanism, if the bank is of significant importance at the European level).

Structure of the banking sector in the Czech Republic

The following categories of banking institutions are currently operating in the Czech Republic:

1. Commercial banks – the most common type of credit organisations. Both local banks and subsidiaries of foreign banks, primarily Austrian, German and French financial groups, operate in the Czech Republic.
2. Banking branches of foreign banks – within the framework of the principle of free provision of services within the EU (passporting), many EU banks operate in the Czech Republic without separate legal registration.
3. Specialised savings institutions and building savings banks (stavební spořitelny) – provide long-term deposits and housing loans.
4. Co-operative banks (družstevní záložny) – limited in scope of operations and usually serving a limited number of customers.

Key players in the market

The largest banks in the Czech Republic include:

• Česká spořitelna (part of the Erste Group, Austria) – the largest bank by number of customers.
• ČSOB (part of KBC Group, Belgium) – active in the corporate segment.
• Komerční banka (part of Société Générale, France) – an important player in trade finance.
• Raiffeisenbank a.s. is a subsidiary of Austria’s Raiffeisen Bank International.
• UniCredit Bank Czech Republic and Slovakia is an Italian bank holding company with a strong presence in the region.

Opening a bank account in the Czech Republic for a foreigner

It is possible for individuals and companies – both residents and non-residents – to open an account, but you should take into account the increasing requirements under AML/CTF (anti-money laundering and combating the financing of terrorism), including:

• provision of full information on beneficiaries;
• justification of economic presence (in the case of companies);
• verification of the source of origin of funds;
• verification through video identification or face-to-face presence (depending on the bank and the client’s status).

For legal entities, having a local director, lease and tax number (DIČ) often simplifies the account opening procedure.

Banking services and digitalisation

Czech banks offer a wide range of services:

• corporate and personal current accounts;
• investment and foreign currency accounts;
• lending to businesses and individuals;
• acquiring and POS solutions;
• online and mobile banking;
• integration with APIs within PSD2 (including Open Banking capabilities).

Digitalisation in Czech banks is at a high level: most transactions can be done online, including document signing and KYC verification, making the Czech Republic attractive for technology-oriented companies, including fintech and crypto projects.

Currency regulation and cross-border transactions

The Czech Republic is a member of the EU but is not part of the Eurozone. The national currency remains the Czech crown (CZK). However, most banks are active with the euro and other major currencies, offering multi-currency accounts and international transfers via SEPA and SWIFT. There are no currency controls on cross-border transactions, except in cases requiring declaration under AML rules.

Banks and cryptocurrency projects

From 2024-2025, a number of Czech banks have started to roll out support for virtual asset companies, especially after the adoption of the MiCA Regulation. Nevertheless, in order to successfully open an account, companies must:

• have a transparent legal and organisational structure;
• pass the MiCA and AMLD5/6 compliance checks;
• provide a business case and risk assessment.

Banks still assess each crypto project individually and may refuse to open an account without explanation, citing internal risk assessment procedures.

Deposit guarantees and investor protection

All banks with a ČNB licence participate in the Deposit Insurance System (Fond pojištění vkladů), which guarantees individuals and legal entities reimbursement of deposits up to EUR 100,000 per customer per member of the system. This is in accordance with EU regulations and applies to deposits in CZK and other currencies.

The banking system of the Czech Republic is stable, highly capitalised and technologically advanced. For foreign investors and entrepreneurs, the Czech Republic offers a favourable legal environment, integration with the EU, access to reliable banking services, and potential support for innovative and digital businesses. However, when engaging with banks, special attention should be paid to preparing for compliance audits, transparency of the corporate structure and demonstrating the legality of the origin of funds.

The largest banks in the Czech Republic by number of customers

Best bank for foreigners in Czech Republic

Opening a bank account in the Czech Republic for a foreign citizen or a legal entity is possible subject to a number of formal requirements, defined both by Czech law and the European Union’s legal acts in the field of anti-money laundering and countering the financing of terrorism (AMLD). The rules for opening an account differ depending on the status of the applicant – natural or legal person, EU or third country citizen, as well as on the purpose of opening an account and the expected financial activity of the client.

Foreign individuals, including EU residents and third-country nationals, may open a personal bank account in most Czech banks, but the scope of checks and the list of documents will vary depending on citizenship, place of residence and length of stay in the country. The basic set of documents usually includes a valid passport or ID card, proof of address (e.g. rental agreement or utility bill), and, if necessary, a document certifying the legality of residence in the Czech Republic (visa, residence permit or police registration for EU citizens). In some cases, the bank may request a tax ID of the country of origin, income certificate, employment contract or other documents confirming financial solvency. Additionally, in order to pass internal verification, the client may be asked to provide information about the purpose of opening an account and the sources of origin of funds. The client identification procedure is carried out either by personal visit to a branch or by video verification in banks that support remote verification.

Opening a bank account for a Czech company with foreign founders or for a foreign legal structure registered outside the Czech Republic involves a more complex compliance process. Banks request a complete set of founding documents, including articles of association, extract from the commercial register, decision on the establishment and appointment of governing bodies, as well as documents disclosing the ownership structure and ultimate beneficial owners (UBO). For each participant and member of the management board, the bank will require an identity card, proof of residential address and, if necessary, additional information such as CV, tax number, declarations of sources of funds, descriptions of the business model, as well as evidence of economic activity (e.g. company website, contracts, domain name, etc.).

Practice shows that having a legal address in the Czech Republic, office lease agreement, Czech telephone number, local representative, as well as VAT registration significantly increase the chances of account opening approval, especially if the business is related to cross-border activities, cryptocurrencies or high level of transaction activity. Banks review such applications individually, paying special attention to the transparency of the structure, the jurisdictions in which the beneficiaries are registered and assessing the applicant’s compliance with the criteria of the internal risk management policy.

In terms of timing, a personal account can be opened in most Czech banks within 1-5 working days after submitting a complete set of documents and undergoing the identification procedure. In the case of corporate accounts, the review and approval period may take from one to several weeks depending on the complexity of the structure and the level of compliance required. With regard to financial terms and conditions, it is worth bearing in mind that banks have the right to set minimum deposit thresholds and to charge foreign clients on a case-by-case basis.

Despite the fact that a number of banks (especially in the online banking segment) demonstrate readiness to work with non-residents, including remotely, it should be borne in mind that the institutions retain the right to refuse to open an account without giving reasons, guided by the principles of internal risk assessment. However, the involvement of a professional consultant or a law firm accompanying the process significantly increases the chances of a favourable decision and reduces the likelihood of requesting additional documents during the application process.

Thus, the Czech banking system offers foreign individuals and legal entities access to a full range of financial services, subject to transparency, proper identification and compliance with good business practice standards. Opening an account becomes not only a technical procedure, but also part of a broad strategy to establish an economic presence in the European Union.

How to open a Czech bank account for a crypto company?

Opening a bank account in the Czech Republic for a company operating in the virtual asset sector (including crypto exchanges, brokers, custodians and wallet providers) requires compliance not only with the general requirements for legal entities, but also an enhanced compliance approach due to the high-risk profile of the crypto industry from an AML/CFT perspective. Below is a structured and homogenised analysis of the account opening conditions for cryptocurrency companies in the Czech Republic, including legal and practical aspects.

Foreign and local companies registered in the form of s.r.o. (analogue of a limited liability company) can open a corporate account in a Czech bank provided that there is clearly structured documentation, proven economic presence and transparency of all participants in the corporate structure. However, companies dealing with virtual assets must additionally be prepared for enhanced compliance checks for anti-money laundering, counter-terrorist financing and compliance with national and European regulations on cryptoassets.

A key factor is whether the company has the appropriate registration or licence (MiCA license in Czech Republic) issued under the national law of the Czech Republic or another EU state. If the applicant does not have the status of a registered virtual asset service provider (CASP or VASP), the likelihood of rejection by the bank increases. Confirmation of compliance with AMLD5 rules and (potentially) MiCA requirements serves as the basis to start the application process.

Companies are required to submit a standardised set of corporate documents including articles of association, extract from the Commercial Register, details of the governing bodies, ownership structure with disclosure of ultimate beneficiaries, tax numbers and a description of proposed activities. In addition, banks require a detailed description of the business model, a list of services provided, the jurisdictions in which operations are conducted, a description of the target audience, KYC/AML policies applied, information on partners and counterparties, and justification of the origin of the start-up funds.

Of particular importance is the technical and legal maturity level of the project. Banks perceive favourably the presence of an established internal control and risk management system, compliance with financial monitoring requirements, publicity of project participants, registered domain, professional website with terms of service, privacy policy and terms of use. The presence of a permanent office in the Czech Republic, local employees, VAT registration and contracts with counterparties in the EU are considered as additional confidence factors.

The application procedure usually includes a preliminary interview with company representatives (online or in person), written explanations on a number of issues, and periodic updating of documents during the verification process. If approved, the bank provides a standard corporate account with access to multi-currency transactions, SEPA transfers, SWIFT, and the possibility of integration with APIs within PSD2.

Keep in mind that not all banks in the Czech Republic are ready to serve cryptocurrency companies. The most loyal institutions tend to work with clients through specialised divisions or separate compliance offices. A number of large banks (ČSOB, Raiffeisenbank, Fio Banka) refuse to open accounts for companies that do not have a MiCA-compliant model or are not registered in the Czech Republic. However, there are examples of successful account opening with the assistance of licensed legal intermediaries who accompany the process and represent the interests of the client at the negotiation and application stages.

In practice, opening an account for a cryptocurrency project in the Czech Republic requires the company to comply with the following conditions: legal status and licence or registration, transparent structure and professional support from an experienced advisor, understanding of regulatory expectations and readiness for a lengthy compliance process. Cryptoasset banking in the Czech Republic is possible, but requires a high degree of preparation, openness and proper fulfilment of all regulations arising from EU law and national regulation.

Opening a bank account in the Czech Republic for a company operating in the field of virtual assets is a highly complex procedure due to the need to comply not only with standard corporate compliance requirements, but also with the specifics of cryptoasset regulation, which encompasses the provisions of both national legislation and EU-wide acts, including the MiCA Regulation. Czech banks assess such companies as high-risk clients, which requires the applicant to be fully transparent, prove the legitimacy of the business and demonstrate the ability to manage operational and financial risks.

The initial prerequisite for applying for an account is the registration of a legal entity in the Czech Republic, usually in the form of a s.r.o. (limited liability company). (limited liability company). The registration process includes the preparation of articles of association, conclusion of a contract for the lease of a registered office, appointment of an executive body, submission of documents to the Commercial Register and obtaining an identification number (IČO). Only after completing the registration procedure, the company can submit a request to the bank to open a corporate current account.

For companies whose activities fall under the definition of virtual asset service providers (CASP/VASP), having the appropriate registration or licence becomes a key element of consideration. In the period before MiCA comes into full force, it is possible to formalise the status of a financial monitoring entity under the AML Act (Zákon č. 253/2008 Sb.) by notifying the Anti-Financial Laundering Unit (FAÚ). If there is a registration or if there is a clear licensing plan under MiCA, the bank considers such a company as a potentially admissible client.

In order to apply to the bank, a comprehensive package of documents must be prepared. It includes: an up-to-date extract from the Commercial Register, articles of association, the decision on the appointment of the director, a list of ultimate beneficial owners (UBO) with attached identity cards and proof of residential addresses, and tax numbers. Additionally, banks require a detailed description of the business model, list of services provided, jurisdiction of operation, characterisation of the customer base, description of internal KYC/AML procedures, information on counterparties, token structure (if applicable), as well as confirmation of the legality of the origin of funds planned to be deposited in the account.

In order to strengthen the bank’s credibility, it is recommended to provide information on the existence of a local office, lease agreement, Czech phone number, VAT registration, contracts with clients or suppliers in the European Union. Significant importance is attached to the quality of documentation: the existence of internal anti-money laundering policies, risk management protocols, customer identification and reporting policies are perceived as a necessary element of corporate governance.

The selection of a bank is based on the willingness of the respective institution to engage with cryptocurrency companies. In practice, only a limited number of banks in the Czech Republic show moderate loyalty to CASP/VASP clients. In particular, some precedents of favourable decisions have been observed at Expobank (part of the Creditas group since 2023), J&T Banka and partly UniCredit. At the same time, banks such as ČSOB, Fio Banka, Raiffeisenbank and Air Bank have generally refused to serve the crypto sector. Successful cases are usually accompanied by legal mediation, professional dossier preparation and preliminary dialogue with the bank’s compliance officers.

After the application is submitted, an internal verification procedure is carried out, including both remote and face-to-face verification, an interview with a company representative, and, if necessary, the provision of additional explanations and documents. The procedure may take from two to six weeks, depending on the complexity of the structure and the level of preliminary preparation. In case of a favourable decision, a corporate current account is opened with the possibility of performing transactions in CZK, EUR and other currencies, connection to SEPA, SWIFT, internet and mobile banking, as well as further integration with the API based on PSD2.

It should be taken into account that each bank reserves the right to refuse to open an account without giving reasons, based on internal risk assessment. Therefore, companies operating in the crypto industry should approach the account opening process as an element of strategic planning, ensuring compliance with all transparency, governance and legal integrity requirements of the European banking sector.