Editing Czechia/Banking

Jump to navigation Jump to search

Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.

The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then save the changes below to finish undoing the edit.

Latest revision Your text
Line 1: Line 1:
−
{{DISPLAYTITLE:Banking for Foreigners in Czechia}}
+
{{DISPLAYTITLE:List of Czech bank accounts for foreigners}}
−
To receive salary, invoice clients, pay rent & shop in Czechia, a Czech bank account is needed. Here we describe
+
Related:
 +
* [[/Cash|Cash withdrawal without fees]] – List of Czech ATMs not charging extra fees
  
−
* where the withdraw cash with a non-Czech Visa or Mastercard,
+
== What do I need to open a Czech bank account? ==
−
* which Czech & foreign banks are good for foreigners.
+
Most banks will require from you:
  
−
== Still having a foreign bank account? Where to withdraw cash ==
+
* an ID / passport
−
If you are still only having a foreign bank account, you probably need to withdraw cash with your foreign Visa or Mastercard.
+
* a proof of residence, can be
 +
** a rental contract
 +
** temporary/permanent residence permit
  
−
Some bank machine are more suitable than others – find here a [[/Cash|List of Czech ATMs not charging extra fees]].
+
With these documents, go to a branch of the following banks.
  
−
== What Czech bank account do I need? Or: The smartest setup ==
+
== Free bank accounts with English support ==
−
Before looking for offers and opening an account, think about what exactly you want to do with it. If you keep your current bank account from your home country, you might need only a Czech account in CZK – and use e.g. '''Revolut''' or '''Transferwise''' for exchanging money from your old account to your new Czech one.
 
  
−
=== Revolut & Transferwise ===
+
=== Fio banka ===
−
[https://www.revolut.com/ Revolut] & [https://berlincheap.com/transferwise-review Transferwise] are free multi-currency accounts: You have one account but balances in EUR, USD, CZK etc. And you can exchange money between these balances without any (big) spread. On Revolut for instance, you can exchange 100 EUR into CZK and back – and still have not (much) less than 100 EUR.
 
  
−
=== Currency exchange at Czech banks ===
+
[https://www.fio.cz/?lng=2 Fio banka] is a branch bank that also offers online banking. Their website has an English interface, and also in their branches you can find English speaking customer service.
−
This is much different with Czech banks: They have a different rate for buying EUR and selling EUR – and in between a spread. For instance, you would change 1 EUR into 25 CZK – and for changing these 25 CZK bank into EUR, a rate of 1 to 26 CZK is applied, giving you back only 0.96 EUR.
 
  
−
On average, you loose around 3% when exchanging EUR to CZK via a Czech bank. With Revolut, it is rarely over 1%.
+
They offer a free [https://www.fio.cz/bank-services/bank-accounts/current-account?lng=2 current account] that can hold Czech currency (CZK), but also in many others (at the moment: AUD, CAD, DKK, EUR, GBP, HRK, HUF, CHF, JPY, NOK, PLN, RUB, SEK, USD).
  
−
=== Combine Revolut with a Czech bank account ===
+
Besides, you get
  
−
This is why the smartest setup could be the following:
+
* a free Mastercard for contactless payments
 +
** another payment card for a second person
 +
* up to 10 cash withdrawals / month at Fio ATMs
 +
** 5 at other ATMs
 +
** 1 withdrawal in foreign country per month
  
−
* Get a [https://www.revolut.com/ Revolut] or [https://berlincheap.com/transferwise-review Transferwise Borderless Account]
+
''See also:'' [https://www.fio.cz/bank-services/bank-accounts/current-account?lng=2 More features]
−
* Get a simple, free Czech Bank Account with CZK only
 
−
* If you need to receive money in another currency than CZK:
 
−
** receive it on your Revolut or Transferwise account
 
−
** exchange it there to CZK
 
−
** send the CZK to your simple Czech bank account
 
  
−
Vice versa for sending EUR from your Czech account:
+
=== Raiffeisenbank ===
−
* Send CZK to Revolut
+
German-based Raiffeisenbank offers [https://www.rb.cz/en/personal/accounts/current-accounts two current accounts]:
−
* Exchange it there to EUR
 
−
* Send it from Revolut to where you want
 
  
−
Read more:
+
* ''[https://www.rb.cz/en/personal/accounts/current-accounts/chytry-ucet Chytrý účet]:'' simple but free
−
* [https://transferwise.com/help/articles/2932345/czk-transfers Transferwise Guide to CZK transfers]
+
* ''[https://www.rb.cz/en/personal/accounts/current-accounts/aktivni-ucet Aktivný účet]:'' 49 CZK / month but including many features
  
−
=== Isn't Revolut / Transferwise enough? Why a Czech account at all? ===
+
==== Chytrý účet ====
  
−
Since Revolut allows you sending and receiving CZK, you may think now: Why would I need a Czech account at all?
+
The '''Smart account''' (''Chytrý účet'') has no running fees but also not many features included. What you get included:
  
−
In Czechia, bank transfers follow a special system using [https://en.wikipedia.org/wiki/Variable_symbol "Variable, Constant & Specific symbol"]. To perfectly comply with these transfers, a Czech bank account is suitable.
+
* a CZK account (for any further currency, you pay 29 CZK / month)
 +
* a debit card
 +
* a credit card
 +
* free cash withdrawal at ATMs in Czechia
  
−
== See also  ==
 
  
−
* [[Czechia/Banking/Current|Banks for Foreigners in Czechia]]
+
<!-- https://www.sberbank.cz/en -->

Please note that all contributions to Expat Wiki are considered to be released under the Creative Commons Attribution-ShareAlike 4.0 International (CC BY-SA 4.0) (see Project:Copyrights for details). If you do not want your writing to be edited mercilessly and redistributed at will, then do not submit it here.
You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource. Do not submit copyrighted work without permission!

To edit this page, please answer the question that appears below (more info):

Cancel Editing help (opens in new window)
Retrieved from "https://expatwiki.org/Czechia/Banking"