Many people know firsthand about the stability of the European banking system, which demonstrates stability in the face of economic crises, therefore they seek to open an account in the Czech Republic or another country of the European Union. Attractive conditions for servicing accounts make them accessible to both legal entities and ordinary citizens.
Which banks can I open an account with?
The possibility of placing personal or corporate assets abroad has always been viewed by financially literate citizens as a way to reduce their own risks. The banking system of the Czech Republic has many financial institutions, a significant part of which are international banks with offices around the world.
So, in the Czech Republic, as in Russia, you can open an account with Sberbank, Raiffeisen Bank, City Bank or Unicredit. Many Czech banks also offer attractive customer service conditions in 2021, among which the largest are Fio banka, Komerční banka, Česká spořitelna and others.
Banking institutions in the Czech Republic have a convenient working hours, and also offer many products popular on the financial market. The presence of online services that provide access to account management allows clients of most Czech banks to control their assets from anywhere in the world, including merchant accounts designed to accept payments via the Internet.
When choosing a bank to open an account, clients pay special attention to the presence of a wide network of bank branches and convenient organization of service.
The banks most popular with clients wishing to open an account are presented in the table. All of these institutions offer mobile and internet banking services and have ATMs and branches throughout the country. Opening hours: Monday-Friday from 9:00 to 17:00.
The largest banks in the Czech Republic:
- UniCredit Bank;
- Fio banka;
- Komerční banka
- Československá obchodní banka;
- Česká spořitelna.
The list of banks in the Czech Republic can be found in the database on the website of the National Bank of the Czech Republic.
Opening an account by a non-resident
If the client has all the necessary documents (national or foreign passport and one more identity document), opening an account in a Czech bank will be a fairly simple and quick procedure - no more than 1 hour, but with the client's personal presence.
Some intermediary firms for a certain fee in a short time offer services to individuals for opening accounts without the need to visit a financial institution, but no one can guarantee the success of such a transaction.
As a rule, many banking institutions in the Czech Republic work with both residents and non-residents, so it is not difficult to find a suitable bank.
Most financial institutions provide services for opening accounts not only in the national currency of the Czech Republic (Czech crowns), but also in others, including the most popular euro and US dollar.
Thus, it is quite convenient for Russian citizens to use accounts in Czech banks not only for accumulating foreign currency, but also for converting or transferring it.
One of the main conditions for working with a bank is that the client reaches the age of 18, however, opening a student account is available to persons aged 15 years and older (provided that a legal representative of a minor is present at the bank at the time of the transaction).
In addition, some Czech banks practice opening accounts subject to placing deposits on them: as a rule, these are small amounts in the range of 500-1000 kroons.
Each client, when opening an account (both a citizen and a non-resident), should carefully read the fees for registration and maintenance of an account, since Czech banks may apply a system of fees for the following services:
- account management;
- making payments;
- issuance of extracts;
- cashing out funds, etc.
What documents are required
When opening an account from a non-resident individual, Czech banking institutions usually require the following documents:
- statement;
- identity documents: usually this is a foreign passport and a second document of the client's choice (driver's license (license), national passport, birth certificate, residence permit).
You will also need the client's address in the Czech Republic to deliver the card (even a hotel address may work). In addition, you should ensure that there is enough money to fund your account (if the bank requires it). The list of documents can be slightly changed depending on the individual requirements of a particular financial institution.
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How to open a corporate account
Registration of a bank account for a legal entity requires preliminary preparation, but thanks to it, the company can significantly expand the possibilities for cooperation with foreign partners.
The loyal approach of many Czech financial institutions to non-residents allows the country to receive additional financial investments in the economy from almost all jurisdictions where companies wishing to open accounts and conduct transactions are located.
Relatively small (by the standards of the European Union) control over the movement of funds on accounts and the relatively low cost of customer service (even relative to Lithuania or Poland) attract foreign companies to cooperation, as a rule, on a long-term basis.
The practice of tax optimization through the opening of offshore accounts is widespread among some firms. In addition, keeping the assets of a company abroad in some cases can save them from being seized by a court order, and also provides a number of other advantages.
Despite the fact that the manager of a corporate account opened in one of the banks in the Czech Republic requires a Schengen visa or a residence / citizenship of one of the countries of the European Union, it is quite simple to prepare the necessary documents for the transaction, given the number of brokerage and intermediary companies that are ready to provide their services in the shortest possible time for some fee.
The sequence of actions of a company that intends to register an account with a Czech bank is as follows:
- Selection of a foreign financial institution with the most advantageous offer for services and banking products.
- Preparation and submission of the necessary documents.
- Negotiations with representatives of a banking organization.
- Opening an account with obtaining the relevant documents.
To open an account for a legal entity with a Czech bank, the following documents are usually required:
- legalized (with apostille stamp) constituent documents of the company; if the company is registered in the Czech Republic, an extract from the Trade Register is required;
- copies of passports (national and foreign) of the signatory of the account opening agreement, as well as the beneficiary;
- companies that use an intermediate control and ownership mechanism are required to provide a declaration of trust.
The article “Starting a business as a way of emigrating to the Czech Republic” will tell you about the possibility of moving to the Czech Republic in connection with the company's activities in the country.
The list of documents may vary.
In addition, when opening a corporate account, you must provide the contact information of an authorized representative.
In many Czech banks, the practice of cooperation with companies managed by residents of the Czech Republic is widespread. This determines the popularity of the use of nominee service by the majority of companies wishing to open an offshore account.
Unlike issuing an invoice for an individual, registering a company account can take several days, which is associated with the need to verify the authenticity of documents.
Financial costs for opening and maintaining an account
When choosing a financial institution to open an account, many clients are interested in how much it costs to maintain an account, trying to find the most profitable option. The cost of basic services for opening and maintaining accounts in the largest banks in the Czech Republic is presented in the table.
| Bank | Account opening fee | Account maintenance fee, CZK / month | Minimum account turnover without service fee, CZK / month | Withdrawal fee, CZK |
|---|---|---|---|---|
| UniCredit Bank | No | 100 | 12000 | No |
| Fio banka | No | No | - | Free of charge (up to 10 transactions at Fio banka ATMs and up to 5 transactions at other ATMs per month), free of charge for withdrawals of more than 1000 CZK at a branch |
| Komerční banka | No | 0-169 | - | 0-99 |
| Československá obchodní banka | No | 25-900 | 10000 | No |
| Česká sporitelna | No | 0-100 | 7000 | No |
About checking your account
You can check the status of your account in one of the banks in the Czech Republic by directly contacting a banking institution or through the online banking system.
The first method presupposes the need to have documents confirming the identity of the account holder; in the second case, to gain access to information on the state of the bank account, it is enough to go through the authorization procedure in the client's personal account using a login-password (this does not require a presence in the bank office). With the help of an electronic service, you can not only control the movement of funds on the account, but also carry out transactions.
You can replenish the account or withdraw funds from it both at the branch of the servicing bank, and through an ATM with the function of accepting and issuing money.
In addition, using Internet banking, it is quite easy for customers to make non-cash transfers of funds (in the selected currency) both from the account and to it.
Choosing the most convenient way to work with a bank account, it will be useful to familiarize yourself with the tariffs of a banking institution: as a rule, most banks allow several operations per month to withdraw cash from an account without paying a commission.
Through a personal account, each user of electronic banking can carry out a number of operations independently: from checking an account to making payments or opening deposits. In addition, customers who have found better terms of service in another bank can use options such as closing an account or registering it with another financial institution.
About opening a deposit in the Czech Republic
It is quite simple to issue an urgent or any other deposit in a Czech bank for holders of open accounts, even if they are non-residents. Despite the low interest rates (compared to the usual Russians), opening deposits abroad is popular due to the stability of the European banking system, which involves insuring customer deposits (both in national currency and in euros or US dollars).
You can get acquainted with the terms of deposit offers of the most popular banks in the Czech Republic in the context of frequently used currencies in the table.
| Bank | Deposit rate in Czech crowns,% | Rate on deposits in euros,% | Deposit rate in US dollars,% |
|---|---|---|---|
| UniCredit Bank | up to 0.67 | up to 0.49 | up to 0.30 |
| Fio banka | up to 0.85 | up to 0.25 | up to 0.8 |
| Československá obchodní banka (CSOB) | up to 3.2 | up to 0.01 | up to 0.01 |
| Sberbank | up to 1.03 | up to 0.4 | up to 0.8 |
Getting a loan in the Czech Republic
Lending, related to the list of active banking operations, is a source of marginal profit for the bank and at the same time allows increasing the level of consumption and business development in the state. 
Low interest rates for the use of credit funds make a popular lending service provided by Czech financial institutions to both residents and non-residents.
Mortgage lending programs in Czech banks deserve special attention, since along with a long financing period and a small initial payment, clients can receive a loan without significant overpayment. Consider the terms of lending home purchase by some banking institutions in the Czech Republic in the table.
| Bank | Bid, % | Lending period, years | An initial fee, % |
|---|---|---|---|
| UniCredit Bank | from 2.69 | up to 30 | from 10 |
| Fio banka | from 2.48 | from 5 to 30 | from 15 |
| Československá obchodní banka (CSOB) | from 3.09 | up to 40 | from 10 |
| Sberbank | from 2.89 | up to 30 | from 10 |
You can find detailed information about the possibility of lending in Czech banks for non-residents in the article "Getting a loan in the Czech Republic".
Summing up
The service of opening an account in a Czech bank is popular among economically active citizens and business representatives of various levels.
The ability to manage assets in accounts from anywhere in the world thanks to the online services widely used by Czech banks allows customers (both a large company and an ordinary individual) to get the maximum effect from banking services.
