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Opening a bank account in the Czech Republic
A bank account in the Czech Republic may be needed to receive a salary, pay for housing, cover everyday expenses, conduct entrepreneurial activities and handle company settlements. The account-opening procedure depends on citizenship, place of residence, purpose of the account and the applicant’s documents.
For a foreigner residing in the Czech Republic and for a company with foreign owners, the bank reviews not only identity, but also the connection with the country, tax status, source of funds and future transactions.
Prikhodko & Partners helps determine the available service option, select a bank, review the documents and prepare the client for the bank’s review.
How can a non-resident open an account in the Czech Republic?
A foreigner may apply to a Czech bank to open an account, but the requirements depend on citizenship and residence status.
Raiffeisenbank states that citizens of non-EU countries must provide an identity document, a residence permit and documentary evidence of a connection with the Czech Republic. Such evidence may include an employment agreement, confirmation of studies, a lease agreement or another document depending on the circumstances. Raiffeisenbank identification requirements.
For preliminary preparation, the following may be required:
- an international passport or another document accepted by the bank;
- a residence permit, visa or evidence of lawful stay;
- a document confirming a connection with the Czech Republic;
- residential address and contact details;
- information about tax residence and a tax identification number;
- an explanation of the purpose of opening the account and expected transactions.
Fio banka states that for an individual who is a citizen of a non-EU country, a valid passport may be the main document, but in certain cases the bank may request two identification documents. Fio banka documents.
The final list depends on the specific bank, the applicant’s citizenship and planned payments. Therefore, before travelling or submitting an online application, it is necessary to check whether the bank accepts the documents in your particular situation.
Can an account be opened online in the Czech Republic?
Remote account opening is not available to all applicants or for all banking products. In many cases, the online procedure is available only to clients who already have a verified address in the Czech Republic, another Czech bank account or are able to complete local electronic identification.
Fio banka states that individuals who are residents can apply to open an account online. At the same time, the standard conclusion of an agreement at a branch involves signing documents and making a minimum initial payment. Fio banka account-opening procedure.
Česká spořitelna allows a basic account to be opened online provided the applicant has two identification documents and an account with another bank. For a foreigner, this does not mean that the procedure is automatically available, as the bank may apply additional checks of documents and residence status. Basic Account opening terms.
Online banking after the account has been opened is generally available regardless of where the client is located. However, initial account opening, document verification and address confirmation may require a personal visit.
Which bank is best for opening an account in the Czech Republic?
A bank should be selected depending on the objective: personal expenses, receiving a salary, entrepreneurial activities, international transfers or company banking.
| Bank | What can be considered | What to clarify before applying |
|---|---|---|
| Raiffeisenbank | Personal account, online banking, multi-currency solutions for selected packages | Documented connection with the Czech Republic, residence permit and required document package |
| Fio banka | Account for individuals, entrepreneurs and companies; accounts in CZK and other currencies | Whether a passport is sufficient, whether a second document is required, method of initial application |
| Česká spořitelna | Personal current account, basic account and foreign currency products | Procedure for identifying a foreigner, proof of address and access to Bank iD |
| ČSOB | Personal and corporate accounts | Additional documents for foreigners, entrepreneurs and legal entities |
The table is a reference point for preliminary comparison. It does not mean that a bank will open an account for every non-resident on identical terms.
Account in the Czech Republic for an individual
A personal account in the Czech Republic is used to receive a salary, pay rent and utilities, make purchases and transfers.
Before opening one, it is advisable to compare:
- monthly service fees;
- conditions for issuance and use of a payment card;
- cash withdrawal fees;
- the possibility of making international transfers;
- availability of mobile and internet banking;
- the procedure for changing a telephone number or address after leaving the Czech Republic.
For a foreigner, it is important to agree in advance on the spelling of the name in banking documents, residential address and tax residence. If the applicant receives significant transfers from abroad, the bank may request evidence of the source of funds and an explanation of the economic purpose of the transactions.
Bank iD — digital identification in the Czech Republic — is also not always available to a person who does not yet have a verified banking profile. Česká spořitelna states that to set up Bank iD for the first time, a foreigner may need a passport, residence permit or another document accepted by the bank. Česká spořitelna identification.
Account in the Czech Republic for a business or company
When preparing, it is necessary to distinguish between a Czech company, an entrepreneur and a legal entity registered outside the Czech Republic.
The following may be required to open a corporate account:
- an extract from the commercial register or the company’s registration documents;
- the memorandum of association and articles of association;
- details of the director, shareholders and ultimate beneficial owners;
- documents confirming the authority of signatories;
- a description of activities, countries of counterparties and future transactions;
- tax identification numbers and information about tax residence;
- evidence of the source of funds and initial financing.
Raiffeisenbank provides for the opening of a current account for entrepreneurs and companies registered in the Czech Republic or abroad. This requires documents identifying the entrepreneur or representative of the legal entity; the bank may also set a minimum initial deposit. Raiffeisenbank corporate accounts.
For a non-resident company, the bank may additionally verify the genuine connection with the Czech Republic: local clients, suppliers, employees, office, branch or planned business activities.
If the account is required for contributing the share capital of a new company, it is necessary to clarify in advance whether the bank opens a special account before the legal entity’s registration is completed and which documents it accepts from the founders.
A personal account should not be used for systematic business transactions if the bank’s tariff and agreement provide for private use only.
Foreign currency account in the Czech Republic
The main currency for everyday payments in the Czech Republic is the Czech koruna. At the same time, banks offer accounts in euros, US dollars, pounds sterling, Swiss francs and other currencies.
Fio banka states that a current account may be opened in Czech koruna and a number of other currencies, including EUR, USD, GBP, CHF and PLN. Fio banka current account.
Česká spořitelna offers a separate foreign currency account in EUR, USD, CHF, GBP, JPY, CAD, DKK and SEK. Payments, deposits and withdrawals can be made in the relevant currency using such an account. Česká spořitelna Foreign Currency Account.
When selecting a foreign currency account, it is necessary to consider:
- account opening and maintenance fees;
- international transfer fees;
- exchange rates;
- correspondent bank charges;
- the ability to receive payments without automatic conversion into Czech koruna;
- tax implications of interest or exchange-rate differences.
Having a foreign currency account does not mean that financial monitoring does not apply. The bank may request documents regarding the purpose of the payment, the counterparty and the source of funds.
What is included in legal support?
Prikhodko & Partners helps prepare the application taking into account the client’s status and the requirements of the selected bank. Support may include:
- analysis of the client’s needs and selection of banking products;
- review of personal, registration and corporate documents;
- preparation of explanations regarding business activities and source of funds;
- assistance with completing questionnaires and KYC forms;
- clarification of requirements for translations, certification and representation;
- support in responding to additional requests from the bank.
The purpose of the preparation is to provide the bank with consistent information about the client, their activities and planned transactions. The final decision on opening the account is made by the bank.
How we support the opening of an account in the Czech Republic
- We determine the objective. We clarify the type of account, the client’s status, required currencies and future payments.
- We review the options. We determine the banks’ requirements and whether remote or in-person opening is available.
- We prepare the documents. We review the package, questionnaires, translations and explanations for the bank’s review.
- We support the review. We help handle additional requests until a decision is received.
The timeframes and cost of legal support are determined after assessing the situation. Bank fees and the costs of translation and certification of documents are agreed separately.
Advantages of legal support
- The bank’s requirements are clarified before the application is submitted.
- Documents are reviewed for completeness and consistency.
- The account option is selected according to actual transactions.
- Explanations regarding the business and source of funds are prepared in advance.
- The client receives assistance during communication with the bank.
Are you planning to open a personal or corporate account in the Czech Republic? Contact Prikhodko & Partners to determine the required documents, possible application procedure and scope of legal support for your situation.
Calculate the cost of services
1 question
Do you live outside the Czech Republic?
2 question
Do you need to open an account without visiting the bank in person?
3 question
Do you need to open an account without visiting the bank in person?
4 question
Are there any foreigners among the company’s owners or directors?
5 question
Have you previously been refused an account by a Czech bank?
Can an account be opened in the Czech Republic without a residence permit?
Sometimes, yes, but this depends on the bank, the applicant’s citizenship and documents. For citizens of non-EU countries, the bank may require not only a passport, but also a residence permit or documented connection with the Czech Republic.
Is it necessary to visit a Czech bank in person?
Not always. Some products are available online for residents or clients with verified electronic identification. A non-resident or an applicant without a local banking profile may need to visit in person.
Does legal support guarantee the opening of an account in the Czech Republic?
No. Lawyers help determine the requirements, prepare the documents and handle communication with the bank, but the final decision is made by the financial institution.
Do all documents need to be translated into Czech?
There is no single rule applicable to all banks. Before ordering a translation, the language of the documents, form of certification and list of materials that need to be translated should be agreed with the specific institution.
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