Anyone who wants to live or do business in the Czech Republic will certainly face the issue of opening a bank account in this country. That is why we have prepared information about the types of bank accounts in the Czech Republic, the procedure for opening them, and the Czech banks available for this purpose.
Today, Czech banks provide their clients (both local residents and non-residents) with a full range of financial services necessary for effective business and payments of all kinds. Opening a bank account in the Czech Republic is a profitable contribution to further business development and capital security.
Advantages of opening a bank account in the Czech Republic:
- quality of service – customer requests are processed efficiently and promptly;
- full package of financial services – by registering an account with a Czech bank, a non-resident is able to carry out any necessary financial transactions in the Czech Republic. In addition, thanks to the Czech Republic’s membership in the EU, a client with an account in a local bank can conduct financial transactions throughout the EU without overpayments and unnecessary bureaucratic procedures;
- protection of confidential information – Czech banks can disclose information about their clients only in exceptional cases (for example, if there is a court decision);
- simplified bank account registration procedure – most Czech banks do not require letters of recommendation from potential clients, business partners, credit history and other similar information when opening an account. It is enough to provide a small package of documents to open an account;
- account opening period – in most cases, it takes about 7-14 days to open an account.
Types of bank accounts in the Czech Republic:
- current account (běžný účet) – the most common type of bank account used for everyday banking needs, such as receiving salaries, making payments and managing finances;
- savings account (spořicí účet) – used for saving money;
- deposit account (vkladový účet) – used to place money for a certain period of time, usually with a higher interest rate than a current account;
- investment account (investiční účet) – used for investing in shares, bonds and other securities;
- foreign currency account (účet v cizí měně) – used to store funds in foreign currency, which may be useful for individuals or legal entities that carry out transactions in a currency other than the Czech crown;
- corporate account (firemní účet) – an account for commercial activities of legal entities.
It is important to note that different banks may offer different types of accounts, and the terms and conditions of each account may differ.
The requirements for opening a bank account in different banks also vary.
As a general rule, to open a bank account in the Czech Republic, an individual must provide
- valid passport or other identity document;
- utility bill with the full residential address indicated in it;
- information on salary or other income;
- completed bank application form.
To open a bank account for a legal entity in the Czech Republic, you need to provide
- a company registration certificate confirming the right to carry out commercial activities;
- a copy of the company’s constituent documents (Articles of Association, Foundation Agreement);
- a copy of a license to carry out certain activities (if required);
- a copy of the power of attorney or other documents authorizing the company’s representation;
- a copy of the passport and tax identification number of the company representative;
- tax number of the company (if available).
There are a large number of banks in the Czech Republic that are willing to serve both local residents and non-residents, both individuals and legal entities.
Some of the most popular banks in the Czech Republic are:
Česká spořitelna – one of the largest banks in the Czech Republic, offering a wide range of banking services for individuals and legal entities;
Komerční banka – part of the Société Générale group and offers a variety of financial services to clients in the Czech Republic and abroad;
ČSOB (Československá Obchodní Banka) – specializes in services for business and corporate clients, but also offers services to individuals;
UniCredit Bank – belongs to the UniCredit group, offers banking, investment and insurance services;
Raiffeisenbank – offers services for individuals and legal entities, as well as for small and medium-sized businesses.
It should be noted that when choosing a bank for servicing and opening an account, one should take into account the individual characteristics of each case.
The VigoLex team will be happy to answer all your questions and assist you in opening a bank account in the Czech Republic with the most favorable conditions!