Open a Bank Account in Czech Republic - Updated for 2023
Open a Bank Account in Czech Republic
Updated on Saturday 18th March 2023 Rate this article
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Any entrepreneur or natural person interested in opening a bank account in Czech Republic can do so without hard formalities but respecting the main requirements. No matter if you want to open a bank account for your future company in Czech Republic or personal use, we recommend you get in touch without Czech lawyers and ask for legal advice and assistance. Our advisors can also help you start a business in Czech Republic and deal with all the formalities involved.| Quick Facts | |
|---|---|
| Who can open a bank account in Czech Republic? | - businessmen who want to open companies, - foreigners who relocate to Czech Republic, - any other resident living in this country |
| Documents for opening a bank account for companies | Articles of Association |
| Required documents for natural persons | - utility bills, - valid ID or passport, - specific bank forms |
| Types of bank accounts in Czech Republic | - basic, - current, - investment, - for savings |
| Debit or credit card issued with a bank account | A credit or debit card can be attached to the bank account if requested. |
| Cash deposit to open a bank account | Most banks in Czech Republic do not solicit cash deposits for opening a bank account. |
| Fees to open a bank account in Czech Republic | Depending on the policy of the selected bank |
| Banking services offered | - money transfers overseas, - multiple currencies, - online bank platforms, - secured payments, - credits etc. |
| Possibility to open a bank account online | Yes, but it is necessary to visit the bank for a few formalities and documents to sign. |
| Possibility to pay the utility bills | Fast and simple procedure through online money transfers |
| Overseas money transfers accepted | Yes, however, some fees might be solicited for sending money abroad. |
| Formalities for student bank account | - valid passport or ID, - ISIC (International Student Card offered by the Czech University) |
| Loans option available | Credit options for real estate properties, refinancing options, mortgage, etc. |
| Offshore bank accounts (YES/NO) | Yes |
| We provide support to open a bank account in Czech Republic | Foreigners can be assisted in opening a bank account. We can manage the paperwork. |
How do I open a bank account for a company in Czech Republic?
Opening a bank account in Czech Republic in 2023 is an important step in the company formation process because this is where the minimum share capital will be deposited. Then, the bank account will serve for future financial operations in the firm. The following steps can help you understand how you can open a bank account in Czech Republic:
- Company owners must verify the bank offers and then choose the one that suits best.
- The bank asks for the company documents when the account is prepared, such as passport, birth certificate, health insurance card, employee identification permit, etc.
- Additional forms and documents will be provided by the bank.
- One must appoint a representative agent to open a bank account if he/she cannot travel to the Czech Republic.
A corporate bank account can be easily opened by one of our Czech attorneys who can act with a power of attorney and represent your interests. If you would like to know more about how to start a business in Czech Republic in 2023 and about how to open a bank account, feel free to talk to our advisors.
Open a bank account as a natural person
It is quite simple to open a bank account as a foreigner living in the Czech Republic, as long as all the conditions are respected. For instance, one must offer information about the residence in the country, if registered at the time of arrival or relocation. Then, information about the source of funds (salary, payments, personal funds) must be provided to the bank representatives, as part of the application. In the case of foreign students who want to open a bank account, proof of the Czech visa and a certificate that shows they attend courses in Czech Republic are required. The entire process can be overseen by one of our legal advisors who can also handle the part with the preparation and submission of the documents. Feel free to talk to our Czech lawyers at any time.
Even though most of the banks in the Czech Republic do not solicit small deposits, there are financial institutions that might do so. As such, a small deposit might range between CZK 200 and CZK 2,000.
Types of bank services in Czech Republic in 2023
Just like most financial institutions, the ones in Czech Republic make no exceptions when it comes to complete banking services tailored to the needs of customers. Most of the financial transactions can be made online with the help of official and verified bank platforms.
The bank applications are also preferred by most of the clients who open bank accounts, whether for personal or business reasons. Clients can also set up withdrawal limits and can discuss about investment funds or other financial services. You can talk to one of our legal advisors and find out more about the available bank services and packages in 2023 that can be selected for personal needs or a company in Czech Republic.
No need to travel to Czech Republic for opening a bank account
No, there is no need to travel to the Czech Republic for opening a bank account. This process can also be conducted from abroad if you get in touch with our Czech lawyers and ask for legal advice and support. It is good to note that some financial institutions might ask for clients to sign all sorts of documents in person, instead of an authentic signature provided online.
International money transfers
Those owning a bank account in Czech Republic can transfer money outside the country. Normally, international money transfers are subject to currency conversion fees and specific codes requested by the financial institution. Natural persons or business owners in Czech Republic need to pay attention to the requirements for international money transfers and make sure they understand the required fees that must be paid. If you would like to open a bank account in Czech Republic, you can solicit legal advice from our Czech lawyers.
Foreigners can choose varied currencies for their bank accounts in Czech Republic. There are many transactions that can be done in EURO, even though the national currency is the Czech Crown or Czech Koruna.
Bank accounts for branches and subsidiaries
Branches and subsidiaries need bank accounts to properly function from a financial point of view. The registration of branches and subsidiaries requires opening bank accounts for future financial operations. Even though branches in Czech Republic do not a minimum share capital at the time of registration, opening a bank account is required, as part of the incorporation process. The formalities of opening branches and subsidiaries in the Czech Republic can be managed by our Czech lawyers who can also help with the bank account procedures.
FAQ about bank accounts in Czech Republic
1. How do I open a bank account for my company in Czech Republic?
A copy of the company documents, plus the ones of the owners are solicited by the bank when opening an account. Specific forms requesting other details will be offered by the bank when opening an account.
2. Do I need to visit Czech Republic for opening a bank account?
There is no need for you to travel to Czech Republic for opening a bank account, as one of our Czech lawyers can handle the application formalities with a power of attorney. However, a digital signature is requested, and your presence later on for signing a couple of papers.
3. How do I open a bank account as a natural person in Czech Republic in 2023?
A copy of the personal identification card, some utility bills linked to the accommodation in Czech Republic, and information about the source of the money are solicited by the bank when opening an account. In some cases, foreigners might have to provide information about their Czech visa. In any case, one of our Czech lawyers can offer legal assistance and support for opening a bank account in Czech Republic.
4. Can I make money transfers with a Czech bank account?
Yes, bank account owners can benefit from a wide range of banking services, tailored to their needs. Secured money transfers outside the country are possible and can be done whether at the bank or by using the official apps offered by the institution.
5. Are there any bank fees for opening an account?
Most banks in the Czech Republic do not ask for fees for opening an account. However, some of the Czech financial institutions might be subject to specific fees or small deposits. In any case, you can benefit from personalized offers made by the banks to company owners or natural persons interested in opening bank accounts in Czech Republic.
6. Do I need to sign a contract for opening a bank account?
Yes, a standard contract with information about the bank services, rules, and regulations is offered by the bank. The same contract will contain your
personal information.
7. Can I ask for credit and debit cards from banks in Czech Republic?
Yes, depending on your needs, you can request a credit or a debit card. The offers can be tailored to your needs.
8. Can I solicit a credit from a Czech bank?
Yes, you can ask for a credit from a financial institution in Czech Republic and if you meet the formalities and requirements, such credit can be granted. Talk to our Czech lawyers and find out more details in this matter.
9. Can students open bank accounts in Czech Republic?
Yes, there are no harsh formalities for opening a bank account in Czech Republic as a student. However, financial institutions have the right to solicit information about the source of money (salaries, personal funds, etc.). Some banks might ask for small deposits for opening an account.
10. What other bank services are available in Czech Republic?
Cash deposits and withdrawals, savings account, international and local money transfers, online payments are a few of the financial services offered by any bank in the Czech Republic. You should discuss with our Czech lawyers about how to open a bank account in Czech Republic.
Investing in Czech Republic
The Czech Republic provides not only a stable business environment and a solid economy, but also many business opportunities in 2023 for different categories of entrepreneurs. The advantageous tax regime and the demanding investment incentives can make a foreign entrepreneur look on the business possibilities offered by the Czech Republic in sectors like tourism, IT, manufacturing, automotive, and many more.
The startup ecosystem is also appealing to both local and foreign entrepreneurs who can access important funds that can sustain the development of the domestic and international markets. We have gathered some facts and figures that highlight the business and the economic direction of the Czech Republic:
- The total FDI inflow of USD 3 billion was registered in the Czech Republic in the first semester of 2022.
- The total value of greenfield investments in the Czech Republic in 2021 was of around USD 3.094 billion.
- On the other hand, the total FDI stock of the Czech Republic was approximately USD 200, 5 billion in 2021.
- Czech Republic ranks 41st out of 190 worldwide economies, as stated by the World Bank and the 2020 Doing Business report.
- The metallurgy industry and the automotive sector in the Czech Republic attract most of the foreign investments.
- Czech Republic has one of the lowest unemployment rates in Europe.
Persons who want to know more details about how to open a bank account in Czech Republic in 2023 are invited to contact our Czech lawyers.
