Introducing a fairly new website - Hello Czech Republic - launched by the Ministry of Foreign Affairs. Here you can get information on living in or visiting the Czech Republic straight from the source.   The website is available in 6 different languages and provides you with accurate and up to date information on a number of different topics.

Opening a Bank Account in the Czech Republic

July 6th, 2011 | Posted by Klaraz in Banking | Klara | Logistics - (Comments Off)

In comparison to other procedures, when moving to the Czech Republic, opening a bank account can be quite easy.  All you need is your passport, another form of ID, and an initial deposit.  It is beneficial to do some research on the different bank options, since the banks’ services and fees may vary.  A few banks also allow you to open an account online but you would still have to come in to verify the identity and sign the contract.  So it really is easier to go in and take care of it there.

When applying for an ATM card, you should allow additional time.  I received my card in about a weeks time, so it is not a huge wait.  Czech debits cards are Visa Electron.  The balance is checked for every payment so that it cannot be overdrawn.  Credits cards are usually only available to Czech citizens and permanent residents.

The bank I chose when I first arrived is Raiffeisenbank.  I am completely satisfied with my choice.  There are no fees when setting up an account with Raiffeisenbank.  You are set up with a checking and a savings account.  In addition, you can have up to nine currencies in a single account (CZK, USD, EUR, JPY, CAD, HUF, PLN, CHF) for no extra cost.  You can easily move the currencies from different accounts at your convenience. There are also many other services available with this bank.

The online banking at Raiffeisenbank is extremely easy.  Since I have moved here, two years ago, most things I have been able to take care of online.  I think I actually visited the branch only twice since I arrived in Prague.  Many of the branches will have a representative(s) that speaks English and can answer any additional questions you may have.

Here is a list of banks that you may want to research. At least you know that once you decide, the actual set up of your account will be a painless process. All of these banks have many other locations as well, these addresses are just the main ones.

Ceska Sporitelna
Address: Praha 1, Vaclavske nam. 26
Hours: Mon-Thur 08:30-18:00, Fri 08:30-16:00, Weekends Closed

Address: Praha 1, Revolucni 6
Hours: Mon-Fri 09:00-17:00, Weekends closed

Address: Praha 2, Jugoslavska 1
Hours: Mon-Tue 08:30-16:30, Wed 08:30-19:30, Fri 08:30-15:30, Weekends closed

GE Capital Bank
Address: Praha 4, Vyskocilova 1422/1a
Hours: Mon-Fri 08:30-18:00, weekend closed

KB Komercni banka
Address: Praha 1, Na Prikope 33
Hours: Mon-Fri 08:00-17:00, weekend closed

Address: Praha 1, Vodickova 38
Hours: Mon-Fri 08:30-18:00, weekends closed