Can You Set Up an Account Here?
Fortunately, there are no laws prohibiting foreigners from opening their own local bank account here in the Czech Republic. ever since the country opened up and even became a member of the EU, they've allowed visitors and expats alike to enjoy certain privileges. This includes setting up their own accounts in local banks. Most Czech banks welcome foreign clients and would be happy to help them manage their finances here. Furthermore, a good number of well-known international banks also operate in the country. They actually specifically cater to people who move from one country to another.
Of course, to jumpstart the process of setting up a local Czech bank account you'll need to show a couple of documents. Though they're not as complicated as those in other countries. Essentially, you need to show two valid identification documents in order to set up your account. They can be your passport, driver's license, and more. To open a student account, you'll also need to show your Czech visa or certificate to study in the country. Other than that, you'll be required to bring an initial deposit to activate your local account. The needed amount varies from bank to bank, though they're mostly from 200.00 Kč to 2,000.00 Kč
Setting Up an Account Online
As already mentioned, online banking is slowly coming the new normal when it comes to handling finances. And it's the same here in the Czech Republic as it is in other countries. In fact, many local banks here allow you to set up your account online. All you have to do is fill up their forms on their websites and wait to be set up an appointment in the actual branch to complete the process. It's also through the same website where you can probably transfer money or pay your bills without having to go to the bank yourself.
Banking Fees in the Czech Republic
You also ought to know that banking in the Czech Republic incurs a lot of fees. Local banks impose them to ensure that they also get to benefit from doing business with you. Specifically, they include a monthly fee for a Czech bank account (around 30.00 to 50.00 Kč), withdrawing from an ATM (usually 6.00 Kč), and an annual fee for a debit card (mostly 150.00 to 200.00 Kč a year). While they don't often cost as much, you should still be wary of them so that they won't take a huge toll on your account.
What to Consider in Choosing a Bank
There are many things to consider when choosing a bank in the Czech Republic. Each one id different and has its own pros and cons as they relate to your specific situation. But for the most part, there are three qualifications you should take into account. One is the bank's online platform. A good choice for a bank is one where you can make transactions online. The second is its scope. Does it have many branches throughout the country? Does it have one new you? If so, it's a good bank to go for. And finally, know how many and how much the bank's fees are.
The Best Czech Banks
In terms of which banks you should set up an account with, there are loads that are suitable. International banks like HSBC and Unicredit Bank are good choices, especially since they mostly fit the aforementioned qualifications. As for the local ones, Equa Bank has a strong online platform. You'd be able to do your banking with them whenever and wherever you are in the country. Česká spořitelna, on the other hand, has a department that caters specifically to expats in the Czech Republic. They're more than prepared to help people like you manage your finances with them.
Never underestimate the need for a local bank account, especially if you're moving to a country like the Czech Republic. You won't be able to manage your money here properly without one. Fortunately, a lot of banks here know how to cater to expats specifically!
Without a bank account, you won't be able to save up and move to a luxurious Czech home for your new life here. You wouldn't want that, would you?