A Complete Guide to Opening a Bank Account in the Czech Republic

After settling in the Czech Republic, you will likely want to open a Czech bank account. Whether your stay is for work, study, or business, having a local bank account is essential for all these purposes. In the Czech Republic, you will find a variety of national and international banks that offer a wide range of services to foreign customers.

While the process of opening a bank account is generally similar across banks, each institution has its own specific terms and conditions.

There are three main types of bank accounts in the Czech Republic:

• The Basic Account: This account allows you to deposit and withdraw money at ATMs, but it does not permit overdrafts.

• The Current Account: This account also allows you to deposit and withdraw money at ATMs, but it additionally enables you to make transfers and payments.

• The Savings Account: If you’re interested in saving, this account option is available. However, note that interest rates in the Czech Republic tend to be low.

To open an account, you will need to present your passport and another form of identification, such as a driver’s license or identity card. Most banks will also require proof of your link to the Czech Republic, such as a residency certificate or work contract.

We recommend that EU citizens obtain the Czech Temporary Residency Certificate. This will not only speed up the process of opening an account but also make it easier to apply for a mortgage or a Czech credit card in the future.

Some banks might also ask for a job contract or income tax report if you plan to apply for a credit card or mortgage. The Czech Temporary Residency Certificate simplifies these processes.

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Some of the most popular banks for foreigners include Fio, Air, and Equa Bank, where you can open an account free of charge.

If you've just registered your trade license (Zivno), you don’t need to open a separate Zivno bank account. You can use your personal bank account for invoices and paying taxes. Czech taxes are based on your Czech invoices, not your bank transactions, so private bank transactions are not considered income.

Some banks may ask for proof of your tax residency in the Czech Republic, which can be arranged by Pexpats.