Opening a Bank Account in the Czech Republic

Discussion in 'Expat Life' started by Ctyri koruny, Aug 26, 2008.

  1. Ctyri koruny

    Ctyri koruny Well-Known Member

    What documents and information will I need?

    In Ireland you need two forms of ID and written proof of address, it may be some time before I have any bills or letters addressed to me!

    Will I be better off converting the money I think I'll need until I get paid into koruny while still in Ireland; and then putting everything into the bank once the account is opened, or should I bring the money over in euros and put it in or converting it over there?
    It will be two weeks before I get payed and 2 months before I can get any of my Irish savings transfered over there.
    I suppose I have to decide that myself, I'm thinking I'll bring over maybe 4500cz my accommodation is all settled and everything.. am I panicking? Should I bring less? There'll always be the ATMs for emergency's (there is flat charge of 5 euro every time I get out money abroad)

    And, of course, what are the best banks?
  2. Alexx

    Alexx Well-Known Member

    Opening an account is much easier then in the isles. You just need two documents with photo (passport/ID/driving licence), and that is it.

    The problem here is somewhere else - banks are overpriced, you pay for almost everything - you send money, you pay, you get money, you pay, you withdraw money, you pay, and then you pay for each item of your statement. This is awful.

    Some banks doesn't charge, like mBank, but there are some cons too.
  3. Ctyri koruny

    Ctyri koruny Well-Known Member

    Thanks so much, such a detailed response!
    I don't drive, I have an Irish Garda ID: I assume they won't take that
    So all I have is my passport.

    Can anyone think of another form of photo ID I could get in the next two weeks?

    What are the cons of mBank?
  4. Alexx

    Alexx Well-Known Member

    As far as I know, KB (Komerční Banka) accept "Vojenská knížka" (lit. "Military book", I do not know what it is called in English). Maybe birth certificate should be enough. I guess czech banks are not prepared for people from countries where no personal IDs are issued.

    In mBank you need just one document, but cons:

    You cannot open an account without permanent residency in CZ (which is big difficulty).
    You cannot transfer money to/from abroad.
    Cards don't have chip, what makes them almost unusable here in UK (for example).
    Exchange rates in non euro countries are very bad (2% commission) when withdrawing, but even when paying.

    But to be fair, pros:

    No fees for daily used services.
    Internet banking easy to use even on mobile or palm.
    High interests.
    Intra-bank transfers in virtually no time (online).

    I have two accounts in CZ, KB and mBank, good combination for now.
  5. Polednikova

    Polednikova Well-Known Member

    Alexx! I've just noticed! You're in London!!!! When? How?
  6. Ctyri koruny

    Ctyri koruny Well-Known Member

    Well I'll just have to cross my fingers and bring over my passport and birth cert! The bank will probably have lots of ideas to help me prove to them who I am :)

    I don't think mBank would suit me at the moment, maybe in the future if I decide to settle in CZ permanently, the fact I can't have money transferred over from home would be a big problem.
    KB seem to have a good support service in place for foreigners, I'd pay that extra bit of money for the piece of mind. They have a "Foreign Customer Desk" in Brno which is close enough to me.

    I was ridiculously excited at first when they offered a "free cuddly lady bird" then realised I was looking at the Child account.
    I think that will tell you how financially minded I am. ;)
  7. Alexx

    Alexx Well-Known Member

    UKoGBaNI :)

    August 4th, by plane :wink:

    But seriously, it is not easy to find a job I wanted to find, so I am probably heading back to CZ, 9/11.
  8. Polednikova

    Polednikova Well-Known Member

    Sorry to hear that - about the job, not that you're coming back! We must have a beer next time you're in Prague - I want to hear all about your impressions of the UK of Great Britain and Northern Ireland, in case anyone was wondering. It took me a while to work it out - I think you'd only see it on a British passport!

    (Correction. I've just had a look and it's on the citation I received from HM The Queen when I received the OBE!)
  9. Jaybob

    Jaybob Member

    I have just opened a czech bank account and for ID I used my passport and my czech temp residency card (all done on the internet with citibank)

    As Im british and I had my money in pounds sterling I opened 2 accounts, 1 in Kc's and the other in £. This way I only had to pay my UK bank a charge to transfer £'s into my citibank £ account and then transfered my £'s in to the Kc account for free.

    If you check with citibank they have various accounts depending on how much you are paying in. They have a special offer on the gold account at the moment which is without charges for three months, then you just change this to the konto account after that which has charges but lower.

    Another plus is that the accounts can be in either English or czech and the call centre also speak English and are very helpful.

    Hope this helps alittle.

  10. Ctyri koruny

    Ctyri koruny Well-Known Member

    Yeah that helps! How do I get a residency card? What will I need? I assume my employers will help me with a lot of stuff when I go over, at least I hope so!
  11. Jaybob

    Jaybob Member

  12. pedro1974

    pedro1974 Well-Known Member

    hi 4 koruny,
    nice stuff u irish are going to "my" trebic.
    may I ask you...if you r a soldier?

    anyway, with the job contract and ID there won't b any problem.
    I opened (2 years ago to be honest so I'm not really updated...) an account with KB, they asked me the rent contract too...
  13. Ctyri koruny

    Ctyri koruny Well-Known Member

    Soldier? No, why would do you ask?

    Are you from Trebic? How are you finding Dublin?
  14. pedro1974

    pedro1974 Well-Known Member

    i'm italian but i lived in trebic and now in dublin.

    my friends are soldiers, there is a army base close there and, u know, its not so usual an irish movin to CR...
    so i guess...a girl. :wink:
  15. Boomer

    Boomer Member

    Alex... in regards to the "over-priced" banks you mentioned here at first (not the mBank) - can you do all the "con" things that mBank will not do? Like xfer funds abroad and such? or as they just as strict?

    More importantly, you say the overpriced banks are easy to open - just 2 photo ID's (I'll assume D.L. + Passport are OK?) - but do you have to have your residence card with these banks? Can you give me a name or 2 of banks that offer this?

    Someone else mentioned CitiBank - Do they still require a residency card? OR - Can I open a Citibank account in the USA and use that in Praha?

    Thanks for any help!!

    Boomer 8)
  16. Ctyri koruny

    Ctyri koruny Well-Known Member

    In the end I went with česka spori.. spori... the blue one with Peter čech on the ads.

    And why? Because one of our students works there so it was very easy. She was able to get around the problem with me only having one form of ID and no peppermint address.

    Not peppermint, permanent.
  17. Boomer

    Boomer Member

    I kinda liked the "peppermint address" better!! :)

    Thanks for the advice - I'll check out more česka spori...

    But, will they ignore the Resident Card for ANYone? or just you because you have a friend there?

    Thanks -

  18. Alexx

    Alexx Well-Known Member

    To be honest I have to say I work for mBank. For people coming from west it is not easy to imagine having account where you pay ten times more for fees then you get from interest. mBank does not do that, all you need on daily basis (withdrawals, transfers, incomming transactions) is free. In typical czech bank, like those mention below, you pay even for having the acount, you pay for each incomming transaction, each outcomming transaction, withdrawal of money from ATM of any other bank but your own, and finally in the end of the month you pay for each item from your statement.

    However the portfolio of services of mBank is not that broad yet, comparing with other banks. For example we do not support abroad transfers, yet.

    I do not think so, two documents should be enough, especially if you are EU citizen. I would mention for example CS, KB or CSOB, three biggest czech banks.
  19. bibax

    bibax Well-Known Member

    I have no problem with it. The Czech retail banks are less vulnerable in bad times. Essentially the retail banks cannot bankrupt as they live on the fees. :wink:

    If you don't like it go to Lehmans. :lol:
  20. Boomer

    Boomer Member

    Thanks for the answer Alex - I know it's been sometime since you first wrote this.. and now you work for mBank? interesting :)

    Thanks too Bibax - I will research them both more, as I looked at the others (earlier in the post) and did not really find much info for the non-CZ person... but did find many good forms for real estate (which is in another question I asked elsewhere on this site)...

    BTW, I am not EU, I'm from USA... so - I don't know if that will make a difference but have all sorts of I.D.'s and documents... So we'll see...

    I also saw Citibank is there... so maybe I can talk them about an "international" account (though, like bibax said, they may be broke/bankrupt here soon!) :(



Share This Page