How to open a bank account in the Czech Republic: a guide to opening a bank account for foreigners, comparison of banks and tips on what to look out for

Opening a bank account in the Czech Republic can be a key step for foreigners to ensure a comfortable financial life. Whether you're in the Czech Republic for a study stay, a work placement or as a longer-term resident, having a local bank account can make many things easier, from paying rent to receiving a salary. Here's a guide on how to do it, including bank comparisons and tips on what to look out for.

1. Basic requirements for opening an account

To open a bank account, most banks in the Czech Republic require the following:

• Valid passport or ID card (for EU citizens)
• Confirmation of residence in the Czech Republic - this can be a lease agreement or a certificate from the landlord.
• Proof of employment or studies - for example, a work contract or a certificate from our Slava Language School.

2. Comparison of banks

There are several large banks in the Czech Republic that offer services suitable for foreigners:

• Česká spořitelna - the largest bank in the Czech Republic with a wide network of branches and ATMs. It offers a wide range of banking products and services.
• Komerční banka - known for its high level of customer service and offering premium accounts.
• ČSOB - popular for its competitive interest rates and investment products.
• Moneta Money Bank - offers simple and easy to understand banking products.
• Fio banka - known for low fees and favourable rates for foreign currencies.
• Air Bank - modern online banking with excellent ratings in the user-friendliness and technology categories.

3. How to proceed when opening an account

• Visit a branch or register online: while some banks allow you to open an account online, many still require you to visit a branch in person.
• Filling out forms:The bank will provide you with forms to fill out. Be prepared to provide information about your financial history and current employment.
• Account deposit: Some banks require an initial deposit when you open an account.

4. What to watch out for

• Banking fees: read the contract carefully and familiarise yourself with any fees the bank may charge. This includes fees for account maintenance, ATM withdrawals and international transactions.
• Security: make sure your bank offers robust security measures to protect your account, especially if you opt for online banking.
• Customer support: consider whether the bank offers customer support in a language you speak well. Many banks offer services in English, some in other languages.

Opening a bank account in the Czech Republic is a relatively simple process, as long as you have all the necessary documents and know what to expect. Choosing the right bank and understanding its terms and conditions will help you get the best possible service and minimize unwanted fees.