Opening a bank account

All Czech banks are obligated to provide standard payment accounts to all persons aged 18 or over who have a legal residence permit in the EU.

Dealing with banks depends on whether or not the foreign national comes from the EU. Foreign nationals within the EU usually need to produce a valid ID document issued in the EU (the EU ID) or a passport, while for the second document they need a driver’s licence or a residence permit issued by the Czech Ministry of the Interior. Foreign nationals from non-EU countries will need to provide a passport as their primary document – the secondary documents are similar to those of EU foreign nationals. Banks always prefer identity documents with a photograph.

Transfers from abroad take two to seven days to process. Most banks offer an express transfer option where the funds are credited to the recipient’s account one business day after the maturity date. It is important to remember that banks charge fees for international payments.

Most frequently used payment methods:

• cash

• debit cards

• credit cards

Traveller’s cheques are not a commonly used payment method in the Czech Republic.