Having a bank account in the country that you’re visiting can make a big difference. You don’t lose as much money on transfers, you can easily get a hold of a bank branch to deal with financial issues, and if you’re paid in the country’s currency, much of the administration surrounding it can be more straightforward as well. With that said, here are some tips and pieces of info about opening a bank account in Prague.
The banking system in the Czech Republic
The Czech Republic is home to many private banks, both national and international, and banks run by the state itself. Some of the international banks are Unicredit Bank, Deutsche Bank, and Reiffeisenbank, while some of the local banks are Airbank, Česká Spořitelna, or ČSOB.
Each bank provides different advantages and requires different fees. For example, if you are a student, you may get an account at some of these banks without a monthly fee. Then again, Airbank and Fio bank already offer accounts without monthly payments. However, no monthly fees may mean higher fees on things like cash withdrawal or money transfers.
Most banks also offer savings accounts as well as investment plans which can grow your savings. Some banks also offer accounts that let you overdraw cash for a small fee, so if you’re used to this service, make sure you ask the staff about it. Again, each bank is a bit different, so we highly encourage you to go to the websites of these banks and find as much information as possible.
How to open a bank account in Prague
Opening a bank account in Prague is simple. Most banks will need you to provide a passport, some other identification card (like a birth certificate or a driver’s licence) and a minimum deposit which usually ranges between €8 and €80.
You need to do this in person, or if you open an account at a bank online, you still need to go and confirm your identity at a branch once you arrive in the Czech Republic. As a student, you may also be asked to present proof of studies. But after that, your account should be all set.
ATMs in Prague
Most if not all banks have their ATMs around the city. Withdrawing money from these ATMs will be the cheapest option for you – there tend to be fees for drawing your money at a competitor’s ATM. It’s also important to note that ATMs don’t have a bank attached to them.
These tend to have very steep fees, and it is best to avoid them altogether. There have also been known hacks of ATMs via modified hardware like the card reader or the keypad of an ATM, so if anything seems out of the ordinary, make sure to go to a different ATM immediately.
