Opening a bank account in the Czech Republic is a good idea because it will make things much easier in the long run. But which bank should you choose? And why are some banks better than others? Here is a short overview of the different options and some tips on what to look out for when choosing a bank.
Some tips regarding banks in Prague
Long nights could be spent arguing which bank is truly the best but, to be honest, it comes down to personal preference as well as an individual need. Most banks in the Czech Republic have fees attached to their accounts. Usually, they have a monthly service fee which tends to be pretty low (between €1 and €2), and on top of that, there will be a monthly fee for your credit card (between €6 and €17).
But that’s not all, if you want a second card, you will need to pay extra fees. Most bank transactions and even money deposits and withdrawals at ATMs may have costs, and even losing your card or blocking it when your card has been stolen may carry a fee.
This is why each bank can be very different and why you should always read what fees you will pay and for what. This also changes which bank is the best for your stay.
If you want to stay in the Czech Republic but have frequent transactions abroad, then a bank with smaller fees for those transactions will be better for you, even if they have higher monthly service and credit card fees.
Also, each bank will have some options locked behind fees, so make sure to read about those.
These can be more important things like a savings account attached to your regular account or something seemingly small like a limit on the number of withdrawals per month or even a cap on monthly purchases with your card. All these fees add up, so try and think about what you will need and count the costs accordingly.
The best banks for ex-pats in Prague
With that said, there are still some banks that can be heartily recommended. There’s Česká Spořitelna, a state-run bank with around fourteen branches in Prague and over a hundred ATMs. Their fees are targeted at cheaper domestic transactions, and withdrawing money at their ATMs is without a cost.
They communicate in English, German and French and are even connected to Apple Pay, which isn’t always common. Overall, they are a solid bank with various products on offer.
Second, often cited the bank for ex-pats is the Equa Bank. Though they have forty-two local branches, they mostly borrow ATMs from other banks. This means that they are always readily accessible without charging you extra fees for using other ATMs.
They also have a banking app in English and an English-speaking customer service. Also, you can open an account with them online, and the transition from your previous account will be free of charge. Either of these two banks will make your stay in the Czech Republic much easier.
