There are several banking institutions in the Czech Republic, such as: Ceska Sporitelna, Commerzbank, Deutsche Bank, GE Capital Bank, KB Komercni Banka and Raiffeisenbank.
Once you have defined your business plan we will suggest you the Institute that best suits your needs.
In the Czech Republic banks charge commissions on most services.
The account management fees are between 30 and 50 Czech crowns per month.
The yearly fee for the ATM management goes from 150 to 200 crowns.
Some banks charge a commission for each cash withdrawal operation at automatic machines, which is around 6 crowns per transaction.
Bank Account Types
There are three main account categories: basic bank account, current account and savings account.
The basic current account allows the deposit of cash, withdrawal from the automatic machines and bills payment.
Opening a current account is the most common option: it offers the same services as a basic account with the advantage of having a credit card, the possibility to make transfers and require a loan.
The savings account gives you the opportunity to put aside money with the conditions applied by each bank institution. This solution entitles you to withdraw money (a limited amount) but not to have a credit card and cheque book.
Companies can also open a bank account (current, foreign currency, internet banking, etc.) by presenting a list of documents, including the license and the extract from the criminal record. Some banks offer the possibility to manage an account online. This system, commonly named “internet banking”, can include activation costs.
Procedure for activanting an account
Each bank applies its procedure according to the corporate compliance, which in any case requires a description of the activities that will be performed in the Czech Republic, filing a business plan.
The documents you have to produce are generally:
- a valid passport
- other documents (driving license, identity card, birth certificate, residence permit)
- payment of a deposit to open the account (between 200 and 2000 crowns, depending on the Institute)
Some Institutes give you the possibility to start the account opening procedure online.
In any case, you will have to go to the bank to complete the procedure, with the cash amount for the deposit and your identity document.