Opening a Czech Bank AccountWant to open an account in Prague? Ryan Scott suggests some points to consider when choosing a bank
|
||||||
.gif "Volvo") ADVERTISEMENT Setting up a bank account in the Czech Republic is pretty simple. All you need is your passport and an initial deposit. If you have time, however, it pays to do some research, since banks' services and fees vary. FEES If your monthly income is over 15,000 CZK, eBanka charges no monthly fees. For most of the others the monthly fee is between 30 and 50 CZK a month. Citibank's is the highest at 250 CZK. The annual fee for your standard debit card, usually a Visa Electron, is between 150 and 200 CZK. USING YOUR CARD Using your bank's own machines costs around 6 CZK. Using another bank's can cost five times as much. Volksbank is the absolute cheapest if you use their ATMs (2.5 CZK per transaction). If you meet their 15,000 CZK minimum income requirement, eBanka charges a flat rate of 6.90 CZK for all ATMs. This only seems fair as there are relatively few of their ATMs around. If you can show restraint, ČSOB is the cheapest option, offering two free withdrawals per month. It's when you travel abroad that you'll be hit hardest. The fee is between 75 and 80 CZK, plus 0.05% of the total withdrawn. If you're earning crowns and plan to travel then it might pay to withdraw beforehand and take travelers checks, which are available from most banks. Costs are between 1-2% of the amount. Making electronic purchases is free with all the major banks. OTHER SERVICES Overdrafts are possible and range from 10,000 to 20,000 CZK. ČSOB offers the overdraft facility as part of its monthly service fee. Other banks charge. Interest is applied to all. Internet banking is available from all. Again, the costs vary. As the name suggests, eBanka is marketed toward electronic banking. Unlike most of the other banks they will issue a Personal Electronic Key (a small handheld device which randomly generates security codes) free of charge. One disadvantage of being so focused on the internet, however, is that there are fewer branches. EXPAT SERVICES Česká spořitelna advertises an account expressly tailored to expats, with services in English, French and German. Their "World Class" package allows you to open two foreign-exchange accounts, though Živnostenská banka and eBanka offer this service too. Volksbank offers the "Free" account. Many of its services, as you'd imagine, are free of charge, and it's available to foreigners studying in the Czech Republic. SENDING MONEY HOME In order to do this, you'll have to obtain a form either from a branch or online. Czech banks require a number of numerical codes referred to as symbols. These symbols tell the bank where the money is going and the purpose of the payment. You should be able to get a list of these symbols from your bank. CURRENCY EXCHANGE According to conventional wisdom the places which don’t charge offer the worst exchange rates. However a little research shows that for these six banks it isn’t always the case.
LANGUAGE SKILLS A quick ring around various banks that the level of English-language skills varied. Dialing the number on ČSOB's English page gets you directly to an English-speaking operator. Some misunderstandings ensued but my query was answered fairly promptly and politely. After a short wait, the operator at Živnostenská banka passed me on to a colleague with better English-language skills, and my question was answered quickly. Česká spořitelna's Expat Center has an answering machine that greets you in English. The eBanka receptionist asked for my number which she then passed on to an English-speaking colleague. Branches near the main tourist centers, such as Wenceslas Square (Václavské náměstí) and Malá Strána, have at least one member of staff who speaks English. CREDIT CARDS Credit cards are available only to Czech citizens and permanent residents. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Article added on Thu 2nd Aug, 2007 [last updated Thu 2nd Aug, 2007] |
| COMMENT ON THIS ARTICLE | ||
| READ ALL RELOCATION ARTICLES MORE RELOCATION ARTICLES |
|
Ask the Expert: What Happens if I Overstay My Tourist Visa? by Dana Pick Relocation Q&A Added on Thu 4th Feb, 2010 (Last updated Thu 4th Feb, 2010) |
|
Copies Authenticated by a Notary, Apostilles and Chain Legalization by Grabmüller Advertising Feature Added on Tue 30th Jun, 2009 (Last updated Tue 30th Jun, 2009) |
|
Official Translations by Grabmuller Advertising Feature Added on Thu 14th May, 2009 (Last updated Thu 21st May, 2009) |
|
Prague Solutions, s.r.o. Launches One-of-a-Kind New Expat Service by Prague Solutions Prague Solutions Press Release Added on Mon 16th Feb, 2009 (Last updated Mon 16th Feb, 2009) |
Visit the Relocation main page
Find listings, help forums, tips and more
GOLD LISTINGS
ReloCare
Relocation, care and support
White - Prague Wedding Agency
We can tailor your wedding in Prague & Czech Republic creating an u...
The Chapel of John the Baptist upon L...
A beautiful spot for getting married
ABL movers
Specialist in quality international removals.
Crown Relocations
International Moving and Relocation Specialist
MORE ARTICLES
- Ask the Expert: What Happen... [Relocation]
- Expats.cz and Prague.tv Pla... [Art and Culture]
- Change to Czech Health Insu... [Health]
- Žižka Ready to Fight Again [Art and Culture]
- Planet Sushi Anděl [Dining]
- A Right to Lust [Art and Culture]
- Medical Facilities for Engl... [Health]
- Artisan Restaurant and Cafe [Dining]
- 2010 Winter Olympics [Sports and Recreation]
- Czechoslovakia: The State T... [Art and Culture]
- PTV Calendar 2004 [Zine]
- PTV Calendar 2005 [Zine]
- Czech Mortgage Guide [Real Estate]
- Changing Money in Prague [Visitors' Guide]
- Moving to Prague 1: Embraci... [Relocation]
- Moving to Prague 2: Revisit... [Relocation]
- Moving to Prague 3: Prague... [Relocation]
- Prague New Year's Eve Event... [Nightlife]
- Christmas 2009 & New Year's... [Dining]
- Prague Christmas Gift Ideas... [Shopping]
- Prague Hibernians Gaelic Fo... [Sports and Recreation]
- Prague Christmas Markets 2009 [Shopping]
- Hindus & Jews Disappointed... [Zine]
- Kája Saudek & 60's [Art and Culture]
- Czechoslovakia: The State T... [Art and Culture]
- Prague Playwriting Contest... [Art and Culture]
- 2010 Czech Property Forecast [Real Estate]
Prague TV Home | Contact | About | FAQ | Site Map | Search | Advertise | Privacy | Terms of Service
Prague TV is a Real Time Production. ©2010 All rights reserved.
