Banking in the Czech Republic

Banking in the Czech Republic
The banking system in the Czech Republic is quite modern and simple.

Obtaining credit card in the Czech Republic

You can easily open a bank account and apply for a credit card in the country. There is still Crown as the country’s official currency but Euros are accepted in some areas. The conversion to Euros in the Czech Republic is expected to be made by 2020.

Some restaurants, hotels and tourist attractions in large cities like Prague will accept Euros as a form of payment, but expats should be aware that the exchange rate in restaurants and hotels is poor. If you are planning to live or work in the Czech Republic for more than a couple of months, you will find out that you will need to open a Czech bank account, especially if you are receiving your salary in Crowns.

Banking in the Czech RepublicThere are lots of banks in the Czech Republic and some of them are even offering services that cater to the needs of expats. The largest bank in the country is Ceska Sporitelna. Bank opening hours are Monday to Friday, 8am to 5pm.

Always have cash with you

You will be able to use your foreign debit and credit cards in the Czech Republic, however smaller shops only accept cash. If you need to make transfers from your home country, you should use a foreign exchange center such as Aktiv Change, as banks do not offer good rates for large transfers.

Expats can easily open a bank account in the Czech Republic. In order to do that, they need to provide their passport and one other form of identification. Some banks might also ask for proof of address in the Czech Republic. Expats will also need to provide an initial deposit when opening a bank account in the country. Different banks will have different minimum amounts.

Transaction fees in the Czech Republic can be very high and are charged in addition to a monthly ban account fee.

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