Financial services

You can send and receive money in cash,
for example with a postal order at a Czech
post office or by bank transfer. For non-cash
payments you will need a bank account.
You can open one at a bank branch.
Banks usually provide this service to any
foreigner with legal residence in the Czech Republic.

However, there are significant differences
in the types of accounts and ‘packages’ on offer,
which include various services and various charges.
Because it is useless to pay for services that you do not need,
we recommend that first of all you consider for what purpose
you will be using your account: whether it is for depositing money
for confirmation for the foreign police department, for regular
payments in the Czech Republic, in order to send regular payments abroad, etc.

When choosing a bank and a services package it is also a good idea to take into consideration how you are going to manage your account: whether in person
at the branch of your bank or via the internet or by telephone. Here it is important
to know in which languages your bank is capable of communicating with its clients.
With your account your bank will usually offer to issue a debit card which you can use to withdraw money from your account at cash machines or to pay in certain shops.

You can save in savings accounts, in which you can deposit money at whatever intervals you choose. Usually you also need to have a current account at the same bank.
Time deposits represent another means of funds appreciation. You can decide how long you want to leave your money in the bank. Another savings product is building savings. This involves long-term saving, the advantage of which is that the state provides repetition support for this type of saving. But not all foreigners living in the Czech Republic are entitled to it.