When relocating to a foreign country, one of the most crucial steps you will take is to open a local bank account. It can be difficult to accomplish basic tasks such as setting up a residential internet connection or obtaining a mobile phone contract without one. As these are necessities for the majority of us in the twenty-first century, opening a new bank account can become an immediate top priority.
However, due to the fact that banking systems differ globally, this may prove to be a difficult experience for expatriates. Listed below are the essentials for opening a bank account in Poland.
What documents do I need to open a bank account in Poland?
The process of establishing a bank account in Poland should be relatively uncomplicated for Polish citizens. An occasional traveler may find this option more challenging to utilize due to the fact that some institutions do not offer products to non-residents.
Residents are required to bring the following items with them in order to establish an account:
- Passport or national identification document
- Documentation proving one’s address (residence card or, if unavailable, a rental agreement) is typically acceptable as further proof of address by institutions.
- One potential requirement for obtaining a credit card or overdraft facility is the provision of employment or banking history documentation.
The majority of institutions maintain English-speaking call centers and branches that are open until 6 or 7 pm on weekdays. You ought to be able to locate assistance if you have any inquiries.
Can I open a bank account from abroad?
MBank is an online bank that restricts online account opening to inhabitants only. If you already possess domicile but are currently located outside the country, they are able to assist you in remotely opening an account.
If you have already relocated but are pressed for time to visit a bank branch, Bank Millennium will allow you to establish an account remotely from Poland. After completing the necessary forms online, you schedule a meeting with a courier to deliver the necessary documents and your bank card in person. The courier will then verify your identification and any additional documentation required; you are then finished.
Can I open a bank account as a non-resident?
Acquiring an account in Poland will be challenging if you have not yet arrived and, consequently, have not fulfilled the residency requirements.
According to some expats, there are banks that accept PO Boxes in lieu of residential addresses; therefore, it is theoretically possible to establish an account as a non-resident as well. While this is improbable to be official bank policy, it may be worthwhile to inquire with other institutions about the possibility of establishing a PO Box-linked account if you find it useful.
Which Bank should I choose?
A diverse array of domestic and international banks are present in Poland. Numerous regional banks maintain some form of affiliation with international banking conglomerates; for instance, Citibank merged with a local bank in Poland, and Bank Pekao is a subsidiary of the UniCredit Group.
Establishing an account in Poland may be facilitated by a financial institution with which you are already affiliated. Therefore, determine whether your domestic bank is affiliated with Polish banks or has a tangible location in the nation. Potentially, establishing an account can be accomplished by transferring to a nearby partner institution.
To aid in your quest, we have compiled a table of four national retail banks in Poland:
MBank: MBank operates via the Internet and telephone. Although the company has approximately 47 corporate offices located throughout Poland, the majority of its 5 million consumers conduct their banking transactions online. Examine the fee structure prior to establishing a banking account here, as it may not be suitable for all individuals. While account administration fees are generally minimal, it may not be the most advantageous option if the account in question imposes a fee for cash withdrawals made from an ATM of a different financial institution.
Bank Pekao: With a rich 85-year history, Bank Pekao is a Polish institution that is a member of the international UniCredit Group. A comprehensive selection of banking services is provided, encompassing personal accounts, credit cards, investment management, and loans. Banking transactions are possible via phone or the Internet.
Bank Millennium: Bank Millennium provides an extensive selection of financial products, including a complimentary standard current account that offers a six-month rebate promotion on purchases. As expected, there are conditions associated with this account, including a minimal cash inflow and debit card usage. Even if your own bank does not charge a fee for cash withdrawals, keep in mind that other institutions’ ATMs may.
PKO: PKO, one of the most prominent banking brands in Poland, provides an extensive selection of retail banking services. They specialize in mortgage products, current accounts, and payment cards, and encompass both Ukraine and Poland.
The process of opening a bank account will be relatively fast. However, if your proficiency in Polish is insufficient to sift through the available online information, you may be required to visit a bank branch in order to obtain product details. It is worth noting that Bank Millennium provides readily accessible account information in English and online, which may serve as a solid foundation for your investigation.
Banking fees and charges
Before opening a bank account in Poland, it is critical to thoroughly review the terms and conditions, paying particular attention to the banking fees and charges.
Verify whether there are recurring fees associated with maintaining an account or utilizing a credit or debit card, for instance. It is customary to incur a monthly charge of 15 to 20 Zloty in order to utilize your account in Poland. While typically nominal in nature, these account administration fees accumulate gradually. Certain accounts may offer a waiver of this fee for the initial half-year or an entire year, potentially enhancing their appeal.
Additionally, it is not uncommon to encounter a fixed fee when withdrawing currency from an ATM that is operated by a bank other than one’s own. Determine whether this pertains to the account you have selected.
Transferring funds frequently between accounts that utilize distinct currencies may incur especially exorbitant fees. In addition to a fee for transaction processing, the bank’s profit will likely be incorporated into an unfavorable exchange rate.