The currency in the Czech Republic is Czech Koruna (short CZK), in Czech it’s Koruna Česká (short Kč).
The most common way to pay for everyday purchases in the Czech Republic is by cash or a card. Internet banking is also an option. Czechs do not use cheques at all, but they are recognised by most banks and are capable of redeeming them.
You can exchange money at a bank or in an exchange office (windows on the streets), which usually offer better conversion rates than banks, and almost always without commission. If you choose to exchange money at the exchange office, please pay attention to the information provided by the office, including the exchange rate, details of charges/fees and make sure you receive a receipt with the details of your transaction, to avoid possible errors. Banks, although they will likely charge you with commission, might be a safer choice in case you want to exchange a bigger amount of money.
For short-term stays (up to three months)
you are not obliged to open a Czech bank account. We can send the salary to your normal foreign account.
To be able to do so, we will need the following information:
- IBAN (International bank account number) – e.g. CZ65 0800 0000 1920 0014 5399
- Swift code / BIC – e.g. AIRACZPP
For Bank Accounts created in the USA, the following information is necessary:
- Account holder
- Name of the bank
- Account number
- SWIFT CODE
- Bank branch address
If you choose this way of receiving your salary and choose not to open a Czech bank account, expect that some fees for an international money transfer may occur, as well as when withdrawing money from an ATM.
Long-term stays (more than three months)
You will need to open a bank account in the Czech Republic if you are going to work in FNUSA-ICRC for a long-term period (more than three months). The reason is that the international transactions are charged by special fees. It means that both you and we are charged more with every payment and overall, you receive less money.
There are a lot of different banks in the Czech Republic and it is entirely up to you which one you will choose. However, there are two banks that we recommend to the foreigners:
- Fio banka – https://www.fio.cz/about-us/how-to-become-a-client/i-want-banking-services
- Equa Bank – https://www.equabank.cz/en/current-account
We recommend these banks for the following reasons:
- Possibility to open a bank account if you are a foreigner (not all the banks allow foreigners to open a bank account, e.g. mBank)
- Internet banking in English language (as a foreigner, even if you can open an account in different banks, not all of them have internet banking in English, e.g. in Air Bank)
- Free account maintenance (no monthly fees for maintaining the account)
- Free national transactions and ATM withdrawals
If you wish to open a bank account in another bank, here is a list of the banks in the Czech Republic:
- Česká spořitelna – https://www.csas.cz/en/personal-finance
- Československá obchodní banka – ČSOB – https://www.csob.cz/portal/people/accounts
- Komerční banka – https://www.kb.cz/en/
- UniCredit Bank – https://www.unicreditbank.cz/en/obcane.html#home
- Raiffeisenbank – https://www.rb.cz/en/personal/accounts
- Moneta Money Bank – https://www.moneta.cz/web/en
- Air Bank – https://www.airbank.cz/
- Sberbank – https://www.sberbank.cz/en/obcane/ucty
When opening a bank account, banks differentiate between foreigners from the EU/EEA and foreigners from third counties. As an EU citizen, you are usually required to bring an identification document valid in the EU, such as an ID card or passport, and one other identification document may be requested. As a citizen of non-EU county, your main ID document must be a passport, accompanied by a Czech residence permit and another piece of identification document (birth certificate, driving license), preferably with a photograph.
In case you need to forward some foreign money to your new Czech bank account, for an easy and cheaper money transfer between a foreign bank and a Czech bank, you may use apps such as TransferWise (https://transferwise.com), that offer fair exchange rates and low-cost transfer fee.