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How to open a bank account – Part 2

 
photo:  (sxc.hu)
 

In the first part of this series, we focused on the basic information connected with opening an account. This time, we offer a list of bank accounts that can be opened in the Czech Republic.

 
 

Most bank accounts fall into the following three categories:

Basic account – you may deposit money into your account, withdraw cash from an ATM dispenser and pay regular bills. It is not possible to withdraw more money than you have saved with this type of account.

Current account – the most widespread type of account in the Czech Republic. Just like with the basic type of bank account, it is possible to deposit and withdraw cash, use the ATM dispenser, make money transactions, etc. Moreover, this type of account enables its owner to use a debit card for payment in shops. In case you will be interested in a future loan, you have a chance to obtain it as a side product of the current account.

Savings account – this type of account is not normally used for routine money transactions. It serves for saving money, and the banks offer higher interest rates for this type of account. No payment card or cheque books are included in this account. You may withdraw cash but the withdrawals are limited and you have to contact the bank in advance. Be sure to get information about the specific conditions of particular banks. Every bank has its own specific terms.

Business account

Another type of account is the business account which serves for individuals and legal persons running a business. You need to submit documents concerning your business to open this account. These include a trade certificate and a copy of entry into the commercial register; in case of free professions, a copy of the registration record with the Revenue Office is required. Banks offer several types of business accounts. They usually differ by the scope of the services provided, and by the price for account administration.

The basic product is a current business account without any special bonuses. It works just like the current account and you pay fees for each service individually. The so-called advantage accounts that offer extra services for a fixed monthly charge for services are very popular.

When choosing a business account, it is very important to compare the advantages that particular banks offer, additional bank services, accessibility of branches or the scope of electronic banking.

In the Czech Republic, it is also possible to open a foreign currency account. The most usual type of foreign currency account is a current account. Each bank specifies in which currencies they open accounts and run payment operations. The best way to open the account is to contact the information line of the bank as they normally also provide information in foreign languages.
 
Author: Ivana Jenerálová
 
Added: 19.09.2011
 
 
 

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