Choosing a Bank

There are several basic factors to consider in the first instance –  primarily, flexible banking services such as telephone and internet banking. You should consider how often you are likely to use these channels and, if this is required often, you should look into the level of services offered online or over the phone by your chosen bank. Then the location of your nearest branch, particularly if you are likely to visit your branch on a regular basis. Admittedly this has become less important in recent years. And finally if you cannot speak in Czech, make sure that a bank representative understands you.  

You have to ask yourself what you expect from your bank account. Do you want to put money in there periodically and watch it grow? If you decide to open just a bank account, make sure that the bank provides you with internet banking that allows you to manage your payments in the easiest way.

Fee-free bank accounts get people in the door. However, “free“ may not always mean the best thing for you. If you value certain services or conveniences, you may be willing to pay for them.

Once you get hold of fee schedules from competing banks, consider if it´s really worth opening a fee-free bank account with other additional fees or, rather, depositing your money and enjoy complex banking services with more benefits.

Once you know what you want, start shopping and comparing. Most institutions will have everything you need on their website. If not, call (or walk in) and ask – you’ll get a feel for the  the customer service.

Finally, remember to ask other people for their opinions of a selected bank. When you are searching online, just remember that negative experiences will be more common than positive ones. Do not forget that you can also find positive reviews of banking services on Expats.cz.