How to Open a Bank account in Poland [Complete Process]
Poland is a country that is located in Europe and it features among the upcoming economy in the European continent. Have you ever thought of opening a bank account in Poland? well if your answer is yes, I will provide you with a list of some of the best banks in Poland. In case you are a foreigner, we will also lead you in selecting the best Polish bank for foreigners.
The advancement of the country and the beauty of its cities are catching the minds of many expats to the country. Due to the fact that the country has a rich cultural heritage, and the people of that nation are amicable, citizens of other countries are attracted to live and study in the country.
So that said, if you wish to live in Poland, opening a bank account should actually be one of your key priorities and the good news is that opening a bank account in the country is an easy task. This article is here to lead you on the necessary steps that you can apply in order to open a bank account.
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Banking System in Poland
The banking system in the nation of Poland is characterized by high stability and safety so if you think of keeping your money at a Poland bank do not worry about the safety of your money. The Polish Financial Supervision Authority (Komisja Nadzoru Finansowego – KNF) is in charge of overseeing the national financial market on behalf of the state. The Bank Guarantee Fund (Bankowy Fundusz Gwarancyjny – BFG) is the institution in charge of both the deposit guarantee scheme and the resolution processes. The Financial Stability Committee (Komitet Stabilnoci Finansowej – KSF) is in charge of macroprudential supervision and is made up of representatives from the Polish National Central Bank (NBP), the Ministry of Finance, the KNF, and the BFG.
By the end of 2020, the Polish financial landscape consisted of 30 commercial banks, 530 cooperative banks, and 36 credit institution branches. The ownership structure of the Polish banking sector remained unchanged in 2020.
Banking Charges in Poland
Banking charges is great option which you have to take into consideration when trying to open bank accounts. It is often recommended that you visit the bank first so as to know its requirements of opening one, fees and enquire about the distribution of their branches and ATMs across the country. You can also demand for a list of charges to its agents and from this, it will now be left to you to decide on the bank that suits you best for your activity.
We can name a few of the bank charges charged on accounts; fees to ensure that your account remains open, and withdrawing fee from ATM. Also charges may arise for moving money from one account to another.
What Documents are needed to Open a Polish Bank Account ?
First of all before any thing, you will of course need to know the various things that you require being eligible to open a bank account in the Polish grounds. However some banks do not provide financial products for non residents. If you are resident , then the following are required from you as documents
- A passport or a national ID Card
- Proof of residence such as rental contract
- Proof of employment or banking history
Most of the banks that in Poland often have a wide network of ATM's and English speaking staff.
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How to Open a Bank Account in Poland
So now that you already know will be required from you as Polish resident before you can be able to open a bank account, let us get down to our main aim and see how you can open a bank account now.
- As a non residents of Poland, you are able to open a Polish bank account remotely within 10 business days but if you are a resident, you can open a bank account with a Poland bank within just a single business.
- You can also open an online bank account and enjoy convenient online banking and mobile applications.
- You are able to open various types of accounts such as PLN, EUR, USD and GPB. You can also get multicurrency Visa Cards which you can use to spend online and withdraw from ATM's anywhere.
Best Bank in Poland for Foreigners and Expats
Foreigners are people who leave their countries for some reasons proper to them. So if you are a foreigner and you want to open a Poland bank account, then it is no big deal cause there exist many banks in the territory that are suitable for foreigners. The choice will be left to you to decide as you can either use online banks or international banks for expats.
Poland has a healthy and well established banking system. Banks in Poland offer a set of products to various groups ranging from expats, students to businesses and organizations. One amazing fact with banks located in Poland is that, they have a wide ATM network and branches which gives you more chances to carry on with your transactions any where you find yourself. These banks also provide modern modern banking facilities such as payments of bills and transfers. By making use of these banks, you will be able to easily open Polish bank accounts for non residents or foreigners.
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Check out your local bank just to see if it offers correspondent relationship with Polish banks, in case they have such relationships, then it will be easier for you to just simply switch to a Polish bank.
Stay glued to your reading and discover the best banks in Poland for foreigners that you as a foreigner might take into consideration when looking forward to open a bank in Poland.
1. Alior Bank
This bank is one of the best banks in Poland that can allow foreigners to open an account here with quite ease. They offer banking services to both individuals and businesses. This bank has an extensive network of branches as well as mobile and internet banking options.
2. MBank
Here comes another bank in our list. MBank is an internet bank which focuses on desktop and mobile banking. It is a great bank to open account in Poland as it takes advantage of third party dealing with ATMs which serve its more than 5 million users. These ATMs is also favorable in the sense that they charge small account fees.
3. Bank Pekao
This is an old bank that has been under operation for close to a century now - actually 85 years with a vast network of ATMs and branches. Bank Pekao provides banking and financial services such as current accounts, saving account, card services and investment services. They also do provide phone and internet banking along side English speaking staff and argents in most of their services centres.
So if you a foreigner or an expat that thinks of settling in Poland, then you should think about Bank Pekao as an option in case you want to open a bank account.
4. Bank Millennium
If you have a free current account with Bank Millennium, then you will be able to benefit from cashback deals. This is one of the best banks for expats in Poland. It is also reputed to be one of the best banks for students in Poland.
More to that, Bank Millennium also provides banking services such as debit cards and credit cards. It also offers its customers with offers such as banking, savings, investments and current accounts and comes with a cashback deal.
5. PKO
You cannot count the largest bank in Poland and PKO does not feature in that list cause it will be fallacious. This bank offers a wide range of banking and financial products alongside retail banking solutions. PKO provides large retail banking solutions such as business loans, investments and mortgages. This bank is rated and widely recognized as the best bank in Poland.
6. Deutsche Bank Polska
The Deutsche Bank group has been functional in the Polish market since the year 1990 and today it features among the best international in Poland for foreigners. This bank provides banking services to individuals, Polish and foreigner companies, international conglomerates, financial institutions and the public sector.
It has been operational as the Deutsche Bank Polska since the October 1995 and today it is one of the best international bank in Poland for foreigners.
7. BNP Paribas Bank Polska
BNP Paribas Bank was previously known as Bank BGZ BNP Paribas and they offer their clients with savings, and investment products as well as a wide range of loans facilities. This bank is a member of the BNP Paribas banking group which is one of the best international banks in Poland.
8. ING Bank
ING Bank is actually one of the best commercial bank in Poland as it provides its banking solutions such as savings, loans and mortgages to its customers. This bank is the best bank to open an account with for both the Local and the foreigners.
9. Getin Noble Bank
The core business activity of this bank is retail banking and it provides this services to business and individual clients. If you are wishing s retail sort of business in Poland even though as a foreigner, then you should think of Getin Bank as a great option to fit in.
10. Idea Bank
This is a bank based in Poland and started its operation in the year 1991. The banks's core is the financial service of small business entities, micro, small and medium enterprises.
Polish Bank Account for Non Residents
It is often a good idea to research about the bank branches and the requirements needed. When opening an account as a non residents, proof of address is required but some banks offer international accounts to non residents for specific uses and with limitations too.
So you can not greatly rely on this type of bank account for your transactions especially if you own a business as it has a lot of short comings.
Final Thought on How to Open Bank account in Poland
From the article above, you can be able to determine which bank is suitable for you depending on the activity that you want to carryout. But you should note that in Poland, banks have quite high charges from money transfers, especially for expats and this is due to the fact that banks do not operate under the mid market rate which us the rate used by bank users to trade currency with other banks. They often charged above this rate in order to make their own profit. They often add SWIFT fee which in turn adds up thereby making the process very expensive.
Most of this content was gotten from b2bpay
Frequently Asked Questions
1. Is it Possible to Open a Bank account from abroad? - There exist some banks that offer internet banking and online account opening for residents so if you are a resident, it is possible and easy for you to open a bank account remotely. But if you are not in Poland and wish to open a bank account then Bank Millennium is actually the best option as it provides remote account opening. All you will have to is to visit accounts online and then visit a courier with your documents.
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