Czech Bank Comparisons: 2011 Update

For 299 CZK per month with the Citi Konto account, you get two free ATM withdrawals from Euronet ATMs, and incoming and outgoing payments are free provided they are online or over the phone. Online and phone banking is included in the price. However, there is a one-off payment of 250 CZK to establish the electronic signature for online banking. The third and subsequent ATM withdrawals are 19 CZK from Euronet ATMs. From other banks’ ATMs the cost is 39 CZK. There are no fees for the card. If your balance exceeds 500,000 CZK there are no fees with the account.

The Expat Center has returned to its former abode and this seems to mean a return to its former service. As soon as I appeared, the teller greeted me in English and invited me to sit down at her desk. (Pity, because the armchairs looked comfy.) Her approach was direct and no-nonsense. She recommended the World Class Package. For 390 CZK per month you get a debit card (Visa Electron), with no additional fees for ATM use or moving money in Czech crowns between accounts in the Czech Republic. A minimum of 1000 CZK should be kept in the account at all times. Admittedly, the fees are steep. However, it means that you are able to use the Expat Center services and all documentation is in English. There are cheaper options at Česká spořitelna, but these are not covered by the Expat Center.

Even before I spoke to the teller, my impression was marred. A man took the seat by the teller where my number was flashing, bringing my total waiting time to over thirty minutes. On the ever-so-faintly bright side, the teller spoke competent English. She recommended that I open Aktivní Konto, which is 90 CZK per month. When I visited their website I found the cheaper Konto. For 50 CZK a month, you get two incoming and two outgoing payments for free, two withdrawals from ČSOB ATMs and account statements sent electronically (it’s an extra 10 CZK per month for a printed statement to be posted). The card is Visa Electron for 20 CZK per month, and it’s possible to obtain another for an authorized person. Additional withdrawals from ČSOB ATMs are 6 CZK. Withdrawals from other banks are 30 CZK. Foreign payments are 1% from a minimum of 150 CZK to a maximum of 1000 CZK.

She handed me a brochure in English, which set out in bullet form their accounts and what they offer. The fees, however, are not mentioned. She recommended that I take the Extra Account, which is 125 CZK per month. There is a cheaper option, which is the Perfect Account. It costs 49 CZK per month. You have the choice of Internet or phone banking. Two free Internet payments are permitted monthly. There is a 200 CZK annual fee for the electronic debit card, which is a Visa Electron card. 5 CZK is charged for withdrawing from KB ATMs. For every POS transaction, 5 CZK is deducted. The charge for using other banks’ ATMs is 35 CZK. Receiving payments from abroad is still 0.9% with a minimum of 225 CZK up to a maximum of 1095 CZK.

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After a short wait, I was able to speak with someone about setting up an account. I wasn’t given any information but the atmosphere was very professional. The teller recommended to me the “5 for 50” Account. This package is 50 CZK per month. The card is MasterCard Standard which is an extra 50 CZK per month. All ATM withdrawals are 6.5 CZK. They also have the FREE IQAccount, which I wasn’t offered. As the name suggests, this account has no monthly charges because most of the banking is done electronically. With this account you get a Maestro Card, which is 20 CZK per month.

Initially, it looked bad. The woman at the front desk couldn’t answer my questions and wanted to set up an appointment for me with another banker. After insisting I just wanted information, one of her colleagues came over. The young guy was courteous, spoke very good English and was able to explain everything very clearly. He made notes in English on the Czech brochure he gave me, and set up a dummy account to show me what the charges would be. And he was just a trainee. If I have one minor complaint he did go for the hard sell, even though I said a few times I only wanted information.

Rather than offer a variety of accounts with different charges, Raiffeisen Bank has one account, eKonto, with the charges changing depending on how much money you have in the account. If your monthly incoming balance is under 20,000 CZK (i.e., you have less than 20,000 CZK deposited into your account in a given month), you will be charged 55 CZK for the month and 9.90 for the third and subsequent ATM withdrawals from each month. The first two withdrawals per month are free. Withdrawing from other banks’ ATMs costs 39.90 CZK. If your incoming balance is above 20,000 CZK, there are no monthly fees unless you have a foreign currency account. The ATM charges are the same except that withdrawals from ATMs of other banks cost 9.90 CZK.

The teller at the front brusquely directed me to her colleague, who also spoke limited English. However, he was friendly and quickly provided me with printed information in the desired language. There were four accounts Pohoda, Praktik, Mozaika, and Komplet. Pohoda has the lowest monthly fee. For 65 CZK per month, you get a transaction record posted to you and a choice of one form of direct baking, either Online Banking, Telebanking, GSM Maestro Banking or Smart Banking. I would agree with the last assessment that Mozaika at 119 CZK doesn’t seem worth it since some are offered as part of Pohoda. The choice of card is Visa Electron or Visa with annual charge of 200 CZK a year. Withdrawals from UniCredit ATMs are 5 CZK. From the ATMs of other banks the charge is 30 CZK. Incoming foreign payments are charged at 0.9% with a minimum of 200 CZK and a maximum of 1500 CZK. Outgoing are also 0.9% with a minimum of 250 CZK and a maximum of 1500 CZK.

Webite: 5/5. Again, lots of information which is easy to navigate.

Fit Konto is cheaper at 39 CZK per month. You get the choice of Visa Electron or Mastro payment card. Both cost 20 CZK per month. Volksbank ATM charges are the cheapest at 3 CZK per withdrawal. Unfortunately, they don’t have as many cash machines in Prague as some of the other banks. However, you can use ČSOB and Poštovní spořitelna ATMs for 6 CZK per withdrawal. ATM withdrawals from other banks are 30 CZK. Incoming foreign payments are charged at 0.5% from minimum of 100 CZK to a maximum of 750 CZK. Outgoing payments are charged at 1% with a minimum of 300 CZK and a maximum of 1700 CZK.

Know exactly in advance what you to ask. A lot of details, figures and packages can be mentioned, so it helps to remember what you want to know.
Be politely pushy. Information is not usually offered unless requested and some banks will try to schedule meetings when all you might want is some figures. Tell them info is all you want.
Ask what different accounts are available. Chances are you’ll be offered the mid-price package.
Be prepared for some communication difficulty. Not all bankers are gifted linguists and are not used to dealing with English speaking clients. It doesn’t hurt to sometimes bring a companion who is conversant in English and Czech along, especially if you’ve just arrived.
Most important of all – don’t take the first account offered to you. Shop around.