Geographically speaking, Poland has a convenient position in the heart of Europe, with numerous affordable flights connecting Poland with the rest of the planet, and a good network of buses and trains. For many the decision will be based on the affordability of living, good quality of food, beautiful natural and historical sites to spend holidays in, or the famously welcoming nature of Polish citizens. It is the seventh biggest country in the European Union. Poland borders Germany, the Czech Republic, Slovakia, Ukraine, Belarus, Lithuania and Russia (the Kaliningrad exclave). Poland has a long history even though they have been invaded by different countries throughout history, Polish people protected their identity and culture. The Polish złoty is the official currency of Poland.
Poland is a favourable location for basing a business in Europe and the country offers many business opportunities. Foreign investors have the same rights to open a company and open a bank account as locals and they also have access to a series of incentives and Special Economic Zones. In Polish cities it’s easy for a student to find a part-time job. The wages increase systematically, so many Polish students choose paid studies and start working. Although the permission to work in Poland depends on your country of origin. If you are from another country, paperwork such as getting a work permit, hiring a house or opening a bank account might be difficult for you compared to individuals with European citizenship. Or if you are simply planning to invest in Poland without a residence permit, you will still need a bank account for your local transactions either for individual or business purposes.
Opening a bank account is essential to process when starting a business and investors should include this step on the list of issues that need to be handled personally or through a representative. Likewise, employees or sole traders, entrepreneurs who derive income from Poland can benefit from having a bank account opened with a local bank or the branch of a foreign financial institution.
Banking system in Poland
The banking infrastructure is quite astonishing in Poland. Most traditional banks have initiated the digitalization process. They offer a high layer of security for mobile and digital banking services.
If you are a foreigner and want to have a bank account in Poland you don’t need to worry because most banks in Poland have English language support. Anti-Money Laundering (AML) Regulations are a highly important subject. Banks in Poland adhere to strict AML regulations, requiring customer identification, transaction monitoring, and reporting of suspicious activities to prevent financial crimes.
Also personal data protection protocols are implemented by all banks in Poland. Compliance with the General Data Protection Regulation is mandatory.
How to Open a Polish Bank Account for Non-Residents
Depending on the banks you choose and what documents you have, there are some serious hoops to jump through when figuring out how to open a Polish bank account for non-residents. There are also global bank brands that operate in Poland. You can either choose a traditional local bank or try global banking services.
Likewise in most countries in the European Union, just finding a branch that’s willing to accept non-residents can be time-consuming and tedious. You need to go and ask directly if they are accepting non resident individuals as a bank client. Account handling fees might be higher when you are non resident.
If you do go to a branch, try and find a member of staff that can communicate in English or take one of your Polish friends to assist you. A lot of the staff can and will communicate in English but sometimes they might be a little nervous so be friendly and patient. At the end of the day you are in a new country and trying to adapt to their system.
Also a simple reminder that most traditional polish banks have conditions to open a bank account for a foreigner; they might ask you to subscribe to their exclusive offers such as life or car insurances with high interest rates. This definitely doesn’t give you the freedom of choice. It is not a good idea to subscribe to those types of exclusive offers without knowing the banking system.
Types of account in Poland
It is essential to understand types of bank accounts in Poland to find the best solution for your financial needs. Types of bank accounts available in Poland are business accounts, personal accounts, saving accounts, merchant accounts and non-resident accounts.
Business accounts in Poland: offer merchant services, business loans, and account management tools to handle your business needs.
Personal accounts in Poland: offer services such as online banking, debit cards, and access to loans and credit facilities.
Saving accounts in Poland: offer services such as interest on deposit.
Merchant accounts in Poland: offer services for especially companies that have online operations.
Non-resident foreign accounts in Poland: suitable for individuals who do not reside in Poland and who don’t have resident permit in Poland however require a bank account for transactions within the country.
Required Documents
Different banks require different documents confirming your identity and legal status in Poland. Check in advance whether your passport is enough to open a bank account. It may not be sufficient – a bank might request another ID, your visa or a residence card while you are still in the process of obtaining one. Don’t forget that most Polish banks require your presence in Poland.
Another required document is proof of address that might be a utility bill or rental agreement that indicates your current address. Some banks ask for employment history so just in case prepare that too.
In most banks, the offers for foreigners do not differ from those for regular Polish citizens. However, foreign nationals cannot open a bank account via the Internet, although it is offered by many banks to Polish clients. Therefore foreigners need to visit one of the banking facilities and deliver their documents in person.
Although many banks waive this requirement, some banks may still require customers to have a Polish personal identity number (PESEL) to open a bank account. Any foreigner living in Poland may automatically obtain a PESEL number if they register their residence for a stay of over 30 days. If they cannot register their residence, the foreigner may apply to the municipality to obtain a PESEL number in a special procedure. Having a PESEL number is often a condition for applying for credit products linked to a bank account, such as an overdraft facility or revolving line of credit.
If you are planning to open a business account then Polish banks may require additional documents. Articles of association, list of stake holders, directors signatures, excerpts from the Poland business register and passport or IDs of the company representatives are some additional documents that you need to present to Polish banks. Also tax registration in Poland is essential to be able to open a business account in Poland.
We advise you to check the specific requirements of the bank that you want to open your account. Because some banks may require different documents.
Banks are usually open Monday to Friday between the hours of 9 am and 6 pm or 7 pm. On weekends, selected bank agencies are available in shopping malls and other commercial centres. Additionally, banks offer their customers a banking website, where they can check their account balance, make a transfer or apply for a loan online, 24/7.
We can list the steps as following:
1- Choose your bank: do a research and find the bank that aligns with your financial needs.
2- Prepare required documents: collect all the required documents according to the account type that you want to open. It is advisable to find out specific documents from the bank.
3- Visit the bank: if you are able to, make an appointment and visit the bank physically. Some banks don’t require physical presence, again you need to find out this information from your bank.
4- Submit your application: complete application forms provided by the bank.
5- Wait for the approval: after submitting your documents, this might take up to five days to two weeks.
What to consider before opening a bank account in Poland?
We would like to provide you some useful hints that might be valuable while you are looking for the best banking services in Poland. First of all it is important to understand Polish currency. Even though Poland is a part of the European Union they are not adapted to the Euro. Local currency is Polish Zloty (PLN), subdivided into 100 groszy.
The regulatory body of Poland is The Central Bank of Poland (Narodowy Bank Polski). Money transfers in Poland are handled with transparency. If you are planning to make transactions within the EU, the SEPA (Single Euro Payments Area) Polish system facilitates fast and low-cost transactions in Euros. However online money transfers in PLN or other currencies may be subject to different conditions. Please check them beforehand to avoid additional fees.
Polish banks generally offer SWIFT services for transactions outside the EU. Transaction fees and times depend on the bank. As we mentioned above, the central Polish bank requires transparency. If you are transferring up to 10,000 euros, there is no need for declaration at the border. However, for amounts exceeding this threshold, a declaration is needed to comply with anti-money laundering regulations.
Another important point is tax considerations. Be aware of any tax implications related to international money transfers, both in Poland and in your home country. It is a good idea to consult with a tax professional who can clarify these requirements for you.
We recommend you to check the exchange rate. Rates can fluctuate, affecting the total amount received after conversion. If you are looking for cost efficient cross border transactions in Poland, please take these fees into consideration.
If you don’t speak Polish, you don’t need to worry about that because most Polish banks offer services in English. Just confirm this service with the bank while you are doing your research about the bank.
Alternative to Traditional Banking Methods
When it comes to international transfers of funds from Poland, these can cost you a lot since many banks do not respect the mid market rate used when trading currencies between banks. Traditional banking institutions tend to hike up these rates in order to make a profit, and then add the SWIFT fee on top of it. Eventually, you might end up spending around 10% of the total transferred amount in currency conversion and fees when doing international money transfers to certain markets.
If you don’t have time to dive into deep research about Polish banks and you are unable to travel to Poland just to open a bank account, we have good news for you. Using Jeton in Poland might save you on transaction cost and the money will arrive quicker in most cases.
With a Jeton Business account you also get your own European IBAN, which means you can receive payments and send money between many countries for a fixed, low rate.
Jeton has been operating legally in more than 100 countries across the world. Jeton app has a user-friendly interface and it is very easy to navigate. Whether you are planning to use your Jeton account for personal or business purposes, Jeton provides you better conditions than traditional Polish banks. If you are looking for smoother and more secure financial transactions, Jeton is an excellent platform for you to use in Poland.
It is very easy to register for Jeton. You don’t need to wait or get an appointment to submit your application. Just visit our website, you can either download the Jeton app or register via the website. After completing the application we will ask for documents to complete your verification. Once you are verified you are ready to use your Jeton account across Europe. If you want to learn more about how to open an account with Jeton you can visit our blog article by clicking here.
