Opening Bank Accounts for Foreigners in Poland: A Quick Guide

Poland is an upcoming economy in Europe. If you want to open bank account in Poland, we will provide you with a list of some of the best banks in Poland. If you are a foreigner, we will also help you identify the best Polish bank account for foreigners. The improvement of the economy and its beautiful cities are attracting many expats to the country. The country has a rich cultural heritage and the local people are very amicable hence attracting people to live, work, and study in its towns.

Why Open a Bank Account in Poland?

There are many reasons why you might want to open a bank account in Poland. Poland is a growing economy with a stable political environment, making it a good place to study, do business and invest. It is also a member of the European Union, which means that your bank account will be protected by EU regulations. Additionally, the cost of living in Poland is lower than in many other European countries, so you can save money by opening a bank account there.

Poland has a modern banking system with a wide range of banking products and services available. Many Polish banks also offer English-speaking customer service, making it easy to manage your account even if you don’t speak Polish.

Things to Keep In Mind When Opening a Bank Account as a Foreigner in Poland

From our observation, based on personal reviews and experiences we have found online and our own research, we have noted the following:

• Credit cards are almost impossible to get if you have a one-year visa. Banks are more likely to issue credit cards to foreigners who have a permanent residence permit or a visa that is valid for more than one year.
• Millenium Bank was the easiest bank to work with to open an account for a foreigner, even without a PESEL. In addition, its app is in English, unlike many other banks.
• Some banks refuse to open bank accounts for certain foreigners, especially non-EU residents.
• If you use a bank advisor to open your account, be aware that they may try to sell you a number of financial products at once. You should only open a current account unless you specifically need other products, such as a savings account.
• All interest from bank deposits in Poland is subject to a 19% Belka tax. However, non-residents who do not live in Poland for more than 183 days in a calendar year can take advantage of the Conventions on the Avoidance of Double Taxation to avoid paying this tax.

Requirements for Opening a Bank Account in Poland

Opening a bank account in Poland is a straightforward process especially if you are a resident. However, some banks do not provide financial products for non-residents. If you are a resident, the following are the required documents.

• A passport or a national ID card
• Proof of residence such as a rental contract
• Proof of employment, banking history, or confirmation of student status
• PESEL (Universal Electronic System for Registration of the Population), which is a number for all permanent residents of Poland and for temporary residents living in Poland for over 30 days.

Non-EU foreigners have four days after arriving in Poland to register their address and obtain a PESEL. Based on our observations, it’s possible to open a bank account without a PESEL with a few banks, including Millenium Bank and PKO.

Opening an Account from Abroad

Some Polish banks offer internet banking and online account opening for residents. If you are a resident, it is possible to open a bank account remotely.

If you are not in Poland and wish to open a bank account, Bank Millennium provides remote account opening. You will need to fill forms online and then visit a courier with your documents. Also, carry your bank card. The courier will confirm your identification card and then complete the other paperwork that is required.

It is possible to open bank account online in Poland using virtual banks. Luckily, Revolut and mBank offer a Polish IBAN. They include:

• N26
• Wise
• Revolut (crypto-friendly bank)
• Bunq
• mBank

Online banks like Revolut are a great option for currency conversions, including buying things in currencies other than PLN. In our experience, they offer competitive exchange rates, low fees, and cheaper money transfer than traditional banks. They are a popular choice for expats and travelers because they allow you to open a multi-currency account and exchange currencies at the interbank exchange rate. In addition, Revolut is a a crypto-friendly bank, meaning you can buy, sell, and hold cryptocurrency using your normal bank account and its savings account offer 4% interest rate. N26 is another popular online bank, but its balance is only in euros and you can’t get PLN account details at the moment.

The only downside to virtual banks is that they are online banks, so you need to have a bank account in another bank to transfer money from yourself to your new online bank.

Polish Bank Account for Non residents and Foreigners

It is good to research about the bank branches the requirements needed. Proof of address is needed when opening an account as a non-resident. Some banks offer international accounts non-residents for specific uses and limitations.

If you are a foreigner and want to open Poland bank account, there are many best banks for foreigners in Poland you can use. You can opt to use online banks or some of the best international banks for expats.

Banking Options in Poland for Expats and Foreigners

Poland has a healthy and robust banking system. These banks offer a set of products to various groups ranging from expats, students to businesses and organizations. The banks also have a wide ATM network and branches. They also provide modern banking facilities such as bill payments and transfers. With these banks, you can easily open Polish bank account for non-residents or foreigners.

Confirm from your local bank if it offers correspondent relationship with Polish banks. If they have such a relationship, then it will be easy to switch to a Polish bank. When choosing the best bank for expats, it is good you consider your banking needs. The following are the best banks in Poland for foreigners that you might consider opening an account with.

Understanding Banking Fees in Poland

Banking fees in Poland vary depending on the bank and the type of account you have. However, there are some general trends that you can expect.

One of the most common banking fees in Poland is the monthly account maintenance fee. This fee is charged to cover the costs of maintaining your account, such as providing you with access to online banking and mobile banking. The monthly account maintenance fee can range from a few PLN to over 20 PLN, depending on the bank and the type of account you have. Fortunately, there are online banks that have zero fee basic accounts such as Revolut, Wise, and N26.

Another common banking fee in Poland is the ATM withdrawal fee. This fee is charged when you withdraw cash from an ATM that is not operated by your bank. The ATM withdrawal fee can range from a few PLN to over 10 PLN, depending on the bank and the ATM.

Some banks in Poland also charge fees for other services, such as wire transfers, foreign currency exchange, and check deposits. It is important to check with your bank to find out about all the fees that may apply to your account. You can request for a list of charges from bank. You will be in a position to decide on the bank that offers you the best services.

Online Banks in Poland as an Alternative

In Poland, banks have high charges from money transfers, especially for expats. This is because banks do not operate under the mid-market rate, which is the rate used by bank users to trade currency with other banks. They charge above this rate to make a profit. They also add SWIFT fee which in turn adds up making the process very expensive. At the end of the transaction, 10% of the amount transacted is spent in currency conversion.

It is possible to open a bank account online in Poland using a virtual bank account with banks such as the following. These banks don’t offer a Polish IBAN, but you can use them all the same.

• N26
• Wise
• Revolut (crypto-friendly bank)

Further reading

• Wikipedia: List of banks in Poland

This post is also available in de_DE.