Basic fees for bank accounts in Poland

In the twentieth-first century, having a bank account is a must for any entrepreneur. No one will take you seriously if you operate only in cash and cannot provide a bank account number to your clients, suppliers, or public authorities. Good banking relationship will make life easier for you. However, when choosing a bank make sure to check what bank fees and charges you will be obliged to pay.

There are several things to bear in mind when choosing a bank. Offer for small business is usually different from offer for big corporations. Check what type of client you are to the bank and look into the offer and bank regulations that are right for you. An important document for every bank account holder is a table of fees and charges stipulating the costs you will have to cover if you open an account.

Although account opening is usually free of charge, basically all banks impose a fee on their clients for account management. This means each month your account will be debited a fee, even if you had performed no operations. Receiving bank statements on paper will most likely cost you money as well. Stick to electronic versions if you do not want to incur unnecessary costs.

If you are an international trader, you will most likely need an account in currency other than Polish zloty, or perhaps even more than one. The most popular kinds of accounts in foreign currency are EUR, USD and GBP accounts. Make sure to check what are your bank’s charges for executing wire transfers to other countries. Receiving payments from abroad may also come at a price. Poland is a member of the Single Euro Payments Area. Banks in Poland can carry out SEPA cross-border transfers.

Accounts usually come with debit or credit bank cards. Active bank cards, however, may also incur fees. The bank may charge you for issuing a card, replacing a lost card, or certain types of operations, e.g. withdrawing cash from a different institution’s cash machine.

To learn all about different fees and charges, visit your bank’s website or consult a bank adviser.