Poland originally was to adopt the euro as its currency in 2010. The date has been changed to Jan. 1, 2012, due to the financial crisis. The currency is currently the zloty (internationally abbreviated as PLN). Unless you pay by credit card, you need to have the local currency. If you work in or regularly travel to Poland, it is sensible to open a bank account there. You get a debit card, which can be used to get cash at ATMs for free.
U.S citizens can open a bank account in Poland without restrictions. However, the Internal Revenue Service requires assets greater than £6,500 deposited in overseas bank accounts to be declared on your annual income tax return.
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Things you need
- Proof of address
- Evidence of income
Check out a list of banks in Poland to open a bank account. Use the Polish Financial Supervisory Authority websites.
Select a large bank: it will have more branches, making it easier to manage your money when you have opened a bank account in Poland. Check the resources section for a list of the top 10 banks.
Choose a bank and get the contact details. Call the bank to check the requirements to open a bank account in Poland. You will need a passport, proof of address and evidence of how the account will be funded. Monthly management fees usually apply (between PLN 10 and PLN 20).
Get the bank to mail you an application pack. Carefully read it. Make sure you meet the requirements. Check the minimum deposit, payment method, charges and fees.
Complete the application form accurately. Depending on the payment method specified by the bank, either enclose your payment with the application form and other documents then mail to the bank, or mail the application and documents and make a money transfer direct from your existing bank to your new bank.Your documents must be originals. Use secure mail.
Wait for your account details to be mailed. It can take several weeks for an account to be open: mail delivery is slower than in the U.S. Your documents will be mailed separately, as will bank cards.
Tips and warnings
- Check to see if the bank has a representative branch office in the U.S. Call a Polish consulate office in the U.S. (see Resources). If it does, then make contact with the branch. It makes opening the account easier and quicker.
- If you travel to Poland, open your account in person. Go to your chosen bank with your documents. Appointments are not usually needed. Your account will be open in a few days.
- Check the Polish Financial Supervisory Authority websites for a list of banks that are not licensed (see Resources). Make sure you don’t bank with them.
- Check the requirements for limits on transfers between the U.S and Poland. You may need to complete a currency declaration form above certain limits.
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