Opening a Bank Account in Poland: A Comprehensive Guide for Non-Resident Business Owners

The allure of Poland as a business hub is undeniable. With its banking system, strategic location in the heart of Europe, and a plethora of business opportunities, it’s no wonder that foreign entrepreneurs and multinational corporations are increasingly setting their sights on this promising market.

Whether you’re a non-resident planning to launch a new venture, a thriving business looking to establish a Polish subdivision, or a multinational corporation aiming to expand your operations, having a local bank account is fundamental. In this guide, we delve into the process of opening a bank account in Poland, providing you with essential, up-to-date information to navigate the Polish banking system with ease and confidence.

Why It’s Worth Opening a Bank Account in Poland as a Foreign Business Owner

Setting up a bank account in Poland can make running your business a lot smoother. You get access to modern banking services, low fees, strong security and it’s much easier to handle everyday payments or international transfers without delays or hidden issues. Polish banks also follow international financial standards, so you can count on clear, reliable reporting when managing your company’s finances.

Types of Banks in Poland

Poland’s banking sector is diverse, with various types of institutions to cater to a wide range of banking needs.

• Commercial Banks – These are privately-owned entities offering a full spectrum of banking services. They are the most common type of banks in Poland and include familiar names like PKO BP and Bank Millennium.
• Cooperative Banks – These banks operate on a member-owned model. Although they might not be as well-publicized as commercial banks, they often offer competitive services at potentially lower costs.
• Foreign Banks and Their Branches – Many major international banks, such as Santander Bank Polska and ING Bank Śląski, have a significant presence in Poland, providing familiar and globally recognized banking options.

Choosing the Right Bank For You

Selecting the right bank is a critical decision that can impact the efficiency of your business operations. You need to consider:

• Speed of Account Formation – The time it takes to set up a bank account can vary between banks. Typically, it ranges from 5 days to 2 weeks.
• Banking Rates – Different banks have different fee structures for services such as account maintenance, ATM withdrawals, and transfer fees. Ensure to compare these before making a decision.
• Availability of ATM Unit – If your business operations require frequent cash transactions, the accessibility and distribution of a bank’s ATM network can be a deciding factor.
• Bank’s Policies Towards Corporate Clients – Some banks might offer specialized services or incentives for corporate clients, which could be beneficial for your business operations.
• Quality and Accessibility of Online and Mobile Services – In the digital age, a bank’s online and mobile banking services are crucial for managing your finances efficiently and conveniently. Check if the bank provides a user-friendly online platform and a reliable mobile app for on-the-go banking needs.

In the end, the right bank for your business will depend on your specific requirements and preferences. It’s advisable to do thorough research and consider seeking professional advice if needed. Remember, GLC is here to assist you with all the formalities needed for opening a bank account in Poland. Contact us for more information and personalized guidance.

What do You Need to Open a New Bank Account as a Foreigner?

For non-resident individuals, the document requirements to open a bank account in Poland include:

1. Passport or a national identification card – These documents are used to verify your identity.
2. Proof of address – This might be a utility bill or a lease agreement that shows your current address.
3. Information about your employment history – This could be in the form of a resume, or documents from past employers.
4. Polish identification number (PESEL) – Some banks might require this, although it is not universally required for non-residents. A PESEL is a unique identification number assigned to each citizen or resident in Poland.

For companies intending to open a bank account in Poland, the document requirements include:

1. Articles of Association – This is a document that specifies the regulations for a company’s operations and defines the company’s purpose.
2. A list of stakeholders – This includes anyone who has a stake or interest in the company’s success.
3. Samples of the director’s signatures – These are typically required to verify the identity of the directors and to ensure that they have the authority to act on behalf of the company.
4. An excerpt from the Poland Business Register – This is a document that proves the company’s legal existence and standing.
5. Passport or IDs – These documents are used to verify the identity of the individuals opening the account on behalf of the company.

Remember, that while some banks offer remote account opening, many require a personal visit for identity verification. Documents not in Polish may need to be translated by a sworn translator and possibly apostilled.

Bank Policies Vary. Each bank has its own policies regarding non-resident accounts, so it’s advisable to consult with the specific bank beforehand to check with the individual bank for their exact requirements.

How to Open Bank Account in Poland – Step by Step

Opening a bank account in Poland is a relatively straightforward process, but it requires proper preparation and attention to detail—especially for non-residents. Here’s a more detailed breakdown of the steps involved:

1. Choose the right bank and account type. Start by researching banks that offer services in English or your preferred language. Decide whether you need a personal or business account, and compare fees, online banking options, card types, and international transfer conditions.
2. Prepare the necessary documents. As mentioned above, these will vary depending on whether you’re an individual or a company. Make sure any foreign-language documents are officially translated into Polish by a sworn translator if required.
3. Schedule and attend a bank branch visit in Poland. Most banks require you to be physically present to open an account, especially if you are a non-resident. Schedule a meeting in advance if possible, particularly in larger banks or business-focused branches. Bring all required documents and be prepared to fill out application forms and answer questions about the source of your funds, your expected account use, or your company’s operations. Moreover, a local address is typically required to open a bank account in Poland​.
4. Complete due diligence and verification procedures. The bank will carry out a verification process to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations. This may include checks on your identity, employment or business activity, and potentially the origin of your funds or corporate structure (for companies). In some cases, additional documents or clarifications may be requested.
5. Wait for your application to be processed and approved. The timeframe for opening a bank account in Poland is typically between 5 days to 2 weeks​.

It’s important to note that while remote bank account opening is possible, it’s generally only available for individuals who are in Poland.

How Does Account Opening Procedure Differ for Individuals and Companies?

The procedure to open a bank account in Poland can vary depending on whether you are an individual or a company, beyond the differences in necessary documents. Here are some potential differences:

1. Personal Visit – While an individual can often open a bank account with a single visit to the bank, a company might require visits by multiple representatives, such as directors or stakeholders, depending on the bank’s requirements.
2. Verification Process – The verification process might be more extensive for companies than for personal accounts. For instance, banks may need to confirm the legal status of a company, verify the identities of multiple stakeholders, and validate the company’s registration and operation permissions. This process could be more time-consuming compared to the verification process for individuals.
3. Account Features and Services – The type of account and related services offered can differ between individuals and companies. Businesses may have access to additional services like merchant accounts, business credit, payroll services, etc. Individuals are usually offered services such as personal loans, credit cards, etc.
4. Fees – The fee structure can be different for businesses and individuals, with businesses often having higher fees due to the additional services and increased transaction volumes associated with business accounts.

Polish Bank Account for Non-Residents

Remember that banking fees can vary by bank, and can include a monthly administration fee, ATM fees, transfer fees, and others.

Finally, please be aware that the details of this procedure can vary depending on the specific bank and your individual circumstances, so it’s a good idea to check with the specific bank for their exact procedure. Some banks may also offer dedicated services for expats or foreign entrepreneurs, including English-speaking support and tailored account packages. Taking the time to compare offers and clarify requirements in advance can save you both time and unnecessary complications.

Diving Deeper – Kinds of Bank Accounts

Merchant Bank Account

A merchant account is a type of bank account that allows businesses to accept payments in multiple ways, most notably via credit or debit cards. This is especially important for companies that sell their products online. Here’s how it works: your business, a bank, and a third-party payment processor enter into an agreement. The bank and the processor handle all the card transactions. When choosing a bank for your merchant account, keep an eye out for competitive processing rates and security measures to protect your transactions.

Foreign Currency Account

A foreign currency account is a specialized bank account that lets you hold and manage funds in multiple currencies other than Polish złoty. It’s a smart choice for businesses that deal with international clients, suppliers, or partners. It helps you avoid constant currency conversion and the extra fees that come with it. With this account, you can send and receive payments in euros, dollars, pounds, or other major currencies, all while keeping your transactions smooth and organized.

When setting one up, check:

• which currencies the bank supports,
• what the exchange rates and transfer fees look like,
• can you use credit and debit cards with it
• and whether the account can be linked to your main business banking tools.

Money Transfers via Polish Bank Accounts

As for transferring money to and from Poland, money transfers of up to 10,000 euros in Poland do not require any declaration at the border. For larger amounts, it is advisable to use the EU Standard Transfer as it is the cheapest, fastest, and most convenient way to transfer money within the European Union.

Bank accounts in Poland comply with the IBAN format, which is also used for international money transfers. Credit cards are widely accepted in Poland, and ATMs can be used for cash withdrawal.

Remember, the specifics of money transfers, like banking fees and procedures for international transfers, can vary from bank to bank. It’s always a good idea to check with your chosen bank for the exact details.

Opening a Business Bank Account in Poland for Non-Resident Business Owners

Understanding the process of opening a bank account in Poland is crucial for non-resident business owners focusing on the opportunities in this economy. From selecting a bank that suits your needs to preparing the necessary documents, this process requires careful consideration and planning.

Let’s recap some important facts we’ve covered:

• Foreign citizens are required to provide a local address when opening a bank account in Poland.
• The possibility of remote bank opening exists, but it’s primarily available for individuals who are residents.
• The timeframe for opening a bank account typically ranges from 5 days to 2 weeks.
• Depending on your chosen bank, be prepared for potential fees such as a monthly administration fee, ATM fees, and transfer fees​.
• It’s important to note that you need to travel to Poland to open a bank account, making it all the more critical to have your documents and plans in order​.

Armed with this knowledge, you are one step closer to establishing a successful business in Poland. However, navigating foreign banking systems can still pose challenges.

That’s where we come in. At GLC, we’re dedicated to smoothing out your business journey in Poland. With our expertise and guidance, we can help you maneuver through these banking procedures, address any concerns, and ensure you’re set up for success. Don’t hesitate to reach out to us for further assistance in making your business ambitions in Poland a reality.

Your success in Poland is our mission. Let’s make it happen, together.