Opening A Bank Account in Poland- Complete Guide

If you are looking to set up a business in the European Union, you can consider establishing your firm in Poland. This is because setting up a business in Poland offers various benefits to entrepreneurs such as access to a skilled workforce, low tax, access to Special Economic Zones, tax advantages, and various other benefits.

However, while setting up a business, one of the most important steps is opening a bank account in Poland. Opening a bank account in Poland offers numerous benefits to entrepreneurs including the ability to access online and mobile banking, better cash flow management, and ease of managing personal and business finances. But how will you open a bank account in Poland? You can register your company in Poland with us and we will also provide assistance with opening a bank account there.

Through this article, we will be explaining the procedure for opening a bank account in Poland. In addition to that, we will be covering the factors that you must think about while choosing a bank and how you can choose the right bank for your needs in Poland.

Is it possible to open a bank account online in Poland?

Opening a business bank account in Poland is a seamless process with the expert assistance of OnDemand International. Once your company is registered in Poland, we can help you set up an online business bank account within 1-3 business days. 

You must provide the necessary documentation, including your Articles of Association, KRS registration, VAT number, and passports of directors/shareholders. 

Documentation Needed For Opening A Bank Account In Poland

The most important papers that are needed to start a bank account in Poland are a residency card for ex-pats who got their residency allowance in Poland or a passport. Interested candidates must note that the required documentation for opening a bank account in Poland may vary from bank to bank. There are some financial institutions that only require identification evidence, while others might require residential proof.

The following are the mandatory documents needed for opening a Polish bank account:

• Identification proof: In order to open a business bank account in Poland, you’ll need to present legitimate government-issued documentation as identification evidence, such as a passport.
• Evidence of address: Electricity bills, statements from banks, or other official documents that are less than three months old are acceptable forms of evidence of address.
• Evidence of employment: You can be required to provide documentation showing your employment if you need overdraft choices, such as an employment contract.
• Residency card for ex-pats

Step-by-Step Guide to Opening a Corporate Bank Account in Poland

Opening a business bank account is necessary for most medium and large businesses in Poland. However, small firms may be exempt, provided they meet specific conditions, such as maintaining a lower annual turnover and having fewer employees.

For Small Businesses:

Small businesses not required to open a bank account must meet the following criteria:

• Lower annual net turnover
• Fewer employees

While exempt businesses are allowed to handle tax payments in cash, having a business bank account is still highly recommended for managing finances effectively.

Business Bank Account Opening Process:

To open a business bank account in Poland, follow these steps:

1. Register Your Company: The first step is to register your business with the Central Register and Information on Economic Activity (CEIDG).
2. Prepare the Necessary Documents: Gather all the required documents as mentioned above.
3. Submit Documents: Once your company is registered, submit the documents to your chosen bank.

If you’re unable to open a bank account in person, OnDemand International can assist you with the process, ensuring everything is handled professionally.

Conditions For Transferring Money From Or To Poland

Entrepreneurs and home investors who make money from Poland, but aren’t based in the nation, and have to transfer their salary, may find the bank’s regulations regarding money transfers worth studying.

If you wish to send in around 7.000 euros in Poland, you can easily transfer it without going through any border declaration. For the amount topping 10.000 euros, the trader is asked to provide a form of the declaration at the border. 

So, it is suggested that the trader uses the method of EU standard transfer, as it’s the fastest, cheapest, and most manageable way of sending huge amounts from Poland. It is to be noted that this EU standard transfer can only be done for withdrawals in the EU.

If one wishes to carry out money transfers between nations outside the EU, and Poland, they can use the different services available for that purpose. It is to be kept in mind that these regulations only apply to fund transfers. But the laws in Poland regarding money transfer, offer several principles.

Major Banks in Poland for Opening an Account

Here are some major financial institutions in Poland:

Santander Bank Polska 

It’s a universal financial institution and also the largest when studied from the perspective of assets.

PKO BP  

The largest financial institution in regards to property which also offers private and commercial banking opportunities to firms and individuals.

ING Bank Slaski  

It is a Dutch ING financial institution in Poland, established after the merger between the ING bank branch, and Bank Slaski. That resulted in the name modification.

Bank Millennium

A corporate bank founded by Millennium BCP, amongst the greatest banks in Poland that’s been running for 25+ years.

MBank 

Despite only having 47 offices nationwide, the bank uses third-party agreements with ATM networks to serve its more than 5 million customers. With the help of its online and telephone customer support, you can easily complete all of your desired banking transactions.

Want to know more about the best banks in Poland? Read our detailed guide today.

Factors to Consider When Opening a Business Bank Account in Poland