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The Slovak financial sector has been rapidly growing and commercial banks are at the core of the financial institutions. If you want to open a bank account in Slovakia, it is recommended that you come and do it in person, but our company formation experts in Slovakiacan make sure that you are provided with the necessary information and assistance throughout the whole process, regardless of the place you are opening it from.
Key aspects to consider when opening a bank account in Slovakia
Both persons and companies need to have bank accounts for the completion of various money-related operations and transactions, therefore the opening of a bank account becomes mandatory. The good part about setting up a bank account in Slovakia is that financial institutions here allow various possibilities to both types of clients.
Setting up a bank account in Slovakia is quite easy for both natural and corporate persons, however, these must take into consideration several aspects when choosing the bank. Among these, we mention the following:
whether the financial institution is a local one or a branch of a foreign banks operating here;
the services connected to the selected type of bank account (each type of account comes various services);
the opening and administration fees, which vary from bank to bank even if not by much;
the option of completing operations in other currencies, which is very useful for companies with foreign ownership.
Foreign citizens and investors who want to open bank accounts can rely on our company formation agents in Slovakia for assistance in choosing the bank they want to work with.
Choosing a Slovak bank to open an account with
Local and foreign citizens choosing to open bank accounts in Slovakia should first verify offers from several banks before selecting one. Just like in other European countries, there are numerous banks that operate here, each offering various types of accounts and services attached to them. This is one of the main reasons to take time when searching for a bank.
It is possible to set up bank accounts with local financial institutions, which is often the case of Slovak nationals, or with branches of foreign banks, which is a suitable option for foreign citizens and companies operating here. In some cases, overseas citizens and investors can even find banks from their own countries to open Slovak bank account with. In such situations, they can even link existing bank accounts in their home states with the ones created in Slovakia.
Other aspects to consider when choosing a Slovak bank is its size. One can decide for large or smaller financial institutions. It is usually Slovak companies that opt for large banks thanks to the stability these offer. Also, the currency in which the account can be set up in is quite important, especially when entering transactions with foreign entities.
Other aspects that should be considered when choosing a bank to open an account in Slovakia are:
- the setup and administration fees, which depend on bank to bank;
- the possibility of accessing the account online;
- other services linked to the bank account;
- the possibility of obtaining various types of loans.
If you want to open a company in Slovakia and need guidance in creating a corporate account, our officers can help you. In order to speed up the process, we can handle the procedure on your behalf.
Types of bank accounts in Slovakia
Just like in other European countries, banks offer several possibilities when it comes to the types of accounts one can open. Among these are:
- current bank accounts which can be used for salary and daily operations;
- savings accounts which are quite popular among Slovak citizens looking to save money;
- corporate bank accounts which are available for companies;
- merchant accounts which can set up by e-commerce businesses for online transactions.
Based on the type of account chosen, the future client will be required to provide a series of documents for its opening. The documents can vary from bank to bank, however, in most cases the requirements are not very different.
If you want to open a company in Slovakia and need assistance in setting up the bank account in 2021, our local agents can help you.
You can read about the process of opening a bank accoun in Slovakia in the infographic below:
Bank account opening for Slovak employees
Personal bank accounts are among the most common in Slovakia, as many persons employed with local companies must have bank accounts in order to receive their salaries. When opening a bank account for this purpose, it is quite common for the selected institution to ask for documents like a copy of the ID, a recent utility bill and even the last paycheck in order to prove the source of income.
This is also the case of foreign employees who must submit a copy of their passports and information related to their employment forms in Slovakia. Even so, setting up a bank account for this purpose is one of the easiest procedures.
One of the main advantages of creating such an account with a Slovak bank is the access to overdrafts and credit lines available for clients.
In some cases, Slovak companies work with specific banks which provide them with various benefits for employees, such as no withdraw or administration fees for employees. In other cases, the employees can have their own preferences in terms of banks.
If you have any questions about the employment legislation, you can ask our local agents.
How to open a merchant account in Slovakia in 2021
Just like in countries all over the world, e-commerce has become one of the main pillars of the Slovak economy, as many companies decide to operate both through traditional and online channels. For those offering services or selling goods on the internet, one of the main recommendations is to give clients and customers the possibility of paying online. For this, companies required merchant accounts.
The creation of an online company requires a website which is based on a previously registered domain name and which is finally linked to the merchant account.
The opening of merchant account in Slovakia in 2021 must be completed with a service provider, as there are specific companies that offer such services. This account can be connected to the company’s corporate account in order for the transactions to be completed as smooth as possible.
If you want to open an e-commerce company in Slovakia, you can rely on our agents for assistance in registering the desired business form. We can also provide you information on how to set up a merchant account linked to it.
Open a bank account in Slovakia for foreigners
There are no restrictions on opening a bank account for foreigners in Slovakia. However, every bank has different approaches and requirements, so it is best to check before. For example, some banks may open accounts for foreigners only after they receive approval from the bank’s headquarters. Other banks may refuse opening accounts with a power of attorney. Some of the requirements for opening a bank account by a non-Slovak resident are as follows:
- you must have full legal capacity (without limitations);
- identification documents (ID card, identification evidence, passport etc);
- residence address ;
- you might be asked to submit an application form and to create your signature in the bank (specimen signature);
- residence permit in some cases;
- you may also be asked to present a certificate of the place of residence where you pay taxes;
- although it is recommended to personally visit the bank, opening a bank accountbased on power of attorney is also possible.
Banks have relaxed their regulations with respect to the persons and companies interested in opening bank accounts in Slovakia, which is why it is possible for non-residents to have accounts even if they do not live in this country. While some banks allow foreign citizens to set up accounts remotely, others will require them to travel to Slovakia for the creation of the account. There is also the possibility of granting a power of attorney to a proxy who will handle the opening process.
Our Slovak company formation officers can represent foreign citizens and companies with local banks. We can also handle the opening of accounts on behalf of non-residents who have the option of choosing a Slovak branch of a foreign bank, including one of their home countries, where possible.
Opening a corporate bank account in Slovakia in 2021
With a stable economy, Slovakia is slowly becoming an important business center in Europe and the European Union. This is translated into a larger number of investors opening businesses here. One of the main aspects to be considered whenopening a company in Slovakia is the bank account creation, as the share capital needs to be deposited in it.
The opening of a corporate bank account is different from that of a personal one as the documents to be presented with the chosen institution are slightly more complex. For example, the future business’ Articles of Association must be submitted to the bank. Also, information of a company representative who will manage the account and complete transactions on behalf of the company must be presented with the bank. Also, in most cases a signature specimen is required.
It should be noted that in the case of foreign companies seeking to open bank accounts in Slovakia in 2021, a company representative could be required to travel here for the completion of the procedure. This is usually required in the case of companies from non-EU and non-EEA countries.
Slovakia’s banking field is safe and the Slovak banks are ranked as one of the most stable in the Euro zone and the European Union in general. This stability has been possible due to the fact that local banks have not distributed more than 50% of their profits in the last years, which helped boost their capital.
Big part of the Slovakian banking sector is foreign owned, being dominated by banking groups such as Raiffeisen bank, Unicredit Group etc. It is advisable to open a bank account in Slovakia with a bank with which the foreign investor already has an account in his/her country of origin.
How long does it take to open a bank account in Slovakia in 2021?
One of the main important issues related to opening a bank account in Slovakia is related to the time it takes for the procedure to be completed. The first thing one should know is that each bank has its own procedures which is why this time differs from one financial institution to another.
The opening of a personal or savings account takes just a few days with most banks, however, in the case of corporate accounts, various verifications must be completed which is why the procedure can prolong to a few weeks, however, it all depends on the bank the client will work with.
The advantages of a Slovak bank account
Accessing finances and maintaining a cash flow are the prerequisites of any business in Slovakia. Investors who want to open a bank account in Slovakia should know that the banking system provides companies with several advantages. These include the following:
• high technologies in bank operations;
• one of the highest markets in the world in terms of contactless cards;
• bank accounts can be opened in a lot of currencies, besides Euro – CZK, HUF, PLN, British pound, Japanese Yen, Swiss Franc and others;
• the possibility to transfer funds not only in the currency of the bank account, but also in many other currencies;
• very low interests on deposit accounts.
• an easy management of the employees` salaries and retirement funds.
Opening a bank account in Slovakia in 2021 is quite simple and the procedure can be started online in certain cases. With a power of attorney, one of our agents can commence the process on behalf of foreign investors.
As the number of e-commerce companies is increasing, the creation of a bank account for such Slovak businesses in 2021 will be essential. These must be accompanied by merchant accounts. Both opeining procedures can be handled by our specialists.
If you are wondering about the requirements for opening a bank account in Slovakia in 2021, do not hesitate to ask us about them. We also invite you to watch our video:
The financial industry in Slovakia
The financial sector is one of the most developed branches of the Slovak economy as financial technology is increasing. When it comes to the banking industry, the European Banking Federation (EBF) reports that:
- there were 26 banks operating in t he country in 2018, 4 of them as specialized banking institutions;
- in the same year, there were 1,174 branches operating in Slovakia;
- these banks operated 2,778 ATM machines and 45,000 POS terminals;
- corporate loans in Slovakia have started growing by 5% per year, especially among small and medium-sized enterprises.
Call us now at +421 918813359to set up an appointment with our consultants, who are handling company formation in Slovakia. Alternatively you can incorporate your company without traveling to Slovakia.
As our client, you will benefit from the joint expertize of local accountants and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Slovakia.