How a company can open a bank account in Poland?
Why do you need a bank account for a Polish company? This is compulsory, without bank account, you cannot practically run a business in Poland. All payments for social security, taxes or other government fees have to done through the bank transfer. Moreover, your company and bank account will be checked against the White List (see our articles) by counterparties. Let’s consider the procedure and step-by-step of opening a bank account for a Polish company.
Progress Holding provides full support in opening bank accounts in Poland. If we do not open an account, we will return the money minus the costs of translation, write to office@progressholding.pl
Opening an account for a non-resident individual is compulsory to be in person. The power of attorney does not work. We also do not open accounts for non-resident companies.
Required documents for opening a bank account for a company.
Let’s consider 2 options for opening a bank account for a company in Poland: by proxy and in person
- A) Opening a bank account for a company in Poland by power of attorney
- Provide notarized Power of attorney (POA) from the board member (director) which is listed in the KRS. Banks are reluctant to provide their samples for POA. The POA must indicate that the authorized person can freely dispose the funds. At the beginning you have no money in your account so you do not risk, and then you cancel this power of attorney in order to be on the safe side.
- Extract from the KRS – the bank needs only KRS number. The bank will check the KRS data itself. The bank, in particular, checks the person who gave the power of attorney, his powers, the presence of PESEL, REGON, NIP
- By law = Articles of Association
- The bank requires to sign statements, like: about the absence of political connections (PEP), the absence of cryptocurrencies trade.
- B) Opening a bank account for a company in Poland by power of attorney
- Passport of a member of the board (director).
- Extract from the KRS – in fact, the bank needs only KRS number. The bank will check the KRS data itself. The bank, in particular, checks the person who gave the power of attorney, his powers, the presence of PESEL, REGON, NIP
- By law = Articles of Association
- The bank requires to sign statements, like: about the absence of political connections (PEP), the absence of cryptocurrencies trade.
Banks’ requirements differ slightly, but in principle, these are the main documents. Some banks, in principle, do not open accounts with companies whose owners are non-residents.
Step-by-step instructions for opening a bank account for a company in Poland
- Choosing a bank.
How to choose a good bank for a company in Poland? Basically, the first 20 banks operating in Poland are large and reliable structures. The list of banks is below. A number of banks have the ability to service in English, Russian and Ukrainian, they have support in Ukrainian, Russian and English. Prices for services are similar. There are different tariff plans and it is worth asking the bank which one is right for you.
- Personally go to the bank branch (or your proxy does it) and contact the account officer.
- Submit the documents specified in the list
- The bank asks for information about the field of activity, the company’s turnover (real and planned), indicate the planned amount of receipts to the account and the amount of constant balance, other bank services.
- Determine in what currencies the accounts will be kept. The list of available currencies is limited and mainly comes down to (PLN, EUR, USD, GBP, CHF). Understand that usually the price for maintaining the first account is lower and for others it is higher. Please note that almost every service is paid. Electronic banking and card are issued without request.
- Determine the limits for banking transactions. See below
- Determine what bank card you need. A bank card can be for a specific currency or multicurrency, depending on the bank.
- You can ask the bank to connect your personal and company accounts to one login, then the service is easier.
- The bank prepares documents for you or issues a request for approval at the head office. The bank signs contracts with you and gives you access to your account. Usually there are separate agreements for each account, card and electronic banking. You get all pin codes on the spot. You will receive the card in a few days by mail.
How long does it take to open an account for a company in a Polish bank?
Regardless of the POA or personal presence, the terms are the same. Depending on the bank, about 1-2 hours or about 7-14 days, depend on the bank.
Important: the bank will open a VAT account for you in PLN without asking you, but will charge you for it. This account is for VAT payments. See our articles
What are the limits for operations in Polish banks?
Usually the bank sets transfer limits. In the branches of the bank usually up to PLN 1 million. But you can ask for more. Limits exist for card transactions separately for online purchases, payments in shops and cash withdrawals. You can withdraw cash through the bank’s cash desk without limits, but by prior ordering this amount to a bank branch.
Progress Holding Sp z o. o. provides full support and will open a bank account in Poland We mainly recommend PKO BP S.A., Santander Bank Polska S.A. We assist in choosing the optimal tariff plan for service, write to office@progressholding.pl
Commissions and fees for maintaining an account in a Polish bank
There are many fees, we will focus on a few of the most popular
- Commission for maintaining an account per month from 0 to 35 PLN per month, depending on the tariff plan.
- Transfer within Poland from 1 to 1.5 PLN Tax and ZUS transfers PLN zero
- Cash withdrawal or deposit 0.5% min PLN 10
- Cash withdrawal or top-up at the bank’s ATM – zero, at another ATM 2.5% min PLN 5. Cash withdrawals abroad from 2% to 3.5%
- Transfers abroad: SWIFT from 8 dollars but not more than 60 dollars, SEPA – only for EURO transfers from 5 PLN and not more than 20 PLN
Commissions of a Polish bank depend on how much the operation will be and how much money remains on the account
Important: In recent years, the requirements of Polish banks to companies have increased. Refusal to open an account for a Polish company, especially if there are no Polish citizens among the founders, often happens. The control services of the bank decide that the Client is running a hopeless business and simply refuses to open an account. There is no way to appeal this decision.
A list of popular banks, a list by the amount of assets those. bank size
- PKO BP S.A.
- Bank Pekao S.A.
- Santander Bank Polska A.
- mBank A.
- ING Bank Śląski A.
- BNP Paribas A.
- Bank Millennium A.
- Alior Bank A.
- Citi Handlowy S.A.
- Getin Bank S.A.
- BOŚ Bank S.A.
- Idea Bank A.
- Raiffeisen Bank Polska A.
- Bank Handlowy w Warszawie A.
- Idea Bank S.A.
- Bank Ochrony Środowiska A.
- Credit Agricole Bank Polska A.
- Bank Polskiej Spółdzielczości A.
