
How to Choose a Reliable Bank for Your Company in Poland
How to Choose a Reliable Bank for Your Company in Poland
The banking sector in Poland comprises over 500 banks, including many international institutions and branches of foreign banks. The ten largest and most well-known banks in Poland include PKO Bank Polski, Bank Pekao, Santander Bank Polska, BNP Paribas, mBank, ING Bank Śląski, Bank Millennium, Bank Zachodni WBK, Credit Agricole Bank Polska, and Citi Handlowy.
Banking supervision in Poland has a two-tier structure. The first level is handled by the National Bank of Poland (NBP), and the second by the Polish Financial Supervision Authority (KNF).
Nearly all banks in Poland offer a wide range of services, including financial support for establishing and running businesses, even for foreign entrepreneurs wishing to do business in Poland.
How to find a reliable bank in Poland? What principles should guide the selection? Let’s delve into this topic.
1. Stability and Security
One of the most important factors when choosing a bank is stability and security. When opening a company account, check the bank’s rating according to agencies such as Moody’s, Standard & Poor’s, and Fitch. A high rating indicates the bank’s financial stability.
Next, review the bank’s financial reports. Pay attention to liquidity ratios, capital adequacy, and loan-to-deposit ratios. These indicators should be healthy and meet industry standards.
2. Reputation and Reliability
To assess the bank’s reputation, gather information by reading reviews and press articles on banking activities. Pay attention to any complaints or problems encountered by clients.
If you already have business partners or consultants in Poland, ask them about the bank’s reputation.
3. Services and Products Offered by the Bank
Ensure that the bank provides products and services that meet your company’s needs. This may include commercial banking, investment services, corporate loans, and cash management solutions.
Check whether the bank has online platforms and mobile applications. A functional mobile app is essential, enabling you to manage finances directly from your phone — issuing invoices, processing payroll, or transferring funds.
4. Credit Policy
Find out what types of loans the bank offers for small and medium-sized businesses. Does the bank provide working capital loans or credit lines for cash flow gaps? Compare the terms — loan duration, maximum amounts, and interest rates.
Visit the bank’s website to learn about the documentation required, processing time, and whether the entire procedure can be completed online.
5. Fees
Compare the fees and commissions charged by your selected bank with those of other banks. Pay attention to account maintenance fees, transaction charges, and loan-related costs.
Promotional pages often present the most favorable terms, which may not be available to all clients. Look for a comprehensive description of tariffs, including conditions and fees.
Choose a bank with a transparent fee structure that fits your budget.
6. Money Inflow Limits
Some bank tariffs have limits on money inflows, i.e., the number of payments you can receive into your account. Banks charge a commission for exceeding these limits. The size of the limit depends on the tariff cost — the more expensive the tariff, the higher the commission-free turnover limit. Be sure to check these limits beforehand.
7. Business Cards
Some banks offer business cards linked to company accounts. Incoming payments are immediately visible on the card. Entrepreneurs can use the card for personal expenses, such as groceries or flight tickets.
8. Payment Services Availability (Acquiring Services)
Acquiring services enable business clients to accept card payments for products and services. For online companies, internet acquiring is more convenient. For brick-and-mortar locations such as stores or cafes, terminal acquiring works well.
9. Customer Service
Evaluate the quality of customer service offered by the bank. Is the staff competent and ready to quickly respond to questions and solve problems? Check customer reviews regarding support services and the availability of personal account managers.
10. Banking Technology and Security
Inquire about the bank’s investments in technology and security. Do they use modern systems for data protection and fraud prevention?
Does the bank have a business continuity plan for natural disasters or other unforeseen events?
Compare offers by speaking with representatives from multiple banks. Consult your accountant or financial advisor. Regularly review your bank selection to ensure it continues to meet your needs.
If you have any questions or would like further information, please contact us at office@progressholding.pl.
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