Opening a bank account in Slovakia

In this article we will show you the advantages of opening a bank account in Slovakia, the top 3 most popular banks to open a bank account in Slovakia. We'll look at how to open a bank account in Slovakia as a Hungarian, what documents you need and where to do it next.

Opening a bank account in Slovakia for an individual

As a private individual, opening a bank account in Slovakia is relatively easy. Opening an online bank account is not possible as a Hungarian citizen, but in all the major border towns and cities, the bank branches available bank account opening available in Hungarian. 

By visiting one of the bank branches in Komárno (Slovak side of Komárno) or Párkány in person, you can get information in Hungarian about opening a bank account and open a bank account without paying an opening fee. The official currency of Slovakia is the euro, so in a Slovak bank as a first step, a euro bank account we can open. If you wish, in addition to the main foreign exchange currencies, you can also forint account to open is. Slovak bank charges are generally cheaper if you prefer to do your banking in euros. Transferring and receiving money in euro in SEPA zones is done within 1 day at low cost.

Slovak banks are generally innovative. Many banks allow you to open an account online if you are a Slovak citizen, as a foreign individual However you can only open a bank account in person. In addition to Slovak, it is usually possible to do business in English or Hungarian, especially in the towns and cities of the Highlands, where there are a large number of Hungarian speakers. However, if telephone customer service you can expect that they will usually be based in Bratislava and that they will administration in Slovak or English.

In the two nearest cities, in Párkány and Komárno, you can open a Slovak bank account in both euro and forint after presenting some documents. Cash can be withdrawn and deposited either via an ATM or at a bank branch, depending on the bank. Above 10.000 Eur, the bank may ask for a certificate of source. A Credit cards issued in Slovakia are accepted everywhere in the world, so Also in Hungary all kinds can be used without limit both for kp withdrawals or card payments. 

TOP 3 Slovak banks where to open a bank account

You can easily open a bank account at the following financial institutions. 

Tatra banka

Tatra bank a our personal favourite, as they introduce super innovative technologies. For us, the bank represents the absolute trust category, the Austrian Slovak subsidiary of Raiffeisen Group. You can open an account in person with your ID card, address card and tax card. In Parcany you can only withdraw or deposit cash from ATMs and the limit is €10,000, if you want a larger amount or if you do not have a credit card, the nearest branch with cash handling facilities is in Komárno.

CSOB Bank

An old-time "offshore" bank, it belongs to the Belgian KBC group, similar to the Hungarian K&H bank. At one time, the Slovak press was vociferous about cash transactions and armed robberies by Hungarians, so they were the first to clamp down. They provide account management services for both Hungarian individuals and businesses. A few years ago, OTP acquired its Slovak subsidiary and merged the two banks, making it the dominant bank in Slovakia.

Slovenská Sporiteľňa

The bank is part of the Erste Group and has branches in both Párkány and Komárno. Less popular with Hungarian customers, it is also one of the largest Slovak banks.

+ 1: Unicredit Bank

a big advantage of the Italian banking group's Slovak subsidiary is that they can use Unicredit ATMs abroad under certain conditions, in addition to domestic fees.

Documents required when opening a Slovak bank account:

• Identity card
• Address card, proof of address
• tax card or tax certificate on tax eligibility

In addition to the above, the following documents are required to open a company account:

• a certified translation of the company's certificate of incorporation dated within 30 days into Slovak (it is advisable to have it done in Slovakia)
• Signature address with a certified Slovak translation
• banks may ask for additional or different documentation, it is always the bank's responsibility to check with them.

Free accounts for Slovak companies can be opened at the following banks

• mBank.sk - Commerzbank, a subsidiary in Slovakia, does not have a physical branch network, they have customer points in major cities, where they do not handle cash, only customer service. They only have a Slovak language mobile app. 
• Fio.sk - a full bank account service for Slovak companies, with internet banking and only a few branches. The nearest branches are in Komarno and Nové Zámky. Cash transactions over €10,000 must be declared in advance. Their mobile contact details are available in English and Slovak. Account management fees, card fees are 0, so if you want to open an account with a Slovak company, it can be a very good alternative. It is also available as a Hungarian individual free EUR account package, which does not even charge transaction fees without monthly account and card fees.

Slovak bank account summary

Slovakia mainly for those in the most beneficialwho have important for easy accessibility and banking in Hungarian. In addition, in a number of cases, banks operating in Hungary can be used under more favourable conditions. It is important to know that by 2024, these solutions will be completely inadequate for storing untaxed and illegal money, as is the case in much of the world. Slovakia joins the CRS tax treaty countries, which send aggregated data to the tax authorities of foreign clients' countries once a year. Cash withdrawals are similar to the system already in place in Hungary, with cash withdrawals over 10,000 EUR requiring 2 days' notice and the same deposit may require a source certificate. Amounts below this can usually be paid or deposited via atm. The same banking groups are present in Slovakia as in Hungary, so you should be familiar with them (Raiffeisen, Unicredit, CIB, KBC, Erste).

If you open an account with a Slovak bank, you can make your euro transfers to any SEPA country free of charge or at a maximum cost of 0.5-1 Eur.

We do not provide account opening services in Slovakia, we share our own and our clients' experiences.