Poland has become a key financial hub in Central Europe, attracting businesses and individuals looking for reliable banking solutions. Whether you are an individual or a company, opening a bank account in Poland requires compliance with Know Your Customer (KYC) procedures and local banking regulations.

Requirements for Clients

For Individuals:

• Valid Identification: A passport or national ID card (for EU citizens).
• Proof of Address: A utility bill, rental agreement, or official residency document.
• Polish PESEL or Foreign Tax Identification Number (if applicable).
• Employment or Income Source Verification: Some banks may require proof of income or employment.
• Polish Phone Number and Email Address (often required for online banking access).

For Businesses:

• Company Registration Documents: Extract from the National Court Register (KRS) or equivalent foreign company registration.
• Tax Identification Number (NIP) and REGON (statistical number).
• Articles of Association and Incorporation Documents.
• Details of Directors and Shareholders: Personal identification documents and proof of address.
• Business Activity Justification: Banks may request a business plan or explanation of the company’s financial operations.

KYC and Onboarding Process

Polish banks adhere to strict Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations, making the KYC process a critical step in account opening. The procedure typically involves:

1. Identity Verification: Clients must provide valid identification documents in person or via online verification methods (where applicable).
2. Source of Funds Validation: Banks may request details about the origin of funds and anticipated transaction activity.
3. Compliance Checks: Screening against international sanction lists and politically exposed persons (PEP) databases.
4. Interview or Additional Documentation Requests: Depending on the risk assessment, further documentation or an in-person meeting may be required.
5. Account Activation: Once the verification is complete, the bank issues online banking credentials and a debit card (if applicable).

Key Features of Payments and Transfers

• SEPA Transfers: Poland is part of the Single Euro Payments Area (SEPA), allowing fast and cost-effective euro transactions within the EU.
• SWIFT Transfers: International transactions outside the EU are processed via SWIFT, which may incur additional fees and processing times.
• Domestic Transfers: Local payments in PLN use the Elixir system (standard bank transfers), Express Elixir (instant transfers), and SORBNET (high-value transfers).
• Multi-Currency Accounts: Some banks offer accounts with multiple currency options, enabling seamless international transactions.
• Online and Mobile Banking: Polish banks provide robust digital banking solutions with strong security measures, including two-factor authentication (2FA) and biometric logins.
• Cash Deposits and Withdrawals: ATMs are widely available, and many banks offer free withdrawals within Poland, though fees may apply for international transactions.