How to send money to Czech Republic – fast, cheap & easy

The Czech Republic belongs to 8 of 27 EU countries, which still have their own national currency. So how to send money to Czech Republic? Businesses around the world are looking for cheap and uncomplicated ways to send money to Czech Republic. In this article, we list all options and show you the best ways to transfer your currency to Czech Koruna.

Common ways to send money to Czech Republic

Most SMEs are still using traditional ways to send money to Czech Republic. But next to banks, more and more businesses rely on digital payment platforms.

Traditional banks

Banks are still the most common way to exchange and transfer money. Depending on the location of the sender and recipient, most banks rely on SWIFT when it comes to cross-border payments.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global payment and settlement system, which connects more than 11,000 institutions. The network facilitates international transfers between issuing and remitting bank. However, a bank transfer between 2 institutions is only possible if there is a direct commercial relationship, i. e. the institutions keep Nostro/Vostro accounts of one another.

If there is no direct relationship between issuing and remitting bank, the money is sent through a chain of intermediary banks, which do have accounts of one another. In practice, this means that anywhere between 2 to 5 SWIFT member banks are involved in the process, which leads to slower processing times and higher fees. Besides handling fees of each institution, foreign currency exchange margins also apply. As a result, SMEs aim to access local payment schemes.

Local payment transactions have gained more traction in recent years, as they make use of cost-efficient domestic payment schemes. SEPA, for instance, facilitates sending and receiving Euros in 36 European countries, whereas CERTIS is the local clearing system of the Czech Republic. If you are located outside the Czech Republic and need access to the local scheme, you can make use of providers offering local payments to profit from this cheaper and often faster solution.

By doing so, you can also ensure that your beneficiary receives the full amount, without the deductions typically known from SWIFT payments.

Payment platforms

In contrast to traditional banks, modern payment platforms allow users to do instant currency exchange and transfer money via SWIFT as well as local payment schemes. In many cases, you can also create your own peer network, so if your business partner is inside your network, you can send money to Czech Republic instantly and free of charge through online peer to peer transactions. Global payments are streamlined, faster and cheaper as you don’t need to go through many bank institutions (intermediaries are cut out).

Even though these payment platforms offer convenient options compared to banks, some don’t serve all customer needs and target specific customer groups.

amnis, for example, is a payment platform dedicated to small- and medium-sized companies, giving them many choices to send money to Czech Republic. While it is possible to create multi-currency IBANs to receive money in 20+ currencies from 180+ countries via SWIFT, users can also use local payment transactions or even their PEER network to get the best possible option for each transaction.

How much does it cost to send money to Czech Republic?

We have compared famous banks and digital platforms to check how much Czech Koruna the recipient receives using the same amount of money.

1’000 CHF to CZK (Status: 11/27/2022)

• Zürcher Kantonalbank: Recipient receives 23,803.98 CZK
• UBS: Recipient receives 23,350.81 CZK
• PayPal: Recipient receives 23,635.22 CZK
• amnis: Recipient receives 24,763.30 CZK

1’000 EUR to CZK (Status: 11/27/2022)

• Rabobank: Recipient receives 23,888.06 CZK
• ING: Recipient receives 24,002.12 CZK
• PayPal: Recipient receives 23,207.35 CZK
• amnis: Recipient receives 24,396.90 CZK

1’000 GBP to CZK (Status: 11/27/2022)

• The Royal Bank of Scotland: Recipient receives 25,623.43 CZK
• NatWest: Recipient receives 25,624.95 CZK
• PayPal: Recipient receives 26,839.63 CZK
• amnis: Recipient receives 28,324.26 CZK

FAQ

How long will a money transfer to Czech Republic take?
SWIFT and local payments can take up to 4 days, while transactions within a PEER network work instantly.

What do I need to transfer money to Czech Republic?
A SWIFT payment requires the following information:

• Recipient’s full name
• Recipient’s account number (IBAN)
• Payment reference
• Recipient bank’s BIC (SWIFT) code (if applicable)
• Bank’s name (if applicable)

For a local payment (via CERTIS), you need:

• Recipient’s full name
• Recipient’s account number (IBAN)
• Payment reference
• Recipient bank’s BIC (SWIFT) code (if applicable)

A P2P payment requires:

• Account/connection in the same network
• Recipient’s full name (if applicable)
• Reference number (if applicable)
• Recipient’s email address (if applicable)

Is it safe to send money to Czech Republic online?
Most digital payment platforms have high and advanced security standards, so that your money is protected.

How to send money to Czech Republic for companies with amnis

How does amnis simplify sending money to Czech Republic? amnis is the ideal option to open a business account, a great addition to your local bank account, and the best solution for your international money transfer: with amnis you can not only send CZK via SWIFT, but also locally and via PEER instantly.

With the free starter package from amnis, you benefit from unlimited domestic payments in CZK as well as one free international payment (SWIFT) that you can send to over 200 countries. In contrast, traditional banks usually charge fees for every transaction and SWIFT payment. You will receive exchange rates at great conditions, no minimum transaction volume required, and can instantly send money through your PEER network. Alternatively, you can send CZK through local payment transactions meaning the beneficiary gets the full amount.

This puts you in a great position to serve your business partners much more efficiently and you can save money and time. Compared to most other digital payment platforms, amnis allows you to receive foreign currencies and even hedge conveniently against exchange risks. You also have the option of receiving interest on business accounts.

Not convinced yet? Get started and open a free amnis demo account in 30 seconds to check the live rates and compare them with your current provider.

What do I need to transfer money to Czech Republic as a company?

Companies can easily open an amnis account within 48 hours and start immediately to send money to Czech Republic or receive different currencies from abroad. The only thing you need is to register online, no deposit required.