mBank launched standalone foreign currency accounts for Czech customers on October 22, 2026, offering automated interest and single-card access across five major currencies. The long-awaited rollout provides accounts for euros, US dollars, British pounds, Polish zlotys, and Swiss francs, nearly two decades after the financial institution first promised the service following its entry into the Czech market in November 2007, Měšec.cz reported.
New accounts offer automatic interest on five currencies
The new offering introduces standalone accounts with individual account numbers and IBANs rather than a single multicurrency pool. Customers can hold one account per currency without paying setup, maintenance, or closure fees. Balances earn automatic interest without requiring minimum deposits, regular income receipts, or a specific volume of card transactions. Accounts yield 1.81 percent per annum for euros, 2.01 percent for US dollars, British pounds, and 2.61 percent for Polish zlotys, and zero percent for Swiss francs due to the zero interest rate of the Swiss National Bank. mBank guarantees these interest rates through June 30, 2027, promising that rates will not decrease during this period, while interest compounds monthly after a 15 percent withholding tax deduction for private individuals.
Single Debit Card Integration Across Borders
Cardholders do not require a separate plastic card to access foreign funds. mBank links the new foreign currency accounts directly to the existing debit card issued for a primary Czech crown account, including older legacy cards. When executing a purchase abroad, the payment system detects the transaction currency and debits the corresponding foreign currency account automatically if sufficient funds are present. Transactions will draw entirely from the primary crown account—triggering a currency conversion—if the specific foreign balance falls short by even a fraction of the total price, as the system cannot split a single purchase across two accounts. Zuzana Šimková, a spokesperson for mBank, confirmed to Měšec.cz that merchant refunds on card purchases in foreign currencies now return directly to the corresponding currency account without incurring conversion fees, provided the customer holds that specific account.
SEPA, SWIFT, and Currency Conversion Restrictions
Incoming and outgoing SEPA transfers in euros remain free of charge, whereas transactions in dollars, pounds, zlotys, and francs process via SWIFT. Incoming SWIFT transfers incur a 100 CZK fee, while outgoing transfers cost 0.5 percent of the transaction value, ranging from a minimum of 300 CZK to a maximum of 1,000 CZK. Conversions between two distinct foreign currencies route through the Czech crown as an intermediary step, triggering two separate exchange events. mBank restricts internal currency conversions between a client's own accounts to business days between 8:00 AM and 7:00 PM using the bank's standard foreign exchange rate sheet. Cash deposits and withdrawals in foreign currencies remain unavailable, and the accounts do not support standing orders or direct debits.
Business clients access accounts as Czechs store cash home
Self-employed individuals operating under an mKonto Business profile can access the foreign currency accounts under identical terms and interest structures. Prior to the launch, mBank commissioned an Ipsos survey of 1,037 respondents aged 18 to 65, which revealed that 58 percent of Czechs hold foreign currency, yet 64 percent store that cash physically at home. Only 5 percent keep foreign currencies in savings accounts, and 3 percent utilize term deposits.
Foreign Currency Account Questions
Can cash be deposited into these foreign currency accounts at ATMs?
No cash deposits or withdrawals are supported for foreign currencies at this time, though mBank’s CEO did not entirely rule out future expansions using automated teller machine networks during discussions with Měšec.cz.
How are cross-border transfers involving Polish zlotys handled?
Despite mBank operating extensively in Poland, transfers in zlotys do not process as free internal payments. They route through the SWIFT network as standard international transfers subject to standard bank fees.
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