How does a Raiffeisenbank euro account work in the Czech Republic? A clear summary

Are you regularly traveling abroad? Or do you receive your salary in euros? Then it might be time to consider opening a euro account. If you're a fan of Raiffeisenbank, you've come to the right place. In this article, you'll find out if Raiffeisenbank offers a euro account, how much it costs, and what it offers. Finally, you'll learn how to set one up step by step.

We're also introducing the Wise account which allows you to have local account details in 9+ currencies, including EUR, USD, and GBP — all in one place. You can convert your money at the mid-market rate, and we'll show you the fees upfront.

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Does Raiffeisenbank offer a euro account?

It depends on how you look at it. Raiffeisenbank doesn't offer a standalone euro account, but it does provide a Multicurrency service, allowing you to hold balances in euros and 17 other currencies on your account.¹ This effectively gives you a multi-currency account. However, you won't get separate euro bank account details – your euro account is managed as a folder under one Czech account number.

Raiffeisenbank euro account – fees

You can open a multi-currency account with Raiffeisenbank through the Multicurrency service. This is free with an Active or Exclusive account. However, you pay a monthly fee for both, CZK 49 or CZK 299, respectively.² You can also hold a Smart account for free and activate the Multicurrency service on it for CZK 29 per month for each currency.¹

What about other fees? Take a look at them in the table, where you can compare them with a Wise multi-currency account.

Data valid at the time of article creation.

Is the Raiffeisenbank exchange rate advantageous?

When you have an account in a foreign currency, the exchange rate plays a crucial role. From time to time, you'll likely want to transfer money from your euro account to your Czech one, or vice versa. Each bank sets its own rate by adding a margin to the basic market rate, known as the mid-market rate. Some banks have a higher margin than others. How does Raiffeisenbank fare?

Let's say you want to send exactly 500 EUR to your Raiffeisenbank euro account. As you saw in the table above, with Raiffeisenbank's rate, the transfer will cost you over 400 CZK more than with a Wise account. The reason is the exchange rate:

* Including exchange fee.

Although Raiffeisenbank doesn't charge a fee for the exchange itself, its exchange rate makes the conversion significantly more expensive. Wise charges a low fee, but uses the mid-market rate, which influences the price much more.

Withdrawing cash from a Raiffeisenbank euro account

You might want to withdraw euros in cash while abroad. How much will that cost you? Hooray, good news! A Raiffeisenbank account offers this service free of charge.² Plus, you use the same card as in the Czech Republic.

Want the mid-market rate and low fees? Manage international transfers with Wise

How to avoid the margin on the exchange rate? With a Wise multi-currency account. You convert and send your money with a few clicks, at the mid-market rate, and with minimal fees that you know in advance.

Open your Wise account for free, quickly and easily. All you'll need is your ID and a mobile device – there's no need to visit a bank office.

With the Wise Account you can:

• Hold 40+ currencies and convert between them at the mid-market rate. We will show our conversion fees upfront
• Get local account details in up to 9 currencies, including EUR, GBP, and USD
• Receive balance cashback on EUR, GBP and USD held in your account
• Order a Wise debit card which you can use with our Smart Conversion technology
• Set up Auto Conversions based on your desired rate in the Wise app or use our Wise Rate Tracker to request exchange rate notifications directly to your email
• Create Wise virtual cards, and save on online shopping
• Get instant notifications of all your transactions via the Wise app. If you lose your card, you can easily cancel it in the app to keep your money safe

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What does Raiffeisenbank euro account offer?

Is the Multicurrency service, which allows you to hold euros in your account, worth it?

Advantages

• In addition to euros, it provides 17 other currencies on the account.⁵
• The Active and Exclusive accounts have the service for free, with you paying for account maintenance. With the Smart account, you pay for the multi-currency service, but if you don't use it in a given month, you don't pay anything.
• When paying with a card abroad, the transaction is automatically debited from the euro currency component.¹

Disadvantages

• A margin on the mid-market exchange rate.³ This applies to all exchanges you make – including card payments or ATM withdrawals.
• You do not have separate bank details for the euro account. It is managed under one Czech account number.
• Monthly maintenance fee – either for activating the service itself or for the account in which it is included.¹

How to open a Raiffeisenbank euro account?

First, you need to open a standard Czech account, on which you will then activate the Multicurrency service. As you already know, Raiffeisenbank does not offer a standalone euro account. You can open a standard account online, and you can choose from three: Smart, Active, and Exclusive. Then, you just need to activate the Multicurrency service by following these steps:

Mobile banking

1. Log in.
2. In the Account Details tab, select Currency Component Settings.
3. Select the desired currency – in your case, euros – and click Activate.
4. Confirm the activation of the new currency with your verification method.
5. Your euro folder is ready for action.

Internet banking

1. Log in.
2. On the main page, click on the Current Personal Account field.
3. In the left menu, select the Detail and Account Settings option.
4. At the bottom of the loaded page, click the New Currency button.
5. Select the currency – euros – and click Continue.
6. Confirm the choice with your verification method.
7. Your euro folder is created.¹

Now you know all about how a Raiffeisenbank euro account works. You've learned that it's a euro folder without its own bank details. When using it, be mindful of the exchange rates. Always calculate in advance the actual amount you will pay. Or rely on the mid-market rate with a Wise account.

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Sources:

Sources checked on February 23, 2026.