Banking, Money and Taxes in Poland

Banking, money and taxes in Poland offer various options as the financial system has evolved substantially in the last decades. You’ll find numerous local and international banking choices, each with different fee policies and account options. It’s highly recommended you do some preliminary research to find which will work best for your situation.

Money in Poland

Money in Poland revolves around the Polish Złoty (PLN), which remains the official currency despite Poland’s European Union membership since 2004. The złoty is divided into 100 groszy, with no current plans to adopt the euro in the near future.

• Notes: PLN 10, PLN 20, PLN 50, PLN 100, PLN 200 and PLN 500
• Coins: 1, 2, 5, 10, 20 and 50 groszy and PLN 1, PLN 2 and PLN 5

You can change money in banks or kantors (exchange offices). For the best rates, seek out kantors in city centres rather than airports or tourist areas. Banks typically charge a commission, while kantors offer more competitive rates with no commission. Many expats now use mobile apps to compare rates between different exchange services.

Near border regions, particularly with Germany, Czech Republic and Slovakia, euros may be accepted in some establishments, but typically at less favourable rates than official exchanges.

Banking in Poland

Banking in Poland gives you access to both national and international institutions. PKO BP remains the largest and most popular national bank, and Millennium Bank, mBank, and Citibank (Bank Handlowy) are also frequently used by the expat community. Most major banks offer English-language services in urban areas, with digital banking interfaces also available in English.

Smaller, more traditional Polish banks and branches in rural areas may not have English-speaking staff readily available, so it’s worth checking language support before choosing a bank if you’re settling outside major cities.

Banking hours in Poland are generally from 9am to 4pm, Monday to Friday, and 9am to 1pm on Saturdays. Many branches located in shopping centres offer extended hours that match the mall’s operating times, sometimes until 8pm on weekdays.

Opening a bank account

You’ll likely need to open a bank account in Poland for your day-to-day expenses and to receive your salary. The process works smoothly if you have the right documentation.

You can use your passport and residency card to open a bank account. In cases where you don’t have a residency card yet, some banks will accept a passport and proof of address with a signed declaration of residency. Documentation requirements vary between institutions, with some requiring additional verification for non-EU citizens.

ATMs and credit cards

ATMs and credit cards in Poland are widely accessible throughout Poland’s major cities but may be less common in rural areas. Polish bank ATMs typically don’t charge withdrawal fees, even for international cards, although your home bank might apply international fees.

Credit cards are broadly accepted in urban areas, with contactless payment options becoming increasingly prevalent. For the best exchange rates, always choose to be charged in local currency (PLN) when using foreign cards.

Independent ATM operators like Euronet may charge higher fees than bank-operated machines, so try to use ATMs attached to banks whenever you can.

Taxes in Poland

Taxes in Poland operate on a residency-based system that impacts all residents. You qualify for tax status based on how much time you spend in the country or the nature of your employment contract.

Expats who are residents or spend more than 183 days of the tax year in the country will be taxed on their worldwide income. Poland has a progressive tax system with two main brackets at 12 percent and 32 percent, along with a substantial tax-free allowance that benefits most taxpayers.

Poland has established double taxation agreements with over 90 countries, including major expat source countries like the US, the UK, and most EU countries. These treaties provide mechanisms to avoid paying tax twice on the same income.

Expats must register for a tax identification number (NIP) upon arrival. This 10-digit number is required for tax filings and social security payments. You can apply at your local tax office by submitting an NIP-7 identification form along with your passport and residence documentation.

Tax returns must be filed by April 30th each year for the previous calendar year. Unlike some countries, Poland doesn’t offer automatic extensions specifically for expats, although case-by-case extensions may be granted with proper justification.

If you’re working remotely in Poland for a foreign company, your income is generally taxable in Poland. The detailed rules depend on tax treaties, and if you’re in this situation, consider speaking to a tax advisor.

Working in Poland