KB: Holidaying without fees for withdrawal and deposit of foreign currencies in cash

Press release

Prague, 9 June 2015 – Komerční banka dies not charge any fees for foreign currency deposits in and withdrawals from Czech crown-denominated accounts. Free deposits and withdrawals concern all currencies shown in Komerční banka’s exchange rate list, including the popular Croatian kuna. Transactions in Croatian kuna grew by 900% year-on-year.

Komerční banka’s clients in the Individuals segment can now withdraw and deposit foreign currencies from and in their accounts denominated in the Czech and other currencies free of charge on a permanent basis. By this offer, Komerční banka seeks to reach out to its clients who travel abroad and need cash on them.

In the light of the success of last year’s summer Fee Holidays, Komerční banka has decided to implement this bargain offer, covering all currencies on Komerční banka’s exchange rate list in the ‘foreign currencies in cash’ category (including the popular Croatian kuna), as a lasting change in its Price List, i.e. to cancel the standard fee of 2% of the conversion transaction amount.

For example, if clients who have Czech crown-denominated current accounts at Komerční banka withdraw cash in a foreign currency from their accounts, when they come back home from abroad with left-over banknotes in a foreign currency they can deposit them in their bank account at Komerční banka and the amount will be credited to their account in Czech crowns again completely free of charge.

Last year’s time-limited event has convinced us that this was the right step taken by Komerční banka, which our clients regarded very favourably. We have therefore decided to cancel these fees for good and support our clients in their trips abroad throughout the year,” said Jana Švábenská, Executive Director for Transaction and Payment Services at KB.

The volume of Croatian kuna transactions increased by more than 900% year-on-year. The euro accounted for 68% of all transactions, i.e. the largest volume of trading.

The amount of foreign currencies in cash that were traded at KB last year during the Fee Holidays totalled more than CZK 460 million, which means an increase of almost three times compared with 2013.

Komerční banka’s ‘permanent fee holidays’ for individual clients concern the following cash transactions:

  • Free of charge withdrawal of foreign currencies from CZK current accounts;
  • Free of charge deposit of foreign currencies in CZK current accounts;
  • Free of charge withdrawal of Czech crowns from current accounts denominated in foreign currencies;
  • Free of charge deposit of Czech crowns in current accounts denominated in foreign currencies;
  • Free of charge withdrawal of foreign currencies from current accounts denominated in a different foreign currency.

The offer covers all currencies on KB’s exchange rate list in the category of ‘foreign currencies in cash’.