The Real Cost of Converting EUR at a Polish, Czech, or Hungarian Bank
When an EU client sends you €3,000 via SEPA and it lands in your domestic bank account, the bank converts it to your local currency automatically. The exchange rate they apply includes a commercial markup — typically 2–3.5% above the interbank rate. This doesn't appear as a fee. It simply results in fewer zloty, crowns, or forints than you'd expect.
Worked example for a Polish freelancer:
| Scenario | EUR/PLN Rate | Amount Received | Annual Loss (15 invoices) |
|---|---|---|---|
| Mid-market rate | 4.2800 | 12,840 PLN | — |
| PKO BP retail rate | 4.1900 (−2.1%) | 12,570 PLN | 4,050 PLN (~€945) |
| Wise (mid-market − 0.5%) | 4.2586 | 12,776 PLN | 960 PLN (~€224) |
The solution: receive EUR into a EUR-denominated account you control. Convert when you choose, using a provider with transparent rates.
Account Options Compared
| Provider | EUR IBAN Country | Monthly Fee | Conversion Fee | Country Availability |
|---|---|---|---|---|
| Wise Business | Belgium (BE) | €0 (setup ~€45 once) | 0.4–0.7% mid-market | All EU countries |
| Revolut Business | Lithuania (LT) | €0–€100 (tiered) | 0.6% free plan, lower on paid | All EU countries |
| N26 Business | Germany (DE) | €0 or €16.90/month | 1.7% standard, 0% Metal | Most EU countries |
| Bunq Business | Netherlands (NL) | €9.99/month | Mid-market rate | All EU countries |
| Local bank EUR sub-account | Domestic IBAN | €0–€10/month | 1.5–3.5% on conversion | Home country only |
Wise: The Default Choice for Most Freelancers
Wise is the most widely used option for non-eurozone EU freelancers for practical reasons: you get a real Belgian IBAN for SEPA payments, you hold EUR without automatic conversion, and when you convert, Wise uses the mid-market rate plus a stated percentage fee — no hidden spread.
How to set up a Wise EUR account from Poland, Czech Republic, or Hungary:
- Go to
wise.com/business(orwise.comfor personal/sole trader accounts) - Provide your EU national ID card or passport — all three countries are fully supported
- Verify your address with a utility bill or bank statement dated within the last 3 months
- For Business accounts: add company registration number and registered address
- Once verified, navigate to "Balances" and add EUR as a currency — your Belgian IBAN generates immediately
- Update your invoice template to show this IBAN as the receiving account for EUR payments
The one-time Business account setup fee (approximately €45–50 as of early 2026) covers IBAN generation. Personal accounts are free to open. The Belgian IBAN works for all SEPA transfers across the EU — your Polish, Czech, or Hungarian clients can pay it without issue.
One limitation to know: Wise's Lithuanian or Belgian IBANs are occasionally rejected by very old domestic payment systems that only accept IBANs from the payer's or payee's home country. This is rare in EU B2B contexts but does happen with some invoicing portals. In those cases, a local bank EUR sub-account provides the domestic IBAN as a fallback.
Revolut Business: Better for Higher Volume
Revolut Business is the stronger choice when you're handling more than 15–20 EUR transactions per month, need USD and GBP accounts alongside EUR, or want more sophisticated team and accounting integrations.
The free plan includes 5 free international transfers per month — sufficient for occasional invoicing but limiting for active freelancers. The Grow plan at €25/month includes 100 free international transfers, which suits most mid-size freelance operations. The Scale plan (€100/month) adds unlimited transfers and advanced APIs.
Country-specific notes:
- Poland: Revolut has strong local marketing and full PLN integration. Many Polish freelancers use Revolut as their primary business account with the PLN and EUR accounts side by side.
- Czech Republic: CZK accounts are fully supported, and local IBAN options exist for Czech businesses. The Revolut Business interface has Czech localisation.
- Hungary: Revolut has significant penetration in Hungary. HUF accounts are supported, and the platform is well-known locally. OTP Bank's EUR account is the traditional alternative, but Revolut's conversion rates are substantially better.
N26 Business: Simpler but Limited
N26 offers a German (DE) IBAN and genuine eurozone banking infrastructure. EU residents from Poland, Czech Republic, and Hungary can open accounts — N26 accepts EU residents generally, not just eurozone citizens. The free Business account charges 1.7% on currency conversion, which is better than a domestic bank but worse than Wise or Revolut. The Metal plan (€16.90/month) removes conversion fees, which justifies the cost only if you're converting significant amounts regularly (roughly €1,000+ per month of conversion volume).
N26 is a reasonable choice for freelancers who want a simple, bank-app experience with a clean interface and don't need multi-currency account features beyond EUR.
Local Bank EUR Sub-Account: When It Still Makes Sense
Every major bank in Poland, Czech Republic, and Hungary offers EUR sub-accounts. These are useful in specific situations despite the higher conversion costs:
- Your client's invoicing portal requires a domestic IBAN — some large EU companies only accept payments from accounts in the same country
- You need integrated credit facilities or an overdraft tied to the same institution
- You spend EUR without converting — if you pay EU suppliers in EUR directly from the EUR sub-account, no conversion is needed
Local options:
- Poland: PKO Bank Polski EUR account, Santander Poland Business EUR, mBank EUR
- Czech Republic: Česká spořitelna EUR business account, Komercní banka EUR
- Hungary: OTP Bank EUR business account, K&H Bank EUR
Maintenance fees are typically €0–€10 per month. Conversion rates remain the weak point — use these accounts for receiving and holding EUR, then convert via a better-rate provider if needed.
Practical Recommendation by Country
For Poland (PLN): Open Wise Business as your primary EUR receiving account. Keep your PKO BP or mBank account for domestic PLN operations. Convert EUR to PLN via Wise when rates are acceptable, and track the ECB rate to time larger conversions.
For Czech Republic (CZK): Wise or Revolut both work well. If you already use Revolut for personal banking, upgrading to Business is straightforward. Komercní banka EUR sub-account is a credible fallback for clients requiring a Czech bank relationship.
For Hungary (HUF): Revolut is the most popular fintech option locally and integrates smoothly with HUF accounts. OTP Bank EUR account serves as the traditional fallback. Wise works identically in Hungary as elsewhere in the EU — setup is the same process.
Before converting your EUR balance, check the current EUR rate against your local currency with the EU Biz Tools Currency Converter — so you know exactly what you'll receive before you execute the transfer.