Polish Money ()
International Banking
Getting an account through a local bank or international banking mobile app will eliminate headaches when paying bills, transferring money, making purchases, getting cash and managing funds between U.S. dollars and Polish zloty.
Even though Poland joined the European Union in 2004, it has not yet adopted the Euro. The Polish currency is the zloty (PLN). A single zloty is equal to 100 Grosz.
While the cost of living in Poland is generally lower than in the U.S., be aware of the initial expenses you might spend upfront, as part of your in-processing and settling in Poland. Discuss your entitlements and allowances with your current finance office for your respective location.
MONEY EXCHANGES
You can change money in banks or Kantors (exchange offices). Banks will likely charge a commission/currency exchange fee ,whereas the Kantors (found in every mall, rest stops and at the airports) usually provide better exchange rates and don’t charge a commission. It is recommended to avoid exchanges located in airports, as they provide less advantageous rates.
ATMs
ATMs are widely available throughout Poland. Check with your CONUS bank or credit union for currency conversion fees and daily limits (some banks, such as USAA, will waive international ATM fees), also consider not accepting conversion offers which increases the ATM fee/cost. When using a debit/credit card, it’s generally better to charge the purchase in the local currency. Not using the local currency may increase your purchase by eight percent.
DEBIT & CREDIT CARDS
Some Polish businesses accept debit and credit cards, but some may not.
It’s always best to carry Polish Zloty when off installation.
There might be transaction fees when using debit cards, so using cash is often the most efficient option.
LOCAL BANK OPTIONS
mBank, www.mbank.pl/en
ING, www.ing.pl
Millennium, www.bankmillennium.pl/en
MOBILE APPS
These “portable” international banks are a great tool to get local bills paid in zloty, and often with competitive exchange rates and low fees.
Wise, www.wise.com
N26, www.n26.com/en
MONEY TRANSFERS
You can use a local MoneyGram vendor for money transfers.
Mobile apps like TransferGo, Wise and N26 facilitate money transfers as well. You will need the recipient’s local bank account number or their International Bank Account Number (IBAN) to complete a transfer.
BEWARE OF FEES
u ATMs may require transaction fees depending on your account services. Be aware of these charges prior to withdrawing money and compare the conversion rate.
