23 lipca, 2024

🎥 🔴 Legal Regulations for Foreigners in Poland: Residence Card, EU Registration, and Ministry Guidelines

We have prepared a series of recordings for you.

We want you to come to the meeting with an outline in your head of the area we are going to cover. You will find on our platform videos that address the most important, fundamental issues of taking out a mortgage. Some of them relate more to you when it comes to, for example, the issue of creditworthiness itself, some of them develop other threads, less universal, but they should also be exhausted at the very beginning. We want you to have a certain foundation when coming to the meeting so that it is as productive as possible for you – we respect your time. We invite you to watch and possibly ask questions already at the meeting.

Legal Regulations for Foreigners in Poland: Key Points

1. Residence Card

Foreigners from outside the EU who intend to stay in Poland for more than 90 days must apply for a residence card. This card confirms their right to stay and work in Poland. The application is typically submitted to the local Voivodeship office. Required documents include proof of residence, health insurance, and financial stability.

2. Registration of EU Citizens

EU citizens planning to stay in Poland for more than three months must register their residence. This is done at the local Voivodeship office. Required documents generally include proof of employment, study, or sufficient resources.

3. Ministry Oversight

The Ministry of the Interior and Administration oversees the implementation of immigration laws and policies. They provide guidelines and support for foreigners regarding residency and registration processes.

Why you should consult your situation with our experts?

Every financial situation is unique, which is why an individual approach to choosing a mortgage loan is so important. Our assumptions are only a simulation, and your conditions may differ. That’s why we encourage you to contact our experts who will:

• Analyze your individual financial situation
• Find the best loan offers available on the market
• Help negotiate with the bank
• Provide support at every stage of the loan process

By working with us, you can be sure that the selected mortgage loan will be perfectly tailored to your financial situation and future plans.

Contact Us

Consult your situation with our Experts. Take advantage of our knowledge and 16 years of experience to make the best financial decision. Remember, working with us is completely free of charge!

Call us on +48 12 352 12 12 or fill out the contact form on contact page to schedule a free consultation. We are here to help you!

Join our Expats Community

Subscribe my Channels

23 lipca, 2024

🎥 🔴 Creditworthiness in Polish Banks: Evaluating Income Sources for Mortgage Loans – Pros & Cons

We have prepared a series of recordings for you.

We want you to come to the meeting with an outline in your head of the area we are going to cover. You will find on our platform videos that address the most important, fundamental issues of taking out a mortgage. Some of them relate more to you when it comes to, for example, the issue of creditworthiness itself, some of them develop other threads, less universal, but they should also be exhausted at the very beginning. We want you to have a certain foundation when coming to the meeting so that it is as productive as possible for you – we respect your time. We invite you to watch and possibly ask questions already at the meeting.

Key Points

Financial capacity, also known as creditworthiness, is a critical aspect when applying for a mortgage. Let’s break down the various sources of income that affect your financial capacity into ten main points: employment contract, commission contract, contract for specific work, sole proprietorship, commercial company, pension, disability pension, rental income, income currency, and the DTI (Debt-to-Income) ratio. This order represents a gradation from the most straightforward and acceptable sources of income to the most complex and problematic from the perspective of bank regulations and calculations.

1. Employment Contract

The employment contract is the most straightforward and widely accepted source of income.

• Type of Contract – it can be either for an indefinite period or a fixed-term period. If it’s an indefinite period, banks typically consider an average income over the last three months, including bonuses and allowances.
• Fixed-term Contract – requires a longer employment history, typically six months, and should preferably extend for another 12 months into the future.

2. Commission and Specific Work Contracts

Contracts such as commission (umowa zlecenie) and specific work (umowa o dzieło) are also considered, albeit with more stringent requirements.

• Duration – banks usually require a 12-month history, with an average income over the last six months taken into account.
• Stability – these contracts are seen as less stable compared to employment contracts, making them less favorable in scoring.

3. Sole Proprietorship

Sole proprietorship is a common form of income but is more complex to evaluate.

• Taxation – can be on general principles (17% and 32%) or linear tax (19%).
• Income Calculation – banks consider the gross income minus costs, reflected in annual tax returns (PIT) and accounting books (KPiR). They require documentation for the previous fiscal year and the current year to date.
• Duration – preferably the business should have been operating for at least 24 months.

4. Commercial Companies

Income from commercial companies, such as limited liability companies (Spółka z o.o.), is evaluated differently.

• Company Role – income can be from employment, managerial roles, or through invoicing the company.
• Documentation – banks may require financial statements (CIT, balance sheets, and profit and loss statements) to assess the company’s financial health.
• Ownership – the applicant’s ownership percentage in the company also matters.

5. Pension

Pensions are generally considered stable income.

• Age Factor – the term of the mortgage might be limited based on the applicant’s age. For instance, younger pensioners have a better chance of obtaining longer-term mortgages.
• Disability Pension – must be permanent to be considered.

6. Rental Income

Rental income is increasingly common but requires thorough documentation.

• Consistency – banks typically look for a 12-month history of rental income.
• Taxation – proof of tax payments and rental agreements is necessary to validate the income.

7. Income Currency

Income in foreign currencies is subject to specific regulations.

• KNF Regulations – the primary currency of income determines the currency in which you can obtain a mortgage. If most of your income is in a foreign currency, the mortgage must also be in that currency.
• Bank Options – only a few banks offer foreign currency mortgages, which come with different conditions and reference rates (e.g., EURIBOR).

8. Country of Income

The country where the income is earned also affects eligibility.

• Polish Nationals Abroad – generally acceptable, but foreign nationals earning abroad face more significant challenges.
• Income in PLN – earning in Polish zloty (PLN) while living abroad is rare but favorable for mortgage eligibility in Poland.

9. DTI Ratio

The Debt-to-Income (DTI) ratio is crucial in determining loan eligibility.

Impact – a higher DTI ratio limits borrowing capacity, as banks prefer lower risk.

Calculation – DTI = Total Monthly Debt Payments / Gross Monthly Income. It should be less than or equal to 50%.

Why you should consult your situation with our experts?

Every financial situation is unique, which is why an individual approach to choosing a mortgage loan is so important. Our assumptions are only a simulation, and your conditions may differ. That’s why we encourage you to contact our experts who will:

• Analyze your individual financial situation
• Find the best loan offers available on the market
• Help negotiate with the bank
• Provide support at every stage of the loan process

By working with us, you can be sure that the selected mortgage loan will be perfectly tailored to your financial situation and future plans.

Contact Us

Consult your situation with our Experts. Take advantage of our knowledge and 16 years of experience to make the best financial decision. Remember, working with us is completely free of charge!

Call us on +48 12 352 12 12 or fill out the contact form on contact page to schedule a free consultation. We are here to help you!

Join our Expats Community

Subscribe my Channels

23 lipca, 2024

🎥 🔴 Choosing the Best Mortgage Offer in Polish Banks: Components, Cross-Selling, and Adaptation Tips

We have prepared a series of recordings for you.

We want you to come to the meeting with an outline in your head of the area we are going to cover. You will find on our platform videos that address the most important, fundamental issues of taking out a mortgage. Some of them relate more to you when it comes to, for example, the issue of creditworthiness itself, some of them develop other threads, less universal, but they should also be exhausted at the very beginning. We want you to have a certain foundation when coming to the meeting so that it is as productive as possible for you – we respect your time. We invite you to watch and possibly ask questions already at the meeting.

1. Interest Rates and Bank Margins

Interest rates on your mortgage consist of the bank’s margin and a reference rate. While the reference rate (like WIBOR/WIRON) is generally the same across banks, the margin offered by each bank can vary. Here’s why it’s important:

• Bank Margin – this is the portion of the interest rate that the bank adds as profit. A higher margin increases your overall interest rate and monthly mortgage payments.
• Impact on Monthly Payments – the total interest rate directly affects your monthly mortgage payments, impacting your budget and loan affordability.

2. Fees

There are two main types of fees associated with mortgages: preparation fees and prepayment penalties.

• Preparation Fee – also known as the loan origination fee, this is a one-time fee charged by the bank to set up the loan. Some banks may waive this fee in exchange for higher interest rates.
• Prepayment Penalty – this fee applies if you pay off your mortgage early, either by selling the property, refinancing, or making lump-sum payments. Some banks allow penalty-free prepayments after a certain period, usually three years, due to regulations.

3. Insurance Policies

Various insurance policies may be required or offered with your mortgage:

• Life Insurance – while not mandatory, some banks offer it to cover the loan in case of the borrower’s death.
• Job Loss Insurance – also optional, this covers loan payments if you lose your job.
• Low Down Payment Insurance – required if your down payment is less than 20%, covering the additional risk to the bank.
• Bridge Insurance – covers the period until the mortgage is registered in the property’s land and mortgage register.
• Property Insurance – mandatory to protect the property against damages.

4. Collateral Valuation

The valuation of the property you are using as collateral is crucial in determining the loan amount and conditions.

• Property Valuation – an appraisal by a certified valuer determines the market value of the property. This can cost between PLN 900 and PLN 1,500 depending on the property type.
• Impact on Loan-to-Value (LTV) Ratio – the LTV ratio compares the loan amount to the property’s value. A lower LTV ratio (higher equity) is preferable as it reduces the bank’s risk and may result in better loan terms.

5. Additional Factors (Cross-Sell Products)

Banks may require or offer additional products and services as part of the mortgage package:

Other Products – various other products, like savings accounts or investment plans, might be included. While these products can offer benefits, they can also increase your overall costs.

Bank Account – some banks require you to open an account and deposit your salary.

Credit Card – banks may offer or require a credit card as part of the mortgage package.

Why you should consult your situation with our experts?

Every financial situation is unique, which is why an individual approach to choosing a mortgage loan is so important. Our assumptions are only a simulation, and your conditions may differ. That’s why we encourage you to contact our experts who will:

• Analyze your individual financial situation
• Find the best loan offers available on the market
• Help negotiate with the bank
• Provide support at every stage of the loan process

By working with us, you can be sure that the selected mortgage loan will be perfectly tailored to your financial situation and future plans.

Contact Us

Consult your situation with our Experts. Take advantage of our knowledge and 16 years of experience to make the best financial decision. Remember, working with us is completely free of charge!

Call us on +48 12 352 12 12 or fill out the contact form on contact page to schedule a free consultation. We are here to help you!

Join our Expats Community

Subscribe my Channels

23 lipca, 2024

🎥 🔴 Downpayment Options: 10% vs 20%+ for Mortgage Loans in Poland – Accessibility & Benefits

We have prepared a series of recordings for you.

We want you to come to the meeting with an outline in your head of the area we are going to cover. You will find on our platform videos that address the most important, fundamental issues of taking out a mortgage. Some of them relate more to you when it comes to, for example, the issue of creditworthiness itself, some of them develop other threads, less universal, but they should also be exhausted at the very beginning. We want you to have a certain foundation when coming to the meeting so that it is as productive as possible for you – we respect your time. We invite you to watch and possibly ask questions already at the meeting.

Down Payment Segments

• 10% down payment – having a 10% down payment opens up mortgage opportunities but often comes with stricter conditions and higher costs. Many banks are cautious about lending with a lower down payment due to increased risk. To mitigate this risk, banks may require:
  • Low down payment insurance – this can be a separate policy paid upfront or incorporated into the loan margin, which increases the overall cost until the equity reaches 20%.
  • Higher margins – banks may offer higher interest rates to compensate for the higher risk associated with lower down payments.
  • Limited bank options – not all banks will accept a 10% down payment. Approximately half of the banks in Poland might approve such loans, often with additional conditions.
• 20% down payment and higher – a down payment of 20% or more is considered standard and minimizes the perceived risk for the bank. This generally results in:
  • Better loan offers – with a 20% down payment, you are likely to receive better interest rates and terms.
  • Compliance with KNF recommendations – the Polish Financial Supervision Authority (KNF) recommends a 20% down payment, making it easier to meet bank criteria.
  • Flexibility – higher down payments beyond 20% do not significantly change the loan terms but improve your equity and reduce the loan amount needed.

Loan-to-Value Ratio (LTV)

LTV is a critical factor in mortgage lending. It represents the ratio of the loan amount to the appraised value of the property:

• Example calculation – if the property value is PLN 1,000,000 and you have a 20% down payment, you can borrow up to PLN 800,000, resulting in an LTV of 80%. For a 10% down payment, you can borrow up to PLN 900,000, resulting in an LTV of 90%.
• Impact on loan approval – lower LTV ratios (higher down payments) are preferable as they reduce the bank’s risk. Higher LTV ratios (lower down payments) may require additional measures like insurance.

Refinancing and LTV Adjustments

Changes in property value and loan repayments can adjust your LTV ratio:

Repayments and overpayments – making regular repayments or additional overpayments reduces the loan amount, thereby decreasing the LTV ratio. For example, paying down the principal amount can shift your LTV from 90% to 80%.

Increasing property value – if the property value increases over time, your LTV ratio decreases, improving your loan conditions. For instance, if the property value rises due to market conditions, the increased equity can lower your LTV ratio.

Why you should consult your situation with our experts?

Every financial situation is unique, which is why an individual approach to choosing a mortgage loan is so important. Our assumptions are only a simulation, and your conditions may differ. That’s why we encourage you to contact our experts who will:

• Analyze your individual financial situation
• Find the best loan offers available on the market
• Help negotiate with the bank
• Provide support at every stage of the loan process

By working with us, you can be sure that the selected mortgage loan will be perfectly tailored to your financial situation and future plans.

Contact Us

Consult your situation with our Experts. Take advantage of our knowledge and 16 years of experience to make the best financial decision. Remember, working with us is completely free of charge!

Call us on +48 12 352 12 12 or fill out the contact form on contact page to schedule a free consultation. We are here to help you!

Join our Expats Community

Subscribe my Channels

23 lipca, 2024

🎥 🔴 Understanding Mortgage Interest Rates in Poland: Margins, Reference Rates, and Economic Factors

We have prepared a series of recordings for you.

We want you to come to the meeting with an outline in your head of the area we are going to cover. You will find on our platform videos that address the most important, fundamental issues of taking out a mortgage. Some of them relate more to you when it comes to, for example, the issue of creditworthiness itself, some of them develop other threads, less universal, but they should also be exhausted at the very beginning. We want you to have a certain foundation when coming to the meeting so that it is as productive as possible for you – we respect your time. We invite you to watch and possibly ask questions already at the meeting.

Bank Margins

Bank margins are a significant part of the mortgage interest rate. This is essentially the profit that the bank aims to make on the loan they provide. Here’s what you need to know about bank margins:

• Fixed vs. Variable Margins – some banks offer fixed margins, meaning the margin remains the same throughout the loan term. Others offer variable margins that can change based on market conditions or your credit profile.
• Risk – the bank adds a risk bonus to the interest rate based on creditworthiness, employment stability and other risk factors. Higher perceived risk results in a higher margin.

Reference Rates

Reference rates, also known as base rates, are another crucial element in determining mortgage interest rates. In Poland, the most common reference rates are the WIBOR (Warsaw Interbank Offered Rate) for loans in PLN, and EURIBOR (Euro Interbank Offered Rate) for loans in EUR. Here’s how they work:

• WIBOR – this is the rate at which banks lend to each other in the Polish market. It fluctuates based on supply and demand for funds and is influenced by monetary policy and economic conditions.
• EURIBOR – this rate applies to loans denominated in euros and is influenced by the European Central Bank’s monetary policy and broader economic conditions in the Eurozone.
• Impact on Mortgages – your mortgage interest rate is often expressed as the reference rate plus the bank’s margin. For example, if the WIBOR is 1.5% and the bank’s margin is 2%, your mortgage interest rate will be 3.5%.

The Economy in Poland

The broader economic context in Poland also plays a significant role in shaping mortgage interest rates. Here’s how various economic factors come into play:

• Inflation – higher inflation typically leads to higher interest rates as the central bank raises rates to control inflation. Conversely, lower inflation can result in lower interest rates.
• Monetary Policy – the National Bank of Poland (NBP) sets the base interest rates for the economy. Changes in the NBP’s policy rates directly influence the reference rates like WIBOR.
• Economic Growth – strong economic growth can lead to higher interest rates as demand for credit increases and the central bank acts to prevent the economy from overheating. In contrast, slower growth or a recession can lead to lower interest rates as the central bank aims to stimulate borrowing and investment.
• International Influences: Global economic conditions and policies of major central banks (like the ECB and the Federal Reserve) can also impact Polish interest rates, particularly if there are significant movements in global interest rates or economic trends.

Why you should consult your situation with our experts?

Every financial situation is unique, which is why an individual approach to choosing a mortgage loan is so important. Our assumptions are only a simulation, and your conditions may differ. That’s why we encourage you to contact our experts who will:

• Analyze your individual financial situation
• Find the best loan offers available on the market
• Help negotiate with the bank
• Provide support at every stage of the loan process

By working with us, you can be sure that the selected mortgage loan will be perfectly tailored to your financial situation and future plans.

Contact Us

Consult your situation with our Experts. Take advantage of our knowledge and 16 years of experience to make the best financial decision. Remember, working with us is completely free of charge!

Call us on +48 12 352 12 12 or fill out the contact form on contact page to schedule a free consultation. We are here to help you!

Join our Expats Community

Subscribe my Channels

23 lipca, 2024

🎥 🔴 How to Get a Mortgage Loan in Poland? Step-by-Step Process

We have prepared a series of recordings for you.

We want you to come to the meeting with an outline in your head of the area we are going to cover. You will find on our platform videos that address the most important, fundamental issues of taking out a mortgage. Some of them relate more to you when it comes to, for example, the issue of creditworthiness itself, some of them develop other threads, less universal, but they should also be exhausted at the very beginning. We want you to have a certain foundation when coming to the meeting so that it is as productive as possible for you – we respect your time. We invite you to watch and possibly ask questions already at the meeting.

Creditworthiness Assessment

The first pillar is evaluating your financial capacity. This involves examining your income, financial history, and current financial obligations. Your creditworthiness is a critical factor that banks consider, as it determines your ability to repay the loan. Here’s what this assessment typically includes:

• Income Verification – banks will verify your income sources, whether it’s from employment, business, or other means. They will look at your employment status, the stability of your job, and the size of your company.
• Financial Obligations – existing loans, credit card debts, and other financial commitments are considered. The debt-to-income ratio (DTI) is a key metric here, which compares your monthly debt payments to your monthly income. Ideally, your DTI should be below 50%.
• Credit History – your credit report from the Credit Information Bureau (BIK) will be reviewed to check your past credit behavior, including any late payments or defaults. A clean credit history increases your chances of getting approved.

Calculating creditworthiness is relatively straightforward and can often be done within 1-2 hours using various banking calculators. However, each bank has its own criteria and may weigh factors differently, making this an important step to get right.

Collateral Evaluation

The second pillar involves assessing the collateral that will secure the mortgage. This could be a plot of land, a house, an apartment, or a commercial property. Here’s what this stage entails:

• Property Valuation – the property must be appraised to determine its market value. This is typically done by a professional property valuer who will provide a detailed report.
• Legal Status – the property’s legal status is checked to ensure there are no disputes, encumbrances, or other issues that could affect its value or your ability to use it as collateral. This includes examining the land registry and ensuring there are no existing liens or claims against the property.
• Loan-to-Value Ratio (LTV) – this ratio compares the loan amount to the property’s appraised value. Ideally, the LTV should be less than or equal to 80%, meaning the loan should not exceed 80% of the property’s value. This reduces the bank’s risk and may result in better loan terms for you.

Risk Assessment

The final pillar is the bank’s risk assessment, which includes scoring your application and evaluating the overall risk of lending to you. This involves:

• Credit Score -your credit score, derived from your credit history and current financial situation, plays a significant role in this assessment. Higher scores indicate lower risk to the bank.
• Economic Analysis – banks will analyze your overall economic situation, considering factors such as your education level, marital status, number of dependents, and the nature of your employment or business.
• Document Verification – banks will verify the authenticity of your documents, including income statements, property valuation reports, and other supporting materials. They may also request bank statements to review your spending habits and ensure there are no red flags, such as high gambling expenses.

Why you should consult your situation with our experts?

Every financial situation is unique, which is why an individual approach to choosing a mortgage loan is so important. Our assumptions are only a simulation, and your conditions may differ. That’s why we encourage you to contact our experts who will:

• Analyze your individual financial situation
• Find the best loan offers available on the market
• Help negotiate with the bank
• Provide support at every stage of the loan process

By working with us, you can be sure that the selected mortgage loan will be perfectly tailored to your financial situation and future plans.

Contact Us

Consult your situation with our Experts. Take advantage of our knowledge and 16 years of experience to make the best financial decision. Remember, working with us is completely free of charge!

Call us on +48 12 352 12 12 or fill out the contact form on contact page to schedule a free consultation. We are here to help you!

Join our Expats Community

Subscribe my Channels

23 lipca, 2024

🎥 🔴 Mortgage Loans in Poland – Comprehensive Guide for Expats and Locals

We have prepared a series of recordings for you.

We want you to come to the meeting with an outline in your head of the area we are going to cover. You will find on our platform videos that address the most important, fundamental issues of taking out a mortgage. Some of them relate more to you when it comes to, for example, the issue of creditworthiness itself, some of them develop other threads, less universal, but they should also be exhausted at the very beginning. We want you to have a certain foundation when coming to the meeting so that it is as productive as possible for you – we respect your time. We invite you to watch and possibly ask questions already at the meeting.

Why mortgage loan rankings can vary?

Mortgage loan rankings can differ for several key reasons. Each bank offers different terms, promotions, and has an individual approach to customers. Various rankings may take into account different factors such as:

• Insurance costs
• Fees and additional charges
• Repayment flexibility
• Promotions and bonuses for new customers

Our list is based on the assumption of a 25-year mortgage loan for the amount of 700,000 PLN with a 30% down payment. However, every financial situation is unique, and the final offer from the bank may vary depending on individual conditions and needs.

Why you should consult your situation with our experts?

Every financial situation is unique, which is why an individual approach to choosing a mortgage loan is so important. Our assumptions are only a simulation, and your conditions may differ. That’s why we encourage you to contact our experts who will:

• Analyze your individual financial situation
• Find the best loan offers available on the market
• Help negotiate with the bank
• Provide support at every stage of the loan process

By working with us, you can be sure that the selected mortgage loan will be perfectly tailored to your financial situation and future plans.

Contact Us

Consult your situation with our Experts. Take advantage of our knowledge and 16 years of experience to make the best financial decision. Remember, working with us is completely free of charge!

Call us on +48 12 352 12 12 or fill out the contact form on contact page to schedule a free consultation. We are here to help you!

Join our Expats Community

Subscribe my Channels

23 lipca, 2024

Creditworthiness in July 2024 – What is worth knowing?

Below, I look at different creditworthiness scenarios to help you better understand your financial options.

Why is creditworthiness worth taking care of?

• Lower borrowing costs: Better creditworthiness translates into more favourable interest rates and lower instalments.
• Greater availability of finance: A high creditworthiness increases your chances of obtaining a loan for larger amounts.
• Better credit terms: Banks and financial institutions are more likely to offer better terms to customers with a good credit history.

How to improve your creditworthiness?

• Timely repayments: Regular and timely repayments are key.
• Avoiding over-indebtedness: Try to keep credit card balances low.
• Monitoring your credit report: Checking your credit report regularly allows you to spot and fix mistakes and keep track of your financial situation.
• Stable income: A steady and regular income positively affects your credit score.

Creditworthiness analysis for July 2024

Below are detailed calculations of creditworthiness for different income levels and household structures.

Creditworthiness of a Single

• Earnings of 3500 zł – Creditworthiness is 171 083 zł.
• Earnings of 5000 zł – Creditworthiness is 332 918 zł.
• Earnings of 8000 zł – Creditworthiness is 572478 zł.
• Earnings of 12 000 zł – Creditworthiness is 858 717 zł.

Creditworthiness of a Single Person with a Child

• Earnings 7000 zł – Creditworthiness is 28 954 zł.
• Earnings 9000 zł – Creditworthiness is 190 789 zł.
• Earnings 12 000 zł –Creditworthiness is 514 459 zł.
• Earnings 16 000 zł – Creditworthiness is 858 717 zł.

Couples’ Creditworthiness

• Earnings 7000 zł – Creditworthiness is 223 266 zł.
• Earnings 9000 zł – Creditworthiness is 439 046 zł.
• Earnings 12 000 zł – Creditworthiness is 762 717 zł.
• Earnings 16 000 zł – Creditworthiness is 1 144 956 zł.

Creditworthiness of a Couple with a Child

• Earnings 7000 zł – Creditworthiness is 406 569 zł.
• Earnings 9000 zł – Creditworthiness is 622 349 zł.
• Earnings 12 000 zł – Creditworthiness is 858 717 zł.
• Earnings 16 000 zł – Creditworthiness is 1 144 956 zł.

Creditworthiness of Couples with Two Children

• Earnings 7000 zł – Creditworthiness is 223 266 zł.
• Earnings 9000 zł – Creditworthiness is 439 046 zł.
• Earnings 12 000 zł – Creditworthiness is 762 717 zł.
• Earnings 16 000 zł – Creditworthiness is 1 144 956 zł.

Make an appointment for a free consultation

If you are planning to take out a mortgage in the near future, now is the ideal time to analyse your creditworthiness and consult a financial adviser. Contact us for a personalised analysis and optimal credit solutions tailored to your needs. With our services, you can increase your creditworthiness and fulfil your dreams of owning your own home or other important investments.

19 lipca, 2024

Creditworthiness – what to look out for and how to improve it?

Creditworthiness is the ability of a borrower to repay the debt he or she has taken out, plus interest, over a specified period of time. Banks assess creditworthiness before granting a loan, looking at a number of factors to ensure that the customer will be able to repay the money borrowed. Understanding what banks look at and how to improve your creditworthiness can significantly increase your chances of obtaining a favourable loan.

What banks look at when assessing creditworthiness

Income:

• Banks look at the amount and stability of income. It is important that the income is regular and sufficient to cover monthly loan obligations.
• Source of income: Income from an indefinite employment contract is preferred, but income from business, civil law contracts or pensions may also be accepted.

Expenses:

• Banks take into account fixed monthly expenses such as living costs, bills, other loans or maintenance.
• The lower the fixed expenses, the better the creditworthiness.

Credit history:

• Banks check your credit history in databases such as the BIK (Bureau of Credit Information).
• A positive credit history, with no late repayments, increases the chances of obtaining a loan.

Debt-to-Income (DTI) ratio:

• This is the ratio of all credit liabilities to net income. The lower the ratio, the better the creditworthiness.
• Banks prefer the DTI ratio to be below 40-50%.

Loan term:

• A longer loan term reduces the monthly instalment, which can improve creditworthiness.
• However, it is important that the loan period is realistic in the context of the borrower’s age and financial capacity.

Age of the borrower:

• Banks prefer customers of working age, but will also accept older people, especially with shorter loan periods.

How to improve creditworthiness

Increasing your income:

• Seeking additional sources of income, such as additional work or freelancing.
• Negotiating a raise with your employer.

Reducing expenses:

• Reducing unnecessary expenses and controlling the household budget.
• Paying off existing credit commitments to reduce monthly charges.

Improving credit history:

• Timely repayment of current obligations.
• Settling outstanding payments.
• Avoiding incurring new debts before applying for credit.

Debt consolidation:

• Consolidating several loans into one with a lower instalment can improve creditworthiness.
• Negotiating the repayment terms of existing loans to reduce the monthly burden.

Extending the loan term:

• Choosing a longer loan term to reduce monthly instalments.
• It is important to consult a credit counselor to find the optimal loan term.

Co-borrower:

• Adding a co-borrower with a stable income can increase creditworthiness.
• The co-borrower can be a spouse, partner or other person who will be jointly responsible for repaying the loan.

DTI reduction:

• Repaying or consolidating existing debts to reduce the DTI ratio.
• Avoiding taking on new liabilities before obtaining a loan.

Improving your creditworthiness requires conscious financial management and regular monitoring of your budget. Increasing your income, reducing your expenses and maintaining a positive credit history are key. Consulting a financial adviser can help to find the best solutions adapted to the individual situation. In this way, the borrower can increase his or her chances of obtaining a loan on favourable terms.

Contact Us

Consult your situation with our Experts. Take advantage of our knowledge and 16 years of experience to make the best financial decision. Remember, working with us is completely free of charge!

Call us on +48 12 352 12 12 or fill out the contact form on contact page to schedule a free consultation. We are here to help you!

To obtain an accurate and personalized assessment of your individual creditworthiness, please contact us directly. Our team of experts will conduct a detailed analysis of your financial situation and provide you with the most up-to-date and precise information. All of this will be done in a great atmosphere and completely free of charge.

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23 lipca, 2024

How is the loan overpayment technically done?

A mortgage overpayment is a process that allows a borrower to reduce the outstanding capital by making additional payments outside of the agreed instalment schedule. The technical aspects of overpaying a loan can vary from bank to bank, but the overall process looks similar. Below, I outline the steps to take to technically overpay a loan.

Checking the terms of the credit agreement

The first step is to carefully read the terms and conditions of the loan agreement, especially the overpayment provisions. Attention should be paid to:

• The possibility of making overpayments.
• Fees for overpayments (some banks may charge a fee for early repayment of part of the loan).
• The minimum amount of the overpayment, if specified.
• The impact of the overpayment on the repayment schedule and the amount of instalments.

Contact your bank

Next, it is a good idea to contact your bank for details of the overpayment and instructions on exactly how to go about it. This can be done:

• In person at a bank branch.
• By telephone.
• Through online banking or the mobile app.

Making an overpayment request

Depending on the bank’s policy, it may be necessary to submit a formal request for an overpayment. This request may include:

• Borrower’s details.
• The number of the loan agreement.
• The amount you intend to overpay.
• Specifying whether the overpayment is to shorten the term of the loan or reduce the amount of subsequent instalments.

Making the transfer

Once your application has been approved by the bank, you will need to transfer the overpayment to the loan account designated by the bank. It is important to specify in the title of the transfer that it is an overpayment of the loan and to include the number of the loan agreement.

Confirmation of overpayment

Once an overpayment has been made, the bank should send a confirmation of the execution of the operation. This can be:

• An electronic confirmation in the online banking system.
• A traditional letter.
• A notification in the mobile application.

Updating the repayment schedule

Once the overpayment has been realised, the bank should provide a new repayment schedule for the loan, taking into account the reduced capital to be repaid. The new schedule may show:

• Reduced loan term (if this was your choice).
• Reduced monthly instalments (if that was the choice).

Technical example of a loan overpayment

Suppose you have a mortgage with a total commitment of PLN 300,000 and your monthly instalment is PLN 2,100. You decide to overpay the loan by PLN 10,000.

1. You check in the loan agreement that overpayments are allowed without additional charges.
2. You contact the bank and inform it of your intention to make an overpayment.
3. You apply for an overpayment through online banking, specifying that you want to shorten the term of the loan.
4. You make a transfer of PLN 10,000 to your loan account, stating the relevant information in the title of the transfer.
5. You receive confirmation of the overpayment from the bank.
6. The bank updates your repayment schedule, shortening the term of the loan, which reduces the total cost of the loan.

Overpaying your mortgage can be a beneficial solution, allowing you to get rid of your obligation faster and reduce your interest costs. However, it is important to read the terms and conditions.

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18 lipca, 2024

Best savings account – Ranking July 2024

Hey there, savvy savers! If you’re looking to get the most out of your hard-earned money this summer, you’ve come to the right place. I’ve rounded up the best savings accounts available in Poland this July, complete with high-interest rates, flexible terms, and top-notch customer service. Dive into my latest blog post to see which banks are offering the most competitive deals to help you grow your savings. Don’t miss out on these great opportunities – check out my expert analysis and detailed comparisons today!

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18 lipca, 2024

Best personal account – Ranking July 2024

If you’re on the hunt for the perfect personal account this summer, you’re in luck. I’ve put together a comprehensive guide to the best personal accounts available in Poland this July. Whether you’re looking for low fees, great customer service, or the best online banking features, I’ve got all the details you need. Check out my latest blog post to discover which banks are offering the top personal accounts to suit your lifestyle. Don’t miss my expert insights and in-depth comparisons – find the perfect account for you today!

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19 lipca, 2024

Investing in Poland – a Guide for Expats

Poland offers many investment opportunities that may be attractive to Expats. Below you will find a detailed guide to the investment options available, the stock, bond and property markets, as well as advice on long-term investments.

Investment opportunities for Expats

Equity market:

Warsaw Stock Exchange (GPW): The largest stock exchange in the Central and Eastern European region. Expats can invest in shares of Polish companies using local brokers.

Investment funds: An alternative to direct investment in shares. Investment funds allow you to diversify your portfolio and reduce risk.

Bond market:

Treasury bonds: A safe form of investment, issued by the Polish government. Different types of bonds are available, such as fixed-rate bonds, inflation-indexed bonds or long-term bonds.

Corporate bonds: Issued by Polish companies, they offer higher interest rates than government bonds, but carry higher risks.

Real Estate:

Flats: Investments in rental flats in large cities such as Warsaw, Krakow, Wroclaw, Poznan and Gdansk are popular due to stable price growth and high rental demand.

Land: Investment in land can be beneficial, especially in areas with high development potential.

Alternative investments:

Cryptocurrencies: Poland has a booming cryptocurrency market, with numerous exchanges and startups in the industry.

Startups and venture capital: Investing in Polish startups by venture capital funds can bring high returns, but involves high risks.

Stock, bond and property market

Equity market:

GPW: The GPW lists a large number of companies from various sectors such as energy, banking, technology and industry. The WIG20 index includes the 20 largest and most liquid companies.

ETFs: ETFs that track stock market indices, such as the WIG20, allow investors exposure to the entire market or segments of it.

Bond market:

• Treasury bonds: Poland offers different types of government bonds, such as 2-year, 3-year, 4-year and 10-year bonds. Interest rates vary and some bonds are indexed to inflation, which protects against a fall in the value of money.
• Corporate bonds: These can be purchased directly from the issuers or on the secondary market. Before investing in corporate bonds, it is worth analysing the financial situation of the issuer.

Real estate market:

• Flats for rent: The high demand for rental flats in major cities makes this option attractive to investors. Long-term leases provide a stable passive income.
• Commercial real estate: Investments in offices, shopping centres or warehouses can yield high returns, especially in well-developed urban areas.

Investing in Commodities

Agricultural Commodities:

• Grains: Wheat, corn, soybeans.
• Livestock: Cattle, hogs.

Soft Commodities: Coffee, sugar, cotton.

Energy Commodities:

• Oil: Crude oil, Brent oil.
• Natural Gas: Natural gas futures.
• Renewable Energy: Biofuels, ethanol.

Investing in Precious Metals

Industrial Metals

• Base Metals: Copper, aluminum, zinc, nickel.

Precious Metals

Gold:

• Physical Gold: Bullion bars, coins.
• Gold ETFs: SPDR Gold Shares (GLD).
• Gold Futures: COMEX gold futures.

Silver:

• Physical Silver: Bullion bars, coins.
• Silver ETFs: iShares Silver Trust (SLV).
• Silver Futures: COMEX silver futures.

Platinum:

• Physical Platinum: Bullion bars, coins.
• Platinum ETFs: Aberdeen Standard Physical Platinum Shares ETF (PPLT).
• Platinum Futures: NYMEX platinum futures.

Palladium:

• Physical Palladium: Bullion bars, coins.
• Palladium ETFs: Aberdeen Standard Physical Palladium Shares ETF (PALL).
• Palladium Futures: NYMEX palladium futures.

Investment Vehicles

Futures Contracts:

• Agreements to buy/sell a specific amount of a commodity at a predetermined price at a future date.

2. Exchange-Traded Funds (ETFs):

• Funds that track the price of commodities or metals and are traded on stock exchanges.

3. Stocks of Commodity-Producing Companies:

• Investing in companies that produce commodities, such as mining or agricultural firms.

4. Mutual Funds and Index Funds:

• Funds that invest in a basket of commodity-related stocks or futures.

5. Physical Holdings:

• Directly purchasing and holding physical commodities like gold bars or agricultural products.

6. Commodity Options:

• Contracts giving the right, but not the obligation, to buy or sell a commodity at a specified price before a certain date.

Considerations

• Market Volatility: Commodities can be highly volatile due to supply and demand fluctuations.
• Storage and Insurance: Physical holdings require secure storage and insurance.
• Inflation Hedge: Precious metals are often used as a hedge against inflation.
• Diversification: Including commodities can diversify a portfolio and reduce overall risk.

These options provide various ways to gain exposure to commodities and precious metals, catering to different risk appetites and investment strategies.

Advice on long-term investments

Diversifying the portfolio:

Spread the risk: invest in different asset classes such as shares, bonds, real estate and alternative investments. Diversification reduces risk and increases potential returns.

Fundamental analysis:

Value assessment: Before investing in shares or bonds, conduct a fundamental analysis to assess the company’s value, growth potential and financial stability.

Investment horizon:

Long-term approach: long-term investments require patience and resilience to short-term market fluctuations. Invested funds should be treated as capital that will work for years to come.

Regular saving and investing:

Financial planning: Establish regular contributions to your investments. Systematic investment, even of small amounts, allows you to build capital over the long term.

Portfolio monitoring and review:

Performance evaluation: Regularly monitor your investments and evaluate their performance in the context of market changes. Make adjustments to your portfolio to adapt to new conditions and investment objectives.

Investing in Poland offers a variety of opportunities that can be attractive to expats. The stock, bond and real estate markets present many options to diversify your portfolio and financially secure your future. It is important to approach investments with a long-term horizon, regularly monitor your investments and adjust your strategy in response to changing market conditions.

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18 lipca, 2024

Mortgage for foreigners in Poland – complete guide

Thinking about buying property in Poland as a foreigner? Learn how to obtain a mortgage, what the requirements are, and what documents you will need!

Conditions for obtaining a mortgage for foreigners in Poland

PESEL number and registration:

To apply for a mortgage, a foreigner must have a PESEL number and be registered in Poland. Although the registration obligation was abolished on January 1, 2016, confirming residence in Poland is still important.

Creditworthiness:

• Employment form – those with an employment contract for an indefinite period have the best chances of getting a mortgage.
• Financial situation – banks assess the applicant’s income compared to monthly expenses to ensure they can repay the loan.
• Credit history – a good credit history without any overdue payments is crucial. Banks check the credit history in Poland and the applicant’s home country.
• Personal situation – age, number of dependents, marital status, and education are considered when assessing creditworthiness.

Residence Card and Other Documents:

• Residence card – a valid temporary or permanent residence card or EU resident status is required. Banks have different requirements regarding the validity period of the card.
• Identity document (e.g., passport).
• Employment and income certificate – a certificate from the employer and a PIT return for the previous year.
• Bank account statement – confirming the income.
• Documents related to the mortgaged property.

Mortgage and down payment requirements

According to Recommendation S issued by the Polish Financial Supervision Authority (KNF), banks can finance up to 80% of the property’s value. In exceptional cases, financing up to 90% is possible, but the excess must be additionally secured (e.g., low down payment insurance, bank account fund block, pledge on government bonds).

Mortgage without a residence card – is it possible?

It is now possible to obtain a mortgage without a residence card from one of the banks that accepts the PESEL number as a sufficient identity document.

How do banks assess the creditworthiness of foreigners?

Banks assess creditworthiness by verifying identity and income sources. The credit history is checked in Poland (BIK) and the applicant’s home country (e.g., International Bureau of Credit Histories).

Documents required for a mortgage for foreigners

• Copy of the identity document (not always).
• Employment and income certificate.
• PIT return for the previous year.
• Bank account statement confirming income.
• Documents related to the mortgaged property.
• All documents must be translated into Polish by a sworn translator.
• Waiting time for a mortgage decision

The bank has 21 days to issue a mortgage decision from the date of submitting a complete application. The average waiting time for a decision is about 2 weeks.

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18 lipca, 2024

Health and social insurance in Poland – a Guide for Expats

Relocating to a different country inveitably involves challenges, with one of the most crucial being the need to understand th health and social security systems. Below is a detailed guide to health and social security in Poland to help you understand how to get health insurance, what your options are as an Expat in Poland and how the healthcare system works here.

How do I get health insurance?

Registration with ZUS (Social Insurance Institution):

• Employees: If you are employed in Poland, your employer is obliged to register you with the Social Insurance Institution (ZUS) and pay health and social security contributions. These contributions are automatically deducted from your salary.
• Self-employed persons: If you are self-employed, you must register yourself with ZUS and pay your contributions regularly.

Students:

• Students from EU/EFTA countries: They can use the European Health Insurance Card (EHIC), which entitles them to public healthcare on the same basis as Polish citizens.
• Non-EU/EFTA students: They must take out private health insurance or register with the National Health Fund (NFZ) and pay premiums.

Unemployed:

• If you are registered as unemployed at the labour office, you can obtain health insurance through the labour office.

Insurance options for Expats

Public health insurance (NFZ):

• This is the primary option for those legally residing and working in Poland. Premiums are compulsory and paid by the employer or independently by self-employed persons.
• It entitles you to use public medical facilities, visits to general practitioners and specialists, as well as hospitalisation.

Private health insurance:

• This is a popular option among Expats who want to avoid long queues at public facilities and value a higher standard of care, which at the same time involves paid health care.
• Private health insurance can be purchased from a variety of insurance companies.
• Policies can cover a wide range of services, from primary care to specialised treatment and hospitalisation.

Health care system in Poland

Structure of the system:

• The Polish healthcare system is mainly financed by public health contributions. The National Health Fund (NFZ) manages the funds and contracts services with public and private medical facilities.
• There are both public and private health facilities. Public ones are usually funded by the National Health Fund, while private ones operate on a commercial basis.

Primary care:

• Every insured person has the right to choose a general practitioner (family doctor), who is the first point of contact for health problems.
• The GP can make referrals to specialists if necessary.

Specialist and hospital care:

• GP referrals are required to access specialist care and hospitalisation within the public system
• Private insurance often offers direct access to specialists without the need for a referral.

Emergency medical care:

• Emergency services can be used in the event of an emergency. The emergency number is 112, which is available throughout the European Union.

Medicines and pharmacies:

• Prescriptions issued by doctors are filled in pharmacies. Some medicines are reimbursed by the National Health Service, which means lower costs for the patient.

Obtaining health insurance in Poland is mandatory and relatively simple if you are employed or self-employed. The healthcare system offers a variety of both public and private options, giving you the flexibility to choose the right level of care.

As an Expat, it is worth considering taking out private health insurance so that you have easier and quicker access to specialist medical care and, for more serious accidents and illnesses, have the protection of a public health fund.

At Harveo we have as many as 7 top insurance companies. We offer a consultation with our experts, which is of course free of charge. This will enable you to learn about and compare all the current options for extending your private insurance to make an informed choice based on statements and data.

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18 lipca, 2024

Opening a bank account in Poland for Expats

Moving to a new country is always a challenge, and one of the first steps you should take when you arrive is to set up a bank account. Having a Polish bank account will make it easier to manage your finances, pay bills and everyday expenses. Here is a detailed guide to help you through the process.

What documents are needed?

• Setting up a bank account in Poland is a relatively straightforward process, but requires the provision of a few basic documents. Depending on the bank, you may need:
• Passport or personal identity card: A passport is required for non-EU citizens, while EU citizens can provide an ID card.
• PESEL number: In some banks, a PESEL number is required, but it is not always necessary. PESEL is the Polish equivalent of a tax identification number.
• Residence card or residence registration confirmation:
• Residence card: Required for non-EU nationals planning a longer stay in Poland.
• Residence registration confirmation: EU citizens who stay in Poland for more than 90 days should register their stay with the Provincial Office.
• Confirmation of Address of Residence: This can be a rental agreement, utility bill or other documents proving residence.

How to open a bank account?

• Bank Selection: There are many banks that offer various products and services to foreigners. Popular banks include mBank, PKO BP, ING Bank Śląski, Santander, Pekao, Millennium, and Citi Handlowy.
• Visiting a Branch: Although some banks allow you to open an account online, a visit to a branch may be required, especially for foreigners.
• Completing an Application: A bank employee will help you complete an application form to open an account. You will need to provide the required documents.
• Signing the Agreement: Once your application is approved, you will sign a contract with the bank. You will also receive a debit card that you can use for everyday transactions.

Do you need a residence card or residence registration?

For citizens of the European Union:

• Registration of residence: If you plan to stay in Poland for more than 90 days, you must register your stay. Registration is done at the Voivodship Office and you will receive a confirmation of your registration, which is a valid document at the bank.

For citizens from outside the European Union:

• Residence card: If you are a non-EU citizen and plan to stay in Poland for a longer period of time, you need to apply for a Residence Card. This is a document confirming the legality of your stay in Poland and is often required when opening a bank account.

Overview of Banks and Their Requirements

Citi Handlowy

EU Citizens: Residence registration is recommended, but in many cases a passport or ID card and proof of address is sufficient.

Non-EU Citizens: Residence card not required – a valid passport is sufficient.

mBank

EU citizens: they do not need a Residence card or a residence registration. A passport or identity card and proof of address is sufficient.

Non-EU citizens: Residence card is required.

PKO BP

EU citizens: Residence registration after 90 days is required. A passport or identity card is sufficient at the beginning.

Non-EU citizens: Residence card is required.

ING Bank Śląski

EU Citizens: Residence registration after 90 days is required, but a passport or ID card is sufficient to open an account initially.

Non-EU citizens: Residence card required.

Santander Bank Polska

EU citizens: Residence registration is recommended but not always required when opening an account. Passport or identity card is accepted.

Non-EU citizens: a Residence card is required.

Pekao S.A.

EU citizens: Residence registration is required after 90 days. Initially, an account can be opened with a passport or ID card.

Non-EU citizens: Residence card is required.

Millennium Bank

EU Citizens: Residence registration is recommended but not always required when opening an account. Passport or identity card is accepted.

Non-EU citizens: Residence card is required.

Costs and Fees

Each bank has its own policy regarding fees for account maintenance, debit card use, international transfers, etc. Before choosing a bank, it is worth comparing offers and choosing the one that best suits your needs. These are often free after meeting certain basic activity requirements.

Summary

Opening a bank account in Poland is a crucial step for any Expat who plans to live and work here. With the right documents and information, the process will go smoothly and hassle-free. Having a Polish bank account will make everyday life and financial management in your new country easier.

We hope you find this guide helpful and wish you the best of luck in your new life in Poland!

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18 lipca, 2024

Currency and payments in Poland

Poland is a modern country where various forms of payment are available and the financial system is well developed. Below you will find a detailed overview of the most popular forms of payment, the use of credit and debit cards and information on currency exchange.

What are the most popular forms of payment?

Cash payments:

• Polish zloty (PLN): The official currency in Poland is the zloty (PLN). Banknotes come in denominations of 10, 20, 50, 100 and 200 zloty, and coins in denominations of 1, 2, 5 groszy and 1, 2, 5 zloty.
• ATMs: Poland has a wide network of ATMs available in cities, airports, shopping centres and many other places.

Payment cards:

• Debit cards: The most popular for everyday transactions. Allow direct access to funds in a bank account.
• Credit cards: Allow payments on credit, with the obligation to repay the debt by a certain date. They are also accepted in most shops and restaurants.

Mobile payments:

• BLIK: Polish mobile payment system that allows payments to be made using a code generated in a bank app. BLIK is widely accepted in shops, restaurants and online.
• Apple Pay and Google Pay: Mobile payment systems that allow transactions to be made using a smartphone or smartwatch. Widely accepted in Poland.

Bank transfers:

• Online transfers: A popular payment method for bills, online purchases and other transactions. Polish online banking offers fast and secure transfers.
• SEPA: Transfers within the Single Euro Payments Area (SEPA) are available for transactions in euros, which is beneficial for expats from Eurozone countries.

Use of credit and debit cards

Card issuers:

• Card issuers: Banks in Poland, such as PKO BP, Santander, mBank, ING Bank Śląski and others, offer debit and credit cards.
• Requirements: To obtain a credit card, a bank account and a positive credit history are required. Debit cards are usually issued when you open a personal account

Card acceptance:

• Shops and restaurants: Credit and debit cards are widely accepted in most shops, restaurants, hotels and other service outlets
• Online: Cards are widely accepted for online payments on Polish websites.

Contactless payments:

• Contactless payment cards: The majority of cards in Poland have a contactless function, which enables fast payments without the need to enter a PIN for transactions up to a certain amount.
• Security: Contactless transactions are secured by banks and require PIN authorisation for higher amounts.

Use abroad:

• International transactions: Cards issued by Polish banks, such as Visa and Mastercard, are accepted worldwid
• Fees: Before using your card abroad, it is worth checking international transaction fees, which can vary from bank to ba

Where to exchange currency?

Currency exchange offices:

• Stationary exchange offices: Available in most cities, airports, shopping and tourist centres. They allow you to exchange cash at competitive rates.
• Comparing exchange rates: Exchange rates can vary from one exchange office to another, so it is advisable to compare offers from several exchange offices before making a transaction.

Banks:

• Exchange currency at bank branches: It is possible to exchange cash at bank branches, but rates may be less favourable than at exchange offices.
• Currency accounts: Some banks offer foreign currency accounts, which allows you to store and exchange currency at more favourable rates.

Online platforms:

• Online exchange offices: Platforms such as Cinkciarz.pl, Walutomat.pl and others offer online currency exchange at attractive rates and secure transactions.
• Security: Make sure you use reputable and secure platforms to avoid the risk of fraud.

Poland offers a variety of payment methods that are easily accessible and secure. Credit and debit cards are widely accepted and mobile payment systems such as BLIK, Apple Pay and Google Pay provide convenience and speed of transactions. Currency can be exchanged at stationary bureaux de change, banks and online, with it worth comparing rates to get the best deal. Adapting to local payment methods and using modern financial technology can make life much easier for Expats in Poland.

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