Knowledge base
WTP Finance helps you understand financial concepts before you choose a product. Short, factual explanations — not a finance course. Each concept is meant to help you decide, not to replace advice from the provider.
Protecting your money
Bank vs EMIWhether a product is run by a bank or an e-money institution (EMI) decides how your money is protected.Deposit guaranteeIf a bank fails, the deposit guarantee returns your money up to the equivalent of EUR 100,000. It applies to ban…SafeguardingThe way an e-money institution (EMI) protects your money. It is not a deposit guarantee.BFGThe Polish fund that guarantees deposits in Polish banks.Deposit Guarantee Scheme (DGS)A national fund that guarantees deposits in the banks of a given EU country.Banking licenceA permit from the financial supervisor to carry out banking activity.Regulator / supervisory authorityThe authority that supervises a financial institution and checks that it operates lawfully.KNFThe Polish authority that supervises banks, fintechs and the financial market.
Deposit protection — for savers
How the deposit guarantee works and where its limits lie — mechanisms, not advice. We do not advise on how to allocate your funds.
The EUR 100,000 limit — per bank or per person?The EU deposit guarantee protects funds held at a bank up to the equivalent of EUR 100,000 per depositor at one…A bank licensed in another EU country — whose guarantee?Yes — deposits at a bank holding a licence in another EU country are covered by a deposit guarantee, but not by…What happens when a bank fails?When a bank loses the ability to repay deposits (unavailability of deposits), the national deposit guarantee sch…Single-jurisdiction riskSingle-jurisdiction risk means that the regulator, the national deposit guarantee scheme and the macroeconomic e…Lessons from history: Cyprus 2013 and Iceland 2008Two historical crisis episodes — Iceland 2008 and Cyprus 2013 — are often cited in discussions about the limits…State action and access to your money (crisis/war)How state decisions — restrictions on withdrawals and transfers (capital controls), and in extreme cases seizure…
Transfers and currencies
Currency conversion (FX)Every time you pay or transfer in a currency you don't hold on your account, a conversion happens — usually at a…Currency spreadA hidden cost of exchanging currency — the difference between the buy and sell rate.SEPA transferThe standard for euro transfers within the SEPA area (the EU and a few neighbouring countries).SWIFT transferThe global system for international transfers, used outside the SEPA area.BIC / SWIFT codeThe international identifier of a bank, used for cross-border transfers alongside the IBAN.Mid-market rateThe wholesale exchange rate, with no markup added — the benchmark of a "fair" rate.FX fee / markupA percentage or amount added when you change currency.International transfer feesThe full cost of sending money abroad — the fee plus the cost of currency conversion.
Accounts and cards
Multicurrency accountOne account where you hold separate balances in several currencies and exchange them when you choose.Currency account (Polish bank)An account in a foreign currency run by a Polish bank — with the BFG guarantee.IBAN numberAn international bank account number. A Polish IBAN starts with "PL".Debit cardA card that takes money directly from your account.Virtual cardA card that exists only in the app, with no plastic — for online payments.Card payment schemes (Visa, Mastercard…)A card scheme is the payment organisation (network) that settles transactions — including Visa, Mastercard, Amer…Apple Pay / Google PayPaying with a phone or watch by adding a card to the Apple or Google app.BLIKA Polish payment system: paying with a code from your bank app, and transfers to a phone number.Free ATM withdrawal limitsThe amount or number of ATM withdrawals per month for which you pay no commission.Local account detailsLocal account numbers (for example British, American, euro-area) that let you look "local" in another country.
Investing
Brokerage account — basicsA brokerage (investment) account is an account through which you buy and hold financial instruments — shares, ET…Protection of funds on a brokerage accountThis explainer separates three different mechanisms that are easy to confuse when looking at an investment accou…Brokerage house vs a bankYou can run a brokerage account at a bank's brokerage arm (a unit within the bank, e.g. the "BM" at your bank) o…IKE vs IKZE — differencesIKE (Individual Retirement Account) and IKZE (Individual Retirement Security Account) are two Polish "wrappers"…IKE and IKZE for a foreignerIKE and IKZE are Polish retirement accounts with tax benefits (more: IKE vs IKZE). This explainer answers one qu…Belka tax"Belka tax" is the colloquial name for the 19% flat tax on capital income in Poland — including gains from selli…A foreign broker and PITAn explanation of one practical difference between a Polish brokerage house and a foreign broker: who prepares t…What an ETF isAn ETF (exchange-traded fund) is a fund listed on a stock exchange — you buy and sell its units like a share, du…Brokerage account currencyThe "currency structure of the account" is how a broker handles currencies when you buy assets quoted in, say, d…
New in Poland?
Living in Poland but without Polish citizenship? What matters is that you live here — not your citizenship. Always confirm your specific case with the provider.
Resident vs citizenWTP Finance looks at products from the perspective of a person living in Poland, regardless of citizenship. What…PESELThe Polish personal identification number for an individual.Residence permitA document confirming a foreigner's right to stay in Poland.Product availability for residents of PolandAn explanation of what the "availability" field in our comparison means — and what it does not promise.Account online or in a branch (for foreigners)Why some institutions let a foreigner open an account fully remotely while others require a branch visit — and h…Account without a PESEL numberWhen a PESEL number is required to open an account and when other documents are enough — and how to read this in…Which documents for an account (for foreigners)An overview of the documents institutions typically accept when someone without Polish citizenship opens an acco…Account vs a Polish phone number and addressWhen opening an account needs a Polish phone number or an address in Poland/EEA — and why.How to receive your salary in PolandTo receive a salary in Poland you usually need an account that can accept a Polish transfer — most often with a…How to send money to familyYou send money abroad from Poland by transfer — the cost depends on the fee and the exchange rate. Compare both…
How we verify data
How we verify dataThe rules by which we collect and check product information."Checked: date"The date when we last verified information about a product.How we earnAn explanation of the model that funds WTP Finance."Approved" is not "best"An explanation of what it means that a product is "verified" on our site.What "—" means (no verified data)The symbol "—" in the table means the value does not apply / does not exist for that product — not that we faile…
This content is for information only — it is not financial advice. Confirm a product's availability for your case with the provider.