Methods of Payment

In Poland, popular payment mechanisms include payment against documents and electronic funds transfers. The safest method of receiving payment for a U.S. export sale is through an irrevocable letter of credit (L/C). Because most banks in Poland require the importer to deposit funds prior to issuance of a L/C, however, few buyers and sellers use this method due to its cost. The most popular payment mechanism is electronic funds transfer (SWIFT or wire transfers) as it is the fastest and cheapest way to transfer funds. Cash payments or down payments provide an extra measure of security for export sales. Leasing is a popular method of financing vehicles, heavy equipment, and other capital-intensive items. Both private and public insurance is available in Poland.

The following rating agencies maintain offices in Poland:  Moody’s (Representative Office) Standard & Poor’s (Representative Office); and Fitch Ratings (branch office).

There are dozens of collection agencies in Poland, including KRUK SA and BEST SA.

Payment cards are commonly used, with debit cards constituting the majority. Both ATMs and commercial entities accept popular cards like VISA and MasterCard. American Express is less popular. Poland is one of the strongest markets in Europe in mobile-payment technologies and leads in the number of contactless transactions. Over 90% of all cards issued in Poland are contactless enabled.

Many digital wallet options are available in Poland, including international options like PayPal, Google Pay, and Apple Pay, all of which can be used online or on mobile phones. Additionally, there are mobile-first digital wallets available, including Skrill and PayU mobile. Poles are interested in and willing to test new payment methods.

Domestic mobile payment system BLIK has been a Polish success story. The product was developed and is run by major Polish banks. It offers one-click purchasing, automated teller machine withdrawals, and peer-to-peer payments via smartphone.

Poland also has a successful home-grown instant payment clearing scheme, Express Elixir. It operates 24/7 and allows settling of transactions in near real time.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems

Poland has a sound, non-discriminatory financial services infrastructure. While the banking sector remains well capitalized and stable, banks face legal and regulatory challenges, including FX mortgage legal risks. The banking sector plays a dominant role in the financial system, accounting for around 70% of financial sector assets. The state owns several banks, but private banks control more than half of the banking sector. Foreign banks’ share in total assets of the sector was around 42 percent in June 2024. The country had 30 locally incorporated commercial banks as of June 2023, according to the Financial Supervision Authority (KNF. There are many cooperative banks (over 490), but collectively they account for a relatively small share of the market.  All three types of banks offer a wide range of services to their customers. Lenders from EU countries are permitted to form branches in Poland or provide cross-border services under single-market rules.

Poland’s universal banking system provides deposits, loans, and securities trading services. State-owned bank BGK administers target funds (e.g. municipal development, road, housing, technology); it is responsible for the payment of the majority of EU funds granted to Poland; provides special credit services, including homeowner mortgages and guarantees to export companies; and issues bonds for financing infrastructure (road) projects and various government programs mitigating negative effects on the economy. BGK is an important part of the Polish Development Fund. BGK also supports SMEs with credit guarantees as part of the de minimis aid program. BGK has also been an important player in the Three Seas Initiative.

Popularity of online and mobile banking continues to grow, causing bank networks to shrink. All major Polish banks offer online services, from balance-cheque functions to cash transfers and deposits. Deposits and loans are available in the national currency, the Polish zloty (PLN), and foreign currencies. The Financial Supervision Commission (KNF) has restricted the availability of loans in euros and Swiss francs to minimize the banking system’s exposure to the exchange risk resulting from exchange rate fluctuations. Only individuals who earn salaries denominated in foreign currencies continue to enjoy easy access to loans in foreign currencies.  Credit agreements require borrowers to provide data on their economic and financial standing.  It is common practice when granting credit to require bank guarantees, drafts, or other forms of collateral.

Solvency remains adequate, while funding and liquidity are at solid levels and well above regulatory minima. Banking profitability improved significantly following the increase in interest rates.

KNF oversees banks as well as other financial market entities. If an investor intends to exceed a 10%, 20%, 33.3%, or 50% threshold in a bank, insurance company, mutual fund or a brokerage house, the investor must notify KNF of its plans.  KNF then has 60 days to object to the plans if it believes that the acquiring company will not be able to guarantee stable management of the financial institution it seeks to acquire.

In July 2025, Poland’s main interest rate stood at 5.0% and is likely to drop by the end of 2025 due to falling inflation.

Challenges that Polish banks may face in 2026 include the impact of higher corporate income tax on banks and lower interest rates and to a lesser extend the unresolved problem of foreign currency mortgage exposures.

The Polish government has not yet decided whether it intends to join the EU banking union as a non-euro zone member.

For more information on the banking sector see the Financial System Section of the Investment Climate Statement.

Foreign Exchange Controls

The Polish zloty is fully convertible and there are no foreign exchange controls affecting trade in goods. Companies operating in Poland have free access to foreign currency. Polish law allows repatriation of profits, including through bonds and securities.

Under the terms of its EU Accession, Poland is required to adopt the euro. The government has no fixed date for euro adoption, however.

U.S. Banks and Local Correspondent Banks

Major U.S. Banks

Citi Handlowy – Bank Handlowy w Warszawie S.A.  
ul.  Senatorska 16Goleszowska 6    
00-92301-249 Warszawa    
Telephone:  +48 22 657 7200
E-mail: listybh@citi.com

Bank BPH S.A.  
ul. Cypriana Kamila Norwida 1
80-280 Gdańsk
Telephone: +48 58 300 7500
E-mail: kontaktBPH@ge.com

JP Morgan Poland Services Sp. z o.o.Europe sp. z o.o.

Oddział w Polsce    
ul.  Jana Pawla II 19    
00-854 Warszawa    
Telephone: +48 22 441 9573  
E-mail: Contact Us | J.P. Morgan (jpmorgan.com)

Goldman Sachs Poland Services sp. z o.o.
Warsaw Spire
Plac Europejski 1
00-844 Warszawa
Telephone: +48 22 317 4000
E-mail: mailto:receptionwarsaw@ny.email.gs.com

Major Local Correspondent Banks

PKO Bank Polski S.A.
ul. Świętokrzyska 36 Pulawska 15
00-11602-515 Warszawa
Telephone: ++48 81 535 66 6048 22 521 6103
E-mail: Contact - PKO Bank Polski (pkobp.pl)

Bank Pekao S.A.
ul. Żubra 1 Grzybowska 53/57
01-0660-950 Warszawa
Telephone: +48 519 222 222 22 656 0000
E-mail:info@pekao.com.pl

Santander Bank Polska S.A.
Jana Pawla II 17    
00-854 Warszawa  
Telephone: +48 71 393 8888  
E-mail: kontakt@santander.pl

mBank S.A.
ul. Prosta 18  
00-850 Warszawa    
Telephone: + 48 22 829 0000 
E-mail: kontakt@mbank.pl

ING Bank Slaski S.A.   
ul.  Sokolska 34    
40-086 Katowice    
Telephone: +48 32 357 0096    
E-mail: ingbankonline@ingbank.pl

For additional information, visit the U.S. Department of State Investment Climate Statements.