Q: Do I need a bank account in EUR?

A: You don’t need to open a new account in EUR, but it is vital that the chosen account will be owned and managed by your organization. In order to avoid the fluctuations of exchange rates and extra transaction costs, it is advised to have the preferred account in EUR (€). 

Q: What bank account should I insert into the online system?

A: You are obliged to provide a bank account for the purposes of the grant payments. All project transactions must be carried out through the bank account owned by the grantee; private bank accounts and accounts of the project partners cannot be used.

The bank account must be made available within 20 working days (ca. 4 weeks) after the approval of a project. The Fund does not require a specific account to be opened only for the purpose of the project, you can use your existing accounts as well.

Please remember that you have to conduct bank-transfer (non-cash) transactions for the entire duration of the project, as cash operations are not allowed.