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Money Exchange in Prague

There are exchange offices on literally every corner. The cheapest option is to withdraw money from a ATM, as there’s no charge or commission (except if your bank imposes a charge; some banks charge around 1.5% for using your card overseas). You can also get a cash advance at major banks and exchange offices (banks usually charge 2% commission). Most private exchange offices in Prague charge commission of up to 10% and they will advertise higher exchange rates, hoping customers will not realise there is a high commission fee. Some exchange offices advertising ‘No Commission’ are also a poor place to change money and the no-commission policy only applies if you’re changing large amounts of money. You can negotiate commission at any exchange office. Generally it depends on the amount you are exchanging and staff are willing to lower commission down to 3% (if you not lucky enough to be rich, always ask for a commission reduction; it really works). Bureaux de change are probably the most useful places if you need money at the weekend or outside of normal business hours – otherwise we do not recommend them. Hotels, souvenirs shops and some restaurants usually charge around 5% to 6% commission. And a last piece of advice: never change money on the street. There have been several cases where customers have received counterfeit notes.

 

Money Exchange Tips

  • Before exchanging money, carefully read all the information on the exchange rate list and the service price list.
  • If there is anything unclear about the exchange rate or the fee, enquire about the final amount you will receive in the transaction. The bureau de change is obliged to provide you with such information in a suitable manner.

 

Opening hours

Banks open from 8am-4pm, but many close their exchange facilities at lunch time. Bureaux de change have much more flexible hours, often open until 10pm.

 

Approximate Exchange Rate

1 EUR = 24,00 CZK; 1 USD = 18 CZK; 1 GBP = 28 CZK; currency.fin.cz

 

Best exchange office in Prague?

If you’re looking for the best exchange rates without any commission there are a few companies offering the really ‘best possible rates’; one of them is a company at www.exchange.cz. They are located at Kaprova 13 (very close to Old Town Square). If you are exchanging a large amount they even give you a special VIP rate.

Money Exchange in Prague

Czech currency

The monetary unit of the Czech Republic is the Koruna česká (Kč) – or Czech crown – which is divided into 100 heller. There are heller coins. Coins are only in nominations of 1, 2, 5, 10, 20 and 50 crowns. Banknotes come in 100, 200, 500, 1,000 and 5,000 crowns.

The Czech Republic is a member of the EU, but will only enter the Euro Zone around 2013. 

 

Currencies Accepted

The official currency is Ceska koruna (Czech crown). Most stores (also small ones) and shops accept credit and debit cards. Selected department stores and restaurants will accept Euros but the exchange rate will not be too good.

 

Exchange Money Scams

It makes no sense to change money on the streets, and you’re probably going to get ripped off, or get a fake notes etc. Prague is known for its beauty, and unfortunately, its petty crime. On Tuesday I was rushing down Wenceslas Square as I do every day, and as I was about to descend a staircase into the subway system, I turned around to see a man handing another a wad of cash, and the tourist saying a gracious “thank-you.” It happened right in front of my eyes: an illegal money exchange made on the edge of Wenceslas Square. 

 

Export and import of Czech currency

The export and import of valid Czech currency is permitted without authorization from the Czech National Bank to the amount of CZK 350.000 there are no restrictions on an export and import of foreign currency.

 

Banking in Prague

Banks in Prague can be found by visiting the website of the Czech National Bank, while a popular local bank is Ceska Sporitelna (which has an “Expat Center” at Rytyrska 29) and Komercní banka.

Money Exchange, Prague

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6 comments

  1. I just exchanged euros at a branch of http://www.interchange.cz near the jewish quarter. instead of the advertized 23,x i received 16,x. Be aware of all the branches of this company! I will try to contact and complain at the EU Consumer center. From what I see the company specialized in ripping off tourists by adding notes next to the exchange rate in the local language, which tourists can not read (for example: “limit is onehundredthousand korunas”, it is too small to read and it can not be read by foreigners) although advertizing 0 commission.

    • I was cheated by Global Travel too. Under interchange.cz group. It is really cheating! I do not mind how much they charge but they should explain to the tourist because we do not understand their language even they print the receipt.

  2. I changes money in the old town square by a place called “Change” located at Staromestke nam. 17. These people are the biggest scam artists – they just legally rob you in your face. Despite the posted rate of 22 Kc for 1 USD, they gave me 14.74. I threatened to call the police but decided against it as I was in a hurry. I did tell them I would post it on the web. So here it is.

  3. Watch out for all the change bureaus too, they advertise no commisison or charges but the rate mysteriously drops when you hand over your cash, I only used it because the cash machines only had large notes and I wanted lest the thirty pounds. I swear the rate on the board was 28CZ yet mysterioulsy became CZ 20.8 – this was the one near Charles Bridge

  4. I am from US, have the best service by getting cash from local cash machine. Credit cards take care of all of the exchange rates. Not too costly either.

  5. If you need money in Prague, just make a withdrawal at the cash machine. That way you will have official exchange rate, you will get crowns and you don’t have to carry around too much money. The price the bank charges is not very unreasonably high unless you withdraw 100 CZK.

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