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Friday, July 14, 2023

Sending and Receiving Money

If you reside in the EU, you can use a wire transfer from your bank to your bank account in Czech Republic (you need IBAN account no. plus an address of receiving bank). This usually takes around 2 days for the money to appear in your account (but it may take up to 10 days). If you reside outside the EU, you can use wire transfer using the SWIFT address, and this will take about 3 (but might take up to 14 days). Banks in Prague charge from 100 CZK 500 CZK flat fee for receiving funds (or 1% to 2% of the sent amount). Another option is to use international money order exchangeable at the post office. Clearing funds might take up to 1 week. If cashing a non-Czech issued cheque, clearing funds might take between 1 to 4 weeks, similarly with bank drafts. If you desperately need funds, you can use some wiring companies like Western Union or Money Gram. You can receive money instantly, but there’s usually a charge of around 10% for this service. They have facilities in post offices, some banks and exchange offices.

Komercni Banka Was Rated as Czech Best Bank

The beautiful architecture of Komercni Banka’s Wenceslas Square location probably brought them the top award, although we often wish they would be a little more helpful to foreign customers.

Transferring a large amount of money from or to the UK?  TransferWise https://transferwise.com/ 

Getting a Better Exchange Rate

If you are planning a large purchase in Prague like a house, car etc., it is good to know that many banks offer better rates for exchanges over one million Czech Crowns. In small exchange offices, you might also be able to negotiate a much better rate if you change a larger amount of money. For example, if you are in a larger group, you can put all your pounds together and ask the clerk to lower their commission because you wish to exchange a larger amount; they will almost certainly agree.

Czech Notes



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