22 Jan

Exchanging Money in Prague

The Czech Republic is one of the few European Union countries that doesn’t use the euro. The country’s official currency is the Czech Crown (CZK), or Česká Koruna (Kč) in Czech.

Exchanging Money in Prague
Therefore, if you come to Prague, you will need to exchange money since not all places accept credit cards or euros.

Bills and coins

There are bills for 100, 200, 500, 1000, 2000, and 5000 crowns. The coins are for 1, 2, 5, 10, 20, and 50 crowns (there are no cents nor bills smaller than 100).

We recommend that you familiarize yourself with the money’s appearance by looking at examples of Czech currency at the website of the Czech National Bank.




Recommended Currency Exchanges

  • Exchange: Kaprova 13, just a few meters away from the Old Town Square
  • Sumar Exchange: Politických vězňů 21, near Wenceslaus Square.
  • Praha Exhange: Jindřišská 12, near Wenceslaus Square
  • Change: Náměstí Republiky 1078/1 (corner of Truhlářská), next to the Palladium shopping center.
  • Provaznická Exchange: Provaznická 1, just a few meters away from Wenceslaus Square.

Be Careful with Certain Currency Exchange Places

You will find hundreds of currency exchange places in Prague, but only a few are recommended. Many tend to have big signs offering 0% commission, but that’s often a lie, and you end exchanging 1 euro for 15 CZK instead of 25 to 26 CZK as it should be. That’s why you should always ask how much money you’ll receive so you don’t receive an unpleasant surprise.

The currency exchanges at the airport and bus and train stations tend to charge a very high commission rate.

Don’t Exchange Money on the Street

Under no circumstances should you exchange money on the street. If someone approaches and offers you a great exchange rate, ignore them, they are probably trying to cheat you. Instead of Czech crowns they will give you Belarusian rubles that have no value. These people tend to hang out near the exchange places looking for tourists.

Cash Machines (ATM) and Banks

You won’t have a problem finding cash machines (ATM) and banks in the city center. Bank hours are Monday to Friday from 8:00 to 17:00 hours.

Paying by Card

The most secure way to save on commissions is by using a credit card since the exchange rate is calculated at the time of payment, and the maximum commission tends to be 1%. However, always remember to ask whether a place accepts credit cards.

Advice

If you arrive to Prague without crowns, we advise you to exchange only the minimum necessary amount before you can reach the recommended exchange places. You can also withdraw money from a cash machine (ATM) since their commission tends to be low.


Related Posts: Prague Public Transport

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