How to Exchange Money in Prague

The official currency of the Czech Republic is the Czech crown. Coins of 1, 2, 5, 10, 20, and 50 crowns and bills of 100, 200, 500, 1000, 2000, 5000 crowns are in use. You can find out what local money looks like on the official website of the Czech National Bank

Photo of Czech banknotes and coins

Where to Change Money in Prague

You can change money at exchange offices. The exchange rate can vary quite a bit. As a rule, exchange offices with the most favorable rates can be found a little away from the crowded streets and squares, for example, in Krakovska or Politickych Veznu streets near Wenceslas Square or in Kaprova street not far from the Old Town Square.

On April 1, 2019, new rules for the operation of exchange offices were adopted. The penalties for scams are enormous. So it is unlikely to come across places, which, for example, charge a big commission for exchanging money without clearly stating it upfront. Moreover, you have 3 hours to change your mind, return to the exchange office with a bill, and cancel the transaction. But better safe than sorry. The good old rule still comes handy. Go to the exchange office, and first ask how much you will receive for your 50/100/200 euros, pounds or dollars. Only after you are convinced that the exchange rate is fine, give the money to the cashier.

Which ATMs to Use in Prague

Buy the way you can skip exchanging money all the way. Bank cards are accepted almost everywhere in Prague. And you can always withdraw a small amount of cash from an ATM. However, it is crucial to avoid ATMs without any logos. You will see them at each step in the city center. You can easily lose a third of your money withdrawing cash from these machines. The exchange rate is usually bad, and the payments for transactions are enormous. Look for ATMs of big Czech banks - KB, Raiffeisenbank, CSOB, ING, Ceska Sporitelna, Airbank, FIO, etc. Their ATMs are always marked with the bank logo.

Photo of ATMs at Prague Airport

ATM will offer you options to chose DCC (dynamic currency conversion), or sometimes it's called CPC (cardholder preferred currency). Please do not do it! If you chose this option, you basically allow the ATM to set its exchange rate. And this rate will hardly be better than the rate of your bank. Always decline this option and chose to write off money in the local currency. The same rule applies when paying at stores and restaurants. If the payment terminal asks you if you want to pay in local currency or with conversion, always select "in local currency."

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