The Czech Republic is part of the European Union. However, unlike most of its members who use the single currency Euro, the national Czech currency is still the koruna (crown). Travellers who wish to visit Prague will only be able to exchange their money after they enter the country.
using czech currency
In 1992, a single currency called the Czech koruna (crown) was issued in the Czech Republic. The abbreviation: Kč or CZK is commonly used for international transactions. The basic currency is 1 koruna, which is further divided into pennies. But those are used only for non-cash transactions.
Valid coins and bank notes
Coins: 1 Kč (CZK), 5 Kč (CZK), 10 Kč (CZK), 20 Kč (CZK) a 50 Kč (CZK)
Bank notes: 100 Kč (CZK), 200 Kč (CZK), 500 Kč (CZK), 1000 Kč (CZK), 2000 Kč (CZK) and 5000 Kč (CZK)
In Prague, lot of restaurants and shops accept Euros. However, this rate is not advantageous. Therefore, it is always more cost-efficient to have the money exchanged in advance.
It is also possible to pay with credit cards MasterCard, Visa, Diners Club, JCB (Japan Credit Bureau) and AMEX (American Express) are acceptable. There are numerous ATM machines in Prague for easy cash withdrawal.
how and where to exchange money for the czech korunas
Money can be easily exchanged in Prague’s many exchange offices. However, the rates may differ significantly, and some exchange offices charge fees for the transaction. It is advisable to check the rates and fees of each exchange office in advance. The most common exchange currency is Euro (EUR to CZK), dollar (USD to CZK), pound (GBP to CZK), and roubles (RUB to CZK). Visitors can also exchange less commonly used currencies, such as Danish korunas, Canadian dollars or Croatian kunas.
In the most frequently travelled parts of Prague, money is commonly exchanged in the street. Such actions are not recommended and are also considered to be an unsafe practice. Visitors are encouraged to use the ample number of official exchange offices which are available in the city. Travellers arriving in Prague are advised to verify the current rate of the Czech koruna with the help of the rate calculator.
Czech exchange offices, with the exception of very small ones, do not bargain and the stated rates apply.
And what to do when you find out the exchange rate was unfavourable for you? You have a right to withdraw from the transaction within three hours. You just need a receipt with the correct date and time of the transaction so check that while changing money!
Eight Tips on how to exchange money profitably
- Verify the current Czech koruna rate.
- Exchange money only in designated exchange offices.
- Never exchange money in the street.
- Read currency tables before exchanging money.
- Check the column “sale.” Czech currency is only exchanged for the selling rate.
- Be sure to inquire if any transaction fees apply.
- Ask in advance what amount will be received and verify it with the stated rate.
- Insist on having a receipt issued for the exchange.
Advice for using the best exchange offices in Prague
The largest number of exchange offices are located in the centre of Prague. Those which offer the most advantageous rates are:
- EXCHANGE (Kaprova street 14)
- Jindřišská Exchange (Jindřišská 19)
- Exchange office Alfa Prague (Na Příkopě street 23)
- Exchange office Praha – Change Ibra Marketing (Celetná street 587)
- Reliable exchange offices are also in Opletalova and Politických vězňů Streets in the Wenceslas Square
It is advisable that visitors avoid the exchange office Chequepoint on the corner of Železná Street and the Old Town Square which is located close to the Astronomical Clock. It offers only 15CZK for 1 EUR which is almost less than half the usual rates. Exchange offices in the Czech Republic can legally offer any rate so some of them take advantage of the tourists’ lack of information and awareness.