If you come to Prague it is always good to have enough cash with you. I wouldn´t say Prague is a cash city, however just for your personal comfort it is highly recommend to exchange at least a portion of your budget to Czech koruna (CZK). You can either use any local bank branded ATM or stop at money exchange office. Just make sure you pick the right one. It is not always easy.
Exchange rate for 1 Euro should be at local exchange offices 26 CZK and more. Such an exchange rate we consider to be fair if you don´t want to go to bank or pay commisssion.
Commision is a good trick of many exchange offices downtown. They usually offer slightly better rate, however always take quite a high commission. Not a good deal.
There are also many places without commission but with absolutely crazy exchange rate like 15 CZK per Euro, so please always remember that fair price for 1 Euro is more than 26 CZK!! There are many dishonest places especially downtown. Check this video to see their practices to avoid them. Hundreds of people are daily ripped off in Prague and nobody cares. Please read on to learn about places where locals go to exchange money to get the best rate and fair services.
This place is very popular among locals as we all know that many exchange offices downtown are notorious for ripping tourists off. That´s why we basically don´t waste time and go directly to Exchange close to Old Town Square. Sometimes there are line ups but no worries, it pays back (literally). They offer the best rates. You don´t have to be afraid of any hidden fees or paying commission.
If you download (print) their discount voucher and present it there, you will get VIP exchange rate, which is even better (in case you exchange amount higher than 1000 CZK).