If you come to Prague it is always good to have enough cash with you. Prague is very card friendly city, however just for your personal comfort it is highly recommend to exchange at least a portion of your budget to Czech koruna (CZK). We still have our local currency, not Euro. You can either use any bank branded ATM (avoid Euronet Worldwide ATMs!!) or stop at money exchange office. Just make sure you pick the right one. It is not always easy. Learn where to exchange money in Prague and where not!
My name is Dana and I am a local guide running my small local business called Prague Behind The Scenes. When I am not guiding I like writing about my hometown and help Prague visitors to avoid tourist traps. Changing money is one of them. Should you have any questions or wish to learn more about Prague, drop me a line at firstname.lastname@example.org.
Fast facts: how much for 1 Euro or USD?
Exchange rate for 1 Euro should be at local exchange offices 26 CZK and more, 1 USD is aprox. 23 CZK. Such an exchange rate we consider to be fairly good (information from June 2020). Charging a commision is a good trick of many exchange offices downtown. They usually offer a slightly better rate, however always take quite a high commission. At the end not a good deal. Always ask ahead.
There are many places in Prague offering absolutely crazy exchange rates, e.g. 15 CZK per Euro!!!!! so please always remember that fair price for 1 Euro is currently around 26 CZK and 23 CZK for 1 USD!! There are too many dishonest places especially downtown, one also at Prague Castle…. Check this video to see their practices. Under the video, you can learn about places where locals exchange money in Prague to get the best rate and fair services.
Locals choice where to exchange money in Prague
We go to place called Exchange cz as we all know that many exchange offices downtown are notorious for ripping people 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 a commission.
My tip #1: download a discount voucher
If you download (print) discount voucher from Exchange.cz website and present it, you will get a VIP exchange rate, which is even better than the standard one (you just need to exchange amount higher than 1000 CZK = 40 Euro).
My tip #2: if you exchange money in Prague at wrong place
If you get ripped off at some other exchange office and you find it out later, according to Czech law, within the timeframe of 3 hours, you can be refunded at the place of transaction. You just need the original receipt. Don´t be afraid and ask your money back. It´s your right!
My tip #3: if you want to use ATM
In case you prefer withdrawing money from ATM, please avoid Euronet Worldwide machines (of course, they are strategicaly located downtown). Once their ATMs detect foreign card, they will charge you high fees, give you low exchange rate and will also push you to withdraw high amount of money (e.g. 10 000 CZK which is ca. 50 % of an average Czech salary. You really don´t need so much cash!!