Despite being a member of the European Union, the Czech Republic has not adopted the euro yet. The Czech Republic’s currency is the Czech koruna or Czech crown (Kč / CZK). Notes come in denominations of 100, 200, 500, 1000, 2000, 5000 CZK. Coins come in 1, 2, 5, 10, 20 and 50 CZK.
Going from one currency to the other can be quite stressful. Luckily, credit or debit cards are widely accepted forms of payment. There are, however, some instances in which cash is useful – street vendors, outdoor markets, public restrooms, many vending machines and small shops may require it.
Getting a Fair Exchange Rate
- Never exchange money with people who approach you on the street. They promise inviting conversions but they are most likely tricking you. A trend is to give Belarusian Rubles rather than Czech Crowns or worthless old banknotes.
- Changing money at the airport is never convenient either.
There are numerous exchange offices in the city. Here are some tips on how to select a trustworthy one:
- Please be aware that different exchange offices provide sometimes widely varying rates. To make sure the rate you receive is fair, please check the Czech National Bank middle rate, which gives you an approximate idea of what you should expect.
- Commission fees are not legal on currency exchange transactions, so the frequently advertised “0% commission” is simply the norm. The way some of these places make their money is by offering unfair change rates.
- Exchange offices are required to post their foreign currency “buy” rates first, their “sell” rates second, with only one rate for each category.
- To make sure you are getting the rate you expect, ask the clerk to write the amount on a piece of paper before you hand over your money.
- Always demand a printed receipt, to which you are entitled, count your money at the counter, and save the receipt.
- If you feel that the rate you have received is not fair, you can revoke the transaction within three hours, provided that the transaction value didn’t exceed 1000 (one thousand) Euros. In the case of transactions exceeding the value of 1000 EUR, you are entitled to withdraw from the contract partially, to the amount corresponding to 1000 EUR.