Exchange Rates for Currency
Exchange offices only have to display their rates somewhere in the office, therefore meaning that they could be printed in tiny writing somewhere in the office. Make sure you ask for the exchange rates before handing over any money.
Prague tourists will usually get a superior exchange rate in Prague. The Czech Crown would live in their native country, but the guidelines below should be noted. Should you travel from the United Kingdom, lots of people exchange pounds into Euros in advance of their trip. This is not required, though, because you can exchange pounds directly in many of the recommended currency exchange bureaus in Prague that offer no commission and the smallest possible margins between the currencies bought and sold. Another option is to take your Czech Crowns out of an ATM cash-point. These ATM’s accept every major credit and debit card, like EC/Mastercard, Visa, Visa Electron, American Express and Maestro. It varies depending on the bank that issues the cards, but you usually get quite a decent exchange rate, even though your credit card company will probably charge you a modest processing fee.
Safety Advice: You might encounter fake sob stories from people wanting to con money out of you on the streets, or from disreputable traders. For instance, a bureau-de-change might offer a very poor rate of exchange. Nonetheless, Prague is gradually improving this situation for the better.
Normally, banks offer a good exchange rate, but they don’t usually open in the evenings or over weekends, and they charge a 1% or 2% fee for commission. Exchanging in hotels is possibly the worst choice because they offer a poor rate of exchange. Nonetheless, smaller Euro quantities do not generally pose a problem, at virtually any time of night or day, to exchange in a hotel. The bureaux de change have quite big variations between each other. For instance, some bureaux de change will not apply a charge for exchange, but they do not provide an outstanding exchange rate, whereas some will apply a very high commission charge, but they will offer a superior exchange rate. The best plan is to ask first what amount of money you will receive and work the real exchange rate out for yourself.
The Crown is the official currency, which is comprised of one hundred Hellers. Small coins begin at one Crown coin, then the two Crown, five Crown, ten Crown, twenty Crown and fifty Crown coins follow. Banknotes start with the one hundred crown note, then the two hundred, five hundred, one thousand, two thousand, and five thousand crown notes follow.
The Municipal Police Advise and Inform: Do not change money in the street: street exchange activity is not allowed in the Czech Republic and you may be deceived in such an exchange! When exchanging money in an exchange office, always confirm the rate that will be used for your specific currency with the office attendant. Before changing money, be sure to thoroughly confirm all information about the exchange that the office provides. If you are not satisfied with the service you have received at the exchange office, request a complaint report and use it to describe the reason for your dissatisfaction with the service provided. Be sure to obtain and keep a copy of the report.
