Where To Change Money In Prague
It’s a very familiar tourist complaint in Prague: being cheated when changing money. And in many cases whenever you don’t change money in the avenue (please don’t even think about), unfortunately it’s still simple to get a poor deal when changing money.
In this post, we’ll suggest how you can avoid the issue.
Banks
Banks include the most trusted option, and also as they have good exchange rates, which vary little between banks, you don’t have to look for the most beneficial deal. The main Czech banks include: Komerční banka, Česka spořitelna, ČSOB, UniCredit Banka, Raiffeisen Bank. In larger banks, the exchange counter is marked Směnárna; at smaller branches you can change money at any counter (pokladna). Do not forget that banks mostly accept only the main global currencies, so you should use a bureau de change (see below). The main drawbacks of using banks are queues and opening hours. Banks generally open between 8.00 or 9.00 and 17.00, on weekdays only, and several close at lunchtime.
Automated telling machines
An ATM (automated telling machine) will be the most convenient method of obtaining money. However, fees are charged for using an ATM, in case you withdraw money frequently, the whole charge soon adds up. You can get round this by withdrawing the big amount at once to reduce fees, although doing it is risky, especially as pickpockets are a problem in places that have a big frequency of people in Prague (as in the other cities). Another issue remember while using ATMS is bank card scams, for instance thieves obtaining your bank details. Banks are addressing the issue by making ATMs more secure, but you truly should try to use them inside a bank.
Exchange bureaux
Bureaux de change (směnárna) are plentiful and several are open around the clock, making them very convenient. However, many bureaux offer poor value, and you may check if the most conveniently located bureau is the best. Is it possible it could offer “no commission”? That sounds good, however in that case the bureau will make amends for zero commission with a poor exchange rate. Another bureau might offer “the best rates in Prague”, but it’s likely that the rates won’t really do the best: good bureaux don’t need such advertising.
And if you’re Scottish, you could find out some bureaux de change offer rates for Scottish pounds and English pounds, which is unfair considering Scottish pound to Czech crown ratio is less favourable. Like everywhere else, airport exchange facilities offer poor value, as do Chequepoint bureaux, which have several branches in Central Prague. Western Union is reputable, but offers poor rates. Unfortunately, American Express and Thomas Cook offer good rates, but neither have bureaux in Prague any more. If you choose to use exchange bureaux, we advise this company Exchange.cz with offices right in Prague city centre on the address Náměstí Franze Kafky 2, Prague 1.
