There are about 83 foreign exchange bureaus in Prague, and each of them usually has several exchange points. Many of these are located in the city center. You can exchange money in:
- Exchange points on the streets, in shopping malls and galleries. Mostly it’s a good option, but you should always carefully check the exchange rate.
- Banks. This option is 100% safe, but the rate is usually not very good.
- Euronet ATMs. Machine-based exchanges often give really bad rates. The good thing is that you have three business days to cancel the deal by mail (if you have a receipt).
So, there are many possibilities to get Czech korunas, but the amount you receive for 100 USD or 100 EUR can be very different depending on the place.
Rules of Currency Exchange in the Czech Republic
When exchanging currency, you should be aware that exchange offices (bureaus) cannot charge extra fees or commissions, as their margin must be included directly in the exchange rate itself. Be wary of signs advertising “0% commission”—this could be a marketing trick to draw your attention away from the poor exchange rate they offer.
Important Consumer Rights (CNB Rules)
- Transparent Rates: Exchange rates must be clearly visible. The rate board must always show the least favorable rate offered. Better rates (like “VIP” rates) may be offered, but only by verbal agreement.
- 3-Hour Cancellation Right: You have the right to cancel the transaction within three hours (during the bureau’s opening hours) for amounts up to €1,000. For transactions larger than €1,000, only the first €1,000 of the amount is eligible for cancellation.
- Receipt Required: Always ask for and keep the receipt. This is essential if you want to use your right to cancel; without it, cancellation is not possible.
With this information, you can exchange money safely in the Czech Republic. Some more tips are below.
Scam Advice
There are a few things you should keep in mind when exchanging money:
- Check the Rate: Always look closely at the rate board in the exchange office. Compare the advertised rate with the official rate for your currency (which you can check online). A good exchange rate should not be significantly different from the official rate.
- Avoid Tourist Traps: Be especially careful at transportation hubs (like the airport or main train station). Exchange rates in these locations are usually the worst.
- Avoid Street Deals: Never change money with people on the street—many of them are scammers.
- Confirm Your Rate: Some bureaus give good rates only for larger amounts (e.g., over €200) and much worse rates for small amounts. Always ask what rate applies to the exact sum you wish to exchange.
- Beware of Euronet ATMs: Euronet ATMs often offer very poor exchange rates, as they are independent operators.
- Old Banknotes: Sometimes you may receive an old banknote. Old Czech koruna banknotes have not been in use since July 1, 2022. The difference is easy to see: the new notes have a wider metallic strip in the middle, while the old ones have a thin strip.
- If you get an old banknote, you can exchange it for a valid one at any commercial bank or at the Czech National Bank (CNB).
How to Exchange Dollars and Euros at a Good Rate
There are a few things you should keep in mind when exchanging money:
- Check the Rate: Always look closely at the rate board in the exchange office. Compare the advertised rate with the official rate for your currency (which you can check online). A good exchange rate should not be significantly different from the official rate.
- Avoid Tourist Traps: Be especially careful at transportation hubs (like the airport or main train station). Exchange rates in these locations are usually the worst.
- Avoid Street Deals: Never change money with people on the street—many of them are scammers.
- Confirm Your Rate: Some bureaus give good rates only for larger amounts (e.g., over €200) and much worse rates for small amounts. Always ask what rate applies to the exact sum you wish to exchange.
- Beware of Euronet ATMs: Euronet ATMs often offer very poor exchange rates, as they are independent operators.
- Old Banknotes: Sometimes you may receive an old banknote. Old Czech koruna banknotes have not been in use since July 1, 2022. The difference is easy to see: the new notes have a wider metallic strip in the middle, while the old ones have a thin strip. You will find photo of old and new banknotes here.
Quick Summary Box
Before You Exchange Money in Prague:
- ✅ Compare the bureau’s rate with the official Czech National Bank rate.
- ✅ Always ask: “How much CZK will I get for this amount?”
- ✅ Keep your receipt — needed for the 3-hour cancellation right.
- ✅ Avoid Euronet ATMs and street money changers.
- ✅ Check that banknotes are new (wide metallic strip in the middle).
- ✅ Check 2–3 bureaus — rates can differ a lot.
