INTRODUCTION
Well, well, so you decided to go to Prague, right? Very good choice you have made there. Here you find the best suggestions, tips and tricks on how to make the most out of your time in this prettiest city in Europe. Are you on a low budget? Are you looking for some fun, meeting new friends and culture or you just one of those looking to "relax" in one of the typical local pubs, finding yourself over a pint of the best beer? Relax, sit down and read some suggestions from a person actually been born there...
P.S: Please also feel free to add any suggestions and comments on any of the topics. End of the day this site is here for you to help so if there is anything you may want to know more about drop the comment and I will answer it as soon as I get a chance. Thank You!
WHERE TO CHANGE YOUR MONEY VS. USING YOUR BANK CARD
Czech Republic and therefore Prague as its capital city still using their own currency called Koruna (Czech Crown – CZ) and that’s for at least another 3 – 4 years, before they accept Euro. You may think… why they can’t have already Euro if they joined EU a long time ago? Well the good thing about all that is that not having Euro makes the prices of the gods (especially than food and drinks) still cheap comparing to some other EU countries, which accepted Euro as their main currency. So therefore you may find eating and drinking out still cheap (of course, depending where you eat and drink). But about that later in Food & Drink section.
Changing your money is always the same issue, isn’t it? Where shall I change my money to the local currency? Is it better to withdraw from the ATM (Bankomat) machine or bring cash with me? What it the best?
BANK CARDS
You may prefer to use your bank card to get your cash out, using your banks exchange rates as “guaranteed” rate you get. It may also be more comfortable way for you, rather than traveling with cash on you. Things you should have in mind are those charges you may be charged from your bank, withdrawing money abroad. Good is to check beforehand what these charges are from your bank direct as every bank charge different amounts. Some banks don’t even charge you for withdrawing money abroad (for example Nationwide in UK). ATM machines are than widely spread out all over Prague and you can find them also in Train or Bus stations or Airport so if you prefer using bank card to get cash out you can do it straight after your arrival to Prague. Check the link below as that’s exchange rate for foreign currencies used by most of the banks in Czech Republic.
So if you get that, plus any possible charges from your bank for withdrawing, than you get the amount of what it would costs you to get cash out from your bank card on any local ATM machines in Prague.
CASH
Alternative option for those not trusting all these bank charges calculations is cash exchange. Most of the travelers change their money once they arrive to Prague, instead of coming to Prague with money changed already. I agree with those changing their money in Prague as its easier way of getting to know the current exchange rate.
There are many exchange points, places and agencies to choose from but as local I can tell you they all not as good as they seems. You will see many of those eye catching signs offering 0% Commission in almost all of them. The trick in most of them is than there is 0% Commission, don’t get me wrong, but what you don’t see are all those hidden charges they add to your final amount. So what you may at first find as a fantastic deal will turn into rip off. To avoid all of that remember to ask before you change your money how much would it be in Czech Crowns (Czech Koruna – CZ) first. Say you want to change 100 Euros; you first ask how much CZ Koruna you get for that. Then compare the price given to the board with exchange rates and you will see exactly how much of hidden charges (if any) been added on.
Me as a local but as a person traveling a lot and living abroad, I as well do exchange my money to local Koruna using Money Changers. But after years of practice and being local I know where to go and only recommend two places to get your money changed.
One of my absolute favorites is a hidden place very near the town center. Place the locals know as “U Araba”. And as you may have guest by translation it’s a Exchange run by Arabic person, which guarantees the best deal on your exchange. It’s situated close to the Prague´s biggest shopping centre malls called Paladium (10 min walk from Vaclavske namesti. Opposite Paladium (cross the road) you can find another (communist looking) shopping mall called Kotva. On the right hand side from the entrance to Kotva you can find a small passage with a few kiosks and one Exchange which is the one. To be on the safe side do the same as you would do in the any other Money exchange place and that’s ask how much you would get for say 100 Euros. See the link and picture bellow.
The second place I often use is close to the Staromestske Namesti (Old Town Square) and not far from Staromestska Metro (green A line). Go to Kaprova ulice number 13/14 which is on the way from Metro towards Old town square (Staromestske namesti) or the opposite way from the Old Town Square towards Staromestska Metro (towards the river). See the map and picture bellow for directions and also their website link to see current exchange rates.
For their website (only in Czech) check the link below:
Anyhow you decide I hope with these little tips on where to exchange your money, you won’t actually have to experience any troubles of being ripped off.
