NEVER EXCHANGE MONEY ON THE STREET IN PRAGUE – HERE’S WHY
The golden rule is simple: never exchange money on the street. No matter how tempting or trustworthy the offer may seem, resist the urge. Doing so is a 100 % way to get scammed.
How the Scam Works
Around Prague’s tourist hotspots and near popular currency exchange offices, you might encounter organized groups – typically 30-50 yo guys from Romania, Bulgaria or Belarus. They might approach you with seemingly great deals, claiming their rates are better than the official exchange offices. However, it’s a trap. If you agree, you’ll likely receive obsolete foreign currencies, such as old Romanian Lei, old Bulgarian Lev, or old Belarusian Rubles banknotes.
Those currencies are not accepted in Prague and hold no value because they date back to around the year 2000, prior to monetary reforms in their respective countries. You can watch this video about these scammers and see the faces of some of them, so you can recognize them at first glance.
The result? When you try to use this money in a shop, the cashier will inform you that the notes aren’t valid Czech crowns (Czech koruna). Unfortunately, at this point, your options are limited. While you can report the incident to the police, recovering your money is rare, as these scams exploit legal loopholes, and the scammers often disappear without a trace.
What Czech Money Looks Like
Official images from the Czech National Bank (ČNB) can help you identify authentic Czech korunas (CZK), ensuring you won’t fall victim to counterfeit bills. This is how authentic money looks like.
Where to Safely Exchange Money in Prague
Now that you know to steer clear of street exchanges, here are some trusted alternatives:
- Exchange Office – Prague’s Best Option – The top-rated exchange offices in Prague is Exchange (just a simple business name, yes). With two locations, one near Old Town Square on Kaprova Street and the other in Smíchov (Prague 5), they have been offering some of the best exchange rates in the city, often 2-4% better than commercial banks. However, please note that the Kaprova Street branch will permanently close on December 23, 2024. Moving forward, their services will be available exclusively at the Smíchov branch, located at Štefánikova Street, Prague 5.
The Smíchov branch also features security doors, providing a private and secure space for our transactions. Many locals, myself included, use this exchange office for both personal and travel currency needs. - Revolut and ATMs – Using a Revolut card and withdrawing cash from ATMs listed in the Revolut app is another safe and convenient method. If you have a physical card, it’s a reliable way to get cash with minimal hassle.
- Commercial Banks – Major banks in Prague also provide currency exchange services. You can exchange money safely at almost any bank branch, though their rates may not be as favorable as specialized exchange offices.
- ATM Withdrawals – Withdrawing cash directly from an ATM is a simple option. Your bank will convert the currency using its own exchange rates, which are usually 2-4% less favorable than specialized exchange offices. Keep in mind that some ATMs may charge an additional fee for foreign cards.
When it comes to handling money in Prague, always prioritize safety and reliability. Familiarize yourself with Czech banknotes, and avoid any deals that seem “too good to be true.” By using trusted exchange offices, banks, or reliable payment methods like Revolut, you can enjoy your trip to Prague without any financial headaches.