If you’re planning to visit Prague, you’ll definitely find it handy to have some cash in Czech crown (or Czech koruna). Let me guide you on where to exchange your money and what to keep in mind during the process.
How Much Will You Get for EUR, USD, and GBP?
Current exchange rates for the Czech koruna fluctuate daily, so for the most up-to-date information, check the official website of the Czech National Bank, the government authority overseeing banks: Czech National Bank Exchange Rates.
For euros, a top rate is around 25 CZK per euro. Rates between 24 and 25 CZK are slightly less favorable but still decent.
For US dollars, excellent rates hover between 23.5 and 24 CZK. Rates between 22.5 and 23.5 CZK are still reasonable, though the dollar tends to be more volatile against the Czech koruna, so prices may shift more frequently.
For British pounds, the best rates are approximately 30 CZK per pound. Rates between 29 and 30 CZK are still good.
| Super price (we buy price) is: | Good price (we buy price) is: | |
| 1 EUR | 25+ CZK | 24 – 25 CZK |
| 1 USD | 23.5+ CZK | 22.5 – 23.5 CZK |
| 1 GBP | 29.5+ CZK | 28.5 – 29.5 CZK |
Reliable Currency Exchange Offices in Prague’s historic center
Here’s my list on map of trustworthy currency exchange offices in Prague city center. These places offer fair rates, zero additional fees, and good exchange rates, making them safe and reliable options for exchanging money. I’ve personally used most of these, and the experience has always been smooth and hassle-free.
While their rates may vary, they still remain some of the best choices in the city center. If you’re looking for a reliable way to exchange your money in downtown, these are the places I recommend.
Comparison of Exchange Rates Offered by Recommended Currency Exchange Offices
I’ve made a comparison of the rates offered by the exchange offices marked on my map above. This should give you an idea of the rates you can expect from the places I recommend. Instead of focusing solely on the rates themselves, I’ve compared them to the so-called mid-market rate announced by the Czech National Bank (ČNB).
The ČNB announces its official exchange rates every business day at 2:30 PM, which remain valid until the next announcement. Market rates fluctuate constantly, but the ČNB doesn’t account for these minute-by-minute changes. Exchange offices typically set their prices based on a combination of factors:
- The ČNB’s announced rate,
- Major changes on the forex market – adjusting their rates for significant market shifts,
- The location of their branch – some offices face higher rent costs,
- Demand for currency exchange at specific times – lower demand often leads to more competitive rates, and
- Prices set by competitors in the immediate area.
These and many other factors influence the rates offered, which can change several times throughout the day.
While some exchange offices display their rates online, my experience has shown that many don’t update their websites regularly. As a result, the rates posted online may differ from what’s actually offered at the branch. This can be frustrating if you’re trying to plan ahead. Even if you find an excellent rate online, the reality at the physical location might be quite different.
Which Currency Exchange Offices Offer the Best Rates?
I conducted a detailed survey of the currency exchange offices marked on my map above to determine their performance at the end of 2024, specifically looking at their rates and how worthwhile it is to exchange money with them.
Most exchange offices offer two types of rates:
- Standard Exchange Rates: These apply to all customers.
- VIP Rates: These are offered to tourists exchanging larger amounts of cash or to their long-term Czech clients who hold VIP cards or print a VIP coupon from their website.
Comparing Mid-Market Rates and Exchange Office Rates
My focus was on comparing the mid-market rate from the Czech National Bank (ČNB) with the rates offered by these exchange offices (both standard and VIP). This comparison highlights the office’s margin – the smaller the margin, the more Czech crowns you get for your money.
Standard Rates
Standard rates across the exchange offices on my map are generally quite good. The difference between the ČNB rate and the standard rate typically ranges from 0.5% to 3%. This means that the margin, or “fee”, for exchanging money compared to the ČNB rate is effectively 0.5% to 3%, which is very close to the current forex market rates.
For smaller amounts (e.g., 100 EUR), this translates to receiving Czech crowns worth approximately 97 to 99.5 EUR. That’s a reasonable price for this kind of exchanging money.
VIP Rates
Many exchange offices offer VIP rates if you’re exchanging larger amounts of cash. Typically, these rates are available for transactions of 20,000 CZK (~800 EUR), 25,000 CZK (~1,000 EUR), or 30,000 CZK (~1,200 EUR).
Each exchange office sets its own thresholds for VIP rates, but I’ve included these details in the tables below for your convenience.
VIP rates are significantly better. The difference between the ČNB rate and VIP rates (the margin) ranges from 0.1% to 1.5%. For example, exchanging 1,000 EUR might get you between 985 and 999 EUR in Czech crowns at these rates.
Survey Notes and Future Updates
This research is up-to-date as of November 30, 2024, based on publicly available online data. In the future, I plan to conduct in-person checks of all 14 exchange offices on the same day to refine and update this comparison. Visiting all offices in a single day is time-consuming, but it’s the only way to ensure accurate, comparable data.
Key Points to Remember
- Branch-Specific Rates: Rates may vary between branches of the same company.
- Currency-Specific Rates: A great rate for EUR doesn’t guarantee the same for USD or other currencies. Some offices may offer excellent EUR rates but significantly worse rates for USD.
By staying informed and keeping these points in mind, you can make the most of your currency exchange experience in Prague.
Which Exchanges Offer the Best EUR to CZK Rates?
Based on my research, the following exchange offices in Prague offer competitive rates for converting euros to Czech korunas:
Standard Exchange Rates:
- Sumar Exchange on Politických vězňů street – 0.27% margin above the ČNB mid-market rate
- EXCHANGE s.r.o. on Štefánikova street – 0,85 %
- Alfa Prague on Náměstí Republiky – 1,05 %
VIP Exchange Rates:
- Royal Exchange on Břehová street – 0,1 % margin above the ČNB mid-market rate (note: this rate seems unusually favorable and may be a website error. I recommend verifying this rate directly with the exchange office before proceeding with any transactions)
- Eurochange on Opletalova street – 0,17 %
- Sumar Exchange on Politických vězňů street – 0,25 %
- Alfa Prague on Náměstí Republiky – 0,25 %
- Nekázanka Exchange on Nekázanka street – 0,25 %
- Exchange8 on Žatecká street – 0,25 %
- Provaznická on Exchange Provaznická street – 0,25 %
Which Exchanges Offer the Best USD to CZK Rate?
If you’re looking to exchange US dollars to Czech korunas at the best rates, here are some of the top options in Prague:
Standard Exchange Rates:
- Alfa Prague on Náměstí Republiky – 0,5 % margin above the ČNB mid-market rate
- Sumar Exchange on Politických vězňů street – 0,5 %
- EXCHANGE s.r.o. on Štefánikova street 0,71 %
VIP Exchange Rates:
- Alfa Prague on Náměstí Republiky – 0,3 % margin above the ČNB mid-market rate
- Jindřišská Exchange on Jindřišská street – 0,3 %
- Nekázanka Exchange on Nekázanka street – 0,3 %
- Royal Exchange on Břehová street – 0,3 %
- Provaznická Exchange on Provaznická street – 0,3 %
Where Do Locals Exchange Money?
We Czechs have always exchanged our travel money at EXCHANGE s.r.o. (it is the company name). For years, it’s been considered the most reliable currency exchange in Prague with the best rates. However, based on the research mentioned earlier, it might not be as advantageous as it once was. That said, the best exchange isn’t just about the rates – it’s also about the quality of service, long-term experience, and reputation. One feature I truly appreciate is the private enclosed booth where you can exchange money securely. When exchanging larger sums, it feels much safer knowing the door behind me is locked.
Originally, EXCHANGE s.r.o. had a branch near Old Town Square at Kaprova 1, right next to Franz Kafka Square. That was my go-to spot for exchanging money. Unfortunately, due to the high rent in the area, they had to relocate. Now, you can find them on Štefánikova Street in Smíchov (see the map above). It’s about a 15-minute tram ride from the city center.
For smaller amounts, it might not be worth the trip. However, if you happen to be passing by or need to exchange more than €1,000, I’d definitely recommend heading there.
Where to Exchange Large Sums of Money in Prague
As previously mentioned, EXCHANGE s.r.o. on Štefánikova Street offers favorable rates and a secure environment for transactions. If you prefer not to travel outside Prague’s city center, consider the following centrally located exchange offices known for their competitive EUR and USD rates:
- Alfa Prague on Náměstí Republiky
- Nekázanka Exchange on Nekázanka Street
- Provaznická Exchange on Provaznická Street
When exchanging amounts exceeding 1,000 EUR, Czech law requires you to present valid identification, such as an ID card or passport. Be sure to carry these documents with you, as leaving them in your hotel safe could hinder your transaction.
When exchanging an amount greater than the equivalent of 1,000 EUR, always request a printed receipt with the offered exchange rate before handing over your cash. This is a legal obligation for exchange offices in the Czech Republic.
Carefully review the receipt – especially the exchange rate and any fees. Once you’re confident that everything is accurate and acceptable, only then should you proceed with handing over your money to the cashier. This practice ensures a safer and more transparent transaction for you.
Do I Need Cash in Prague?
How much cash you’ll need during your visit to Prague depends entirely on your lifestyle and spending habits, which can range from a few euros to thousands per day. However, in most cases, you’ll find that cash is hardly necessary. Nearly every establishment in Prague accepts card payments, and Czechs are particularly enthusiastic about contactless payments using cards or mobile phones. If you enjoy using NFC for payments, you’re in the right country.
That said, there are still some situations where cash might come in handy:
- Tipping in some restaurants and bars. Many places allow you to add a tip directly on the card terminal, but others might only accept tips in cash.
- Private tour guides who may require payment in cash.
- Public restrooms, which charge a small fee (0,5 to 1 EUR).
- Street musicians or for purchases from street vendors.
- Christmas markets or farmer’s markets, where most stalls might only accept cash.
- Horse-drawn carriage rides or rides in vintage cars.
- Small transactions under 300 CZK (around 12 EUR or 15 USD) in smaller shops or restaurants, as low card payments can be costly for merchants due to higher fees than their profit margin on such small amounts.
For those concerned about card fraud, contactless payments in the Czech Republic are quite secure. For transactions under 500 CZK (approximately 20 EUR or 25 USD), no PIN is required. For amounts over 500 CZK, you’ll always need to enter your PIN. This ensures that smaller payments are quick and larger ones remain secure.
Prague is not known for issues like card skimming or stolen card misuse, so I personally feel safe relying on my card. I keep a small amount of backup cash for emergencies but rarely spend more than 2,000 CZK in cash per month. Most of my expenses are easily handled with card payments.
How Much Money Should I Exchange?
If your accommodation is already paid for, you’ll mainly need money for food, transportation, entrance fees, and experiences. On average, you’ll need around 2,000 – 3,000 CZK per person per day, which is approximately $85 – $125 USD or €80 – €120 EUR.
Here’s a breakdown of typical daily expenses in Prague:
- Two coffees per day: 200 CZK
- Breakfast at McDonald’s: 200 CZK
- Lunch at a restaurant: 300 – 500 CZK
- Entry to a historical site or museum: 200 – 500 CZK
- Boat cruise on the Vltava River: 500 CZK
- Bakery or dessert stop: 200 CZK
- All-day public transport pass or one Uber ride: 120 CZK
- Dinner at a restaurant: 300 – 500 CZK
- Two beers or one cocktail: 200 CZK
- Public restroom: 20 CZK per use
This estimate gives you a solid idea of daily expenses, but keep in mind that costs may vary depending on your preferences and activities. If you plan to splurge on fine dining or unique experiences, consider a bit more.
Where Else Can You Exchange Money?
You can also exchange money at a bank or withdraw Czech korunas from any ATM in Prague.
Exchanging Money at Banks
Banks typically offer currency exchange services only at a few branches, often exclusively for their clients. It’s common for them to require a prior phone inquiry to ensure they have enough of the desired currency on hand. However, bank exchange rates are usually worse than those offered by exchange offices – typically 3-5% higher than the official Czech National Bank (ČNB) rate. For this reason, I personally avoid using banks for currency exchange and wouldn’t recommend it.
Withdrawing Cash from ATMs
If you have a bank account with favorable exchange rates, you can use your card to withdraw Czech korunas from Prague ATMs. Your bank will apply its own exchange rate, according to its fee schedule. I personally like using Revolut. It’s my go-to option for vacations outside the Czech Republic because their rates are competitive, usually just 0.5-1% worse than the current market rate. This is often as good as or even better than the top Prague exchange offices.
Avoid EURONET ATMs
I strongly recommend steering clear of EURONET ATMs – they’re notorious for aggressive tactics, especially with Dynamic Currency Conversion (DCC). This “service” converts your home currency into Czech korunas at a steep markup, often costing you around 15% of the withdrawn amount. If an ATM prompts you to convert your currency to Czech korunas, proceed cautiously. Read all on-screen instructions carefully, and think twice about accepting the conversion. Always select the option that charges you in the local currency (CZK) to avoid inflated fees.
Using reputable ATMs from major Czech banks like Česká spořitelna, Komerční banka, or ČSOB is a safer choice for transparent transactions.
Currency Exchange Scams in Prague
Unfortunately, scams related to currency exchange can happen in Prague – just as they do in most tourist hotspots around globe. Here’s a guide to help you avoid the most common traps and protect your money.
How to Spot a Fraudulent Exchange Office
If you plan to exchange money at any office other than those recommended above, exercise caution. Always start by looking up the exchange office on Google Maps. If you can’t find it there, that’s a major red flag. Scammers often avoid being listed on Google to escape bad reviews and discourage tourists from steering clear.
If you find the office on Google Maps, check its rating. A score of 4.5 or higher with at least 50 reviews is generally a good sign. If the rating is below 3.5, chances are high that you’ll be dissatisfied with their services or rates. To be sure, sort reviews by “newest” and read a few – recent reviews often reflect the current state of the exchange office.
Recognizing Unfair Rates
Beware of unfair rates when offered:
- Less than 22 CZK for 1 EUR
- Less than 20 CZK for 1 USD
- Less than 25 CZK for 1 GBP
These are highly unfavorable rates. Even if disclosed upfront, they exploit tourists’ lack of knowledge. Avoid such exchanges and choose offices with fair rates, zero fees, and solid reputations, like those listed above.
Confusing Exchange Rate Boards
By law, exchange offices must display their rates prominently. However, some fraudulent offices deliberately make their rate boards confusing to trick customers into thinking they’ll get a better deal. Here’s how to navigate these tactics:
- Locate the valid rate chart – typically the largest board, a printed list behind the counter, or rates displayed on a large screen.
- Find your currency in the list.
- Identify the correct column – usually labeled “we buy,” “buy,” or in Czech, “nákup” (purchase). This column shows the rate at which they’ll buy your currency.
- Check for VIP rates – VIP rates often require exchanging amounts exceeding 1,000 EUR, though thresholds may vary (800 or 1,200 EUR). Scammers may highlight these rates, even if you don’t qualify.
- Cross-check the rate with the current official exchange rate using your phone or the guide at the start of this article.
- Ask the teller for your specific rate before proceeding with the transaction. Confirm it matches what you saw on the board.
- Ask for receipt
According to the law and regulations from the Czech National Bank (ČNB), exchange rate boards should display only one, the least favorable rate. VIP rates should not be visible. However, the reality may differ.
What to Do If You Get Scammed
If an exchange office gives you a rate that differs from what you expected, Czech law allows you to cancel the transaction within 3 hours. This window applies to the operating hours of the office. For example, if you exchange money at 5 PM and the office closes at 6 PM, the 3-hour window continues when the office reopens the next day.
This cancellation policy only applies to transactions up to the equivalent of 1,000 EUR. For amounts over 1,000 EUR, only the first 1,000 EUR can be canceled.
To cancel:
- If the issue remains unresolved, file a complaint with ČNB.
- Return to the office with your receipt.
- Insist on your right to cancel, and if met with resistance, threaten to involve the police or the Czech National Bank (ČNB).
Avoid Street Currency Exchanges With Strangers
NEVER exchange money with individuals on the street. Scam artists often linger outside exchange offices, offering seemingly attractive rates. Tourists who accept these offers typically receive outdated or counterfeit bills from Belarus, Romania, or Bulgaria. These bills are worthless in Prague, and the scammer will quickly vanish.
Stick to licensed exchange offices only, and spread the word to help others avoid falling victim to these scams.