As travelers, it is easy to think that we are smart enough to avoid getting ripped off. The truth is, it happens to the best of us. Be informed about the Currency and Exchange in Prague before you travel.
Czech Currency and Exchange in Prague
This are some tips that you should consider when visiting the Czech Republic.
Some places in Prague (restaurants, hotels, shops) will take Euros, but sometimes the exchange rate is different from the official. It is better to pay only with Czech Crowns.
The Czech Republic is in the Eurozone but we don´t use the Euro. The currency is the Czech Crown (CZK) and it will continue for a couple of years (maybe 2019). The notes are issued ONLY in the following denominations: 100, 200, 500,1000, 2000, 5000. Coins: 1, 2, 5, 10, 20, 50.
Be careful where you exchange for Czech Crowns, good rates are available in Prague, but not every place is honest and sometimes charge a high commission. You can find a good place at the corner of Kaprova 15 (Old Town Square), excellent rates and no commission.
Using cards is quite usual or you can take out money at ATMs/cash machines, just be aware of the transaction fee.
You can rely on your bank back home and order Czech crowns from them in advance. Remember to check the currency they give you. It is quite common to get notes out of circulation, often travelers get the 50 kc note and nobody will take it in Prague. If that happens, go to the Czech Nationlal Bank and exchanged it (CNB), or keep it like a nice souvenir!
Never change money on the street from a random person. Some people may come up to you and try to stop you from paying commission and offering to change money with you. In most cases they change it for newspaper, currency from countries that doesn´t exist anymore, or fake notes.
Unfortunately shady people love to take advantage of travelers, and if you’re not careful, it’s easy to become a victim.