Best places to exchange currency in Prague

03.04.17
3 minute read
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When the centre of a city is a UNESCO World Heritage site, it’s sure to be a visually appealing and historically fascinating one. As the capital of the Czech Republic, Prague is a popular destination with a lot on offer for visiting tourists. Something to consider for your trip, is how you’ll access the Czech koruna (CZK) you’ll need for your stay. This is our guide to the best places to exchange currency in Prague.

Things to know before exchanging your money

Know the actual exchange rate

When researching exchange rates, take the time to understand the mid-market exchange rate. This is the real rate which banks use to trade large volumes of currency. You’ll find this rate on google and xe.com. The rates advertised in currency exchange bureaus will be poorer than the real rate, as they add an extra commission to their rate. Check the real mid-market rate and use it as a benchmark to compare offered tourist rates against. You can use our online currency converter to check the current mid-market rate.

Remember - exchange rates always change

Exchange rates can fluctuate regularly, as they're affected by the global market as well as political and economic decisions. Global or local events can have an impact on the value of your currency, so be sure to keep updated on the news before and during your visit to Prague. You can sign up to our rate tracker tool to get updates on your desired currency pairing.

Research your home bank’s partnerships before you leave

It’s worth finding out if your bank has works in partnership with any banks in Prague. Many banks have international partners and these partnerships can benefit customers at the ATM. Withdrawing cash from a partner bank will likely be cheaper and possibly even free.

Always choose to be charged in the local currency

If using an ATM, be sure that you always choose to be charged in the local currency. Being charged in your home currency means accepting whatever exchange rate the ATM’s bank applies. This is usually a poorer rate, and you’ll be charged an extra fee for the service. Choose instead to be charged in CZK for a fairer conversion.

Avoid airport and hotel currency exchanges

Airports and hotels market to a captive audience. Exchange rates offered here are often poorer than you’ll find elsewhere, so it’s best to avoid exchanging your money in these places. If you’re in urgent need to cash, change what you require to get by and then convert the remainder at a more centrally located exchange bureau. Or for a rate that is usually fairer, withdraw your money directly from a trusted ATM operator.

Spend your money before leaving

Avoid coming home at the end of your trip with leftover Koruna in your pocket. Budget well so you can convert only what you need, as re-exchanging your money back means you’ll be paying conversion fees twice. Spend your leftover cash instead, especially the coins.

Where to exchange money in Prague

We’ve compiled a list of currency exchange bureaus in Prague, which you may find useful for changing your money. Remember that all exchange services will charge a fee, either upfront or hidden in the exchange rate. Use the current mid-market rate as a benchmark to compare how fair the tourist rates on offer are.

Currency Bureau Address Contact Information
Exchange Kaprova 14/13, 110 00 Praha +420 800 225 588
International Currency Exchange (ICE) Malostranské nám. 5, 110 00 Praha 1 +420 257 535 808
Exchange8 Žatecká 16/8, 110 00 Praha-Josefov +420 605 977 650
Chequepoint A.S. Václavské nám. 799/48, 110 00 Praha 1-Nové Město +420 222 210 711

The bottom line

If changing cash at an exchange bureau in Prague, make sure you check the rate they're offering against the real mid-market rate. Add any upfront fees charged by the service to determine the best place to exchange your money. Alternatively, you’ll usually get a fairer exchange rate applied if you withdraw cash directly from a trusted ATM operator. With this method, be sure that you choose to be charged in CZK to avoid any extra fees.

Better yet, if either you or a friend have access to a CZK bank account in Prague, use TransferWise and make the transfer ahead of time. Not only does TransferWise use the real mid-market exchange rate to convert your money (which almost always beat the banks), but since your currency is received and sent via local banking systems in both your home country and in the Czech Republic, all those nasty international bank fees magically disappear.

TransferWise is the smart, new way to send money abroad.

Find out more