Map shows honest exchange places

The Honest Guide has made a map showing some of the better options

Exchanging money, whether you are an arriving tourist or a local going on a trip, is still one of the big pitfalls of travel in the Czech Republic.

Janek Rubeš, known for his Honest Guide video series, has newly released a Google map titled Map of Honest Exchange Places, listing some 20 exchange shops that have good reputations for giving fair rates.

He implores people to help in getting the word out about where to go. “Guys, it would be great if you could share this around either to people that are in Prague or are planning a trip here (tag them or send it to them),” Rubeš said on the Honest Guide’s Facebook page.

“We made a map (will be updating it) of honest exchange places around the city. The differences may be + - 2% (unlike some bad places, that can charge up to 50% commission fees!!!),” he added.

“The reason we made this map is that you keep asking us ‘Where to change money’ — so this should help you out,” he said.

There is more good news. The laws regarding exchanging money are changing in favor of the customer.

“The City of Prague will be shutting down more bad exchange places, and we will take care of the rest — promise. Also, as of the 1st of April the law will change slightly so you will be able to return exchanges within three hours. One day Prague will be scam free — but we do need your help. Please take care! Thank you :)” he concluded.

The law he mentioned calls for information on the right to cancel the transaction within three hours to be printed on the receipt from the exchange office. The receipt will also have to include the website of the Czech National Bank, which will provide information on customer rights.

If the transaction is done by a cash machine, customers will be able to withdraw from the transaction within three business days at any office of the company.

Offering VIP rates will no longer be allowed. In addition, there will be a ban on the payment of a service fee.

Last year, the Honest Guide posted a series of videos highlighting exchange places that gave poor rates and used other tricks to cheat customers. In the end, the Czech National Bank took away the license of one operator who had an exchange shop on Wenceslas Square.

Rubeš has also pointed out the problems with changing money from people on the street, which some people still try to do. Mostly, these people give out worthless foreign currency that looks like it has a high denomination.

While those two sets of videos tell you what not to do and where not to go, the new map points people in the right direction for changing money.

The places are identified as points on a map. Clicking on the points will bring up the exchange place’s name, address and in some cases a user rating.

Most places listed right now are in Old Town, with one in Smíchov.

Video on YouTube

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