Changing money in Prague: avoid the worst rates, use the right ATM

Prague is full of small shops with a bright "0% commission" sign and a board of numbers in the window. Some are fine. Others are the best-known way to lose money in this city without noticing.

A few habits avoid almost all of it. Here is how exchange works, what to check and what to do instead.

Do you need to exchange at all?

Czechia uses the crown (koruna, CZK), not the euro. Some tourist businesses take euros, usually at a poor rate, while ordinary shops, pubs and transport use crowns. Cards, contactless and phone payments work nearly everywhere; see paying in Prague for where cash still helps, and Czech QR payments if you are staying a while. For many visitors a card plus a modest withdrawal from a bank ATM is all they need.

How an exchange office makes money

A směnárna earns from the gap between its buying and selling rates, plus any fee. "No commission" tells you about the second and nothing about the first. Offices must display their rates clearly, so check:

• the buy and sell rates for your currency,
• any fee or minimum charge, shown separately,
• the total in crowns, agreed before you hand over any cash.

Keep the receipt. The Czech Trade Inspection Authority (ČOI) takes consumer complaints about shops and exchange offices.

Your right to change your mind. Since 2017 the Exchange Act lets you cancel a cash exchange worth up to the equivalent of EUR 1,000 within three hours, at the same office, and get your original money back without fees (as of 2026; check the Czech National Bank). I'd treat it as a safety net, not a plan: ask the clerk at the counter whether it applies, and keep the receipt.

Is the rate fair?

The Czech National Bank (ČNB) publishes official daily rates. They are a reference, not an offer: offices buy below it and sell above it, so a gap is normal. What matters is how big. Check the ČNB rate on your phone, then the board. If the gap is huge, walk away. And if a shop would sell you crowns at one rate but buy them back at a very different one, that spread is the real cost.

Cash machines

Use bank-owned machines, ideally by a branch. Independent machines on tourist streets charge more. At any machine you may be offered a choice between crowns and your home currency, called dynamic currency conversion. Choose crowns every time. The conversion offered at the machine is usually worse than your own bank's.

1. Use a bank-owned machine.
2. Choose CZK.
3. Decline conversion into your home currency.
4. Check your own bank's foreign fees before you fly.

The same rule applies at shop terminals: if asked, pay in crowns.

Settling in

If you are moving here you will want a Czech account; see opening a bank account as a foreigner and the comparison of digital banks and traditional ones. For larger sums, a bank transfer beats a cash exchange; our guide to sending money abroad covers the options.

Other places to avoid

• Airports and stations. Rates are poor. Take out a small amount for transport and use an ATM in town. See the airport transfer guide.
• Hotel desks. Convenient, usually poor value.
• Counting. Count your cash in front of the clerk. More in the tourist traps guide.

Notes and coins

Banknotes come in 100, 200, 500, 1,000, 2,000 and 5,000 crowns; coins in 1, 2, 5, 10, 20 and 50. Small notes and coins are what pubs, bakeries and ticket machines want, and many small businesses struggle to break a 5,000. Ask for smaller denominations or break a large note in a supermarket.

Per unit or per hundred

Some boards list rates per 100 units, such as 100 forints or zloty. That is not wrong, but read as the price of one it gives a nasty surprise. Check the quantity column before comparing with the ČNB rate.

Frequently asked questions

Should I exchange money before I arrive?

Usually not. Cards work widely and bank ATMs give fair rates. Bring a small amount of crowns if you want some on arrival.

What does 'no commission' mean?

No separate fee. The office may still earn through a poor exchange rate.

Can I cancel an exchange?

Yes, for cash exchanges worth up to the equivalent of EUR 1,000: since 2017 you can cancel within three hours at the same office and get your money back. Keep the receipt; the Czech National Bank handles complaints.

Which currency should I choose at an ATM?

Crowns (CZK). Decline conversion into your home currency.

Is the euro accepted?

Some tourist businesses take euros, usually at a poor rate. Ordinary shops and transport use crowns.

This is a general explainer, not legal or tax advice.