Czech Republic Currency
As a European Union Member State, the Czech Republic is required to adopt the euro. However, the country must first fulfil a series of criteria to do so.
Currency in Prague
The official currency of the Czech Republic is the Czech koruna (CZK), sometimes referred to as Czech crown in English, the koruna Česká (Kč) in Czech.
Banknotes and coins
The banknotes used in the country are Kč 100 (US$ 4.50), Kč 200 (US$ 9), Kč 500 (US$ 22.50), Kč 1,000 (US$ 45.10), Kč 2,000 (US$ 90.30) and Kč 5,000 (US$ 225.80). In the past, there were also Kč 20 (US$ 0.90) and Kč 50 (US$ 2.30) banknotes, but these are no longer valid.
The coins in circulation are Kč 1 (US$ 0), Kč 2 (US$ 0.10), Kč 5 (US$ 0.20), Kč 10 (US$ 0.50), Kč 20 (US$ 0.90) and Kč 50 (US$ 2.30). 1 koruna is 100 hellers (haléř), which have not been used since 2008.
Banks and ATMs
In the centre of Prague, visitors will have no problem finding several banks and ATMs. If you need to visit a branch, they are open from Monday to Friday, 8 am – 5 pm.
How to pay?
As in most destinations, travellers will find it easier and cheaper to use their bank cards when paying in Prague. The exchange rate is normally a maximum 1% when paying with a debit or credit card, which is cheaper than exchanging money in a bureau de change. To know if card payment is accepted in a store or restaurant, we recommend asking before making any purchase.
Where to exchange currency?
The best exchange rates are usually found in bureaux de change located in the centre, in Staré Město and Malá Strana. Banks usually charge a 2% commission and hotels and airport currency exchange are usually more expensive.
When exchanging money in currency exchange, it's always a good idea to ask how many korunas you'll get for an exact amount of euros or dollars. We recommend ignoring signs that say “0% commissions”, as these are simply marketing manoeuvres to attract clients.
Before leaving for Prague, you can find out how much your bank charges for foreign transactions. This way, you'll know how much you're being charged when you use an ATM.
The exchange rate is approximately:
€ 1 (US$ 1.10) = Kč 26 (US$ 1.20)
US$ 1 = Kč 22 (US$ 1)
£ 1 (US$ 1.20) = Kč 29 (US$ 1.30)