The Czech Republic has been a member of the EU since May 1, 2004, but didn’t enter the Euro Zone yet. You can pay for goods and services in the Czech Republic with cash and cards. There are also many places in Prague where payment can be made in euros – in most retail chains, electronics shops, petrol stations, and restaurants. There are exchange offices on literally every corner in large towns, especially in Prague.
The official currency used in the Czech Republic is the Czech crown (Kč) which has the international abbreviation CZK.
One crown is divided into 100 hellers (h), though the smallest denomination of coin is the 1 Czech crown piece.
In the Czech Republic, you will find coins worth 1 Kč, 2 Kč, 5 Kč, 10 Kč, 20 Kč and 50 Kč.
Banknotes come in the following denominations: 100 Kč, 200 Kč, 500 Kč, 1000 Kč, 2000 Kč and 5000 Kč.
You can change money in the Czech Republic in many places but never on the street! At exchange offices in banks, you will pay about 2 % of the total sum in commission. In certain banks, there is a minimum fee of 50 Kč. You will pay this only when the 2 % commission comes to less than this amount. In privately run exchange offices, it is recommended that you, first of all, ask for the exact sum you will receive for your money: the sign advertising 0 % commission often relates to buying foreign currency! You can also change money at your hotel reception (about 5% commission).
You will find a dense network of ATMs (cash machines) in the Czech Republic that will accept all major credit and debit cards (Visa, MasterCard, Plus, Maestro, Cirrus and others). It is advisable to ask your bank how much it will charge for cash machine withdrawals abroad. The majority of shops and restaurants also accept internationally recognised cards.
American Express, Thomas Cook, Visa customers will have few problems when cashing travellers’ cheques in banks in the Czech Republic.
The Municipal Police Advise and Inform: Do not change money in the street: street exchange activity is not allowed in the Czech Republic, and you may be deceived in such an exchange! When exchanging money in an exchange office, always confirm the rate used for your specific currency with the office attendant. Before changing money, be sure to thoroughly confirm all information about the exchange that the office provides. If you are not satisfied with the service you have received at the exchange office, request a complaint report and use it to describe the reason for your dissatisfaction with the service provided. Be sure to obtain and keep a copy of the report.