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Where to exchange money in Prague
The exchange booths in the tourist streets are the most expensive thing in Prague. Here is how they work, how to avoid them, and the three-hour law almost no visitor knows about.
Prague’s currency exchange industry has a long and well-documented history of taking advantage of visitors. It is not illegal and it is not hidden — the rates are on the board. They are simply constructed so that reading the board carefully is harder than it looks.
How the ‘no commission’ trick works
A booth advertises 0 per cent commission in large letters. That is true. The margin is instead built into the exchange rate itself, which can be 15–20 per cent worse than the interbank rate. You are not charged a fee; you are simply given substantially less money.
The second technique is the two-rate board. The attractive number on display is the buy rate for large amounts, or a rate that applies only above a threshold you will not reach. The rate you actually get is in smaller print, or applies to ‘amounts under 1 000 €’, which is everyone.
Czech law gives you three hours to cancel a currency exchange and get your original money back, provided you keep the receipt. It was introduced specifically because of these booths. If you realise at the hotel that you have been given a terrible rate, go straight back with the receipt — you are entitled to reverse it.
Where not to change money
- Wenceslas Square and the streets around it. The highest concentration of bad rates in the country.
- Anywhere on the route between Old Town Square and Charles Bridge.
- The airport. Convenient, and priced accordingly.
- Your hotel reception. Rarely competitive, though at least rarely predatory.
- Anyone approaching you on the street offering to change money. This is not a real business.
What to do instead
- Pay by card wherever possible, always choosing koruna at the terminal.
- Withdraw from a bank ATM — Česká spořitelna, ČSOB, Komerční banka — and decline the machine’s own conversion.
- If you must use a booth, use one away from the tourist route, ask for the exact amount you will receive before handing anything over, and keep the receipt.
Illustrative. The gap between the first and last row is roughly a good dinner for two, lost in a thirty-second transaction.
The one-question test
If you are standing at a counter and want a single check that cuts through all of it, ask this: ‘How many koruna will I receive in my hand for this exact amount?’ Not the rate — the total. A legitimate office will give you a number without hesitating. A predatory one will restate the rate, point at the board, or start the transaction and answer afterwards.
If the answer is not a straight number, walk away. There are hundreds of these counters in central Prague and you are under no obligation to use the one you are standing in.
| Signal | What it means |
|---|---|
| ‘0% commission’ in large letters | The margin is in the rate instead |
| Rate board with several columns | The good number does not apply to you |
| ‘We buy / we sell’ with a wide spread | The spread is the charge |
| Staff quoting a rate but not a total | Ask for the exact amount you will receive |
| Located between the square and the bridge | The worst rates in the city, as a rule |
Booking attractions online before you travel means fewer cash transactions and no terminal offering you a helpful exchange rate.
Frequently asked questions
Where is the best place to exchange money in Prague?
In practice, an ATM attached to a Czech bank, withdrawing in koruna. If you prefer a counter, use an exchange office away from the tourist route, ask for the exact total before handing over money, and keep the receipt.
Can I get my money back after a bad exchange in Prague?
Yes. Czech law allows you to cancel an exchange within three hours and receive your original money back, as long as you have the receipt.
Are airport exchange rates bad in Prague?
Generally yes. Withdraw a small amount from a bank ATM if you need cash immediately and sort the rest in the city.
Should I exchange money before I arrive?
Usually not. Koruna is a minor currency and home-country rates for it tend to be poor. Cards plus one bank ATM withdrawal is the cheapest route for most weekend visitors.