Prague: avoiding money scams
Czech Republic Money is Czech Koruna
In comparison to almost all European countries, the Czech Republic doesn't use Euro. It has its currency which is called the Czech Koruna. As a result, a lot of tourists don't know how these banknotes look and this causes problems during their journey. On the street, you can meet people who will try to "help" you by exchanging money at a good rate or changing banknotes of a higher denomination into smaller ones. In most cases, they are scammers who will give banknotes from other countries with much much lower value. Generally, you will be able to meet these guys in the city center near ATMs and exchange offices. So if you are lucky to meet one of them, just decline their suggestion.
Photo of the Czech Koruna banknotes
Just use your credit card!
It can be surprising for you but you can use your cart almost everywhere, in all cafes, restaurants, and even in some souvenir shops on the street. In most cases, your bank will suggest you a much better exchange rate and it is much easier than dealing with all paper money.
Avoid Dynamic conversion rates during cart payment
If during the payment payment terminal suggests you pay in your card currency, always decline this and pay in Czech Koruna. Your bank will have a much better exchange rate and it will save you 1-2% on each transaction.
Avoid Euronet ATMs
In most cases, it is much easier to get cache by ATMs than in exchange offices. But on the street, you will find a lot of ATMs from Euronet company. The problem with these ATMs is that they will exchange money at a really bad exchange rate (you will lose 15-20% on exchange rates). You can recognize them by the logo on the next photo. So if you plan to use paper money, search on Google Maps, where there is an ATM from any other bank, it will give you a much better exchange rate.
Save a receipt from exchange offices
If you still want to use the exchange offices in the city it will be great to check the current exchange rate for your currency before the trip. The current exchange rate is 1 USD = 22-23 CZK and 1 EUR = 23-24 CZK but they can change in the future. In the city, some exchange offices have much worse rates, especially in the airport. When you exchange any currency in any exchange office, always save a receipt. If you found that you were scammed, you have 3 golden hours by the law when you can roll back this exchange and get your money back.
Here is the list of the best exchanges that I saw in the city center
If my guide helped you check my other guides about Prague, you should find them helpful as well.
Good adventures to you!
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