For every tourist and regular traveler, one of the most important things to note is the payment method used in the visited place. This is very crucial as one needs to understand things like:
- The currency in the country
- The exchange rate between their currency and yours.
- The exchange rate between their currency and other currencies.
- The available and easiest payment option in the country.
Prague is the capital of the Czech Republic. It is the largest and one of the country’s financial hub. It is also a place where you can carry out money transaction with ease, no stress, no hassle. It is one of the places with the cheapest foreign exchange rates (as low as 1%), although one needs to be careful of scam and carry out all transaction in the bank or a trusted exchange office. Read more if you are looking for great tips about currency in Prague and how to pay there.
Currency in Prague
The Nationally accepted currency in Czech Republic and all its regions are the Czech koruna (CZK) or the Czech crown in English. It is considered an exotic currency, that is, a currency with little real international value. It being an exotic currency is mainly will it is a very good option for foreign exchange.
The currency of it’s close countries like Poland, Slovakia and Hungary are also considered exotic. The exchange rate in Prague is usually calculated according to the average rate of the Czech crown the previous day as announced by the Czech National Bank. The Czech Republic as a member of the European Union (EU) is required to adopt the euro. Before this can be possible, the country must first meet the standard of the convergence criteria, but the Czech Republic has not been able to fulfil all the necessary conditions.
Banknotes and coins in Prague
Since the currency in Czech Republic is the Czech crown, hence, the currency in Prague is the same. The Czech crown is available in both bank notes and coin. For any person planning a visit to the Czech Republic, it is always better to know and understand the denominations of the currency in Czech Republic. The following are the available banknote denomination of the currency in Czech Republic:
2000 CZK and
100 CZK is the lowest denomination available in the banknote. Although, the Czech Crown was also in 20 CZK and 50 CZK banknotes in the past these are no longer in circulation, hence, they are invalid.
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The following are the denomination of the currency of the Czech Republic in coins:
20 CZK and
There is another currency used in Czech called the heller. 1 CZK is 100 hellers. Although, this was no longer valid since 2008 and the hellers have not been in use since then.
Payment options in Prague
The joy of embarking on a trip to anywhere is being able to buy and carry out a business transaction with ease. The payment options to use when travelling is a common problem everywhere. The issue of whether to use cash or card solely depends on the city. For a place like Prague, the only available payment options are the credit card, debit card and cash. Other options like the use of traveller’s checks are no longer valid.
Credit or Debit Card payment
Using credit cards in Prague is easy and good but before walking into any store or restaurant to purchase anything, you should make sure you check for a displayed sign that confirms that you can pay with a card. However, 90% of the places in Prague allows card transaction but it is better safe than sorry. You should also know that your bank may be charging you about 3% of every payment and withdrawal transaction you make.
This is the best and safest mode of payment. It is also the most common mode of payment in Prague. Places like local restaurants and bars do not allow payment using cards, therefore, having cash at hand is very necessary. To be able to pay on cash, first, you must have exchanged your money for the currency in Prague for a convenient transaction. Below are the exchange options available in Prague:
Cash machines and Banks
This is done by withdrawing the currency in Prague, that is, the Czech Crowns from a bank’s cash machine (ATM) in Prague. You might be charged for this transaction by your own bank, therefore it is necessary to inquire about the fees and charges from your bank before travelling. The first thing to do on arriving at the airport is used one of the several ATMs in the airport. Although there is a currency-exchange booth at the arrivals hall, it is still advisable to use banks and ATMs because of the very good exchange rate and low commissions.
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Bureaux de change
The bureaux de change also offer a good exchange service at low commissions. We can find bureaux de change in located Staré Město and Malá Strana areas. Before heading to a bureau de change to exchange your money, you need to know the official exchange between your currency and the currency in Prague. If you are not aware, it is a good idea to ask how many Czech crowns you will get for an exact amount of euros or dollars. You should also ignore some signs that say 0% commissions as they are only marketing strategies to get customers.
Hotels and restaurants
Hotels and restaurants in Prague also offer exchange services but they are usually at a more expensive commission rate than the bank, ATM, and the bureaux de change.
Finally, It is important to steer clear of the street exchange transaction. Any money exchange transaction carried out in any other place apart from the ones above could be a scam.
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