Even though the Czech Republic has been a member of the European Union for fifteen years, the country uses its own currency – the Czech crown. Therefore, tourists sometimes struggle when navigating prices in stores and restaurants, and it is sometimes difficult to choose the right bank or foreign exchange office at which to exchange money. This article provides information about your rights under Czech law and what to pay attention to when withdrawing money from an ATM or when exchanging money so that you have a trouble-free and pleasant stay!
Your Rights When Exchanging Money
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No transaction fees: Foreign exchange offices are not permitted to charge any fees for their services. All the commissions must be included in the offered exchange rate so that you can immediately calculate and compare the prices and choose the most favourable foreign exchange office at your discretion.
No double exchange rates: A single foreign exchange office is permitted to use only one exchange rate. It is no longer possible to use preferential VIP rates. The whole exchange procedure must be transparent and clear.
What to Pay Attention to When Exchanging Money or Withdrawing Money from ATMs
The first thing you need to pay attention to is the exchange rate between the Czech crown and the currency you want to sell. We recommend checking the current exchange rate on the internet prior to the transaction, for example at the website of the Czech National Bank. Then you can choose a nearby foreign exchange office, or the one that offers the most favourable exchange rate. Also pay attention to the receipt and check that it contains the correct date and time of the transaction. Then, keep the receipt in case you are not sure whether or not the offered exchange rate is favourable. You can cancel the transaction with the vendor within three hours of the initial transaction with the receipt.You can also get Czech crowns by withdrawing money from a local ATM. We recommend withdrawing crowns from ATMs located inside banks and avoiding some private ATMs that do not necessarily offer favourable exchange rates. You should know what amount you need to withdraw before you start the transaction. Some ATMs offer large basic amounts when they detect that you are withdrawing money from a foreign account. You might be able to spend all that money during a few days in the Czech Republic, but people often withdraw much more money than they need due to this small trick. You can pay by debit or credit card at many places of interest and in most shops.