On this website you will not only the basic steps but also a detailed clarification and practical advice on foreign exchange and exchange of Czech korunas.\n We divided the content into five chapters:
Learn about the currency used in the country you are visiting.
The Czech Republic is using its own currency: the Czech koruna. You can pay with banknotes with nominal values 5000, 2000, 1000, 500, 200 and 100 Czech korunas or coins worth 50, 20, 10, 5, 2 and 1 koruna. The abbreviation for currency identification is Kč (CZK). We recommend foreign tourists to study the appearance of banknotes and coins used in the country they want to visit. You can see the Czech money on the website of the Czech National Bank or in a mobile app.
Prevent bad surprises. Learn your rights.
Currency exchange in the Czech Republic has its specifics and rules have changed several times during the last 15 years for clients. New rules have been in effect since April 2019 and these rules give clients even more powers before currency exchange offices. The most important changes are that the client can now cancel the exchange deal within three hours since the exchange and the exchange office must return money to the client and cancel the exchange fee. Currency exchange offices must also show the exchange rates in uniform format and only using one type of exchange rate, and the exchange rate which the exchange office uses for the transaction with the client must not be worse.
Always ask for the receipt with the transaction. You can claim your rights only with this receipt.
Exchange money only in specified exchange offices.
Exchange your money only in specified exchange offices and read carefully all information on the currency exchange sheet before the transaction.
Never trade with individuals on the street and do not believe "random" passers-by who offer you a foreign exchange (often under suspicious terms).
The "buy" and "sell" exchange rates apply when exchanging foreign currencies against Czech korunas and vice versa.
The term "Nákup a prodej cizí měny" (We buy and sell foreign currency) and the exchange rates linked to them, i.e. information about the direction of the exchange, are written from the point of view of the exchange office, in the first person singular or plural. You will trade a foreign currency against Czech korunas. You will trade Czech korunas against a foreign currency. The currency exchange office is obliged to show information about the buying rate (you hand in the foreign currency in this case) and only then information about the exchange rate for selling a foreign currency (you are handing in Czech korunas in this case).
The currency exchange office must not display more exchange rates sheets at the same time and clients must not get an exchange rate that would be worse than that shown on the exchange rates sheet.
Every currency exchange office defines its own rates. They can differ significantly. Exchange fees were cancelled.
Exchange rates differ across currency exchange offices. Currency exchange offices define their own rates independently of the rates announced by the Czech National Bank. It is forbidden to charge a fee for the foreign exchange transaction, except for e.g. exchange of coins or check.
If you are not sure if the currency exchange office offers good rates, compare the lowest and highest value of the exchange rate you want to exchange. The lower the difference between the values, the better rates the currency exchange office is offering.
Each currency exchange office must publish the exchange rates sheet with the less favourable exchange rates.
The currency exchange office is obliged to publish only the less favourable exchange rate on the exchange rates sheet than that it is offering. If the currency exchange office offers a better rate (VIP rate), only general information about this possibility must be mentioned in the currency exchange office or its immediate vicinity, but the such a better rate must not be mentioned (the currency exchange office worker will tell you the exchange rate).
If you are not satisfied with the exchange rate, ask the worker if you can get a better rate.
If the value of your exchange transaction is more than EUR 1 000, the currency exchange office is obliged to provide you with pre-contract information already before starting the exchange.
If you hand in more than EUR 1 000 for the exchange transaction, the currency exchange office is obliged to provide you – sufficiently in advance before the actual exchange (usually on paper) – with information about:
Read this information carefully and check whether the exchange rate stated and other exchange terms correspond with the exchange rates sheet and other information displayed in the currency exchange office, or if they are more favourable for you. If they are asking you to sign one printout of this information, sign only if you agree with the terms stated in it. Keep one printout for further use and a possible claim.
The currency exchange office is obliged to keep the terms stated in the pre-contract information, but only for a certain period of time. Five minutes since the provision of this information to the client are considered to be a reasonable period. The information must be provided in such a form that it cannot be changed later, i.e. on paper.
If more than EUR 1 000 shall be exchanged, do not give the worker your cash before you have fully understood the exchange terms.
If you are exchanging an amount than is higher than what corresponds to EUR 1 000, never give your cash before you have received information in accordance with clause 5 and approved it.
After giving your money to the currency exchange office worker, the transaction is considered as started and it is usually too late for negotiating the exchange rate and fees. You have the right to cancel the exchange deal only up to EUR 1 000 or its equivalent after conversion.
Always insist that a receipt is issued.
Insist on getting your receipt after the exchange, the currency exchange office is obliged to give you such a receipt.
It can happen that the currency exchange office worker tries to give you only a piece of paper with the amount, etc. Always request a proper receipt with the exact description of the exchange deal, received and paid amounts, the exchange rate, currency exchange office identification, receipt order number and clarification of client's rights.
You can cancel exchange deals up EUR 1 000 or it's equivalent after conversion within three hours since the exchange.
The currency exchange office is obliged to return your money in cash and in the location where the exchange took place even if you do not provide the transaction receipt – but in this case, it will be more difficult for you to bring evidence of your right. Never accept any promises and never let the currency exchange office send the money to your bank account. If you are in trouble, call the police (158 or 112).
Make your possible claim immediately.
If you were not satisfied with the services provided or you were not allowed to cancel the exchange deal within three hours and your money was not returned to you, claim the transaction immediately in the currency exchange office.
To claim your right, use the information shown on the receipt. The currency exchange office must not give you damaged or invalid banknotes. Reject such banknotes. Always request a full receipt that contains currency exchange office identification, information about client's rights and exchange deal details.
Contact the Czech National Bank or a financial arbitrator with a complaint.
If the currency exchange office refuses your claim, you can:
Based on the information available, this filing with the Financial arbitrator seems to be the better alternative. The arbitrator makes a decision, depending on the proceedings results published, within a reasonable period of time, and can order that the currency exchange office pays the damage. Even if not successful, the client bears no risk of further costs. Any complaint filed with the Czech National Bank means longer proceedings that can end with a significant penalty for the currency exchange office that made a mistake, but it will be usually problematic to provide evidence that this was not a random mistake and the damaged client will see neither a remedy nor compensation.
If you are in the centre of Prague and need to exchange money, you can visit our office at Franz Kafka Square 2. Our office opens every day from 9am to 8pm, including weekends and holidays. You can exchange foreign currency at the most favourable rate completely free of charge!