Money
- Currency: Even if the Czech republic is a member of the EU, we still use our own currency which is called the Czech Crown (Česká koruna).
- EURO: While many establishments in Prague, such as souvenir shops, restaurants, and minimarkets, accept Euros, it's often not the most advantageous way to pay. Firstly, the exchange rate is determined by each individual business, so particularly for larger purchases, you could end up paying more than the actual value in Czech Crown. Secondly, even when paying in Euros, your change will invariably be given in Czech Crowns.
- Cash vs. Credit Card: Credit cards are accepted in most places in Prague. Mastercard and Visa are widely accepted, while American Express is not. Always check for accepted card symbols displayed as stickers, usually near the entrance. Some smaller shops, local pubs, (farmers markets), and street vendors might only accept cash or have a card payment minimum so it is a great idea to always have some cash with you.
- ApplePay: Contactless payments, including Apple Pay, are widely accepted in Prague. You can use it in most places where card payments are available, from larger establishments to smaller shops.
- Using your Credit Card: When paying with a credit card, the payment terminal might ask if you want to be charged in your home currency. Always choose to pay in Czech Crowns (CZK). Similarly, if an ATM offers to process the transaction in your home currency, decline the conversion (DCC, Dynamic Currency Conversion) and opt to be charged in CZK. This avoids potentially unfavorable exchange rates and hidden fees imposed by the merchant or ATM.
- ATMs are called Bankomat: and are widely available throughout Prague.
- Look for Major Banks: Consider using ATMs operated by major Czech banks/bank houses operating in the Czech Republic such as Česká spořitelna (CS), Komerční banka (KB), ČSOB (Československá obchodní banka), Raiffeisenbank, UniCredit, Moneta. They may offer more favorable exchange rates and lower fees compared to independent ATM providers you might encounter. However, do not forget to check the fee on the screen when withdrawing the money.
- Avoid Euronet ATMs: While Euronet and Travelex ATMs are readily available, be aware that they often come with higher fees and potentially less favorable exchange rates. It's generally advisable to seek out ATMs operated by major Czech banks if you need to withdraw cash.
- Check Fees Before Withdrawing: Always carefully review the ATM screen for any displayed withdrawal fees before confirming your transaction, and remember to decline the offered currency conversion to ensure you get the best exchange rate. Keep in mind that your own bank back home might also apply separate foreign transaction fees.
- Inform Your Bank: Let your bank know you'll be traveling to avoid any issues with using your card abroad.
- Carry Some Czech Crowns: While card payments are widely accepted, having some Czech Crowns on hand is recommended for smaller market vendors or establishments that may not accept credit cards. We'll point out convenient places to obtain local currency during our Orientation walk.