If you are planning a visit to Prague and need to exchange money, there are a few things you should be aware of to ensure the best experience. In this article, we will focus on several trusted exchange offices in Prague and offer tips on how to avoid scams, which are becoming increasingly common. We will also warn you about the risks associated with so-called “street money changers” that you may still encounter in the capital city.

Recommended Exchange Offices in Prague

Prague offers a wide range of exchange offices, but finding the right one with fair rates can sometimes be a challenge. Some exchange offices may have high fees or unfavorable rates. That’s why we’ve prepared a list of recommended exchange offices where you can safely exchange money under advantageous conditions, with good reviews and no hidden fees. Here are some of them:

• Exchange.cz – Kaprova 14/13, 110 00 Prague 1 – New Town
• Exchange.cz – Provaznická 386/1, 110 00 Prague 1 – New Town
• Exchange.cz – Štefánikova 25, 150 00 Prague 5 – Smíchov
• Casa de câmbio – Na Můstku 404, 110 00 Prague 1 – New Town
• Alfa Prague – change – Náměstí Republiky 1078/1, 110 00 Prague 1 – New Town
• Change office on the corner – Opletalova 55-53, 110 00 Prague 1 – New Town
• Praha Exchange – Jindřišská 12, 110 00 Prague 1 – New Town
• Eurochange s.r.o – Opletalova 1013/59, 110 00 Prague 1 – New Town
• Směnárna Samiko s.r.o – Štěpánská 39, 110 00 Prague 1 – New Town
• Xchange Grossmann – Krakovská 18/1, 110 00 Prague 1 – New Town

In Prague, you will find several exchange offices that can offer favorable conditions for exchanging money. The recommended exchange offices on this list are known for their transparent rates and lack of hidden fees, helping you avoid unpleasant surprises.

TIP: Always check the current rates and compare offers when choosing an exchange office to get the best possible terms for your money exchange.

How Do Exchange Offices Work?

Exchange offices allow for the exchange of different currencies, including EUR and others. How does it work? The exchange office offers exchange rates that determine how much local currency (e.g., CZK) you will get for one unit of foreign currency (e.g., EUR) and vice versa.

The selling rate (we sell) is used when you need to buy foreign currency. This rate is set from the perspective of the exchange office, which sells you the foreign currency.
The buying rate (we buy) is used when you want to exchange foreign currency back for Czech crowns. In this case, the exchange office buys the foreign currency from you. The difference between the buying and selling price is called the spread. The smaller the difference or spread, the more favorable the exchange.

If you find the offer unsatisfactory, you have the right to cancel the exchange transaction within 3 hours of completing it. This right allows you to cancel the transaction if you discover that the rate has changed or the offer wasn’t as favorable as it seemed.

Currently, some unfavorable exchange offices may offer different rates, such as 18 CZK per EUR at certain locations.

What to Watch Out for When Exchanging Money in Prague

When exchanging money at exchange offices in Prague, it’s important to be cautious to avoid issues and unfavorable conditions. Here are the key points you should watch out for:

• Avoid these places – Exchange offices located in shopping centers or airports often have high fees and less favorable rates, as they rely on the convenience of travelers who need quick exchanges.
• Hidden fees – Some exchange offices may offer seemingly favorable rates but actually charge high fees. Before exchanging, make sure you understand the total amount you will receive.
• Unfavorable rates for tourists – Exchange offices in tourist areas often offer lower rates. Always check the offered rate before exchanging and compare it to the official rate or other exchange offices.
• Small print on signs – Some exchange offices use large font for enticing rates, which only apply to large amounts. The rates for smaller amounts may be significantly worse and are listed only in small print.
• Conversion between foreign currencies – Be careful that the exchange office doesn’t offer a conversion between several currencies (e.g., from EUR to CZK and then back to USD), as you could lose money due to double conversion.
• Receipt and complaints – Always request a receipt and carefully check all the details before leaving. If you notice an error, it must be addressed immediately on the spot. In the Czech Republic, you have the right to cancel the transaction within three hours of completing it if you are unsatisfied with the terms.

Beware of So-called “Street Money Changers”

Although most tourists in Prague do not encounter fraud, the so-called “street money changers” still pose a real danger. These scammers often offer to exchange money on the street and pose as harmless tourists who need to exchange money quickly. Their typical trick is to offer an enticing rate, but instead of real currency, they hand you worthless banknotes or offer a significantly unfavorable rate. Most often, these scammers come from Bulgaria, Poland, and Romania, targeting foreign visitors unfamiliar with Czech currency. For more information and examples, you can watch this video, which shows how these scams operate and what to watch out for when exchanging money in Prague.

Never exchange money outside of official exchange offices. “Street money changers” often target unsuspecting tourists near major attractions, such as Charles Bridge or the Old Town Square. Always use official exchange offices where you are guaranteed to receive real money.