Prague Money Exchange: How to Get the Best Rate and Avoid Scams

The "0% Commission" Trap Many exchange offices advertise "0% commission" in large print. What they don't advertise is that their buy/sell spread is significantly wider than the market rate — which is how they make their money without charging an explicit commission. Always compare the actual rate offered against the mid-market rate (xe.com) rather than focusing on commission.

Machines That Look Like ATMs Some tourist areas have currency exchange machines that resemble ATMs. These are not bank ATMs — they are operated by exchange companies with very poor rates. They are common near Old Town Square and Charles Bridge.

Best Places to Exchange in Prague - Euronet ATMs (the bright orange machines) have poor rates — avoid - ATMs from Czech banks (Česká spořitelna, Komerční banka, ČSOB) offer fair rates - Recommended exchange offices: Exchange Praha locations (not the tourist-area branches), and Calforex in Palladium mall - The best overall approach: withdraw Czech koruna from a Czech bank ATM using a card with no foreign transaction fees

Practical Rules - Always compare the rate to xe.com before transacting - Never exchange money at the airport unless necessary — rates are consistently poor - If exchanging cash, count it at the counter before leaving - Decline dynamic currency conversion at any ATM or card terminal