Czech currency

The basic unit of currency is the koruna (plural, koruny) or crown, abbreviated Kč (CZK in banks). Each Czech crown is divided into 100 haléřů or hellers. The Czech Republic issued new currency in August 1993, and all notes and coins bearing earlier dates became invalid. Notes, each of which bears a forgery-resistant silver strip and a prominent watermark, are issued in 20, 50, 100, 200, 500, 1000, 2000, and 5000 CZK denominations. Coins are valued at 50 haléřů and 1, 2, 5, 10, 20, and 50 CZK.

The Czech crown is now fully convertible, though many Western banks haven’t stocked up on Czech crown notes and coins. You will probably have to wait to get inside the country before obtaining Czech crowns. Never change currency on the street; you will be cheated if you do.

Exchange rate (as of September 2006)
USD 1 about CZK 22
EURO 1 about CZK 28
GBP 1 about CZK 42

Official exchange rates of Czech Central Bank http://www.cnb.cz/en

Currency converter http://www.kb.cz/en

Exchanging money
There are lots of places to change your money in Prague including various dodgy looking men on Wenceslas Square who are just as likely to give you old or worthless currencies as they are to give you Czech Crowns. It’s best to visit one of the main banks (usually 8:00 - 17:00 Mon - Fri and Sat mornings). There are untold exchange offices all over the city too. Avoid them, as they give very poor rates of exchanges and add obscure extra charges without telling you. In other words, they are crooks. There are lots of ATMs in Prague, which will provide local currency to Cirrus, Maestro, Eurocard and Visa card holders at reasonable rates.

Warning: Do not trade with anybody on the street. You will probably get ripped off or passed bogus banknotes. Use ONLY a bank or an ATM.

• American Express, Václavské náměstí 56, Praha 1 (metro Museum)
  Tel: 222 800 237
  no commission if you exchange American Express traveller’s checks

• THOMAS COOK, Národní 28, Praha 1
  Tel: 221 105 371
  

Banks

There are many banks in the Dejvice area, and some ATM on the campus, that are convenient for exchanging money. To find out more about Czech, foreign and international banks go to www.pragueiguide.com

It is normally better to change money into crowns inside the Czech Republic. The banks at the airport offer a reasonable rate, so change money there.

As a foreigner, you may open a regular bank account at some banks but you must show them your passport. Nowadays they often want a paper stating that you are a CTU student - not a professional money launderer – and the International Office will issue the necessary document. Usually you will have to deposit some amount of money.

If you do not like going to bank, you may try E-Banka (www.ebanka.com). It offers a unique service: you can handle your money from any place in the world through cellular phone, regular phone, internet or fax - 24 hours a day, 365 days a year.

Credit cards

American Express, MasterCard, Maestro and Visa are increasingly widely accepted in the Czech Republic, but are not always welcome in small hotels, restaurants and shops.

• Money transfers Western Union, Jindřišská 14, Praha 1
  Tel: 22 11 31 400