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Like most tourist cities, Prague has a couple of places and situations you should steer very clear of when exchanging your cash. What to do? What not to do?
This might be a no-brainer for some, but it isn’t really obvious. In tourist areas of Prague you will find people offering to exchange your money for a better rate then actual exchange places. This is a scam – the person is bound to give you fake money, another currency that’s weaker than the CZK or simply run away. Those people can also sometimes be found near the entrances to exchange places – but your best bet is simply not exchanging money with people on the street.
The best way to know what you’ll get is to simply check. Be careful not to just glance over the commission – a lot of exchange places boast about having 0% commission, but more than make up for it with disadvantageous exchange rates. By law, each place should have their exchange rates and commission clearly shown, so check Google what you should get and keep browsing exchange places until you find one with a fair rate!
Usually, the exchange rates in money exchanges will be better in areas that are less popular or simply further away from the Prague city centre or the Old Town. Of course, you may find yourself in a situation where you’ll need some cash pronto, but we would advise you to check every sign or stick to your credit card if you’re in a tourist hotspot.