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Good Fast and Cheap
People often speak of the idea that there are generally three things you want when trying to make something happen: you want it to be good, fast and cheap. However, they also say that the truth is that you can only have two of these things exist at once and that you cannot have the third. For instance, if you are remodeling your kitchen, it can be good and fast, but it won’t be cheap. Or, it can be fast and cheap, but it won’t be good. Or, it can even be good and cheap, but it won’t be fast. You can imagine how you could apply this theory to nearly anything.
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Money in the Czech RepublicWhen traveling to a foreign city, you need money. While that seems like a basic idea, you would be surprised how many people go on vacation without any concept as to how much money they need, what kind of money they need, and how to access their money if they need more. With that in mind, here is some basic information regarding money that will help you when you are in Prague or other parts of the Czech Republic.
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Czech Republic Currency Money Exchange Credit Cards Debit Cards ATMs Money Tips Taxes Cost of Living
Czech Republic Currency
Although the Czech Republic is a member of the European Union, it is still in the process of adopting the Euro as its currency. As of right now, the national currency of the Czech Republic is the Czech Koruna. It breaks down this way:
Money Exchange
If you need to exchange your money while you are in Prague, there are a number of banks that are able to assist you. For example, American Express, Thomas Cook, Komercni Banka, and Zivnostenska Banka all exchange money for those with currency other than the Koruna. Most banks charge between two to five percent commission for exchanging currency, but you can find some exchange offices in Prague that will exchange currency without charging commission. However, do not use street traders wanting to exchange money.
Credit Cards
All major credit cards are accepted throughout Prague, but it is in your best interest to check with whichever store or restaurant you are in before you purchase anything. VISA, MasterCard, and American Express are the most widely accepted credit cards in Prague.
Debit Cards
If your debit card is connected to a credit card company, you can withdraw money and pay for goods and services wherever these cards are accepted.
ATMs
Prague has ATMs throughout the city. Again, if your debit/ATM card is connected to a credit card company, you will have no problems using your ATM to withdraw cash.
Money Tips
Here are some basic money tips to keep in mind when you are in Prague:
Taxes
Ben Franklin was right when he said death and taxes are the only certain things in life. In the Czech Republic, the basic tax rate is 19 percent, and most goods and services are subject to the basic tax rate. There is a reduced tax rate of five percent, and that applies to food, to medications, to cultural activities, and to accommodation services. Knowing the tax rate will help you manage your money while you are in Prague. Also, exported goods are usually not subjected to taxes, and if you are charged taxes on an exported item, you are within your rights to request a refund from the government for the taxes you paid.
Cost of Living
Compared to other European cities, Prague is relatively inexpensive to visit. For example, if you stay in hostels, take public transportation, and eat cheaply, you can travel throughout Prague on less than 50 dollars (U.S.) a day. If you choose to live luxuriously (eat at top restaurants, take cabs everywhere, and shop only in the City Center), you can expect to pay around 650 dollars (U.S.) a day. While that seems high (and it is), remember that number represents the most you can expect to pay. Most tourists, who are already watching their budget, tend not to reach that top amount. To keep your budget under control, follow these tips:
Although the Czech Republic is a member of the European Union, it is still in the process of adopting the Euro as its currency. As of right now, the national currency of the Czech Republic is the Czech Koruna. It breaks down this way:
- 1 Czech Crown = 100 Hellers
- Czech Bank Notes are in denominations of 20, 50, 100, 200, 500, 1000, 2000, 5000
- Czech Coins are in denominations of 1, 2, 5, 10, 20, 50
Money Exchange
If you need to exchange your money while you are in Prague, there are a number of banks that are able to assist you. For example, American Express, Thomas Cook, Komercni Banka, and Zivnostenska Banka all exchange money for those with currency other than the Koruna. Most banks charge between two to five percent commission for exchanging currency, but you can find some exchange offices in Prague that will exchange currency without charging commission. However, do not use street traders wanting to exchange money.
Credit Cards
All major credit cards are accepted throughout Prague, but it is in your best interest to check with whichever store or restaurant you are in before you purchase anything. VISA, MasterCard, and American Express are the most widely accepted credit cards in Prague.
Debit Cards
If your debit card is connected to a credit card company, you can withdraw money and pay for goods and services wherever these cards are accepted.
ATMs
Prague has ATMs throughout the city. Again, if your debit/ATM card is connected to a credit card company, you will have no problems using your ATM to withdraw cash.
Money Tips
Here are some basic money tips to keep in mind when you are in Prague:
- Do not carry large amounts of cash.
- When you are shopping, if you can pay with a credit card, do so. Try to limit the cash you have. It is easy to cancel and replace a credit card; it is harder to replace cash.
- Try not to show how much money you have in your wallet.
- Keep your wallet in a closed pocket if possible.
- Do not be embarrassed to ask the salesperson to repeat how much something costs. You need to be aware of how much money you are spending. And remember, the Czech people have a reputation for helping those who try to “meet them halfway.” So if you can ask in Czech, do so.
Taxes
Ben Franklin was right when he said death and taxes are the only certain things in life. In the Czech Republic, the basic tax rate is 19 percent, and most goods and services are subject to the basic tax rate. There is a reduced tax rate of five percent, and that applies to food, to medications, to cultural activities, and to accommodation services. Knowing the tax rate will help you manage your money while you are in Prague. Also, exported goods are usually not subjected to taxes, and if you are charged taxes on an exported item, you are within your rights to request a refund from the government for the taxes you paid.
Cost of Living
Compared to other European cities, Prague is relatively inexpensive to visit. For example, if you stay in hostels, take public transportation, and eat cheaply, you can travel throughout Prague on less than 50 dollars (U.S.) a day. If you choose to live luxuriously (eat at top restaurants, take cabs everywhere, and shop only in the City Center), you can expect to pay around 650 dollars (U.S.) a day. While that seems high (and it is), remember that number represents the most you can expect to pay. Most tourists, who are already watching their budget, tend not to reach that top amount. To keep your budget under control, follow these tips:
- Avoid City Center hotels, restaurants, nightclubs, and shops. While you may wish to indulge yourself there as a special treat, regular visits to the City Center will break the bank quickly.
- Ask locals where they shop and eat. The average monthly salary in Prague is around 1300 dollars (U.S.). With that in mind, locals know how to stretch a budget. Do not be afraid to ask them for ideas.
- Visit art galleries and museums. The cost of these is generally low (or sometimes even free), and you will have the opportunity to expose yourself to Czech culture at a reasonable price.
